Convoy Global Holdings Limited 康宏環球控股有限公司

Convoy Collateral Ltd v Roy Cho Kwai Chee & others; and Mr Cho's defamation against CCL's parent Convoy Global (ex-1019) and its directors
HK Court of First Instance, 11-Nov-2022
2 former EDs of Convoy Global (ex-1019) jailed for conspiracy to defraudICAC press release
SFC, 16-Oct-2021
Mark Mak Kwong Yiu (7 months) and Christie Chan Lai Yee (5 months, suspended for 18 months) thereby enter the Webb-site Hall of Shame. They and their 2 co-defendants are the first persons connected to the "Enigma Network" exposed by Webb-site in 2017 to be sentenced. Comment: the sentences seem remarkably light by comparison with recent sentences for peaceful but unauthorised assemblies.
SFC-ICAC operation leads to conviction of ex-senior executives of Convoy (ex-1019)ICAC announcement
SFC, 20-Sep-2021
At last, some convictions in the "Enigma Network" that we exposed in 2017. It's a start.
Kwok Hiu Kwan v Johnny Chen & Convoy Global (ex-1019)
HK Court of Appeal, 13-Aug-2021
FRC starts investigation of audits of Convoy (1019) by Zhonghui Anda CPA Ltd for 2017-2019
Accounting & Financial Reporting Council, 23-Feb-2021
The FRC wants to know why the audits were merely qualified rather than disclaimed, given various factors including "The purported existence of the 'enigma network'" - which Webb-site reported in 2017, and the reasons given by PwC when they quit as auditors on 12-Aug-2020.
Kwok Hiu Kwan v Johnny Chen & Convoy Global (1019)
HK Court of Appeal, 24-Nov-2020
MPFA suspends Ms Ching Shing-noi, of Convoy Financial Services, for 15 months
MPF Schemes Authority, 7-Sep-2020
She made 2 transfers of MPF funds without the scheme member's authorisation, and got her to sign 8 incomplete forms or documents.
Convoy Collateral Ltd v Roy Cho Kwai Chee & others
HK Court of Appeal, 3-Jul-2020
Convoy (1019) succeeds in its appeal, obtaining a restraining order against Roy Cho Kwai Chee over HK$654m of his assets in this Enigma Network case, ruling that Justice Jonathan Harris had erred on points of law (paragraph 55).
SFC fines Convoy Asset Management HK$6.4m for regulatory breaches over bond recommendation
SFC, 19-May-2020
This is a subsidiary of Convoy (1019).
Convoy Collateral Ltd v Roy Cho Kwai Chee & others
HK Court of First Instance, 7-May-2020
Leave to appeal is denied.
Convoy Collateral Ltd v Roy Cho Kwai Chee & others
HK Court of First Instance, 11-Mar-2020
Convoy (1019) fails to get a restraining order for HK$654m against Mr Cho.
Kwok Hiu Kwan v Johnny Chen & Convoy Global (1019)
HK Court of First Instance, 4-Mar-2020
Convoy (1019): Key findings of independent forensic investigation
Company announcement, 24-Jan-2020
Slipped out on CNY eve, the announcement refers extensively to our "Enigma Network" takedown of 2017.
Maggie Au, wife of ex-director of Convoy (1019) Roy Cho, slashed by two armed assailants in Tai Po
Dim Sum Daily, 7-Nov-2019
MPFA fines Convoy Financial Services Ltd HK$0.5m
MPF Schemes Authority, 24-Sep-2019
5,154 clients were not identified as having a risk-mismatch in the selected MPF funds. So the fine is about HK$97 per client, probably well within the profit margin on the funds.
4 charged with conspiracy to defraud over bonds placement of Convoy (1019)SFC announcement
ICAC, 22-Jul-2019
Allegedly, over a 3.5 year period, Convoy Investment Services (CIS), in which Mark Mak Kwong Yiu and 2 other EDs of Convoy held substantial shareholdings, acted as a hidden connected placing agent for bond issues, using Gransing Securities as a front. We note that in 2015, CIS applied for a listing on GEM which lapsed. It was then a partial subsidiary of a BVI company which was 35.06% owned by Quincy Wong Lee Man, 29.62% by Mr Mak and 20.71% by Shin Kin Man, Wong and Shin, both EDs of Convoy, are not charged today.
Christie Chan Lai Yee & Byron Tan Ye Kai charged with conspiracy to defraudSFC announcement
ICAC, 22-Jul-2019
Slowly but not surely, the Enigma Network is being decoded. Co-conspirator Roy Cho Kwai Chee was charged in the same matter on 16-May. Ms Chan is an ED (duties suspended since 8-Dec-2017) of Convoy (1019). Mr Tan resigned as an ED on 6-Jan-2018. Ms Chan faces a charge in a separate case announced today.
Hong Kong sees first 'Enigma' stock fraud charge of many to come, 17-May-2019
Roy Cho Kwai Chee charged with conspiracy to defraud Convoy (1019)SFC announcement
ICAC, 16-May-2019
2 years and 1 day after we published the "Enigma Network" report, the first charge is brought, relating to a relatively small and previously-unannounced acquisition by Convoy. 55% of the target was owned by Mr Cho. The ICAC alleges that he owned "50% shareholdings" in Convoy. He was not a disclosed shareholder, so to prove this, they will need to show that he was pulling the strings of numerous listed companies in the network which held the stock. Two co-conspirators are unnamed. We wait to see the rest of the iceberg.
The spectacular implosion of Dr. Cho's 'nefarious network'The Enigma Network
Bloomberg, 15-May-2019
Today is the 2nd anniversary of Webb-site's publication of the Enigma Network. So far, nobody has been charged with any offence, and no SFC action has been taken to bring in the liquidators to wind up any of the listed companies involved.
Enigma fallout: the social media fund
We piece together disclosures by 4 listed companies in the Enigma Network to reveal a pseudo-fund which held a single 55% stake in a social media company, posing new questions for the regulators. (28-Apr-2019)
Kwok Hiu Kwan v Johnny Chen & others
HK Court of First Instance, 13-Sep-2018
Convoy (1019) removes Roy Cho Kwai Chee for being AWOL for 6 months
Company announcement, 20-Aug-2018
China Green (0904) is sued again by Convoy (1019)
Company announcement, 15-Feb-2018
More fallout in the "Enigma Network".
China Parenting (8361) controllers move 51.6% from CSL Securities to Emperor Securities
CSL Securities is owned by Convoy (1019). Both Convoy and China Parenting are in the "Enigma Network". Non-executive Chairman Ms Li Juan owns 39.9% while CEO Mr Cheng Li owns 11.7%. The two are declared to be acting in concert. (4-Jan-2018)
Convoy (1019) sues 4 more
Company announcement, 27-Dec-2017
Movements in Heng Tai Consumables (0197)
43.82% was moved yesterday from custody of CSL Securities Ltd (a subsidiary of the troubled Convoy (1019)), to Fosun Hani Securities Ltd. The shares exactly match the total held by Lam Kwok Hing, his wife Joecy Lee Choi Lin (totalling 15.28%) and Stephen Chan Cheuk Yu (28.99%). (22-Dec-2017)
Jun Yang (0397) details and denies allegations in Convoy (1019) writ
Company announcement, 20-Dec-2017
China Green (0904): more details of Convoy suit
Company announcement, 20-Dec-2017
Convoy sues 28 over fund transfers
HK Standard, 20-Dec-2017
China Green (0904) sued by Convoy (1019)
Company announcement, 19-Dec-2017
HK Education (1082) sued by Convoy (1019)
Company announcement, 19-Dec-2017
War breaks out in the Enigma Network. Convoy now says that in a massive placing in 2015, it provided margin financing for HK Education to take up shares, so Convoy was in effect financing the subscription of its own shares.
IECCT (8081) sued by Convoy
Company announcement, 19-Dec-2017
Convoy sues ex-directors for stealing from financial adviser’s US$520m stock placement
South China Morning Post, 19-Dec-2017
Convoy (1019): 3 EDs arrested
Company announcement, 8-Dec-2017
Another listed firm drawn into graft probe net
RTHK, 8-Dec-2017
Convoy (1019): we are assisting an investigation involving two EDs
Company announcement, 8-Dec-2017
Executives arrested as HK intensifies 'Enigma Network' probe
Bloomberg, 8-Dec-2017
ICAC response statement
ICAC, 7-Dec-2017
This confirms that the ICAC and the SFC are working together and searched 8 premises. The ICAC has arrested 3 listed company executives for suspected corruption. Comment: these are likely further steps in the investigation of the "Enigma Network" that Webb-site revealed last May.
Hanison (0896) may buy 21/F of Kings Wing Plaza, Shatin
Company announcement, 1-Jun-2017
The vendors and their owners are unnamed, but we can tell you that they are HKEI (1082), which owns 60%, and Finsoft (8018) which owns 40%. 2 weeks ago, Hanison signed MoUs to buy 20/F from Convoy (1019) and 22/F from Town Health (3886), so this completes the penthouse triplex. All 4 vendors are in what we call the "Enigma Network".
Hanison (0896) may buy 20/F, 22/F of Kings Wing Plaza, Shatin
Company announcement, 17-May-2017
The vendors are not identified, but we'll tell you that 20/F is owned by Convoy (1019) which bought it for HK$107.4m in Jan-2015, and 22/F (top floor) is owned by Town Health (3886) which acquired Faithful Sun Ltd in 2016. Both vendors are in what we call the "Enigma Network". The price is about HK$10k per gross sq ft, and quite sensibly, Hanison is buying companies which own the properties to legally avoid 8.5% double stamp duty. The 21/F in the sandwich is owned by Ultimate Elite Investments Ltd, which is 60% owned by HKEI (1082) and 40% by Finsoft (8018), two other members of the Enigma Network.
The Enigma Network: 50 stocks not to own
Sometimes, all you need to tell a story is a picture. (15-May-2017)
GET (8100): breach of Listing Rules, on Discloseable Transactions and Major Disposals
Company announcement, 28-Oct-2016
Following a complaint by Webb-site to HKEX, GET now accepts that it should have disclosed transactions in listed shares dating back to 8-Jul-2014, some of which were "Major Disposals" requiring shareholder approval, for which it now seeks ratification.
New Ray Medicine (6108) buys 39% of C&C International Healthcare Group Ltd for HK$189.31m
Company announcement, 18-Oct-2016
The first 9% does not require shareholders' approval but the second tranche does. NRM fails to say who owns the rest of the target or who owns the vendor, JFA Capital, but we can tell you JFA Capital is 49.5% owned by Convoy (1019). JFA has already sold 4% to Rui Kang Pharmaceutical (8037) and 5% to Finsoft (8018), both in July.
Convoy (1019) coughs up investment details at 30-Jun-2016
Company announcement, 18-Oct-2016
Following a Webb-site complaint to HKEX on 4-Oct-2016, Convoy reveals holdings of 3.22% of Union Medical (2138), 3.98% of OP Financial (1140), 1.20% of Golden Throat (6896) and 2.32% of China Parenting Network (8361) and confirms a 14.49% stake in Target Insurance (6161). It has also invested HK$211.3m in bonds of Golden Wheel Tiandi (1232) and HK$241.6m in 49.5% of a company called JFA Capital, which we know has been selling stakes in C&C International Healthcare Group Ltd to various listed companies.
Pass the cyclotrons
Starting in the basement of St Teresa's Hospital, visiting the Science Park and analysing 12 years of transactions with some lucky disclosure on BVI owners, we follow the movements of 2 cyclotrons in and out of listed companies and show you where the money was made and lost. (11-Oct-2016)
Convoy (1019) accumulates 16.12% of First Credit (8215) for HK$198.9m
Company announcement, 27-Sep-2016
First Credit is also 19.84% owned by GET (8100), 9.65% by Jun Yang (0397) and 4.13% by Universe (1046). Convoy is 5.4% owned by GET and 9.93% owned by Jun Yang, and GET is 16.67% owned by Universe, amongst others in this network of companies that investors should avoid.
Jun Yang Financial (0397) coughs up details of investments
Company announcement, 25-May-2016
Following a complaint by Webb-site to SEHK, Jun Yang reveals that at 31-Dec-2015, it held 9.93% of Convoy (1019), 4.99% of Town Health (3886) and 3.57% of Tech Pro Technology (3823), a bubble stock we warned you about last year.
HK Education (1082): breach of Listing RulesCircular
Company announcement, 12-May-2016
The company declared itself to have a "principal business" of securities investment, but the Stock Exchange ruled that the subscription of shares in Convoy (1019) and IE China (8081) were notifiable "transactions" under Chapter 14 of the Listing Rules. Notably, the company says that any future purchase or disposal of securities should be a "transaction" under Chapter 14. Comment: the Exchange has been inconsistent in applying Chapter 14 to other companies involved in similar shenanigans.
GET (8100) increases to 5.01% of Convoy Financial (1019)
Disclosure of interest, 4-Jan-2016
Nuns in the property habit
The Sisters of Saint Paul of Chartres will pay HK$390m for a vacant Kowloon residential site opposite their private hospital. The site changed hands in January for just $298m, and half of it was acquired in 2010-11 for $76.4m. We trace the history of the site. (20-Nov-2015)
GET (8100) sinks HK$227.5m into 650m shares of Convoy (1019)
Company announcement, 12-Nov-2015
See page 26 of the quarterly results statement. As GET claims to be "in the business" of securities investment, this was not a notifiable transaction, although it represents 21.5% of GET shareholders' funds at 30-Sep-2015. The shareholding is about 4.35% of Convoy, below the 5% disclosure threshold.
Lerado's umbrellas and open offer
At last, Lerado (1225) admits that it holds 2% of the China Jicheng (1027) umbrella bubble, still worth HK$561m, which is more than it proposes to raise in an abusive, deep-discount open offer. The circular fails to say why they don't just sell the CJ shares instead. We call on shareholders to save themselves and vote against. (27-Oct-2015)
Jun Yang Financial (0397) invests HK$507m in Convoy (1019)
Disclosure of interest, 20-Oct-2015
This will increase its stake from 1.15% to 9.93% after completion of the mega-placing by Convoy. That's a big chunk of the cash JYF raised in a mega-placing which completed last week.
Bubbles and troubles in Hong Kong
Pour yourself a coffee and digest this long article as we investigate several ongoing abusive "open offers" and placings as well as show you who's been making out in multi-billion-dollar bubbles. We call on regulators and rule-makers to take action. (24-Sep-2015)
Convoy Financial (1019) completes placingCCASS movements
Company announcement, 10-Sep-2015
We note that on the settlement date, 320m net shares were deposited with Jun Yang Securities, about 121m with Astrum Capital Management and about 41m with Win Fung Securities.
Convoy (1019) buys 20/F Kings Wing Plaza for HK$107.4m
Company announcement, 7-Jan-2015
Some bubbles for New Year
With the exchange shut for 2014, we take a close look at two bubbles and the other listed companies surrounding them. (31-Dec-2014)
Denthur Lee Kwok Yin sells indirect stake in Convoy (1019)
Company announcement, 13-Mar-2013
Chan Chi Keung sells indirect stake in Convoy (1019)
Company announcement, 22-Feb-2013

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