Chanceton Capital Partners Limited 川盟融資有限公司

Here's a horror story of excessive pay at Xpress Group (0185), a company you've probably never heard of, but pay attention, because it could just as easily happen to yours, as the Listing Rules do not prevent it. In the last 15 years, the controlling family have received HK$493m in pay as directors, while the loss attributable to shareholders was $248m.

In part 3 of a series, we look at the often calamitous IPOs produced by B M Intelligence and its conversion into China Bio-med Regeneration Technology, involving a huge mark-up on the acquisition. We also cover an international organisation run out of a cobbler's shop in Las Vegas, and the recent changes of ownership in CBRT, including a CPPC member who is a big fan of the PLA.