Lerado Financial Group Company Limited 隆成金融集團有限公司

Lerado (1225) dumps China Jicheng (1027)
Company announcement, 28-Jun-2017
The average sale price of $0.0169 is less than the market average of $0.0188 in yesterday's collapse of the Enigma Network.
CNC (0745) dumps China Jicheng (1027) in Enigma Network meltdown
Company announcement, 28-Jun-2017
The sale was at an average price of $0.0214, better than Lerado's $0.0169 and better than the market average $0.0188.
QPL (0243) dumps 3 stocks in Enigma Network meltdown
Company announcement, 27-Jun-2017
We knew they had shares in GCPS (8193), but this announcement also reveals holdings in Major (1389) and China Jicheng (1027). The CJ shares were sold at an average $0.0275, better than Lerado's $0.0169 and CNC's $0.0214.
Lerado (1225): SFC minded to suspend stock from 6-Jun-2017
Company announcement, 5-Jun-2017
At last, some action from the SFC. Nearly 2 years after Lerado hit the market with a highly dilutive deep-discount open offer (followed by a deep-discount rights issue 10 months later), it appears to the SFC that the circular dated 26-Oct-2015 included "materially false, incomplete or misleading information". Since the open offer was announced, the total return on the stock has been -90.77%. The SFC is presumably planning further action. Lerado is a member of what Webb-site calls 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)
Lerado settlement could be worth $0.066 per share
Lerado has settled its dispute with the buyer of its core business, but fails to state what the positive impact will be on its income statement and net asset value. Webb-site estimates that it will add $255m of profit or $0.066 per share to NAV. (2-Mar-2016)
Lerado (1225) lends HK$94.1m to someone secured on shares of somethingDisclosure of interest
Company announcement, 2-Feb-2016
They don't say, but we can tell you, that the security is 148.529m shares (7.43%) of Universal Health (2211). The borrower is Asia Health Century International Inc. (Cayman Islands) which is owned by the family trust of Jin Dongtao, Chairman and co-founder of Universal Health, who acts as guarantor. He has a 48.24% stake in Universal Health. Simultaneously via the same entity, he has borrowed $94m from WLS (8021) secured on another 7.43% of Universal Health.
WLS (8021) lends HK$94m to someone secured on shares of somethingDisclosure of interest
Company announcement, 2-Feb-2016
They don't say, but we can tell you, that the security is 148.5m shares (7.43%) of Universal Health (2211). The borrower is Asia Health Century International Inc. (Cayman Islands) which is owned by the family trust of Jin Dongtao, Chairman and co-founder of Universal Health, who acts as guarantor. He has a 48.24% stake in Universal Health. Simultaneously via the same entity, he has borrowed $94.1m from Lerado (1225) secured on another 7.43% of Universal Health.
Time2U's time to FU
How much damage can a HK main board company do to its share price within the first year of listing? Try 79.6%, with two full-sized placings under the generous general mandate, one of them at a discount to net cash per share, neither of which was necessary. For Time2U (1327) one year was time enough. (25-Jan-2016)
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)
CAID (0048) gains from umbrella bubble
Following a Webb-site complaint to regulators, CAID has revealed 3 holdings, including umbrella maker China Jicheng (1027), still trading at over 70x NAV. CAID expects the investments to contribute a positive return in the near future, but doesn't say why. Meanwhile Lerado (1225) hasn't said how it made similar gains. Is it also in the umbrella bubble? (10-Oct-2015)
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)
China Jicheng (1027) may be preparing for a placing
We note that 1.5bn shares (10%) of China Jicheng were deposited into CCASS on 17-Sep-2015, via Black Marble Securities. These can only be from Chairman Huang Wenji. Shares must be in CCASS to be tradable, so this may be a preparation for a top-up placing. Click the link to see CCASS movements. The stock is in a bubble, at 106x NAV last night, up 64x since the IPO. Black Marble is owned by Lerado (1225). (23-Sep-2015)
Gold Tat (8266) completes placing via Black Marble SecuritiesCCASS changes
Company announcement, 4-Sep-2015
We see that of the 447m shares, 360m were deposited with Black Marble Securities and 87m with Win Fung Securities. Black Marble is owned by Lerado (1225).
Barry Lau Wang Chi sub-underwrites 370m shares of Lerado (1225) open offer
Disclosure of interest, 4-Sep-2015
He is a Responsible Officer of Adamas Asset Management (HK) Ltd. The primary underwriter is Gransing Securities Co Ltd.
Capital VC (2324) sub-underwrites 370m shares of Lerado (1225) open offer
Disclosure of interest, 27-Aug-2015
The primary underwriter is Gransing Securities Co Ltd.
ISS recommends against Lerado (1225) sale
Webb-site has learned that ISS, the leading proxy advisory firm, has joined us in recommending voting against the sale of Lerado's core business, due to the excessive capital retention. (4-Sep-2014)
Veto Lerado (1225) sale until they pay up
We call on Lerado shareholders to veto the sale of its core business unless and until the board increased the proposed special dividend from $0.30 to at least HK$1 per share. We would rather hold a stake in a real business than get trapped in another shell trading at a discount to its net cash. Management only owns 33%, so they had better listen to investors and revise the plan. David Webb holds just under 8%, and we need your support. (1-Sep-2014)
Dorel Industries Inc to buy juvenile business of Lerado (1225)Lerado announcement
Company media release, 16-Jun-2014
Censure of Lerado (1225) and executive directors
SEHK, 21-Mar-2013
Another perfect illustration of why main board companies should be required to report financial results quarterly. Investors spent 6 months in the dark.
Breach of Listing Rules Chapter 14A
Company announcement, 11-Apr-2005
SFAT upholds SFC decision to suspend analyst Mr Eric Wong Wing Fai for 18 months for front-running research reports
SFC, 2-Aug-2004
Mr Eric Wong Wing Fai v SFC
SFAT, 2-Aug-2004

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