China Metal Recycling (Holdings) Limited 中國金屬再生資源(控股)有限公司

SFC fines China Merchants Securities HK$27m for sponsor failures
SFC, 27-May-2019
As we predicted in March when UBS was fined but one of its clients was not named, this relates to the IPO of China Metal Recycling, listed in 2009 and ordered in 2015 to be wound up. The IPO was jointly sponsored by UBS and China Merchants Securities.
SFC fines UBS HK$375m and suspends its sponsor licence for 1 year
SFC, 14-Mar-2019
Over the IPOs of China Forestry in 2009 (now delisted), Tianhe Chemicals (1619) in 2014 and a third as-yet unnamed listing application, which is almost certainly China Metal Recycling (Holdings) Ltd, listed in 2009 and ordered in 2015 to be wound up.
SFC suspends ex-China Merchants Securities RO Wu Yinong for 18 months
SFC, 27-Feb-2019
The firm only sponsored 2 IPOs in 2009, so this almost certainly relates to China Metal Recycling (Holdings) Ltd. In 2015, the SFC obtained a court order to wind it up. The other sponsor was UBS AG. We note that Mr Wu is still an INED of Jiu Rong (2358), a member of the "Enigma Network".
China Metal Recycling (Holdings) Ltd v Chun Chi Wai & others
HK Court of First Instance, 5-Feb-2016
"Mr Chun's three daughters are said to have controlled what remains of the US$82 million...There is nothing to suggest that they had done anything to warrant such munificence..."
China Metal Recycling (0773) will not be recycled
Company announcement, 2-Feb-2016
The listing is cancelled, and into the trashcan of stockmarket history goes HK$11.09bn of market value, at the time of suspension.
China Money Recycling
A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar. (14-Mar-2015)
Winding up of China Metal Recycling (0773)
HK Court of First Instance, 9-Mar-2015
SFC obtains court order to wind up China Metal Recycling (0773)
SFC, 26-Feb-2015
...and there goes HK$11.09bn of market capitalisation - it will be interesting to see how much of the last reported net assets of $7.10bn (30-Jun-2012) the liquidators are able to find. It's fairly safe to say that the sponsors, UBS and China Merchant Securities, are going to face an investigation by the SFC.
China Metal Recycling (0773) v Chun Chi Wai & others: costs
HK Court of First Instance, 8-Dec-2014
SFC v China Metal Recycling (0773) & Jacky Chun Chi Wai
HK Court of First Instance, 12-Nov-2014
SFC v China Metal Recycling (0773) & Jacky Chun Chi Wai
HK Court of Appeal, 30-Oct-2014
Chairman and CEO Mr Chun continues to drag his feet on helping the provisional liquidators to gain control of the mainland subsidiaries.
China Metal Recycling (0773) v Chun Chi Wai & others
HK Court of First Instance, 25-Jun-2014
China Metal Recycling (Holdings) Ltd v Chun Chi Wai & others
HK Court of First Instance, 9-Apr-2014
Judge Louis Chan states: "In the light of the HK$822,900,000 received by the defendants since the end of 2009, this disclosure of assets at HK$99,886,000 is incredible. That means the defendants had “used, spent or disposed of” about HK$200 million per year, or over half a million a day." He orders disclosure of what has happened since the Mareva injunction on 30-Jul-2013, but not a tracing order for earlier disposals.
China Metal Recycling (Holdings) Ltd v Cheung Fat Metal Recycling Co Ltd
HK Court of First Instance, 7-Apr-2014
Court sets trial dates for China Metal Recycling (0773) case
SFC, 13-Mar-2014
Court gives directions in the winding-up proceedings of China Metal Recycling (0773)
SFC, 21-Oct-2013
Court continues appointment of provisional liquidators for China Metal Recycling (0773)
SFC, 2-Aug-2013
...and kicks the can down the road to 16-Oct-2013.
SFC seeks to wind up China Metal Recycling (0773)
SFC, 29-Jul-2013

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