机构

This reveals that on 2-Dec-2021, Era Bright Ltd, a money-lending subsidiary of Touyun Biotech (1332) subscribed 17m shares (2.97%) of Imagi Brokerage Ltd for HK$25m, reducing Imagi from 90.01% to 87.34%. The other 9.69% is held by CEGFL (0379), which also owns 18.55% of Era Bright, which is 79.22% owned by Touyun Biotech and 2.23% owned by Celebrate (ex-8212).

We note that Ms Qiao owns 5.52% of China Touyun Tech (1332), another member of what we call the "Chung Nam Network".

The total subscription was HK$74.34m in 2 rounds. Staying below 10% avoids needing the SFC's approval for a change in ownership of the brokerage.

This reveals that on 13-Mar-2020, the Group subscribed 18.55% of the enlarged share capital of Era Bright Ltd, a money lender, for HK$15m. We can add that EB is a subsidiary of China Touyun Tech (1332) with a minority holding by Celebrate (8212).

Prior to this, Top Insight is 100% owned by Planetree (BVI) Capital Ltd, which is indirectly 100% owned by Planetree (Cayman) Capital Ltd, which is 82.22% owned by Planetree (0613), 9.78% owned by Oshidori (0622) and 8.00% owned by China Touyun Tech (1332). The deal basically combines 2 properties under one holding joint venture.

CEGFL also gets a seat on the board of Simagi.

The announcement is silent on who owns the rest.

The ongoing case relates to PME (0379).

The summonses are probably by the SFC under the Securities and Futures Ordinance. Webb-site warned investors about this company and related firm China Railway Logistics (8089) back in 2009.

This promissory note was part of the consideration when Chinese Global bought a stake in PME Group Ltd (HK:0379). With only 37 days to maturity, there is a substantial discount of 15.26% on the note, assuming that it is repaid.

The consideration includes a promissory note "in the sum of" S$4,771,430 (HK$30,680,415). Completion occurred on 7-Dec-2011. On 30-Apr-2012 this note was sold to China Railway Logistics Ltd (HK:8089) which said that the principal amount was HK$30,680,415 (not in Singapore dollars).

Really, we're not joking...

HKBLA (0145) has been a perennial cash shell. After 3 takeovers, its foundations now appear to be under threat as its cash pile gets depleted on dubious transactions, including investment in Byford and an "earnest deposit". It appears to have become part of a network which includes at least 9 other listed companies.

What's going on at Value Convergence (0821)? We list the placees in the convertible bond issue, which has been delayed, and analyse their connections to a network of other companies we have written about before. Is VC joining that network? We also look at the massive dilution that awaits shareholders of China Fortune (0290).

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.

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.

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.

The conversion price is a 44.8% discount to market. Although PME already has a 22.32% interest in China Fortune shares, 15.21% of this is another convertible bond, so under the Listing Rules PME has only 7.11%, which is less than 10%, so this is not a connected transaction.

The buyers were named as First Champion Worldwide Ltd and Gold Max Asia Ltd. As of 31-Dec-08, First Champion Worldwide Ltd was owned by China Railway Logistics Ltd, so we assume it was at 19-Dec-08.

The deal was terminated on 30-Jun-08.