Chuang, Eugene Yue Chien 莊友堅

The Joint Global implosion
A collapse in a hub of the "Chung Nam Network" has wiped about HK$2bn off the balance sheets of at least 11 listed companies, many of which never announced that they had invested in it. We piece together an ugly jigsaw and call on the SFC to investigate and HKEX to wake up and require announcements. (30-Sep-2016)
Skyway Securities (1141) issues shares to cancel promissory notes
Company announcement, 3-May-2016
Skyway doesn't say who owns the BVI subscriber, Capital Union Inc. The last time the market was told, in 2009, it was controlled by Eugene Chuang Yue Chien. The promissory notes being swapped by Capital Union are the remainder of what was originally issued to the vendors of Skyway Securities Investment Ltd and Skyway Futures Ltd, which Skyway (then known as Mission Capital Holdings Ltd) bought last year.
Mason Financial (0273) to sell 52.69% of Co-Lead Holdings Ltd to Capital Union Inc.Circular
Company announcement, 30-Mar-2016
Mason doesn't say who owns the Purchaser, which it claims is an independent third party. The last time we heard (30-Jan-2009) it was controlled by Eugene Chuang Yue Chien, who is the brother of Henry Chuang Yueheng, who was Chairman of Mason until 1-Aug-2015. Under the Listing Rules, he remains a connected person for 1 year after that, and so does his brother, being his "associate". If the ownership of Capital Union has not changed, then this should be a connected transaction.
Imagi (0585) sells company with uncertain RMB65m bank deposit for HK$25m, will book HK$65m loss
Company announcement, 8-Mar-2016
Imagi is now part of what we call the "Chung Nam Network". It fails to say who owns the buyer, Capital Union Inc., but we know that at 30-Jan-2009, that was owned by Eugene Chuang Yue Chien.
Re bankrupt Ian Chu Chi Ho
HK Court of First Instance, 21-Jan-2016
Application by money-lenders in what we call the "Chung Nam Network" for the removal of the bankruptcy trustees is dismissed. The trustees have entered into a funding agreement and are looking into "a number of apparently suspicious transactions arising from the relationship of the Bankrupt" with the lenders. Most of the money purportedly borrowed by Ian Chu Chi Ho was paid by the lenders directly HEC Finance 92 Ltd, another company in the network. That was formerly Chung Nam Finance Ltd.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 11-Dec-2015
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of Appeal, 18-Aug-2015
Re bankrupt Ian Chu Chi Ho: application by money lenders to see trustees' funding agreement is dismissed
HK Court of First Instance, 18-Nov-2014
"The majority of the funds borrowed by the Bankrupt were paid by Forefront, Sun Willie and Dragonite directly to HEC Finance without ever being paid to the Bankrupt...Further investigations by the Trustees indicate that the Bankrupt continues to be employed by Seekers Financial" - affirmation of trustee Kenny Wong Kwok Keung.
Penta Investment Advisers Ltd v Allied Weli Development Ltd
HK Court of First Instance, 14-Oct-2014
Penta successfully sues a BVI company at the centre of what we call the "Chung Nam Network" over a guarantee of a profit from a subscription of shares in Mascotte (0136) which followed a heavy loss on an earlier subscription in Freeman (0279). The claimed quantum is HK$211m. After a restructuring, Allied Weli is now a 100% subsidiary of HEC Capital Ltd.
Censure of Forefront (0885) and various directorsOur article: China Railway Games
SEHK, 30-Sep-2010
The background to this questionable acquisition and the real person behind it was covered in our article "China Railway Games" on 11-Jun-2009, at the link above.
Chung Nam Securities & responsible officers fined HK$1.3m re PCCW trades
SFC, 26-Aug-2010
This relates to the vote-rigging of the headcount in PCCW's privatisation exposed by Webb-site in 2009. The judge in the Court of First Instance said "I agree with the submission of the SFC that there are sufficiently cogent reasons to infer that the 132... persons in whose names the single board lots were acquired through Chung Nam...did so as a result of a plan devised by Eugene Chuang...to boost the head-count...The purchase of 125 single board lots would appear to have been financed by Eugene Chuang".
Chung Nam Securities Ltd, Ng Kwai Cho & Cheng Wai Chung v SFC
SFAT, 26-Aug-2010
Willie (0273) lends HK$50m to subsidiary of Hennabun Capital
Company announcement, 22-Jun-2010
The announcement discloses that Hennabun is 41.12% owned by Eugene Chuang, the brother of Willie's chairman. The last time we heard, Hennabun was also a subsidiary of Freeman (0279).
Code Agriculture and Nanjing Everyday
Take a RMB8m investment in a start-up TV channel, whip up some projections, sprinkle on a valuation from the ubiquitous BMI Appraisals, add a large pinch of salt according to taste, bake for 2 months and you have a RMB350m sale to Code Agriculture (8153). Too bad that the air then went out of this pudding. (25-May-2010)
China Strategic bubble
We warn investors of a bubble in the stock of China Strategic, the 80% owner of the proposed buyer of Taiwan's Nan Shan Life Insurance, partly financed by a massive note issue convertible into 78bn shares at $0.10 each. We publish the placing list and analyse the names in the deal. Finally, we warn investors to avoid 7 companies in the "Chung Nam network", which has lost HK$6.2bn in 5 years. (13-Nov-2009)
Freeman completes purchase of Hennabun stake from Eugene Chuang Yue Chien
Company announcement, 30-Sep-2009
Zhuang PP Holdings Ltd (fka China United Holdings Ltd) v Vigers Hong Kong Ltd
HK Court of First Instance, 19-Aug-2009
Note: Willie (0273) sold CUH to Eugene Chuang Yue Chien for HK$10m in 2003, so the judge is wrong to call CUH a listed company.
China Railway Games
In part 2 of a series, we look at how HK$16bn of market cap evaporated when bubbles around China Railway Logistics, PME and Forefront burst. Each dealt with the same purported arm of the Ministry of Railways for joint ventures in wagon-leasing, media and online ticketing, each of which failed to get started. A miriad of BVI shells with shadowy owners are involved, but at least one has exposed himself in a court case. (11-Jun-2009)
Re PCCW Ltd proposed scheme of arrangement for privatisation
HK Court of Appeal, 11-May-2009
PCCW - Grounds of Appeal
In our view the judgment in the Court of First Instance on PCCW's scheme of arrangement and the alleged vote-rigging provides ample grounds for appeal. We look at the ruling in detail and where the SFC may be taking this case on Thursday at the Court of Appeal. (13-Apr-2009)
Re PCCW Limited scheme of arrangement
HK Court of First Instance, 6-Apr-2009
Freeman buys 79.46% of Hennabun from Eugene Chuang Yue Chien for HK$105.8m in convertible notes, and subscribes $250m to HennabunCircular
Company announcement, 10-Dec-2008
Capital Union Inc. v China Railway Investments Group (Hong Kong) Ltd
HK Court of First Instance, 17-Oct-2008
Eugene Chuang Yue Chien v Park Hotel Property Management Ltd & others
HK Court of First Instance, 29-Jul-2008
Willie buys "Aquarius" yacht from Hennabun, then approx 75%-owned by Eugene Chuang Yue Chien, for HK$94m
Company announcement, 2-May-2008
Freeman sells 48.96% stake in Hennabun to Eugene Chuang Yue Chien for HK$50m
Company announcement, 29-Jun-2007
Fubon to go ahead with HK$200m claim
HK Standard, 16-Jun-2006
Sex, scars and soured affairs
HK Standard, 1-Apr-2006
Woman denies connection to knife attack on lawyer
South China Morning Post, 1-Apr-2006
Heritage (0412) buys Units 5 & 6, G/F, China United CentreCircular
Company announcement, 14-Jun-2005
It does so by buying the holding company of Great Gains International Ltd, which owns the properties. The vendor, Sunderland Properties, is said to be incorporated in the Cayman Islands, but we believe it is a BVI company of that name owned by Eugene Chuang Yue Chien.
China United (0273), via Leapfly, enters joint venture with brother and cousin of Chairman
Company announcement, 1-Jun-2005
Super Master Holdings Ltd v Chung Nam Securities Ltd & Puregain Assets Ltd
HK Court of Appeal, 18-May-2005
Qualipak buys 7th & 30th floors, China United Centre from Great Gains International Ltd & Pacific Kingdom Investments Ltd for HK$35m & $47m respectively
Company announcement, 17-May-2005
Note: both vendors were wholly-owned by China United Holdings Ltd (Bermuda) when that was sold by Willie to Eugene Chuang Yue Chien in 2003.
Heritage buys floors 31-32, China United Centre, from Pacific Kingdom Investments Ltd for HK$51m
Company announcement, 30-Nov-2004
Note: the vendor was wholly-owned by China United Holdings Ltd (Bermuda) when that was sold by Willie to Eugene Chuang Yue Chien in 2003.
Heritage (0412) buys 4.99% of China Sci-Tech (0985) from Eugene Chuang Yue Chien for 13.29% new shares in HeritageCircular
Company announcement, 7-Sep-2004
Mr Chuang has borrowed $15m from Double Smart Finance Ltd, a 100% subsidiary of Heritage.
Super Master Holdings Ltd v Chung Nam Securities Ltd & Puregain Assets Ltd
HK Court of First Instance, 26-Mar-2004
Wong Kiam Seng v Andrew Lam & Co
HK Court of First Instance, 21-Nov-2003
China United sells China United Holdings Ltd (Bermuda) to Eugene Chuang Yue Chien for HK$10m
Company announcement, 21-Aug-2003
Eugene Chuang Yue Chien subscribes 1.15bn shares (16.53%) of China Sci-Tech (0985) for HK$23m
Company announcement, 30-Jun-2003
Eugene Chuang Yue Chien v Kevin Ho Yau Kwong
HK Court of First Instance, 8-Nov-2002
Hennabun Capital Ltd v Vincent Wong Chun Hung
HK Court of First Instance, 9-Jan-2002
B-Tech (Holdings) Ltd: settlement of winding-up petition by Ampittia Inc.
Company announcement, 8-May-2001
Ampittia Inc. v B-Tech (Holdings) Ltd & others
HK Court of First Instance, 30-Mar-2001
Ampittia Inc. v B-Tech (Holdings) Ltd & others
HK Court of First Instance, 21-Feb-2001

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