Imagi (0585) subsidiary lends HK$75m to Blue River (0498) at 5% p.a. for 12 months
Company announcement, 18-Jul-2022
Blue River is 28.53% owned by Imagi Chairman Osman bin Kitchell. As this is less than 30%, it is not a Connected Transaction under the Listing Rules. Imagi is 21% owned by Oshidori (0622). Trading in the shares of Blue River has been suspended since 20-May-2022.
Imagi (0585): CST (0985) to inject HK$55m for 6.28% of Imagi Fin Group Ltd
Company announcement, 20-Jun-2022
The target is a 100% subsidiary of Imagi.
Planetree (0613) lends HK$85m to Osman Bin Kitchell and $90m to Kenneth Chan Chak Kai
Company announcement, 1-Mar-2022
The lender, Maxlord Enterprises, is 33.33% owned by Blue River (0498) and 66.67% by Planetree, which is 67.22% owned by Karen Lo Ki Yan. On 30-Dec-2021, Mr Kitchell bought 28.53% of Blue River from Oshidori (0622) for HK$160m. He is Chairman of Imagi (0585), which is 21.31% owned by Oshidori. On 17-Feb-2022, Oshidori invested HK$750m in 17.81% of Future Capital Group Ltd, which until then was 100% owned by Ms Lo. Blue River owns 48.23% of Paul Y. Engineering Group Ltd, of which Mr Chan owns 51.76%, including 10% held via Elemet Ltd, as at 4-Nov-2021. Blue River in Dec-2021 terminated a proposed purchase of his total stake in PYE after the Stock Exchange classified it as a Reverse Takeover.
Osman Bin Kitchell buys 28.53% of Blue River (0498) from Oshidori (0622) for HK$160mOshidori filing
Disclosure of interest, 30-Dec-2021
The price per share is $0.5079, a 435% premium to the closing price on 30-Dec-2021. As of 30-Dec-2021, the stock remains in the custody of Planetree Securities Ltd. Mr Kitchell is Chairman of Imagi (0585) which is 21.31% owned by Oshidori at its last filing.
Touyun Biotech (1332) discloses ownership of "Purchaser B" in its sale of Hope Capital LtdPrevious announcement
Company announcement, 12-Nov-2021
Cordoba Homes Ltd is 61.99% owned by "a private family trust with Mr. Eugene Chuang as the sole beneficiary" and 28.08% owned by China Evergrande (3333). The other 9.93% is owned by "an independent third party". Note: we've been tracking Cordoba for years as part of the "Chung Nam Network". Various listed companies have held stakes in Cordoba Homes, but this is the first time we've seen China Evergrande as a shareholder.
Touyun Biotech (1332) subsidiary sells Hope Capital Ltd to Imagi (0585), Oshidori (0622), Cordoba Homes (30% each) and David Ki (10%) for HK$160mImagi announcement
Company announcement, 1-Nov-2021
The vendor is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. Oshidori owns 28.53% of Blue River and 21.31% of Imagi. The target owns Hope Securities Ltd. The ownership of Cordoba Homes Ltd is not disclosed. Mr Ki previously sold Hope Capital Ltd to the vendor in a share-swap transaction which completed on 10-Dec-2020, less than a year ago. All the listed companies and Cordoba are in what we call the "Chung Nam Network", members of which frequently deal with each other.
Imagi (0585) buys 51% of Supreme China Securities Ltd for HK$27m
Company announcement, 28-Oct-2021
The vendor, which retains 49% of the target, is 50% owned by Terence Hui Wai Yung (who is or was brother-in-law of Peter Yau Chung Hong, according to a 2012 MMT report), 33% by Hang Tai Yue (8081), and 17% by Ms Chan Chiu Mui. Hang Tai Yue, a member of the 2017 "Enigma Network", has not previously disclosed its holding in the vendor. Imagi is a member of what we call the "Chung Nam Network", so the two networks overlap.
Imagi (0585) exits Evergrande Vehicle (0708) crash at $3.84/share
Company announcement, 5-Oct-2021
At least they sold 7m shares last October at an average $21.60 - but then they HODL'd the remaining 3m until yesterday! Imagi is 21.31% owned by Oshidori (0622) which also owns 28.53% of Blue River (0498). All 3 of them held shares in Evergrande Vehicle.
PYI (0498) subscribes HK$100m for CB in brokerage subsidiary of Imagi (0585)PYI announcement
Company announcement, 13-Apr-2021
Imagi and PYI are 19.08% and 28.53% owned by Oshidori (0622) but technically this is not a Connected Transaction under the Listing Rules for either company because neither is an "associate" (30% owned) by Oshidori (a connected person of both). All 3 companies are in what we call the "Chung Nam Network".
Imagi (0585) issues 9.99% of brokerage subsidiary to CEGFL (0379)CEGFL announcement
Company announcement, 12-Nov-2020
The total subscription was HK$74.34m in 2 rounds. Staying below 10% avoids needing the SFC's approval for a change in ownership of the brokerage.
Imagi (0585) swaps 16.63% of itself for 1.93% of Oshidori (0622)Oshidori announcement
Company announcement, 6-Apr-2020
This is the second swap between the two. The first was announced on 16-Mar-2017. Oshidori already owns 2.94% of Imagi, so this will raise the stake to 19.08%.
Imagi (0585) to buy Les Ambassadeurs Club from Paul Suen Cho HungTermination
Company announcement, 24-Jul-2019
The GBP122m (HK$1206.1m) price on the London casino is significantly less than the HK$2.5bn purchase price from Landing (0582) in Sep-2017. Mr Suen's ownership application is still pending with the UK Gambling Commission. Interestingly today's PDF metadata reveals that the deal is code-named "Project Martini" - a hat-tip to James Bond. Update: the deal was terminated by the seller on 18-Mar-2020 and a GBP12.8m break fee was payable to Imagi.
Imagi (0585) proposes share issue to VMS Investment Group LtdTermination
Company announcement, 11-May-2018
This exhausts the 20% general issue mandate. The HK$124m net subscription proceeds would be distributed as part of a $172m special dividend, so this becomes an exercise in changing the ownership structure. VMS would have 16.67% while Enerchina (0622) would be diluted to 16.48% and Murtsa Capital to 5.74%. Their combined holding would be 38.89%, over the 30% takeover threshold if they are acting in concert. Update: on 4-Jul-2018 the deal was terminated due to "protracted regulatory processes".
Imagi (0585) lends HK$100m to an unnamed money-lender2nd announcement
Company announcement, 2-May-2018
The second announcement names it as HEC Finance 03 Limited. No surprise there - they are both in what we call the "Chung Nam Network". The borrower was incorporated in 2003 and was formerly known as "Sun Chung Nam Finance Limited"
Imagi (0585) sells its half of a money-lender to JV partnerCircular
Company announcement, 2-Feb-2018
The announcement fails to state who owns the purchaser, Bob May Incorporated (BVI), but the subsequent circular says it is Ms. Betty Long Wei, "a Hong Kong businesswoman active in the area of investment". The JV, Imagination Holding Ltd, owns Simagi Finance Co Ltd, a money lender. The circular also reveals that on 5-Dec-2016, the JV subscribed for "certain shares" of Genius Spring Ltd, which was 100%-owned by China Touyun Tech (1332), another company in what we call the "Chung Nam Network". The CTT 2016 accounts show that was a 9.9% stake in Genius Spring, subscribed for HK$21.39m. We note that Ms. Long was the owner of an LED company which had an aborted sale to CTT in 2015.
Trillion Grand (8103) sells Cicero Capital Ltd to Future Master Investments LtdTermination
Company announcement, 11-Dec-2017
The purchaser is a fellow subsidiary of Codoba Homes Finance Ltd, which financed the purchase from Imagi (0585) in Aug-2016. The underlying property is 9/F of Global Trade Square, 21 Wong Chuk Hang Road, with 3 car parking spaces there. All companies involved are in what we call the "Chung Nam Network". Update: the deal was terminated on 26-Jan-2018.
Imagi (0585) swaps 16.45% of itself for 3.38% of Enerchina (0622)Enerchina announcement
Company announcement, 16-Mar-2017
Another deal in the "Chung Nam Network".
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)
Imagi (0585) to buy stockbroker John & Wong Securities Co LtdCircular
Company announcement, 30-Aug-2016
Another listed company in what we call the "Chung Nam Network" gets into broking.
Trillion Grand (8103) to buy property co from Imagi (0585)Imagi announcement
Company announcement, 8-Aug-2016
Funded by a loan from Cordoba Homes, an unlisted company in what we call the "Chung Nam Network". The target, Cicero Capital, owns ISL investments, which owns 9/F of Global Trade Square, 21 Wong Chuk Hang Road, with 3 car parking spaces there.
Imagi (0585) scraps punting JV with Andrew Liu after Exchange rules out exemption
Company announcement, 30-Jun-2016
So now they are just going to punt stocks on their own, without needing shareholders' approval.
Imagi (0585) pools money with Andrew Liu to punt stocks
Company announcement, 8-Jun-2016
No shareholders' approval is required, because Imagi has already declared securities trading to be in its "ordinary and usual course of business" - and that didn't require approval either. Andrew Liu was from 2010-2015 a non-executive director of Freeman Financial (0279), another company in what we call the "Chung Nam Network". During his time on that board, the stock total return was -92.80%.
Imagi (0585) removes Ms Zhang Peng & Mr Wen Di as directors
Company announcement, 15-Apr-2016
Imagi (0585) borrows HK$100m from Cordoba Homes Finance Ltd
Company announcement, 16-Mar-2016
The lender is a subsidiary of HEC Capital Ltd, one of the hubs in what we call the "Chung Nam Network".
Imagi (0585) sells company with uncertain RMB65m bank deposit for HK$25m, will book HK$65m loss
Company announcement, 8-Mar-2016
Imagi is now part of what we call the "Chung Nam Network". It fails to say who owns the buyer, Capital Union Inc., but we know that at 30-Jan-2009, that was owned by Eugene Chuang Yue Chien.
Imagi (0585) swaps 16.01% of itself for 0.62% of HengTen (0136)
Company announcement, 29-Feb-2016
As a result, HEC Capital, one of the hubs in what we call the "Chung Nam Network" will, via its 100% subsidiary, own 16.01% of Imagi.
Imagi (0585) sets up money-lending JV
Company announcement, 26-Feb-2016
The JV partner is a BVI company, the owner of which is not disclosed. Imagi is a cash shell. The JV will not be a subsidiary, so it will not be subject to the Listing Rules on connected transactions, so it can lend money to connected persons of Imagi. Imagi is part of what we call the "Chung Nam Network".
Chairman Francis Leung Pak To sells 7.82% of Imagi (0585) to Howard Wong
Company announcement, 28-Jan-2016
Mr Wong is associated with what we call the "Chung Nam Network". During his 15 years as CEO of China Soft Power Technology (0139) the stock returned -98.67%, an average of -24.91% p.a., or -29.49% p.a. relative to the Tracker Fund of HK.
All 3 INEDs of Imagi (0585) quit and are replaced by "Chung Nam Network" people
Company announcement, 28-Jan-2016
They simultaneously decided to "devote more time to their other business commitments" and 3 people associated with what we call the "Chung Nam Network" are immediately appointed to replace them.
Imagi (0585): Chairman missing and other problems
Company announcement, 17-Dec-2015
The Chairman and his wife failed to attend a board meeting on 11-Dec and it emerges that he is the sole signatory of the bank account of a subsidiary, Xiamen Sunflower which "should contain" RMB65m. Meanwhile NED Mr Wen Di has sent an undated resignation letter and can't be contacted either. Perhaps he's in his Wendy house.
HKICPA fines Mr Kung Ping Cheung HK$30k
HKICPA, 29-Jul-2014
HKICPA fines Ms Yau Ka Yi HK$3k
HKICPA, 29-Jul-2014
Soh Szu Wei, former CEO, resigns as ED of Imagi (0585) due to "alleged disagreement".
Company announcement, 18-May-2012
7 investors convicted for naked short-selling Imagi (0585) excess rights
SFC, 26-Apr-2012
Imagi rights v shares gap
With Imagi's stock down 67.4% in 3 days since our bubble warning, the rights began trading this morning, at a huge discount to the share price, raising obvious questions of whether the market in either counter is false. If you own the shares and believe in the current valuation (which we don't) then why aren't you selling your shares and buying the rights to get free cash? (21-Apr-2010)
Imagi bubble
We issue a bubble warning on Imagi (0585), up 616% in 4 days on turnover of 185% of the company. The confusing timetable, with a 10:1 consolidation yet to come, has likely contributed to more chaos than we have seen since Asian Citrus. The market price implies a valuation of 33.2 times book value, or a premium of HK$17.3bn (US$2.23bn). We think a discount would be more appropriate, for the characters involved. (14-Apr-2010)
Imagi: breach of Listing Rule 13.51(2)(h) & (w)
Company announcement, 15-Oct-2009
Pleasure International Ltd & others v Francis Kao Wai Ho & another
HK Court of First Instance, 25-Jun-2009
The 2003 Christmas Pick
Season's greetings to all our readers - and that means it's time for our annual stock pick, when we rummage in our sack of small-cap investments for the stock we think is most likely to perform over the next year. For the last 4 years, the compound return on our picks has been 319.2% while the Hang Seng Index made a net loss of 9.2%. So what's are we putting under the Christmas tree this year? Read on... (3-Dec-2003)
CITIC Pacific/ CLP AGM Roundup
It was a CITIC Pacific AGM with a few surprises - a Boto (0585) independent director reveals for the first time that he did not regard last year's deal as fair and reasonable - so why didn't he say so at the time? Meanwhile Project Vampire bites, as the public vote, excluding insiders, appears to be against the general mandate by a 55% majority. And we take a brief look at the CLP meeting. (6-May-2003)
The Foxes Guarding Hong Kong's Hens
BusinessWeek, 26-Aug-2002
Hong Kong's Cautionary Christmas Carol
BusinessWeek, 23-Aug-2002
Christmas is Cancelled
After a 5 month Battle of Boto, the deal goes ahead in a vote won by the narrowest of margins, and only because it was stacked with management-related votes, by kind permission of the Stock Exchange of Hong Kong. Over three quarters of the public votes were against the deal. Will minorities ever get a level playing field in Hong Kong? For now, they have an unlevel minefield. (19-Aug-2002)
Time to Vote Against Boto Sale
Boto's circular is finally out, and in a move unique in recent history, the Independent Financial Adviser advises shareholders to vote AGAINST the sale! It underlines how unfair the proposal is. The circular also reveals evidence that contrary to the 9.6% reported earnings drop, Boto's core business actually increased profits 12.5% last year, as we will show. We tell you how and why you should vote against the sale. (4-Aug-2002)
Breach of Listing Rules
Company announcement, 17-Jul-2002
Boto's New Deal
Boto has at last announced amended terms for the proposed sale of its core businesses. We give our views. (12-Jul-2002)
Minority Uprising
Time, 27-May-2002
Mobius decries lack of investor protection
HK Standard, 24-May-2002
Open air at Boto
Don't Stack the Boto Vote
The Boto saga drags on, and it now emerges that, in the knowledge that the Buy-out plan has no support from independent investors, Management is trying to stack the vote by appealing again to a key committee of the Stock Exchange to allow insiders to vote. We urge the Listing (Review) Committee not to waver, and to allow the proposal, if it proceeds, to be put to truly independent shareholders. (9-May-2002)
A Fair Alternative for Boto
In the Boto Buy-out case, the SEHK has reportedly confirmed that other directors are conflicted from voting, while allowing senior managers and a trust run by HSBC to vote - even though the managers report to Mr Kao and HSBC if financing the Buy-out. Among other minority shareholders is the parent of Shanghai Industrial, which has a director on the board. We again urge Boto to withdraw the proposal, which faces near-certain defeat. We reveal that investors opposed to the Buy-out have proposed an alternative which would be fair to all. (28-Apr-2002)
All might not be merry with buyout plan
International Herald Tribune, 23-Apr-2002
Templeton Rejects Boto Buyout Plan
The largest institutional investor in Hong Kong stocks, Templeton, has announced its opposition to the Boto MBO proposal and urged all other shareholders, large and small to vote against the deal. (8-Apr-2002)
Say No to Boto's MBO
Boto, the World's leading artificial Christmas tree maker, has been growing a perfect seasonal balance in leisure furniture. Now just as that is soaring, along comes the Chairman with a management buy-out offer backed by Carlyle Group, at an estimated 5.6x Mar-02 earnings, leaving shareowners with a shrunken shell and a start-up graphics animator. The deal requires minority shareholders' approval. We regard the offer as derisory and urge investors to vote against the deal, as we and a number of institutions intend to do. (4-Apr-2002)
The 2001 Christmas Pick
Ho ho ho! No, that's not a list of Shun Tak directors - it's the sound of Santa Claus and time for's annual gift to our readers, a small-cap delight to put in your stockings. Like Christmas, our stock tip comes just once a year. Last year's pick, Kingmaker, returned 53.2%, beating the HSI by 84.8%. Our 1999 pick returned 81.6% in two years. So what's in our sack for this year? Read on to find out. (3-Dec-2001)
Oh Tannenbaum, How Your Fiber-Optic Needles Glow
BusinessWeek, 2-Jan-2001
A Load of Cobblers
It's nearly Christmas, and time for's annual gift to our readers, a small-cap delight to put in your stockings. At last - something positive from the gloomiest site in town! Last year's pick, Boto International, outperformed the HSI by 32.6% in a year. Read on to see who gets our vote this year. (4-Dec-2000)
SFC prosecutes Mr Lawrence Lai Chi Kin under the Securities (Disclosure of Interests) Ordinance
SFC, 19-Sep-2000
Deck the Halls with Boto
Christmas is coming, and with only 19 shopping days left (and even fewer market days) we're getting into the festive spirit. So for once, we'll write something positive about an overlooked HK company that makes a large portion of North America's artificial Christmas trees. (5-Dec-1999)

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