FORTUNE (HK) SECURITIES LIMITED 富強證券有限公司

Webb-site can reveal that Mr Lai Tse Ming has pledged his 55.8% stake for a HK$155m loan from a money-lender, something that neither he nor IBO Tech has disclosed.

Really, we're not joking...

We look at restaurant operator Tack Hsin's moves to put itself in play, and peer again into the gaping hole in Hong Kong's Listing Rules which permits the people involved in deals with listed companies to remain anonymous. Hong Kong is building its reputation as a sunny place for shady people.

In part 4 of our series on a network of companies, we cover China Public Procurement (1094) which has a long string of over-priced acquisitions from often-anonymous vendors, "earnest money" deposits for deals which don't happen, issues of unlisted warrants and shares for no obvious reason, and gaps in disclsoure. If you own this stock, get out while you can.

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.

Investors should beware of a bubble in Byford (8272), which boasts two celebrity shareholders - New World Development's Cheng Yu Tung and Angela Leong, a wife of casino tycoon Stanley Ho. Both apparently paid 186x net asset value for the shares.