CST Group Limited 中譽集團有限公司

Blue River (0498) grants HK$150m loan facility to Green River Associates Ltd
Company announcement, 7-Dec-2022
Can a Cyan River be far away? The announcement reveals that CST (0985) now owns 17.35% of Green River. It was formerly 100% owned by Planetree (0613) which in 2020 sold 60% (now 49.59%) to Alice Yu Man Fung. At the time, Planetree stated that Ms Yu and Karen Lo Ki Yan, controlling shareholder of Planetree, "have known each other for many years".
Blue River (0498) to subscribe HK$75m for 85 shares (24.64%) of Hope Capital Ltd
Company announcement, 7-Oct-2022
Before the deal, Hope Capital, which owns Hope Securities Ltd, is indirectly 30.76% owned by Oshidori (0622) and 23.08% by each of Imagi (0585), CST (0985) and David Ki. All the listed companies are in what we call the "Chung Nam Network", members of which frequently deal with each other. In July 2022, an Imagi subsidiary lent HK$75m to Blue River. Imagi is 21% owned by Oshidori. CST's stake in Hope Capital wasn't previously disclosed, but the Jun-2022 interim results of Oshidori state that on 26-May, an "independent third party investor" subscribed 60 shares of Hope Capital Ltd for $55m, so that's probably CST. Cordoba Homes Ltd is no longer a shareholder, and its 60 shares appear to have moved to Oshidori (20) and David Ki (40).
CST (0985) grants 2-year 5% HK$250m loan facility to Oshidori (0622)
Company announcement, 20-Jul-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): CST (0985) to inject HK$50m for 8.482% of Planetree Securities Ltd
Company announcement, 6-Jun-2022
Prior to this, the brokerage is a 100% subsidiary of Planetree.
CST (0985) subscribes 1050 shares (7.39%) of Co-Lead Holdings Ltd for HK$250m
Company announcement, 7-Dec-2021
Co-Lead is a hub company in what we call the "Chung Nam Network". The announcement contains a partial list of its shareholders.
CST (0985) sells 32.18m Evergrande Vehicle (0708) shares at $3.89/share
Company announcement, 5-Oct-2021
At 31-Mar-2021, CST held 42.18m shares at HK$57.80. In the annual report, management wrote "The Group is optimistic about the prospects of China Evergrande Vehicle in the medium to long term, subject to market conditions."
CST (0985) buys more China Evergrande (3333) notes
Company announcement, 23-Jul-2021
This "presents an opportunity for the Group to have a stable return". Surely not stable, given that the bonds will either default or generate a huge gain if Evergrande survives and redeems at par.
CST (0985) sells 28 flats in Fortwest, Quarry Bay to Chu Chow Wai for HK$136.82m
Company announcement, 22-Jul-2021
Ms Chu is the wife of Cheung Chung Kiu. The flats are ultimately held by a BVI company which is being transferred, avoiding 15% Stamp Duty.
CST (0985) buys China Evergrande (3333) notes at substantial discount to face value
Company announcement, 20-Jul-2021
CST (0985) subscribes US$13m of fund to invest in pre-IPOSupplement
Company announcement, 29-Mar-2021
A supplement 45 days later reveals that the Investment Manager, Great Bay Securities Ltd, is 67% owned by Paul Suen Cho Hung and 33% by Mr Liu Zhiyi. Our database records a person of that name is former Chairman and CEO of EPI (0689). There are also "management shares" held by Tise Capital Management Ltd, which is owned by Bryant Zhang Yu Tao. The fund is US$150m and has invested in 0.714% of New Gains Group Ltd, at a pre-IPO valuation of HKS$163.5bn (US$21bn). Prior to the deal, New Gains was 100% owned by China Evergrande (3333). For more, see our coverage of Evergrande..
CST (0985) grants 2-year 5% HK$100m loan facility to Asiong Wong Ying Seung
Company announcement, 14-Sep-2020
CST (0985) discloses ownership of High Rhine Ltd
Company announcement, 3-Aug-2020
It is 100% owned by Co-Lead Holdings Ltd, which is 52.28% owned by Freewill Holdings Ltd, which is 83.68% owned by Bob May Inc, which doesn't have any holders over 30%.
CST (0985) grants 2-year 5% HK$150m loan facility to Oshidori (0622)
Company announcement, 16-Jul-2020
CST (0985) grants 2-year 7% HK$200m loan facility to High Rhine Ltd
Company announcement, 17-Jun-2020
CST fails to say who owns the borrower. We can add that as of 2-Apr-2020 it was owned by Co-Lead Holdings Ltd, a hub in what we call the "Chung Nam Network".
Planetree (0613): late disclosure of buybacks by a subsidiaryDisclosure of interest
Company announcement, 12-Mar-2020
"After receiving guidance from The Stock Exchange", Planetree discloses that Liberty Capital Ltd repurchased 330 shares from Great Panorama International Ltd on 13-Dec-2019 (the day after Planetree completed its initial 2000-share subscription), and 335 shares each from Roxxon Ltd and CST (0985) a week later, a total of 1000 shares. It says GPI was owned by Osman Bin Kitchell and Roxxon was owned by David Ki. The total buyback cost was HK$127.2m, almost half of what Planetree initially injected. We note that in the Planetree circular dated 31-Oct-2019, GPI had 3 unnamed shareholders. 1 of them was Mr Kitchell with 59.30%. According to disclosures of interest in Inno-Tech (8202), on 27-Sep-2019 GPI was transferred by Mr Kitchell to High Rhine Ltd, where it remained at least until 28-Apr-2020, after the share repurchase.
CST (0985) lends HK$200m to someone
Company announcement, 21-Dec-2018
It fails to say whom. The loan amount is 22.5% of CST's market capitalisation.
CST (0985) buys Gulfstream G550 jet for US$19.3m
Company announcement, 19-Dec-2017
CST is part of what we call the "Chung Nam Network". CST fails to name the seller or its owner. Nor does it state the airframe number, tail number or age of the aircraft. The price is equal to about 9.4% of CST's market value.
Netmind (0985) buys EUR10.18m company yachtThe Yacht
Company announcement, 17-Jul-2017
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.
NetMind (0985) sells 8.66% of CIFG (0412) for HK$598.44m
Disclosure of interest, 8-Dec-2016
The off-market transaction, on 5-Dec-2016, was for cash at $0.36 per share, a 39% discount to the closing price of $0.59. The consideration was 24.31% ot NetMind's market capitalisation of $2461m at the average price over the preceding 5 days, so in our view, it was a Discloseable Transaction under the Listing Rules, which NetMind has failed to announce. Both companies are in what we call the "Chung Nam Network".
Celebrate (8212) coughs up investment details at 30-Jun-2016.
Company announcement, 3-Oct-2016
This follows a Webb-site complaint on 23-Sep-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)
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)
GT (0263) belatedly discloses what it held at 30-Jun-2015
Company announcement, 26-Nov-2015
All of the 5 identified shareholdings are in listed companies in what we call the "Chung Nam Network", as is GT.
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)
CST Mining (0985) buys 50m shares (3.37%) of Rising Development (1004)
Disclosure of interest, 19-Dec-2014
The off-market deal at $5.33 cost HK$266.5m and increases the stake to 7.74%.
CST Mining (0985) buys 210m shares (4.96%) of Heritage (0412)
Disclosure of interest, 5-Nov-2014
The off-market purchase at HK$2.00 costs $420m and increases its stake to 9.81%.
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".
CST Mining (0985) grants warrants to Och-Ziff funds for almost nothing
Company announcement, 26-Oct-2010
The theoretical value of these warrants is about $0.05 - about 500 times the issue price of $0.0001 per warrant. What does the company expect in return - that OZ will pile into the stock? Companies should not buy their shareholders, because it comes at the expense of all other holders.
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)
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
Mr Chiu Tao, back from bankruptcy proceedings, resumes directorship
Company announcement, 7-Nov-2008
...at a salary of HK$13m per year!
Mr Yeung Kwok Yu, discharged bankrupt and brother-in-law of Chairman, returns to Board
Company announcement, 26-Sep-2008
Breach of Listing Rule 13.49(1)
Company announcement, 31-Jul-2006
Heritage (0412) buys 4.99% of China Sci-Tech (0985) from Eugene Chuang Yue Chien for 13.29% new shares in HeritageCircular
Company announcement, 7-Sep-2004
Mr Chuang has borrowed $15m from Double Smart Finance Ltd, a 100% subsidiary of Heritage.
Mr Yeung Kwok Yu, executive director, resigns for "personal reason" (he is bankrupt).
Company announcement, 6-Aug-2004
Radford (0901) ownership investigation results
Company announcement, 27-Apr-2004
China United (0273) buys 37.5m shares (9.64%) of Hennabun Management Inc from Golden Resources (0677) for HK$72m in shares
Company announcement, 11-Mar-2004
Just prior to this deal, HMI is a hub owned by 10 listed companies, including 2 not seen in prior filings: Yugang (0613) has 20.56%, and China Investment Fund Co Ltd (0612) has acquired 2.5m shares (0.64%), probably from Golden Resources.
China United (0273) circular on connected transaction
Company circular, 24-Dec-2003
In the last 3 weeks, subsidiary Hennabun Mangement Inc has issued shares to 2 more listed companies: Heritage (0412) and Sinolink Worldwide (1168), taking the total to 8 in the hub.
China United (0273) agrees to buy shares in Radford (0901) from Hennabun Management Inc
Company announcement, 2-Dec-2003
It incidentally discloses that another listed company, Beauforte Investors (0021) has subscribed for a 9.56% stake in HMI, so it is now owned by 6 listed companies.
China United (0273) reprices subscription by Golden Resources (0677) into Hennabun Management Inc, after collapse of NAV
Company announcement, 7-Nov-2003
HMI held a 23.24% stake in Radford Capital (0901) which was a bubble stock that has now burst after the SFC intervened and found a concentration of ownership and a "very close relationship between the shareholders of [Radford] and its investments".
Radford (0901) portfolio disclosure and ownership investigation
Company announcement, 29-Oct-2003
The SFC writes: "we note a very close relationship between the shareholders of the Company and its investments". At the suspended price of $1.34, the closed-end investment company was trading at 9.24x its NAV of 30-Sep-2003.
Golden Resources Development (0677) subscribes shares in Hennabun Management Inc, subsidary of China United (0273)
Company announcement, 15-Oct-2003
The other shareholders of HMI are China Sci-Tech (0985), Hansom Eastern (0279) and HK Pharmaceutical (0182), making this a 5-way hub.
Eugene Chuang Yue Chien subscribes 1.15bn shares (16.53%) of China Sci-Tech (0985) for HK$23m
Company announcement, 30-Jun-2003
SFC prosecutes New Excellence Holdings Ltd under the Securities (Disclosure of Interests) Ordinance
SFC, 30-Jan-2002
Note: New Excellence Holdings Ltd was 65% owned by Mr Chiu Tao, then Chairman of China Sci-Tech.
SFC reprimands Mr Sai Xiaolin (aka Azizi Farhat) & Mr Liu Wenchaun
SFC, 30-Jan-2001

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