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Forefront Group Limited


Heritage (0412) buys forestry interests from Forefront (0885) for HK$50m.  Forefront announcement.
Company announcement, 8-Jun-2012
Pass the parcel: Forefront bought this from Mascotte (0136) for $79.2m in shares in 2010, and Mascotte bought this from Willie (0273) for $130m in convertible bonds in 2009. All 4 companies are in what we call the "Chung Nam Network".

Forefront (0885) subscribes HK$108m for 4.79% of Hennabun
Company announcement, 6-May-2011
Forefront is in what we call the "Chung Nam Network". Hennabun owns Chung Nam Securities Ltd.

Censure of Forefront (0885) and various directors.  Our 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.

Forefront (0885) lends HK$75m to Chung Nam Finance Ltd
Company announcement, 21-Jun-2010
The announcement mentions that the borrower is owned by Hennabun Capital Group Ltd, which is 2.7% owned by Mascotte (0136) which owns 11.74% of Forefront. It doesn't mention that Hennabun is controlled by Freeman (0279).

Forefront (0885) sells Guangzhou property to Au Yeung Kai Chor for HK$85m
Company announcement, 26-May-2010
This was acquired by Forefront from Willie (0273) 2 months ago for $100m in shares, but by the time they completed the deal on 19-May, the shares were only worth $60m. A week later, they are selling it, so they book a $25m gain rather than a $15m loss.

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)

Forefront (0885) buys forestry interests from Mascotte (0136) for $79.2m in shares.  Mascotte announcement
Company announcement, 9-Apr-2010
Mascotte bought the same thing from Willie (0273) on 13-May-09 for $130m in convertible notes. All 3 companies are in what we call the "Chung Nam Network".

Willie (0273) subsidiary sells Guangzhou property to Forefront for HK$100m in shares
Company announcement, 24-Mar-2010
Willie says stake in Forefront is "for trading". Sells property because of "policies of the Chinese government to cool down the property markets, the need to put in additional funds to improve and renovate the Property, and the decrease in occupancy rate since its acquisition". It bought the property from Mascotte (0136) for HK$112m on 8-Sep-08. Reveals Forefront owns 4.99% of Willie.

Forefront (0885) buys Guangzhou property from subsidiary of Willie (273) for HK$100m in shares
Company announcement, 24-Mar-2010
Willie will have 20.42% of Forefront, "to path the way for developing a strategic alliance with Willie". Forefront says property would produce a "regular rental income" and is an "opportunity to participate in the fast-growing PRC property market and realize capital gain...". Reveals Willie owns 4.13% of Forefront. See also the Willie announcement.

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)

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)

The paid advert opposing the blackout rule
Click on "Orgs" or "People" below to get a list of signatories, scroll down, then click on their names to go to the signatory you are interested in. (29-Dec-2008)

Forefront buys Leapfly Ltd from Z & Z International Ltd for HK$20m
Company announcement, 18-Oct-2007
The vendor is purportedly owned by Bonnie Chu See Ming, Au Yeung Kai Wah, and Kenneth Chan Chak Kai. Leapfly had earlier been acquired on 10-Apr-06 by Freeman from Willie for $7m. We don't know when Freeman sold and to whom.

Report of irregularities to Commercial Crime Bureau
Company announcement, 14-Sep-2004
Concentration warning
Company announcement, 17-Dec-2001

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