Blue River Holdings Limited 藍河控股有限公司

Blue River (0498) buys property vehicle from Ms Fung Yuk Sing
Company announcement, 27-Oct-2022
Our records indicate that on 29-Mar-2019, Ms Fung was one of 3 people granted share options by Oshidori (0622), as she was then "within the Group".
Blue River (0498) to subscribe HK$75m for 24.64% of Hope Capital Ltd
Company announcement, 7-Oct-2022
Before the deal, Hope Capital, which owns Hope Securities Ltd, is indirectly 30.76% owned by Oshidori (0622) and 23.08% by each of Imagi (0585), CST (0985) and David Ki. All the listed companies are in what we call the "Chung Nam Network", members of which frequently deal with each other. In July 2022, an Imagi subsidiary lent HK$75m to Blue River. Imagi is 21% owned by Oshidori.
Blue River (0498) injects HK$44.5m for 25% of Quality World Investments Ltd (BVI)
Company announcement, 16-Sep-2022
The other 75% is owned by Future Master Investments Ltd, ultimately owned 82.19% by Karen Lo Ki Yan and 17.81% by Oshidori (0622). We note that on 18-Jul-2022, Blue River borrowed HK$75m from Imagi Lenders Ltd, which is a non-wholly owned subsidiary of Imagi (0585), which is 21% owned by Oshidori.
Imagi (0585) subsidiary lends HK$75m to Blue River (0498) at 5% p.a. for 12 months
Company announcement, 18-Jul-2022
Blue River is 28.53% owned by Imagi Chairman Osman bin Kitchell. As this is less than 30%, it is not a Connected Transaction under the Listing Rules. Imagi is 21% owned by Oshidori (0622). Trading in the shares of Blue River has been suspended since 20-May-2022.
Planetree (0613) part-subsidiary Maxlord Enterprises Ltd lends HK$75m at 4% p.a. to Oshidori (0622) money-lending subsidiary
Company announcement, 31-May-2022
Maxlord is owned 2/3 by Planetree and 1/3 by Blue River (0498). This facility follows an earlier 12-month HK$100m facility on 6-Jan-2022 at the HSBC prime rate. Planetree is 66.87% owned by Future Capital Group Ltd, which was 100% owned by Karen Lo Ki Yan until 17-Feb-2022, when Oshidori agreed to invest HK$750m for a 17.81% stake.
Planetree (0613) lends HK$85m to Osman Bin Kitchell and $90m to Kenneth Chan Chak Kai
Company announcement, 1-Mar-2022
The lender, Maxlord Enterprises, is 33.33% owned by Blue River (0498) and 66.67% by Planetree, which is 67.22% owned by Karen Lo Ki Yan. On 30-Dec-2021, Mr Kitchell bought 28.53% of Blue River from Oshidori (0622) for HK$160m. He is Chairman of Imagi (0585), which is 21.31% owned by Oshidori. On 17-Feb-2022, Oshidori invested HK$750m in 17.81% of Future Capital Group Ltd, which until then was 100% owned by Ms Lo. Blue River owns 48.23% of Paul Y. Engineering Group Ltd, of which Mr Chan owns 51.76%, including 10% held via Elemet Ltd, as at 4-Nov-2021. Blue River in Dec-2021 terminated a proposed purchase of his total stake in PYE after the Stock Exchange classified it as a Reverse Takeover.
Planetree (0613) part-subsidiary lends HK$100m to Oshidori WW Resources Ltd
Company announcement, 6-Jan-2022
The money-lender, Maxlord Enterprises Ltd, is 2/3 owned by Planetree and 1/3 by Blue River (0498). The borrower is also a money-lender and a 100% subsidiary of Oshidori (0622).
Osman Bin Kitchell buys 28.53% of Blue River (0498) from Oshidori (0622) for HK$160mOshidori filing
Disclosure of interest, 30-Dec-2021
The price per share is $0.5079, a 435% premium to the closing price on 30-Dec-2021. As of 30-Dec-2021, the stock remains in the custody of Planetree Securities Ltd. Mr Kitchell is Chairman of Imagi (0585) which is 21.31% owned by Oshidori at its last filing.
Blue River (0498) terminates acquisition of 51.76% of PYE
Company announcement, 23-Dec-2021
Touyun Biotech (1332) discloses ownership of "Purchaser B" in its sale of Hope Capital LtdPrevious announcement
Company announcement, 12-Nov-2021
Cordoba Homes Ltd is 61.99% owned by "a private family trust with Mr. Eugene Chuang as the sole beneficiary" and 28.08% owned by China Evergrande (3333). The other 9.93% is owned by "an independent third party". Note: we've been tracking Cordoba for years as part of the "Chung Nam Network". Various listed companies have held stakes in Cordoba Homes, but this is the first time we've seen China Evergrande as a shareholder.
Blue River (0498) proposes to buy 51.76% of Paul Y. Engineering Group Ltd from Kenneth Chan Chak Kai for HK$675m
Company announcement, 4-Nov-2021
The voting rights over a 10% stake had on 1-Jun-2021 been assigned by Mr Chan to Blue River, which already owns 48.23% of PYE. 14 days before that, South Shore (0577) lost control of the 51.76% stake when the stake's holding company was sold by a lender to an unnamed third party for HK$150m. On 29-Jul-2021 Mr Chan agreed to sell the entire stake to Blue River, but the Stock Exchange regards this as a Reverse Takeover of PYE, a decision which will be appealed to the Listing Committee.
Touyun Biotech (1332) subsidiary sells Hope Capital Ltd to Imagi (0585), Oshidori (0622), Cordoba Homes (30% each) and David Ki (10%) for HK$160mImagi announcement
Company announcement, 1-Nov-2021
The vendor is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. Oshidori owns 28.53% of Blue River and 21.31% of Imagi. The target owns Hope Securities Ltd. The ownership of Cordoba Homes Ltd is not disclosed. Mr Ki previously sold Hope Capital Ltd to the vendor in a share-swap transaction which completed on 10-Dec-2020, less than a year ago. All the listed companies and Cordoba are in what we call the "Chung Nam Network", members of which frequently deal with each other.
Touyun Biotech (1332) subsidiary sells 90.1% of Genius Spring Ltd to Planetree (0613) for HK$40mPlanetree announcement
Company announcement, 29-Oct-2021
The vendor is 61.01% owned by Touyun Biotech, 27.29% owned by Blue River (0498) and 11.71% by David Ki. The owner of the other 9.9% of Genius Spring is not disclosed, but our records show it was 9.9% owned by Imagination Holding Ltd as at 5-Dec-2016. This is another transaction in what we call the "Chung Nam Network".
Blue River (0498) exits Evergrande Vehicle (0708) crash at HK$3.23/share
Company announcement, 4-Oct-2021
In its annual report at 31-Mar-2021, Blue River held the 18.29m shares at $57.80 with an unrealised gain of $850m, so it is taking a 94.4% loss from there, or $998m. The report stated that Blue River's investment "is for trading purpose and aims to realise the gain in the future subject to market conditions". Blue River is 28.53% owned by Oshidori (0622), which also exited Evergrande Vehicle last week. Blue River also sold smaller holdings in China Evergrande (3333) and Evergrande Property Services (6666).
Blue River (0498) buys 55m shares (0.90%) of Oshidori (0622) for HK$31.2m
Company announcement, 5-Jul-2021
Blue River (0498) supplemental info on CB issuer Co-lead Holdings Ltd
Company announcement, 4-Jun-2021
A "listed company with a minority shareholding" (that would be Freeman, 0279, in provisional liquidation) is "purportedly unable to obtain access to the books and records of the Issuer due the the non-cooperation of the Issuer's management". On the other hand, Blue River says it has no such problems, and names the sole director of Co-lead, Ms Gloria Ip Yeuk Ping. Co-lead is a hub company in what we call the "Chung Nam Network".
PYI (0498) subscribes HK$100m CB in Co-Lead Holdings Ltd
Company announcement, 21-Apr-2021
Co-Lead is an unlisted hub in what we call the "Chung Nam Network".
PYI (0498) subscribes HK$100m for CB in brokerage subsidiary of Imagi (0585)PYI announcement
Company announcement, 13-Apr-2021
Imagi and PYI are 19.08% and 28.53% owned by Oshidori (0622) but technically this is not a Connected Transaction under the Listing Rules for either company because neither is an "associate" (30% owned) by Oshidori (a connected person of both). All 3 companies are in what we call the "Chung Nam Network".
Tom Lau Ko Yuen sells 28.54% of PYI (0498) at $0.495 per shareDisclosure of interest
Company announcement, 12-Mar-2021
That's a 39.4% premium to the closing price of $0.355 per share. No takeover bid is required as it is just below the 30% threshold - a takeunder. A subsequent disclosure of interest reveals the buyer is Oshidori (0622).
PYI (0498) subscribes HK$100m for 1/3 of money-lender owned by Planetree (0613)Planetree announcement
Company announcement, 9-Mar-2021
This leaves Planetree with 2/3 of the money-lender, Maxlord Enterprises Ltd. PYI has an option to increase it to 50:50 for another HK$100m by the end of 2021.
PYI (0498) subscribes HK$100m for 27.3% of Galaxy Vantage LtdCTT announcement
Company announcement, 23-Feb-2021
GV is 83.9% owned by China Touyun Tech (1332) and 16.1% owned by David Ki, who sold his brokerage Hope Securities Ltd to GV in 2020 in exchange for the stake. GV also owns a 12.1% stake in Simagi Finance Co Ltd.
Prosperity (0310) coughs up investment details at 30-Jun-2017
Company announcement, 1-Feb-2018
This follows a Webb-site complaint filed on 5-Jan-2018 that the company had failed to comply with Listing Rule disclosure requirements in its interim report and that the Exchange had failed to notice. There are several notable holdings exposed.
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
China United Holdings Ltd v Johnson Stokes & Master
HK Court of Appeal, 15-Mar-2005
Possible breach of Listing Rule 13.16
Company announcement, 24-Sep-2004
Possible breach of Listing Rules 13.13 to 13.15
Company announcement, 24-Sep-2004
China United Holdings Ltd v Johnson Stokes & Master
HK Court of First Instance, 2-Apr-2004
Paul Y.-ITC: Just Say No
Charles Chan, Chairman of Paul Y.-ITC, has made an offer to buy its stakes in Australian-listed Downer EDI, HK-listed China Strategic Holdings Ltd and a pile of property, all for less than 10% of book value. Webb-site.com urges independent shareholders of both Paul-Y and its controlling shareholder, ITC, to vote it down. (21-Oct-2002)
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)
Apology by Charles Chan Kwok Keung, Ken Cheung Kwok Wah & Tse Cho Tseung
17-Dec-1998
China United buys Basement of China United Centre from Get Rich Enterprises Ltd for HK$470m in cash & shares
Company circular, 26-May-1997
This circular contains the valuation report by Vigers Hong Kong Ltd which became the subject of litigation.

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