Freewill Holdings Limited (MH)

Agreement for Ultron Prime Ltd to subscribe shares of Freewill Holdings Ltd, 2-Jul-2015
Company filing, 7-Jun-2017
The agreement was published online during a takeover of Ultron's owner, Skyway (1141) on 7-Jun-2017. At the time of the subscription, HEC Capital Ltd was 29.04% owned by Freewill.
Skyway (1141) exits Joint Global Ltd for HK$5m and Freewill Holdings Ltd for HK$105m
Company announcement, 6-Mar-2017
Skyway paid HK$440m when it subscribed for the Freewill shares in Jul-2015.
Mason (0273) sells Willie Link Ltd for HK$400m
Company announcement, 4-Nov-2016
This was done in 2 blocks. 45% was sold in Mar-2016 to Apex Corporate Investments Ltd for HK$200m, and 55% now to Best Mate Ltd, owned by Kenneth Chan Chak Kai, for HK$200m. Mason fails to say who owns Apex. We can tell you that it was once owned by CIFG (0412) which sold it to High Rhine Ltd (BVI) on 20-Nov-2014. According to Mason's 2015 accounts, it acquired High Rhine in Jun-2015.
The Joint Global implosion
A collapse in a hub of the "Chung Nam Network" has wiped about HK$2bn off the balance sheets of at least 11 listed companies, many of which never announced that they had invested in it. We piece together an ugly jigsaw and call on the SFC to investigate and HKEX to wake up and require announcements. (30-Sep-2016)
China Opto (1332) discloses the junk held by Win Wind Capital Ltd
Company announcement, 28-Jun-2016
This follows a complaint filed by Webb-site on 23-Jun-2016 that the Major Transaction circular, which was presumably vetted by the Stock Exchange, failed to include any information on the underlying investments held by Win Wind Capital Ltd, with which China Opto is engaged in a share swap. Several of the stocks are in what we call the "Chung Nam Network".
Dagonite (0329) buys 6.09% of Freewill Holdings Ltd for HK$180m
Company announcement, 24-Nov-2015
The announcement fails to disclose who owns the vendor, but as of 26-Oct-2015, it was 100% owned by HEC Capital Ltd, which is 32.99% owned by the target, Freewill Holdings Ltd. The target is also owned by 5 other listed companies in what we call the "Chung Nam Network".
China Optoelectronics (1332) subscribes HK$80.03m for 3.45% of Freewill Holdings Ltd
Company announcement, 17-Jul-2015
Note: although the deal was stated to be subject to a due diligence investigation "to be carried out", this investigation was apparently completed within 1 hour and 12 minutes after the 22:48 announcement, because the subsequent interim report states that the transaction completed the same day. Freewill is a hub invested by 4 other listed companies in what we call the "Chung Nam Network".
Mission Capital (1141) subscribes HK$440m for shares in Freewill Holdings LtdFreeman announcement
Company announcement, 2-Jul-2015
This gives MC 23.05% of FHL, while Willie (0273) will own 26.70% and Freeman Financial (0279) will own 50.25%. However, on the same day, Freeman announced that FHL has also agreed to issue shares to Enerchina (0622) so if both deals complete then MC will be diluted to 20.77%. All are in the "Chung Nam Network".
Freeman (0279) and Willie (0273) to pool their interests in HEC Capital LtdWillie announcement
Company announcement, 20-Jun-2014
Freeman owns 4.97% of Willie, just under the disclosure threshold, and Willie owns 6.81% of Freeman.

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