IMAGI INTERNATIONAL HOLDINGS LIMITED (BM) 意馬國際控股有限公司

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".
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
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)
Open air at Boto
 (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 Webb-site.com'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 Webb-site.com'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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