China Jicheng Holdings Limited 中國集成控股有限公司

Censure of China e-Wallet (0802) and directors
SEHK, 22-Jan-2018
This relates to the Jun-2015 interim results which were restated after 17 days to include a huge gain on financial assets of which only the CEO was previously aware. This sanction fails to mention that HKEX did not enforce the Listing Rule requiring disclosure of significant investments, so even the revised results did not disclose that all the gain was in one stock, China Jicheng (1027), the umbrella bubble. That stock accounted for 74.7% of equity at the balance sheet date. This was later revaled and both companies were in our "Enigma Network" diagram in 2017.
China Jicheng (1027) Chairman cuts stake after Enigma Network meltdown
Company announcement, 3-Jul-2017
Huang Wenji cut his stake from 74.48% to 66.25%, selling 8.23% at an average $0.0115 per share, a loss of 95.9% since last Monday (26-Jun-2017), but still almost double the net assets per share of $0.0064. No word on whether any of his shares were pledged. The announcement contains a probable error - if he sold 4.01% on Friday, that is about 3,008m shares, not 30,008m shares. Total proceeds for the 2 days were about HK$71m
Lerado (1225) dumps China Jicheng (1027)
Company announcement, 28-Jun-2017
The average sale price of $0.0169 is less than the market average of $0.0188 in yesterday's collapse of the Enigma Network.
CNC (0745) dumps China Jicheng (1027) in Enigma Network meltdown
Company announcement, 28-Jun-2017
The sale was at an average price of $0.0214, better than Lerado's $0.0169 and better than the market average $0.0188.
QPL (0243) dumps 3 stocks in Enigma Network meltdown
Company announcement, 27-Jun-2017
We knew they had shares in GCPS (8193), but this announcement also reveals holdings in Major (1389) and China Jicheng (1027). The CJ shares were sold at an average $0.0275, better than Lerado's $0.0169 and CNC's $0.0214.
The Enigma Network: 50 stocks not to own
Sometimes, all you need to tell a story is a picture. (15-May-2017)
CEEI (0986) sells China Jicheng (1027), buys Luen Wong (8217)
Company announcement, 18-Aug-2016
What it doesn't say: CEEI has breached Listing Rules by failing to obtain shareholders' approval in advance of Major Transactions and by failing to announce them for 4 weeks. Each stock is the subject of SFC concentration warnings. We calculate that the purchase of Luen Wong shares is at a P/B of 321 and a P/E of 861. CEEI says the deal is "fair and reasonable", "a good investment opportunity" and "an attractive investment which will provide satisfactory return".
Tech Pro (3823) crashes 86.3%: we told you so
In our article of 24-Sep-2015, we pointed to 3 bubbles, 2 of which have now burst: L & A (8195) and Tech Pro (3823). The remaining one is umbrella-maker China Jicheng (1027) which has net tangible assets at 31-Dec-2015 of about HK$0.0067 per share (post-split), so it has about 97% downside from today's closing price of $0.224. (28-Jul-2016)
China Jicheng (1027) umbrella bubble to split again
Company circular, 8-Apr-2016
There will be 75 billion issued shares, just in case everyone on Earth wants 10 each. The stock at HK$1.20 trades at 42.7x book value and 720x last year's profit.
China Env Energy (0986) sells 15.45m shares in China Jicheng (1027) umbrella bubble
Company announcement, 22-Jan-2016
China Env Energy (0986) sells 21.545m shares in China Jicheng (1027) umbrella bubble
Company announcement, 19-Jan-2016
CAID (0048) proposes to invest HK$300m via Opus Capital Management
Company announcement, 3-Dec-2015
The two-stage investment will be in cash or specie - in other words part or all of CAID's existing portfolio, which includes bubble umbrella stock China Jicheng (1027).
Lerado's umbrellas and open offer
At last, Lerado (1225) admits that it holds 2% of the China Jicheng (1027) umbrella bubble, still worth HK$561m, which is more than it proposes to raise in an abusive, deep-discount open offer. The circular fails to say why they don't just sell the CJ shares instead. We call on shareholders to save themselves and vote against. (27-Oct-2015)
CAID (0048) gains from umbrella bubble
Following a Webb-site complaint to regulators, CAID has revealed 3 holdings, including umbrella maker China Jicheng (1027), still trading at over 70x NAV. CAID expects the investments to contribute a positive return in the near future, but doesn't say why. Meanwhile Lerado (1225) hasn't said how it made similar gains. Is it also in the umbrella bubble? (10-Oct-2015)
Bubbles and troubles in Hong Kong
Pour yourself a coffee and digest this long article as we investigate several ongoing abusive "open offers" and placings as well as show you who's been making out in multi-billion-dollar bubbles. We call on regulators and rule-makers to take action. (24-Sep-2015)
China Jicheng (1027) may be preparing for a placing
We note that 1.5bn shares (10%) of China Jicheng were deposited into CCASS on 17-Sep-2015, via Black Marble Securities. These can only be from Chairman Huang Wenji. Shares must be in CCASS to be tradable, so this may be a preparation for a top-up placing. Click the link to see CCASS movements. The stock is in a bubble, at 106x NAV last night, up 64x since the IPO. Black Marble is owned by Lerado (1225). (23-Sep-2015)
China Env Energy (0986): results reveal 2.11% stake in Jicheng (1027)
Company announcement, 30-Jun-2015
The 12.67m shares were purchased in the IPO at $1.10, before the 25:1 stock split, which converts to 316.75m shares at $0.044.
Jicheng Umbrella (1027) grants 60m options @$1.57
Company announcement, 19-Jun-2015
The options last 1 year. Update: the interim results published 28-Aug-2015 state that the grantees were "consultants".
Concentration warning in Jicheng Umbrella (1027)
Company announcement, 14-May-2015
The surge in the stock price gives new meaning to "umbrella movement".

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