Huarong and the Chung Nam Network
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Freeman (0279) buys 63.66m shares (7.95%) of Pak Wing (8316) on 7-Jun-2018CCASS changes
Disclosure of interest, 11-Jun-2018
The price of $1.25 per share is 2.5x the $0.50 at which Pak Wing's Chairman, Zhang Weijie, placed 74.52m shares via Freeman on 13-Jul-2017 which went to Win Wind Securities. After some market sales, we can see 63.66m shares remaining in WW by 3-Oct-2017, after which blocks moved from WW to Satinu Markets (and 7.452m out of CCASS) until Freeman picked them all up in this purchase. All of WW, Satinu and Freeman are in what we call the "Chung Nam Network". The foundation subcontractor had net tangible assets of just $0.002 per share at 30-Sep-2017.
Pak Wing (8316): restoration of public floatCCASS movements
Company announcement, 13-Jul-2017
After the purchase of 600m shares (75%) at $0.50 by 27 year-old Mr Zhang Weijie and a general offer via Freeman Securities, he held 84.32%. He has now placed the 74.52m excess shares (9.32%), again via Freeman, at the same $0.50 price, a deep discount to the market price of $1.45. Our CCASS analysis shows the shares moving to the custody of Win Wind Securities Ltd. Both Freeman and Win Wind are in what we call the "Chung Nam Network". Freeman is a subsidiary of Freeman Fintech (0279) and Win Wind is a subsidiary of Enerchina (0622).
Dragonite (0329) aborts share issue to Alice Yu Man Fung
Company announcement, 29-May-2012
The condition, which has not been fulfilled, is the listing of the shares by the Listing Committee of the Stock Exchange. We wonder why this was not fulfilled.
Dragonite (0329) issues shares to Alice Yu Man Fung
Company announcement, 23-Apr-2012
The subscriber is an SFC-licensed representative of Radland International Ltd, sister of Chung Nam Securities Ltd. Dragonite is in what we call the "Chung Nam Network".
China Strategic bubble
We warn investors of a bubble in the stock of China Strategic, the 80% owner of the proposed buyer of Taiwan's Nan Shan Life Insurance, partly financed by a massive note issue convertible into 78bn shares at $0.10 each. We publish the placing list and analyse the names in the deal. Finally, we warn investors to avoid 7 companies in the "Chung Nam network", which has lost HK$6.2bn in 5 years. (13-Nov-2009)
Re PCCW Ltd proposed scheme of arrangement for privatisation
HK Court of Appeal, 11-May-2009
PCCW - Grounds of Appeal
In our view the judgment in the Court of First Instance on PCCW's scheme of arrangement and the alleged vote-rigging provides ample grounds for appeal. We look at the ruling in detail and where the SFC may be taking this case on Thursday at the Court of Appeal. (13-Apr-2009)
Re PCCW Limited scheme of arrangement
HK Court of First Instance, 6-Apr-2009
Robert Dat Chee v Radland International Ltd
HK Court of First Instance, 3-Nov-2008
A client tries to get his misappropriated shares back from a broker.
Radland International Ltd v SFC
SFAT, 7-Aug-2008
SFAT upholds SFC's decision to reprimand and fine Radland International Ltd
SFC, 11-Jul-2008
SFC bans Mr Leung Moon Tong and Mr Rick Ma Ching Ning for life
SFC, 13-Nov-2006

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