Huarong Investment Stock Corporation Limited 華融投資股份有限公司

The Huarong-CMB network: 26 stocks not to own
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
Freeman (0279) renegotiates US$99m convertible held by 51% subsidiary of China Huarong (2799)
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
Lai Xiaomin, ex-Chairman of Huarong (2799) expelled from Party (in Chinese only)
CCP Central Commission for Discipline Inspection, 15-Oct-2018
Next comes the formality of prosecution.
Freeman (0279) renegotiates convertible bond held by Huarong Inv (2277)Huarong Inv announcement
Company announcement, 28-Sep-2018
The share price having boomed and then bust since the CB was issued, they have agreed to slash the conversion price from $0.425 to $0.065 and boost the coupon from 4% to 7%. As a result, Huarong Inv could end up with 29.63% of Freeman, which also has outstanding US$99m of convertible bonds held by Huarong Macau, a fellow subsidiary of China Huarong Asset Management (2799), also convertible at $0.425.
CMBC Capital (1141) subscribes HK$300m in "Segregated Portfolio"
Company announcement, 15-Mar-2018
The segregated portfolio company will do only 1 thing: make a HK$400m loan to Delta Link Holdings Ltd (BVI), personally guaranteed by unnamed Guarantor and secured on shares in unnamed HK Listco. From disclosures of interests, we can tell you that the Guarantor is David Wang Weixian, and the Listco is Greenland HK (0337), of which he owns 14.33% and is Founder and Executive Director. He is initially pledging 8.90%. This appears to partly fund repayment of a $500m loan from Huarong Inv (2277) which simultaneously released a charge on the same number of shares.
Huarong Inv (2277) lends HK$350m to someone secured on listed shares of somethingDisclosure of interest
Company announcement, 11-Dec-2017
From disclosures of interests, we see that the loan is secured on 74.93% of China Graphene Group Ltd (0063). The Borrower must be HK Guoxin Investment Group Ltd, owned by Mr Li Feng Mao, the Chairman of China Graphene, who is the Guarantor.
Huarong Intl (0993) lends HK$800m to controller of China Goldjoy (1282) secured on 28.44% stake
Company announcement, 8-Nov-2017
The Borrower, Tinmark Development Ltd, is owned by Mr Yao Jianhui, who must be the "Personal Guarantor". He is the Chairman and controlling shareholder of China Goldjoy. In October, Tinmark pledged 1.9bn shares (8.57%) to Huarong Investment (2277). Both the Huarongs are subsidiaries of China Huarong Asset Management (2799).
Huarong Inv (2277) subscribes US$62.3m of notes in somethingDisclosure of interest
Company announcement, 18-Oct-2017
The issuer is a private HK company and there is a security over some shares in an unnamed listed company. From disclosures of interests, we see that the security is 1.9bn shares (8.57%) of China Goldjoy (1282). The "Security Provider" is probably Mr Yao Jianhui's 100%-owned company, Tinmark Development Ltd. We don't know who the borrower is.
Huarong Inv (2277) lends HK$500m to someoneDisclosure of interest
Company announcement, 19-Sep-2017
The 6-month loan bears interest at 15% p.a.. The unnamed BVI borrower provides security over shares in an unnamed listed real estate developer. From disclosures of interests, we see that the listed company is Greenland Hong Kong (0337). The borrower is Prestige Glory Enterprises Ltd, owned by David Wang Weixian, the "Honorary Chairman" and Executive Director of Greenland.
Huajin (2738) controller borrows HK$450m against 65.25% stakeHuarong announcement
Company announcement, 30-Aug-2017
They don't name the lender, but it is Huarong Investment (2277) which announced the loan.
Freeman (0279) issues HK$437m convertible bond to Huarong Investment (2277)Huarong announcement
Company announcement, 24-Aug-2017
The bonds are secured on a 15% stake in Shenyang Securities Co Ltd (PRC). Huarong Investment is a subsidiary of China Huarong (2799). 2 months ago, China Huarong Macau, an unlisted fellow 51% subsidiary, subscribed US$100m for convertible bonds of Freeman.
Huarong Inv (2277) lends HK$423m to controller of Int'l Ent (1009)
Company announcement, 26-Jun-2017
Kwan Wai Ming, ED of Huarong Investment (2277) pays HK$5.18m for a car space
South China Morning Post, 14-Jun-2017
China Huarong (2799) subscribes 580m shares @$0.40 of Huarong Investment (1277)
Company announcement, 12-Jan-2017
Huarong Investment is already 27.99% owned by China Huarong, with a stake acquired at up to $1.31 per share, so it will make a general offer at that price. Huarong Investment has already borrowed heavily from China Huarong and made a string of unlisted investments with the cash.
China Huarong (2799) lends US$300m to 27.99% associate Chun Sing (2277)
Company announcement, 26-Aug-2016
China Huarong (2799) increases by 8.58% to 27.99% of Chun Sing (2277)
Company announcement, 26-Jul-2016
From matching disclosures of interests, we see that Huarong bought the 106m shares from Anthony Yeung Chun Wai, Chairman of Chun Sing, at $1.31 per share on 20-Jul. 5 days earlier, Mr Yeung purchased 106.08m shares at $0.97, the same day that the founders sold their remaining 332.5m shares at $0.954.
Chun Sing (2277) commences money-lending
Company announcement, 30-Jun-2016
The stock closed at HK$2.18, valuing the firm at $2694m after its recent 20% placing at $0.90. It had net assets at 31-Mar-2016 of just HK$226m plus placing proceeds of $181m, making a total of $407m, so it is trading at about 4.2x NAV and a P/E of 62. What could possibly go wrong?
Chun Sing (2277): China Huarong International Holdings Ltd buys 240m shares (19.42%)Disclosure of interest
Company announcement, 7-Jun-2016
The announcement comes 11 days after the 27-May transaction. The price is not mentioned, but a disclosure of interest filed on 31-May puts it at $1.31 per share or HK$314.4m. The buyer is a 100% subsidiary of China Huarong Asset Management Co., Ltd. (2799). There were no disclosures by any sellers.
Chun Sing (2277) controller sells 200m shares (19.42%) for HK$240mDisclosure of interest
Company announcement, 28-Apr-2016
They don't say who owns the BVI buyer, but a subsequent disclosure of interest shows that it is owned by Anthony Yeung Chun Wai. This cuts the founders' stake to 32.28%. They borrowed HK$250m from Kingston Finance Ltd 16 days earlier.
Chun Sing (2277) controller borrows HK$250m against 51.7% stakeDisclosure of interest
Company announcement, 12-Apr-2016
They don't say from whom, but a subsequent disclosure of interest shows that the lender is Kingston Finance Ltd, which is 80% owned by Pollyanna Chu Lee Yuet Wah.
Chun Sing (2277) controller sells 180m shares (17.48%) @$1CCASS changes 28-Aug to 7-Sep
Company announcement, 28-Aug-2015
The shares were deposited into CCASS from 31-Aug to 4-Sep: on 31-Aug, 45m into Capitec Securities. On 1-Sep, 85m into Sino Wealth (35m), Supreme China (30m), RHB (15m) and Kingston (5m). On 2-Sep, 30m into China Times, and on 4-Sep, 20m were deposited amid a bunch of net moves from Capitec, Sino Wealth, China Times and Supreme China to Kingston and SHK Investment Services. Finally on 7-Sep, 41m shares moved to CITIC Securities from RHB (15m) and Supreme China (26m).
Chun Sing (2277) controller sells 60m shares (5.83%) @$1.3838CCASS movement
Company announcement, 30-Jul-2015
That cuts the founders' holding from 75% to 69.17%. The shares moved from the placing agent, Sino Wealth Securities, to CITIC Securities on the settlement date.

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