Ma, Frankie Hoi Cheuk
SFC obtains disqualification orders against former directors of Luxey (8041)
| Judgment
SFC, 24-May-2023
Webb-site first blew the whistle about this wrong-doing back in 2012. It took the SFC until 2019 to bring this action. In our view, It was and is too little, too late.
SFC, 24-May-2023
Webb-site first blew the whistle about this wrong-doing back in 2012. It took the SFC until 2019 to bring this action. In our view, It was and is too little, too late.
SFC action is too little, too late for minority shareholders of Luxey (8041)
The SFC seeks disqualification of 2 ex-directors, but fails to seek any recovery of Luxey's HK$350m, 7-fold overpayment in an acquisition from an alleged nominee of then Chairman Joseph Lau. We first documented this case and numerous other suspicious transactions involving Luxey and other listed companies in a series of articles in 2012. This is the only one to see any action, and it falls far short of what is needed to provide a deterrent. (14-Apr-2019)
The SFC seeks disqualification of 2 ex-directors, but fails to seek any recovery of Luxey's HK$350m, 7-fold overpayment in an acquisition from an alleged nominee of then Chairman Joseph Lau. We first documented this case and numerous other suspicious transactions involving Luxey and other listed companies in a series of articles in 2012. This is the only one to see any action, and it falls far short of what is needed to provide a deterrent. (14-Apr-2019)
Raking muck, Part 2
Continuing our series, we look at a set of over-priced acquisitions and questionable transactions by China Post e-Commerce and others, building a matrix which demonstrates the close connections between the persons involved. We call on the SFC to investigate. (27-Feb-2012)
Continuing our series, we look at a set of over-priced acquisitions and questionable transactions by China Post e-Commerce and others, building a matrix which demonstrates the close connections between the persons involved. We call on the SFC to investigate. (27-Feb-2012)
China Post E-Commerce (8041) buys Easy Time Trading Ltd from Frankie Ma Hoi Cheuk
| Circular
Company announcement, 6-Jan-2011
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.
Company announcement, 6-Jan-2011
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.
eCyberChina (0254) shares resumes trading after 4 years
Company announcement, 5-Oct-2007
After the 30:1 open offer to recapitalise the company, there are 4 placees arranged by the underwriter, who are said to be mutually independent and have no intention to join the board. 29.53% goes to Joseph Lau Chi Yuen, 11.25% to "Vicky Yu", 9.99% to "Frankie Ma" and 4.97% to Wu Ka Cheung, a total of 55.74%. Mr Lau joined the board as CEO 53 days later.
Company announcement, 5-Oct-2007
After the 30:1 open offer to recapitalise the company, there are 4 placees arranged by the underwriter, who are said to be mutually independent and have no intention to join the board. 29.53% goes to Joseph Lau Chi Yuen, 11.25% to "Vicky Yu", 9.99% to "Frankie Ma" and 4.97% to Wu Ka Cheung, a total of 55.74%. Mr Lau joined the board as CEO 53 days later.
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