Cheung, Kwai Lan 張桂蘭

China Motion Telecom - recent history
We examine the recent history of China Motion Telecom (0989), including two aborted acquisitions and a highly dilutive placing "for working capital" at a time when the company was flush with cash. Why did the board agree to that and where did the shares go? We also query the sustainability of margins in a recent acquisition from CMT's controlling shareholders. (10-Dec-2009)
China Vanguard's Grand Promise
China Vanguard (8156) bought an asset from its controlling shareholder at 6.5 times the price at which China Motion (0989) turned it down. Now it is struggling to redeem convertible bonds the target issued to Goldman Sachs and Evolution Capital. We also query a year-end HK$139m cash outflow to buy a company which was once owned by the controlling shareholder, with negative net assets. Finally we look at a pending acquisition by Aptus, its subsidiary. (10-Dec-2009)
Termination of acquisition of Grand Promise
Company announcement, 29-Mar-2007
Proposed acquisition by China Motion Telecom of Grand Promise for HK$240mDisclosure of interest
Company circular, 24-Jan-2007
China Motion Telecom does not say who owns the vendor, which is a BVI company. A disclosure of interest filing shows that it is Cheung Kwai Lan. Madam Cheung Kwai Lan is Chair of Aptus Holdings Ltd and China Vanguard Group Ltd. The deal is terminated on 29-Mar-07 because of the "very limited information" available for due diligence.

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