China Soft Power Technology Holdings Limited 中國軟實力科技集團有限公司

Skyway (1141) sells 2 Lincoln Road to CSPT (0139)CSPT announcement
Company announcement, 28-Nov-2016
CSPT owns 15.48% of Skyway and is paying with bonds convertible into 11.11% of CSPT, while Skyway owns 13.56% of CSPT, so this potentially increases the cross-holding. The sale values the property at HK$406m. They are selling the BVI company that indirectly owns the property, thereby avoiding all stamp duties. Skyway only acquired this company on 4-Mar-2016, so if it had bought and sold the property, the sale would have attracted 15% Special Stamp Duty, 15% Stamp Duty and 15% Buyer's Stamp Duty, a total of 45%, if anyone was mad enough to transact on those terms.
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)
China Soft Power (0139) lends HK$50m to Skyway (1141), its 15.78% shareholder
Company announcement, 12-Jul-2016
China Optoelectronics (1332) subscribes HK$90m for 3.98% of Co-Lead Holdings Ltd
Company announcement, 5-Nov-2015
Co-Lead is a hub in what we call the "Chung Nam Network". Before this deal it is 55.27% owned by Mason Financial (0273), 16.58% by Rentian Technology (0885), 10.13% by Dragonite (0329), 5.58% by China Soft Power Technology (0139), 3.87% by National Investment Fund (1227), 2.86% by Celebrate (8212) and 5.71% by unknown others.
China Soft Power (0139) increases to 24.19% of Skyway Securities (1141)Senworth filing
Disclosure of interest, 8-Oct-2015
The 14.75% stake was purchased for HK$434m ($0.31/share). Both companies are in what we call the "Chung Nam Network". Neither company has made an announcement. The vendor was probably Senworth Ltd, which made a corresponding filing.
Celebrate (8212) subscribes HK$50m for 2.86% of Co-Lead Holdings Ltd for HK$50m
Company announcement, 29-Jul-2015
Celebrate buys into a hub in the Chung Nam Network. Co-Lead's other holders include: Mason Financial (0273) with 55.27%, Rentian Technology (0885) with 16.58%, Dragonite (0329) with 10.13%, China Jinhai (0139) with 5.58% and National Investments Fund (1227) with 3.87%.
China Jinhai (0139) injects shares of Freeman Corp Ltd into Co-Lead Holdings LtdWillie announcement
Company announcement, 6-Jul-2015
The other holders of Co-Lead are Willie (0273), National Investments Fund (1227), Rentian Technology (0885) and, after completion, Dragonite (0329). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Dragonite (0329) injects shares of Freeman Corp Ltd into Co-Lead Holdings LtdWillie announcement
Company announcement, 6-Jul-2015
It fails to state that West West Ltd is owned by China Jinhai (0139). The other holders of Co-Lead are Willie (0273), National Investments Fund (1227) and Rentian Technology (0885). Co-lead is a pooled holding vehicle for shares in Freeman Corp Ltd, which is one of the hubs in the "Chung Nam Network". The deal also allows Benny Kwong Kai Sing to buy 6.50% of FCL from Co-Lead at $3.18 per FCL share. As a result FCL will be 60.52% owned by Freeman Financial (0279), 32.98% owned by Co-Lead and 6.50% by Mr Kwong.
Qualipak (1332) sells 544m shares (6.92%) of Mission Capital (1141)
Disclosure of interest, 3-Jun-2015
The sale price of $0.225 was a 52.6% discount the closing price of $0.475 on 29-May-2015. On the same day, China Jinhai (0139) bought the same number of shares at $0.485 per share. So was someone in the middle, and why? All 3 companies are in what we call the "Chung Nam Network".
China Jinhai (0139) buys 6.89% of Mission Capital (1141) off-market for HK$263.84m
Disclosure of interest, 2-Jun-2015
Both are in what we call the "Chung Nam Network".
China Jinhai (0139) sells 15/F China United Centre in shell
Company announcement, 12-May-2015
The announcement fails to say who owns the buyer. We can tell you that as of 18-Sep-2012, Future Master Investments Ltd was owned by Cordoba Homes Ltd. That is 94.54% owned by HEC Capital Ltd (a hub of the "Chung Nam Network") and 5.46% owned by Mission Capital (1141). The shell deal avoids 8.5% Double Stamp Duty on the deal. The deal occurs just 6 weeks after completing the purchase of the same thing from Qualipak (1332).
China Jinhai (0139) lends HK$100m to Freeman Corp Ltd
Company announcement, 10-Apr-2015
Both companies are in the "Chung Nam Network".
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)
ICube (0139) lends up to HK$50m to Freeman Corp Ltd
Company announcement, 3-Dec-2014
That's on top of the HK$88m it invested in the same company in September. Both companies are in the "Chung Nam Network".
ICube (0139) buys 15/F China United Centre in shell from Qualipak (1332)Qualipak announcement
Company announcement, 28-Nov-2014
Both companies are in what we call the "Chung Nam Network". By transferring the BVI shell they avoid HK$7.82m of Double Stamp Duty at 8.5%.
ICube (0139) lends HK$75m to Cordoba Homes Ltd
Company announcement, 14-Nov-2014
The announcement fails to say who owns the borrower. As far as we know, at 18-Sep-2012 it was 100% owned by HEC Capital Ltd, which is at the core of what we call the "Chung Nam Network". ICube invested HK$65m in shares of HEC Capital Ltd on 22-Sep-2014.
iCube (0139) reduces subscription in HEC Capital Ltd to HK$65m
Company announcement, 22-Sep-2014
iCube (0139) subscribes 2.78% of Freeman Corp Ltd for HK$88m and 1.56% of HEC Capital Ltd for HK$102m
Company announcement, 21-Sep-2014
In a follow-up to the Freeman Financial (0279) announcement on Friday, it emerges that iCube has also subscribed for 1.56% of unlisted HEC Capital Ltd. All of these are in what we call the "Chung Nam Network". So that is a total network investment of $190m.
iCube (0139) subscribes 2.8% of Freeman Corp Ltd for HK$88m promissory note
Company announcement, 19-Sep-2014
As a result, the unlisted Freeman Corp Ltd will be 69.7% owned by Freeman Financial (0279), 27.5% owned by Willie (0273) and 2.8% owned by iCube (0139). Freeman Financial owns 5.8% of iCube. All are in what we call the "Chung Nam Network".
China Strategic bubble
We warn investors of a bubble in the stock of China Strategic, the 80% owner of the proposed buyer of Taiwan's Nan Shan Life Insurance, partly financed by a massive note issue convertible into 78bn shares at $0.10 each. We publish the placing list and analyse the names in the deal. Finally, we warn investors to avoid 7 companies in the "Chung Nam network", which has lost HK$6.2bn in 5 years. (13-Nov-2009)
Re PCCW Ltd proposed scheme of arrangement for privatisation
HK Court of Appeal, 11-May-2009
Re PCCW Limited scheme of arrangement
HK Court of First Instance, 6-Apr-2009
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
SFC prosecutes Heritage International Holdings Ltd for disclosure failures
SFC, 10-Feb-2006
Manipulation probe by SFC
South China Morning Post, 7-Mar-1997
Real Grant fined for withholding records
South China Morning Post, 28-Feb-1997

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