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Hao Tian (1341) buys 49% of investor in fund investing in pre-IPO from Mr Su Junhao
| Supplement
Company announcement, 26-Apr-2021
The consideration for 49% of Kingdom Future Ltd is HK$286.24m payable in new shares of Hao Tian at $0.33 per share, giving Mr Su 11.52% of the enlarged Hao Tian. Kingdom Future is investing US$75m in Tise Opportunities Fund SPC, which is investing in New Gains Group Ltd, until now a 100% subsidiary of China Evergrande (3333). Also investing in the fund is CST (0985). For more, see our coverage of Evergrande.
Company announcement, 26-Apr-2021
The consideration for 49% of Kingdom Future Ltd is HK$286.24m payable in new shares of Hao Tian at $0.33 per share, giving Mr Su 11.52% of the enlarged Hao Tian. Kingdom Future is investing US$75m in Tise Opportunities Fund SPC, which is investing in New Gains Group Ltd, until now a 100% subsidiary of China Evergrande (3333). Also investing in the fund is CST (0985). For more, see our coverage of Evergrande.
Hao Tian (0474) buys back 16.53% minority in Hao Tian Finance for HK$200m in new shares at $0.25
| Circular
Company announcement, 8-Jul-2019
They fail to say who owns the vendor, which will receive 13.15% of the enlarged shares of Hao Tian. The subsequent circular reveals it to be owned 50% by Huang Tao, 40% by Huang Shi Ying and 10% by Wong Yu Fong. We know that Huang Tao and Huang Shi Ying are sons of property developer Mr Huang Rulun, who previously held 60%.
Company announcement, 8-Jul-2019
They fail to say who owns the vendor, which will receive 13.15% of the enlarged shares of Hao Tian. The subsequent circular reveals it to be owned 50% by Huang Tao, 40% by Huang Shi Ying and 10% by Wong Yu Fong. We know that Huang Tao and Huang Shi Ying are sons of property developer Mr Huang Rulun, who previously held 60%.
Hao Tian Dev (0474) issues shares to China Animation (1566)
Company announcement, 13-Feb-2019
The new shares amount to 7.07% of the enlarged shares. In return, HTD gets 49% of a newly-incorporated subsidiary of China Animation, which holds unspecified intellectual property rights. China Animation has not made any announcement, so we have no idea why it is doing this.
Company announcement, 13-Feb-2019
The new shares amount to 7.07% of the enlarged shares. In return, HTD gets 49% of a newly-incorporated subsidiary of China Animation, which holds unspecified intellectual property rights. China Animation has not made any announcement, so we have no idea why it is doing this.
Hao Tian Intl (1341) buys 4.05% of China SDHS (0412) from parent Hao Tian Dev (0474)
Company announcement, 17-Dec-2018
Company announcement, 17-Dec-2018
Hao Tian (0474): Prosperity (0803) exercises put option to return its stake in Hao Tian Finance for HK$115m
| Prosperity announcement
Company announcement, 9-Apr-2018
The put option was exercisable because HTF did not obtain a listing for its shares.
Company announcement, 9-Apr-2018
The put option was exercisable because HTF did not obtain a listing for its shares.
Joint Global Ltd joint venture agreement dated 15-Sep-2015
Company filing, 7-Jun-2017
Thanks to the SFC's Takeovers Code, this agreement has been published online by CMBC Capital Holdings Ltd (1141), one of the 11 entities in what we call the "Chung Nam Network" which pooled their shares in HEC Capital Ltd into Joint Global Ltd, which then imploded like a black hole. It relates to our story "The Joint Global implosion", 30-Sep-2016.
Company filing, 7-Jun-2017
Thanks to the SFC's Takeovers Code, this agreement has been published online by CMBC Capital Holdings Ltd (1141), one of the 11 entities in what we call the "Chung Nam Network" which pooled their shares in HEC Capital Ltd into Joint Global Ltd, which then imploded like a black hole. It relates to our story "The Joint Global implosion", 30-Sep-2016.
Hiding behind the cornerstones
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
Webb-site reveals that investors who took 31% of a bank IPO had secretly laid off their risk by issuing derivatives to a mainland property developer from the same city, via two HK-listed companies which incidentally are bubble stocks. When we complained, HKEX did not require disclosure of the bank’s identity, thereby preserving the secrecy behind the cornerstone investors which facilitate HKEX’s IPO business. Once again, the regulatory conflict of interest is exposed. (3-Oct-2016)
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)
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 Innovative Finance (0412) bubble
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of CIFG at a 61.9% discount, still well above the net tangible asset value of $0.099. CIFG should trade below NTAV due to its appalling governance and membership of what we call the "Chung Nam Network". The purported profits of its leasing division are largely illusory and depend heavily on 1 customer in which CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules on corporate transactions. (26-Sep-2016)
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of CIFG at a 61.9% discount, still well above the net tangible asset value of $0.099. CIFG should trade below NTAV due to its appalling governance and membership of what we call the "Chung Nam Network". The purported profits of its leasing division are largely illusory and depend heavily on 1 customer in which CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules on corporate transactions. (26-Sep-2016)
Hao Tian (0474) buys stockbroker Paul Securities Ltd
Company announcement, 8-Aug-2016
The price mentioned in the annual report was net asset value plus HK$11m.
Company announcement, 8-Aug-2016
The price mentioned in the annual report was net asset value plus HK$11m.
Hao Tian Dev (0474) issues 7.59% of subsidiary to CCB (0939)
Company announcement, 22-May-2016
The announcement states that the investor is owned by CCB International Asset Management Ltd but doesn't name its owner.
Company announcement, 22-May-2016
The announcement states that the investor is owned by CCB International Asset Management Ltd but doesn't name its owner.
Hao Tian (0474) to issue US$30m 9% notes secured on 550m shares (3.24%) of Heritage (0412)
| Disclosure of interest
Company announcement, 7-Jul-2015
The subscriber is Sea Venture Investments Ltd (BVI), the owner of which is not disclosed. The subscriber also gets an option to purchase 80,729,170 Heritage shares at HK$1.44 (equal to US$15m at an exchange rate of USD=HKD7.75) and warrants to subscribe shares of Hao Tian Finance Co Ltd, a partial subsidiary, for up to US$15m at NAV. Update from disclosure of interest: the subscriber is ultimately owned by China Construction Bank (0939).
Company announcement, 7-Jul-2015
The subscriber is Sea Venture Investments Ltd (BVI), the owner of which is not disclosed. The subscriber also gets an option to purchase 80,729,170 Heritage shares at HK$1.44 (equal to US$15m at an exchange rate of USD=HKD7.75) and warrants to subscribe shares of Hao Tian Finance Co Ltd, a partial subsidiary, for up to US$15m at NAV. Update from disclosure of interest: the subscriber is ultimately owned by China Construction Bank (0939).
Hao Tian (0474): dilution of interest in Hao Tian Finance
Company announcement, 28-Apr-2015
The announcement fails to say who owns the subscriber, Century Golden Resources Investment Co. Ltd.. We can tell you it is 60% owned by Mr Huang Rulun. It also owns a 13% stake in Heritage (0412), another member of what we call the "Chung Nam Network".
Company announcement, 28-Apr-2015
The announcement fails to say who owns the subscriber, Century Golden Resources Investment Co. Ltd.. We can tell you it is 60% owned by Mr Huang Rulun. It also owns a 13% stake in Heritage (0412), another member of what we call the "Chung Nam Network".
Prosperity (0803) to pay HK$100m for 10% of Hao Tian Finance Co Ltd
| Hao Tian announcement
Company announcement, 9-Apr-2015
Prosperity may be about to enter what we call the "Chung Nam Network", of which Hao Tian (0474) is a member.
Company announcement, 9-Apr-2015
Prosperity may be about to enter what we call the "Chung Nam Network", of which Hao Tian (0474) is a member.
Hao Tian (0474), a demonic company, launches bonds with a "demonization" of HK$1m
| Board meeting - actual footage
Company announcement, 17-Feb-2015
Muahahaha!
Company announcement, 17-Feb-2015
Muahahaha!
The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
Hao Tian (0474) grants options over shares in Imperial Pacific (1076) to Mr Jiang Jianhui
Company announcement, 4-Jul-2014
"The Call Option Deed provides the Group with the right to sell the Option Shares at the Exercise Price" - No it doesn't! It is not a put option.
Company announcement, 4-Jul-2014
"The Call Option Deed provides the Group with the right to sell the Option Shares at the Exercise Price" - No it doesn't! It is not a put option.
Subscription agreement between Hao Tian (0474) and HEC Capital Ltd dated 18-Sep-2012
Company filing, 2-Jul-2014
This is a recent filing under the Takeovers Code. Schedule 1 reveals the shareholdings in HEC Capital Ltd on the subscription date, including 10 other listed companies which we consider to be in the "Chung Nam Network".
Company filing, 2-Jul-2014
This is a recent filing under the Takeovers Code. Schedule 1 reveals the shareholdings in HEC Capital Ltd on the subscription date, including 10 other listed companies which we consider to be in the "Chung Nam Network".
Agreement between Hao Tian (0474) and Ristora Investments Ltd dated 22-Jul-2013
Company filing, 2-Jul-2014
This recent filing under the Takeovers Code shows that the director of Ristora was Karen Lo Ki Yan. Ristora sold 45m shares of HEC Capital Ltd to Hao Tian for HK$270m.
Company filing, 2-Jul-2014
This recent filing under the Takeovers Code shows that the director of Ristora was Karen Lo Ki Yan. Ristora sold 45m shares of HEC Capital Ltd to Hao Tian for HK$270m.
Hao Tian (0474) buys 45m shares (5.04%) of HEC Capital Ltd from Ristora Investments Ltd for HK$270m
Company announcement, 22-Jul-2013
The vendor's owner is not disclosed, but in a previous filing, as of 15-Jan-2012, it was Karen Lo Ki Yan.
Company announcement, 22-Jul-2013
The vendor's owner is not disclosed, but in a previous filing, as of 15-Jan-2012, it was Karen Lo Ki Yan.
Hao Tian (0474) buys HK$90m convertible bond in Mascotte (0136)
Company announcement, 7-Jun-2013
The vendor is not named.
Company announcement, 7-Jun-2013
The vendor is not named.
Mascotte (0136) sells 5.82% of Sun Mass Funding to Hao Tian Resources (0474) for HK$50m
Company announcement, 11-Apr-2013
Both companies are in the "Chung Nam Network". This follows an identical sale 2 days ago by Mascotte to another network company, National Investment Fund (1227).
Company announcement, 11-Apr-2013
Both companies are in the "Chung Nam Network". This follows an identical sale 2 days ago by Mascotte to another network company, National Investment Fund (1227).
Hao Tian (0474) buys a yacht for HK$65m
Company announcement, 25-Oct-2012
The yacht, named "aquarius" has been floating around the "Chung Nam Network" for years - its holding company, Uprite Ltd, was acquired by Willie (0273) in May-2008 from a company 75%-owned by Eugene Chuang Yue-chien, brother of Willie's Chairman. Uprite was then injected into a BVI vehicle, Cordoba Homes Ltd, in which numerous listed companies in the network invested. We now consider Hao Tian to have joined the network.
Company announcement, 25-Oct-2012
The yacht, named "aquarius" has been floating around the "Chung Nam Network" for years - its holding company, Uprite Ltd, was acquired by Willie (0273) in May-2008 from a company 75%-owned by Eugene Chuang Yue-chien, brother of Willie's Chairman. Uprite was then injected into a BVI vehicle, Cordoba Homes Ltd, in which numerous listed companies in the network invested. We now consider Hao Tian to have joined the network.
SBI, E2 and Xinhua Finance
We reveal how a mini-investment bank was assembled and injected into two listed companies at great expense to them, then gradually sold off, and how at least some of the SFC-regulated firms came under the ownership of someone who now faces criminal charges in the USA in relation to newsletter stock promotion schemes for companies which include the first Chinese company to list in Japan. (18-May-2010)
We reveal how a mini-investment bank was assembled and injected into two listed companies at great expense to them, then gradually sold off, and how at least some of the SFC-regulated firms came under the ownership of someone who now faces criminal charges in the USA in relation to newsletter stock promotion schemes for companies which include the first Chinese company to list in Japan. (18-May-2010)
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