China Post E-Commerce (8041) buys Easy Time Trading Ltd from Frankie Ma Hoi Cheuk

For HK$390m, of which $260m in irredeemable convertible preference shares, $50m in IOUs and $80m in shares. The target is a BVI shell which owns 99% of Rose Knitting. The later circular reveals that Mr Ma acquired Rose Knitting in Sep-2010, 3 months earlier, for only $50.08m. Based on the $20m "profit guarantee", the P/E on the acquisiton was 19.5. Rose Knitting had net assets of $7.55m.

Organisations

Big Good Management Limited
Easy Time Trading Limited (VG)
Luxey International (Holdings) Limited 薈萃國際(控股)有限公司

People

Ma, Frankie Hoi Cheuk

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People