Jimmy Chan Yuen Tung v Ko Kin Hang
HK Court of First Instance, 13-Sep-2018
Mr Chan's claim is dismissed. He alleged that in Apr-2013, Mr Ko orally agreed to transfer at cost to him or his nominee 112m warrants which had been issued by China Zenith Chemical (0362) in a placing at only $0.002 per warrant the previous month. Mr Chan was the largest shareholder of China Zenith. We note that if the warrants had been issued to him directly, then it would have been a connected transaction.
China Fortune (8116) terminates placing of unlisted warrants
Company announcement, 1-Nov-2013
The company does not say which condition(s) were not satisfied, but refer to the announcement on 20-Aug-2013: the only condition that mattered was Listing Committee approval for listing of the underlying shares. The company should say why this approval was not obtained.
China Fortune (8116) identifies beneficial owners of warrant subscribers
Company announcement, 26-Sep-2013
This follows a complaint filed with regulators by Webb-site on 20-Aug-2013. What this new announcement doesn't mention is that Kevin Tsang Kwong Chiu was the Finance Director of Peace Mark (Holdings) Ltd from 1997 until after it collapsed. China Fortune still does not say where the subscribers are incorporated.
China Fortune (8116) issues unlisted warrants to 2 shell companies
Company announcement, 20-Aug-2013
The place of incorporation of the subscribers and the names of their beneficial owner(s) are not disclosed. Webb-site has filed a complaint with the regulators.
China Zenith (0362) places unlisted warrants with Ko Kin Hang and Kevin Tsang Kwong Chiu
Company announcement, 12-Mar-2013
Look back to 23-Mar-2005 and you will see an announcement from Peace Mark (0304. subsequently collapsed and delisted), which states that Mr Ko was a substantial (>5%) shareholder of Peace Mark in 2003, but had no other connection with Peace Mark. That announcement was prompted by ICAC charges against Mr Ko. Today's other placee, Mr Tsang, was finance director of Peace Mark from 1997 until 2010, after it collapsed.

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