D&P China (HK) Limited

Dilution City
We take a look at one of the worst connected transactions of 2000, in which Century City International Holdings proposed to spend US$317m on 27% of a fibre optic project from a company controlled by its Chairman. The share swap, priced at 712 times net assets, is hanging over the company and the Chairman has the option to complete it whenever he likes, to avoid dilution if and when the company seeks to reduce its 193% gearing with fresh equity. (10-Jul-2001)
Midas the Soft Touch
We take a look at Midas Printing and its controlling shareholders China Cyberworld and Chuang's Consortium. Webb-site.com shows how another controlling shareholder is attempting to inject an over-valued investment to extract the cash raised during last year's dotmania surge. We urge minority shareholders to vote against this deal. (19-Jan-2001)

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