Huang, Rulun 黃如論

China Innovative Finance (0412) bubble
Hao Tian Development (0474) has confirmed our view by dumping 9.06% of CIFG at a 61.9% discount, still well above the net tangible asset value of $0.099. CIFG should trade below NTAV due to its appalling governance and membership of what we call the "Chung Nam Network". The purported profits of its leasing division are largely illusory and depend heavily on 1 customer in which CIFG has invested. HTD has also been allowed by HKEX to skirt the Listing Rules on corporate transactions. (26-Sep-2016)
Hao Tian (0474): dilution of interest in Hao Tian Finance
Company announcement, 28-Apr-2015
The announcement fails to say who owns the subscriber, Century Golden Resources Investment Co. Ltd.. We can tell you it is 60% owned by Mr Huang Rulun. It also owns a 13% stake in Heritage (0412), another member of what we call the "Chung Nam Network".

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