AMC Wanhai Securities Limited 萬海證券有限公司

Sanction of Hygieia (1650) and 3 directors
SEHK, 28-Feb-2023
Concerning undisclosed diversion of IPO proceeds into an investment and various questionable service agreements. This involves fees paid to some of the same firms as a similar sanction of Raffles Interior (1376) in Dec-2022, including Leo Asset Management Ltd, Share News Media Ltd and Easy Global Profits Ltd. Both listings involved Singapore-based companies. In both cases, IPO funds were invested in a company "engaged in the trading of antique jewellery". In Hygieia's case this is named as Luck Rise Dragon Ltd. Leo is owned by Roma (8072).
SFC freezes accounts at 5 brokers, suspects market manipulationRestriction Notices
SFC, 26-Jan-2021
The stock which was allegedly manipulated between Sep-2020 and Oct-2020 is not named. The total amount targeted in the Restriction Notices is HK$153.78m. We note that one of the brokers, Realord Asia Pacific Securities Ltd, is owned by Realord (1196), which we consider is in a bubble. 3 of the brokers (Realord, AMC Wanhai and Eddid) were in the top 7 CCASS Participants in that stock at 30-Sep-2020.
Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)

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