Freeman FinTech Corporation Limited 民眾金融科技控股有限公司

Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 28-Aug-2017
The person funding Allied Weli's appeal is revealed as one Lee Kuo Juy. That person is also a substantial shareholder of Inno-Tech (8202).
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 18-Jul-2017
"there is evidence which suggests dissipation of the assets of the Company". The appeal against the winding-up order is rejected and the person funding Allied Weli's appeal is ordered to be identified for a costs order against him.
SEHK says Freeman (0279) Chairman Zhang Yongdong should not be a directorCSRC decision
Company announcement, 20-Dec-2016
He was appointed as Non-executive Chairman on 18-Jul-2016. On 21-Sep-2015, the CSRC fined him for involvement in "certain actions of manipulating securities markets in 2012".
SFC seeks compensation and disqualification orders against Freeman (0279) directors
SFC, 7-Oct-2016
At last, a bit of action on part of what we call the "Chung Nam Network". The SFC is pursuing 4 current and 8 former directors.
Breaking: SFC petitions against directors of Freeman (0279)
Company announcement, 7-Oct-2016
The petition, not yet published, seeks disqualification and compensation orders against 4 respondents relating to the aborted investment in Liu's holdings in 2010/11, which caused a loss to Freeman of HK$76.8m. At the time, Quincy Hui Kwong Hei and Lo Kan Sun were Managing Directors, Sue Au Shuk Yee was Executive Director and Agustin V Que was an INED of Freeman.
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.
Freeman (0279) to buy People Securities Co Ltd
Company announcement, 1-Sep-2016
You can never own too many brokers. Freeman also controls Freeman Securities Ltd.
Enerchina (0622) to buy Smart Jump Corp from Freeman (0279)Freeman announcement
Company announcement, 15-Aug-2016
China Opto (1332) discloses the junk held by Win Wind Capital Ltd
Company announcement, 28-Jun-2016
This follows a complaint filed by Webb-site on 23-Jun-2016 that the Major Transaction circular, which was presumably vetted by the Stock Exchange, failed to include any information on the underlying investments held by Win Wind Capital Ltd, with which China Opto is engaged in a share swap. Several of the stocks are in what we call the "Chung Nam Network".
China Opto (1332) coughs up details of financial assets
Company announcement, 31-May-2016
Following a complaint by Webb-site to SEHK, China Opto reveals that at 31-Dec-2015, it held 4.88% of Freeman Financial (0279) and other holdings in what we call the "Chung Nam Network".
China Optoelectronics (1332) does money-lending JV with Freeman (0279)
Company announcement, 30-Dec-2015
As the HK$300m joint venture will be 50:50, it will not be a subsidiary of either company, and therefore any loans it makes will be beyond the scope of the connected transaction rules. Another deal in what we call the "Chung Nam Network".
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 11-Dec-2015
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.
Co-Lead sells 32.98% of Freeman Corp Ltd
Company announcement, 26-Oct-2015
As a result, Freeman Financial (0279) owns 100% of FCL again. Co-Lead is a hub controlled by Mason Financial (0273) and invested by several listed companies in what we call the "Chung Nam Network".
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 18-Aug-2015
Freeman (0279) to buy out minorities in Freeman Corp Ltd
Company announcement, 17-Aug-2015
The main vendor, Co-Lead, is another hub in the "Chung Nam Network", majority owned by Mason Financial (0273)
Freeman Financial (0279) acquires 100% of Smart Jump Corp
Company announcement, 10-Aug-2015
The SJ shares were distributed by Freeman Corp Ltd to its 3 shareholders, including FF (60.52%), but the other 2 holders of FC, both being hubs in what we call the "Chung Nam Network", sold their SJ shares to FF in return for 5% 1-year promissory notes. Co-Lead Holdings Ltd owns 32.98% of FC, and HEC Development Ltd owns 6.50%, which it must have acquired directly or indirectly from Benny Kwong Kai Sing since 6-Jul-2015.
China Optoelectronics (1332) subscribes HK$80.03m for 3.45% of Freewill Holdings Ltd
Company announcement, 17-Jul-2015
Note: although the deal was stated to be subject to a due diligence investigation "to be carried out", this investigation was apparently completed within 1 hour and 12 minutes after the 22:48 announcement, because the subsequent interim report states that the transaction completed the same day. Freewill is a hub invested by 4 other listed companies in what we call the "Chung Nam Network".
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.
Mission Capital (1141) subscribes HK$440m for shares in Freewill Holdings LtdFreeman announcement
Company announcement, 2-Jul-2015
This gives MC 23.05% of FHL, while Willie (0273) will own 26.70% and Freeman Financial (0279) will own 50.25%. However, on the same day, Freeman announced that FHL has also agreed to issue shares to Enerchina (0622) so if both deals complete then MC will be diluted to 20.77%. All are in the "Chung Nam Network".
China Jinhai (0139) lends HK$100m to Freeman Corp Ltd
Company announcement, 10-Apr-2015
Both companies are in the "Chung Nam Network".
Mission Capital (1141) lends HK$120m to Freeman Securities Ltd
Company announcement, 4-Mar-2015
Freeman Securities is 100% owned by Freeman Corp, which is majority-owned by Freeman Financial (0279) which owns 8.42% of Mission Capital. Both are in what we call 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)
Rising Development (1004): Chairman sells 147.896m shares at $0.533?Correction announcement
Company announcement, 17-Dec-2014
Comment: that's 9.95% of the company, at a 91% discount to yesterday's closing price of $5.93. In our view, this stock is in a bubble. It will split 4:1 on 19-Dec-2014. At 26-Sep-2014 it was 6.27% owned by Freeman Corp Ltd, a partial subsidiary of Freeman Financial (0279). Yesterday's price values the holding at $553m. Update: we see that 147.9m shares have crossed the exchange at $5.33, not $0.533, and the stock was suspended at 13:02.
Freeman (0279) circular reveals investment in subsidiary by NIF (1227)
Company circular, 26-Nov-2014
Page 18 shows that NIF invested HK$59.85m for 21m shares (1.67%) in Freeman Corporation Ltd, which, upon completion of the investment by Forefront (0885), will be 60.52% owned by Freeman. It joins Willie (0273), Dragonite (0329) and ICube (0139). All 6 companies are in what we call the "Chung Nam Network". NIF invested 1 day after completing a placing of new shares to raise $89.58m, arranged by HEC Securities Ltd, another multi-owner venture in the network.
Forefront (0885) pumps HK$247.5m into Freeman Corp Ltd for 7.16% stakeFreeman announcement
Company announcement, 27-Oct-2014
Another deal in what we call the "Chung Nam Network". The other shareholders of Freeman Corp Ltd are Freeman Financial (0279), Willie (0273), iCube (0139) and Dragonite (0329).
Enterprise Development (1808) to issue shares to Smart Jump Corp
Company announcement, 21-Oct-2014
The subscriber is wholly-owned by Freeman Corp Ltd, which is majority-owned by Freeman Financial Corp Ltd (0279). All part of what we call the "Chung Nam Network".
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of First Instance, 14-Oct-2014
Penta successfully sues a BVI company at the centre of what we call the "Chung Nam Network" over a guarantee of a profit from a subscription of shares in Mascotte (0136) which followed a heavy loss on an earlier subscription in Freeman (0279). The claimed quantum is HK$211m. After a restructuring, Allied Weli is now a 100% subsidiary of HEC Capital Ltd.
Dragonite (0329) subscribes 4.7% of Freeman Corp Ltd for HK$156.75mDragonite announcement
Company announcement, 26-Sep-2014
Another deal in the Chung Nam Network. This follows Dragonite's subscription 10 days ago for 2.52% of HEC Capital Ltd for HK$137.5m. The other shareholders of Freeman Corp Ltd include Freeman Financial (0279), iCube (0139) and Willie (0273).
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".
Freeman (0279) proposes a bonus issue, calls it a dividend
Company announcement, 17-Jul-2014
What a sham: the board purports to recognise "the continued support of the Shareholders" by sending them all another piece of paper, in effect splitting the stock 2 for 1, which the board believes "could be an effective means to help narrow the valuation gap". Only a replacement of the board could achieve that. The stock has lost over 98% of its value in 5 years on a total return basis.
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".
Freeman (0279) and Willie (0273) to pool their interests in HEC Capital LtdWillie announcement
Company announcement, 20-Jun-2014
Freeman owns 4.97% of Willie, just under the disclosure threshold, and Willie owns 6.81% of Freeman.
Freeman (0279) buys commodities broker from HEC Capital Ltd
Company announcement, 9-Jun-2014
HEC Capital Ltd is currently 19.54% owned by Freeman.
Willie (0273) to subscribe HK$879m for 28.3% of a subsidiary of Freeman (0279)Freeman announcement
Company announcement, 9-May-2014
Willie currently owns 6.81% of Freeman, which owns 4.97% of Willie. Both are in what we call the "Chung Nam Network".
Freeman (0279) blows 10% option mandateAllotment notice
Company announcement, 16-Apr-2013
The 10-year options were granted on 16-Apr-2013 and all exercised on the same day, with an allotment notice issued less than 4 hours later.
Freeman (0279) subsidiary Harvest Financial Services intends to commence financial planning services shortly
Company announcement, 7-Mar-2012
That's if they can get any customers. Thanks for the warning!
Willie (0273) and Freeman (0279) swap share issuesFreeman announcement
Company announcement, 3-Oct-2011
Willie gets 16.67% of Freeman in exchange for 19.05% of Willie, both as enlarged. Together with existing holdings, Freeman ends up with 22.91% of Willie which ends up with 18.59% of Freeman. Both companies are in what we call the "Chung Nam Network".
Freeman (0279): Market Misconduct Tribunal enquiry against INED
Company announcement, 24-Aug-2011
This is something that Webb-site pointed out on 14-Aug-2011. Freeman has now granted Mr Yau "administrative leave of absence" until the outcome of the proceedings is known.
Freeman (0279) buys Freeman Securities Ltd from Ng Chor Yam for HK$50m
Company announcement, 19-Jul-2011
Andrew Liu Yiu Sing agrees to subscribe HK$11.84m for 16.67% of Willie (0273)
Company announcement, 19-May-2011
Freeman (0279) reverses purchase of stake in Liu's holdings, takes loss of HK$76.8mCircular
Company announcement, 18-May-2011
Unable to obtain legal title to the shares in Liu's holdings which Freeman has already paid for, it sells the beneficial interest back to the parents of Andrew Liu, it's Chairman and substantial shareholder, and they benefit by the same amount, HK$76.8m.
Freeman (0279) sinks another HK$250m into Hennabun
Company announcement, 18-May-2011
This will be offset by a loan of $250m which Freeman made under an agreement dated 1-Nov-2010. The previous subscription of Hennabun shares on 3-Mar-2011 was also offset against the same amount of outstanding loan, but it is a revolving loan facility, so every time it is offset, they can draw it back down again.
Freeman (0279) sells property in China United Centre to Cordoba Homes for shares
Company announcement, 13-Apr-2011
Freeman (0279) converts HK$253m of debt into shares of Hennabun
Company announcement, 3-Mar-2011
Freeman (0279) agrees to buy 23.43% of Liu's holdings from Andrew Liu's parentsCircular
Company announcement, 10-Dec-2010
But Mr & Mrs Liu will continue to hold the shares "on trust" for Freeman unless and until they can execute the share transfer under the terms of a deed between the shareholders of Liu Holdings and its M&A.
Freeman (0279) subsidiary Hennabun issues HK$200m in shares to Enerchina (0662)
Company announcement, 4-Nov-2010
Freeman also lends $500m to Hennabun from 1-Nov-2010, to be reduced to $250m by 31-Dec-2010.
Enerchina (622) sinks HK$200m into Hennabun, subsidiary of Freeman (0279)
Company announcement, 1-Nov-2010
Hennabun, the core of the Chung Nam network, has been loss-making for the last 7 years, totalling losses of $1,112m.
Radford (0901), Unity (0913) subscribe CBs in Freeman (0279)
Company announcement, 12-Oct-2010
Dealing disclosures show that they each subscribed for HK$30m of the "Firm Bonds", which carry the right to subscribe the same amount again upon conversion. The announcement reveals that Freeman currently owns 4.34% of Radford. Andrew Liu subscribed $155m of the Firm Bonds and acquired another $15m of them from Henry Chuang on 11-Oct-2010. The other subscribers were Benny Kwong Kai Sing (Chairman of Heritage), Peter Lam How Mun (MD of CC Land), Andrew Lam Ping Cheung, and Koji Shimazaki (ED of Radford) ($10m each) and Angela Ching Yuen Man (ED of Dragonite) ($5m).
Andrew Liu subscribes 16.67% of Freeman (0279) for HK$27.3m..Disposal filing
Company announcement, 9-Aug-2010
...and agrees to procure subscribers for $275m of convertible bonds, carrying rights to replacement convertible bonds. Of the 99,125,239 shares he subscribed at $0.275, he sold all except 300,000 on 4-Oct-2010 at an average of $0.338.
Willie (0273) lends HK$50m to subsidiary of Hennabun Capital
Company announcement, 22-Jun-2010
The announcement discloses that Hennabun is 41.12% owned by Eugene Chuang, the brother of Willie's chairman. The last time we heard, Hennabun was also a subsidiary of Freeman (0279).
Forefront (0885) lends HK$75m to Chung Nam Finance Ltd
Company announcement, 21-Jun-2010
The announcement mentions that the borrower is owned by Hennabun Capital Group Ltd, which is 2.7% owned by Mascotte (0136) which owns 11.74% of Forefront. It doesn't mention that Hennabun is controlled by Freeman (0279).
Code Agriculture and Nanjing Everyday
Take a RMB8m investment in a start-up TV channel, whip up some projections, sprinkle on a valuation from the ubiquitous BMI Appraisals, add a large pinch of salt according to taste, bake for 2 months and you have a RMB350m sale to Code Agriculture (8153). Too bad that the air then went out of this pudding. (25-May-2010)
55.27% subsidiary of Willie (0273) buys 21/F China United Centre from Freeman (0279) for HK$52mFreeman announcement
Company announcement, 17-May-2010
Freeman grants options over 9.96% of co, which are exercised same dayAllotment notice
Company announcement, 9-Apr-2010
We regard this as a placing in disguise.
Hennabun issues HK$301m 2-year 0% convertible note to Mr Zeng Yi
Company announcement, 9-Feb-2010
We know nothing about Mr Zeng Yi.
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)
Freeman completes purchase of Hennabun stake from Eugene Chuang Yue Chien
Company announcement, 30-Sep-2009
Freeman completes HK$250m subscription to Hennabun
Company announcement, 19-Feb-2009
Request for assistance: Cindy Yau Shum Tek
SEHK, 18-Feb-2009
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
Freeman buys 79.46% of Hennabun from Eugene Chuang Yue Chien for HK$105.8m in convertible notes, and subscribes $250m to HennabunCircular
Company announcement, 10-Dec-2008
Freeman accepts convertible bond from Radford in settlement of HK$25m loanRadford announcement
Company announcement, 26-Sep-2008
Forefront buys Leapfly Ltd from Z & Z International Ltd for HK$20m
Company announcement, 18-Oct-2007
The vendor is purportedly owned by Bonnie Chu See Ming, Au Yeung Kai Wah, and Kenneth Chan Chak Kai. Leapfly had earlier been acquired on 10-Apr-06 by Freeman from Willie for $7m. We don't know when Freeman sold and to whom.
Forefront agrees to buy Leapfly Ltd from Z & Z International Ltd for HK$39m, then aborts it
Company announcement, 1-Aug-2007
We note that Leapfly was purchased from Willie (0273) by Freeman (0279) on 10-Apr-2006 for HK$7m
Freeman sells 48.96% stake in Hennabun to Eugene Chuang Yue Chien for HK$50m
Company announcement, 29-Jun-2007
Willie buys House A, Sunshine Villa from Hero City Trading Ltd for HK$88m
Company announcement, 15-Jun-2007
Note: at the time of this transaction, Hero City was a subsidiary of Hennabun which was controlled by Freeman. On 21-Dec-05, Hennabun acquired Collier Assets Ltd, which owned the house via Apex Novel Ltd, for $49m, being $85m for the house less bank loan of $36m. Collier Assets was formerly owned by Karen Lo Ki Yan.
Freeman (0279) buys Leapfly from Willie (0273) for HK$7m
Company filing, 31-Jul-2006
See note 36(1) of the accounts.
Previously undisclosed pre-payment of RMB221.1m (HK$212.6m) by Freeman
Company announcement, 24-Jul-2006
Beach of Listing Rules 13.13 and Chapter 14, impairment of $84.6m and disposal for $128m to BVI co
Freeman lends $50m to Hennabun
Company announcement, 27-Jun-2006
Inner Mongolia Development buys 53.8m shares (6.18%) of Hennabun from Heritage for shares
Company announcement, 12-Jun-2006
Inner Mongolia Development buys Hennabun convertible note from Willie for $100m, and converts it into 50.07% of Hennabun
Company announcement, 2-May-2006
Breach of Listing Rules
Company announcement, 6-Apr-2006
Heritage issues shares to Ingrid Kwok Wai Ming, ED of Freeman
Company announcement, 8-Mar-2006
HK's Takeunder Code
Three recent "takeunders" of Beauforte Investors, China Internet Global Alliance and Tung Fong Hung have reminded investors how ineffective Hong Kong's takeover code is. In each case, a buyer has been willing to pay a substantial premium for a stake which, while under 35%, is clearly enough to achieve control without making a general offer. Webb-site.com urges the SFC to reduce the threshold for these "takeunder" transactions. (18-Dec-2000)

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