SFC fines Citigroup HK$57m for Real Gold (0246) sponsor failures
SFC, 17-May-2018
Well that took a while. Over 9 years after the IPO, and with the stock about to celebrate its 7th anniversary of being suspended, a settlement is reached with the sponsor. Not one that will help investors though - there does not appear to be any admission of liability by Citgroup to investors and even if there were, HK has no class action system.
Real Gold Mining (0246): has anyone seen our bank deposits?
Company announcement, 23-May-2017
Real Gold Mining (0246): more pledges revealed
Company announcement, 23-May-2013
Real Gold claims that the borrower, Huizhou Qiaoxing Telecom Industry Co, Ltd, is 90% owned by an "independent third party" and only 5.15% by Mr Wu Ruilin, Real Gold's substantial shareholder. But Qiaoxing Telecom was Mr Wu's original corded phone maker back in 1992 and was once owned by his US-listed firm, Qiao Xing Universal Resources Inc, which was deregistered by the SEC in 2012. Qiao Xing Telecom was sold to Dragon Fu Investment Ltd, purportedly an independent third party, on 30-Nov-2009. The announcement doesn't mention whether Wu Hong You is related to Wu Ruilin.
Qiao Xing Universal Resources (XING) investigates funds transfer to Wu Ruilin
Company announcement, 20-Apr-2012
Real Gold Mining appoints INED with dodgy PhD
Ever heard of InterAmerican University? Li Xiaoping has - he's been awarded a PhD by this diploma mill. He's not the only HK-listed director with a degree from this place either. (19-Nov-2011)
Deloitte quits as auditor of Real Gold Mining (0246)
Company announcement, 13-Oct-2011
Real Gold (0246) v SFC: costs
SFC, 8-Sep-2011
During the hearing, RGM withdrew its application for judicial review. RGM has obtained the SFC's assurance that it will employ the same sealing protocol in relation to back-up copies of data seized from the IT service provider as it did with the originals seized from the company's office, which will give RGM the opportunity to claim legal professional privilege.
Court of First Instance dismisses Real Gold Mining's challenge to SFC investigation
SFC, 30-Aug-2011
Real Gold (0246): significant differences of opinion with departed INED
Company announcement, 25-Aug-2011
RGM wanted to produce the interim results and then conduct internal investigations. Mr Wan wanted to prioritise the latter. In our view, he was right, particularly because of the recent revelations of enormous unapproved loans to, and acquisitions from, the controlling shareholder during the half-year. Until the details of these transactions are determined, it would be difficult to produce a true and fair set of interim accounts.
Real Gold (0246) writ for judicial review of SFC decisions
HK Court of First Instance, 23-Aug-2011
This reveals that the SFC searched the premises on 6-Jul-2011.
Real Gold: breach of Listing Rules - loans of HK$955m and acquisitions from controlling shareholder
Company announcement, 22-Aug-2011
This story just gets better and better. In 2011 Q1, the company advanced HK$449.2m to controlling shareholder Wu Ruilin for $520m purported acquisitions of Mongolian phosphorous mines which have not yet completed, and in Feb-Apr-2011, it lent Mr Wu $955m, of which $316m was outstanding at 30-Jun. No wonder Mr Wan, the newly-appointed INED, has quit - he must have been horrified.
Peter Wan Kam To quits as Real Gold INED after 25 days
Company announcement, 21-Aug-2011
Real Gold has not yet published the reasons he gave for resigning, if any. This suggests that the former PwC partner expressed substantial concerns - otherwise the company would just have published them. His base fee was a generous HK$1.008m p.a. with a maximum of $1.68m, so this was probably not a question of money. And he wants to skip the 30-day notice period - there's a man in a hurry!
Real Gold (0246) appoints unnamed "strategic advisor"
Company announcement, 22-Jul-2011
Well it's always nice to have a strategy - but isn't the board supposed to have one?
Real Gold Mining removed from HS Composite Index
Hang Seng Indexes, 28-Jun-2011
Rather conveniently, it leaves the index at its suspended price, before recent bad news. So it won't dent the index if it the stock's value has collapsed. This is one reason why indexes can systematically out-perform the markets they measure.
Real Gold, XING, QXM and Prod-Art
What has Wu Ruilin, the controlling shareholder of Real Gold Mining, been up to? We take you through the latest shenanigans, worry about his overseas listings, and take a look at his past history in the HK market, which dates back to 1998. (20-Jun-2011)
Real Gold: our controlling shareholder pledged our assets for his private companies' borrowings
Company announcement, 20-Jun-2011
Real Gold: the SAIC filings, as at 30-May-2011, match our accounts
Company announcement, 1-Jun-2011
It is remarkable that the revenue is almost uniformly distributed between the 3 subsidiaries.
Real Gold: our Board and Audit Committee reiterates our accounts are real and...
Company announcement, 30-May-2011
..."based on information available at present, the Company believes those allegations [in the SCMP Articles] to be inaccurate and untrue". Note: the SCMP did not allege anything - it just reported that the SAIC filings it obtained did not appear to be consistent with Real Gold's published results for 2009.
Chairman of Real Gold Mining removed by controlling shareholder in AGM
Company announcement, 30-Apr-2009

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