China CITIC Financial Asset Management Co., Ltd. 中國中信金融資產管理股份有限公司
Lai Xiaomin, ex-Chairman of China Huarong Asset Management (2799) executed
| Huarong-CMB network
Reuters, 29-Jan-2021
The company featured in our "Huarong-CMB network - 26 stocks not to own" article of 19-Oct-2018.
Reuters, 29-Jan-2021
The company featured in our "Huarong-CMB network - 26 stocks not to own" article of 19-Oct-2018.
Allan Yap declared bankrupt
HK Court of First Instance, 7-Aug-2020
Of the 3 petitioning creditors, Bloom Right Ltd and Unique Rosy Ltd are owned by Huarong Investment Stock (2277) and Plenty Choice Investments Ltd is owned by China Huarong Asset Management (2799), the parent of 2277. Of the 2 supporting creditors, CW Financing Ltd is or was owned by Cordoba Homes Finance Ltd and Citizens Money Lending Corp Ltd is owned by Enerchina (0622), both being members of what we call the "Chung Nam Network".
HK Court of First Instance, 7-Aug-2020
Of the 3 petitioning creditors, Bloom Right Ltd and Unique Rosy Ltd are owned by Huarong Investment Stock (2277) and Plenty Choice Investments Ltd is owned by China Huarong Asset Management (2799), the parent of 2277. Of the 2 supporting creditors, CW Financing Ltd is or was owned by Cordoba Homes Finance Ltd and Citizens Money Lending Corp Ltd is owned by Enerchina (0622), both being members of what we call the "Chung Nam Network".
Master Glory (0275): winding up order
HK Court of First Instance, 1-Jun-2020
The 3 petitioners are all members of the China Huarong group. Of the supporting creditors, Advance Tech Ltd is owned by ITC Properties (0199) and Citizens Money Lending Corp Ltd is owned by Enerchina (0622). Justice Jonathan Harris writes that on the morning of the hearing, the company produced a "vague and unsophisticated" affirmation claiming that the "principal shareholder" (Allan Yap) is attempting to sell assets in the Mainland to settle debts. The judge calls the situation "ridiculous" and orders a winding-up.
HK Court of First Instance, 1-Jun-2020
The 3 petitioners are all members of the China Huarong group. Of the supporting creditors, Advance Tech Ltd is owned by ITC Properties (0199) and Citizens Money Lending Corp Ltd is owned by Enerchina (0622). Justice Jonathan Harris writes that on the morning of the hearing, the company produced a "vague and unsophisticated" affirmation claiming that the "principal shareholder" (Allan Yap) is attempting to sell assets in the Mainland to settle debts. The judge calls the situation "ridiculous" and orders a winding-up.
Revealed: SFC probes Chairman, CEO of Hua Han Health (0587), freezes their accounts
The SFC has frozen accounts at 3 brokerages up to HK$3.81bn, the amount raised by HHH in 2015 in an open offer ($3.19bn) and a CB ($0.62bn) issued to Huarong (2799) and CCB (0939). The SFC suspects false or misleading statements and misappropriation of part of the proceeds. (16-Feb-2019)
The SFC has frozen accounts at 3 brokerages up to HK$3.81bn, the amount raised by HHH in 2015 in an open offer ($3.19bn) and a CB ($0.62bn) issued to Huarong (2799) and CCB (0939). The SFC suspects false or misleading statements and misappropriation of part of the proceeds. (16-Feb-2019)
China prosecutors order arrest of 4 ex-executives at Huarong for bribery
Reuters, 22-Jan-2019
Webb-site notes that 2 of them, Bai Tianhui and Guo Jintong, were successively chairmen at Asia Pacific Silk Road Investment Co Ltd (0767) between 7-Sep-2017 and 10-Jul-2018, with Guo taking over from Bai on 2-Feb-2018. The firm is a P2P lending business and is 55% owned by Huarong Financial Services Asset Management L.P., although there is a huge mandatory convertible note held by the person who sold that business to ASPR.
Reuters, 22-Jan-2019
Webb-site notes that 2 of them, Bai Tianhui and Guo Jintong, were successively chairmen at Asia Pacific Silk Road Investment Co Ltd (0767) between 7-Sep-2017 and 10-Jul-2018, with Guo taking over from Bai on 2-Feb-2018. The firm is a P2P lending business and is 55% owned by Huarong Financial Services Asset Management L.P., although there is a huge mandatory convertible note held by the person who sold that business to ASPR.
China Huarong (2799): Party like it's 1949
Company announcement, 10-Dec-2018
"The Party Committee shall play the core leadership role...The chairman of the board of directors shall concurrently serve as the secretary of the Party Committee". Good to see the ongoing deepening of market reforms and opening up!
Company announcement, 10-Dec-2018
"The Party Committee shall play the core leadership role...The chairman of the board of directors shall concurrently serve as the secretary of the Party Committee". Good to see the ongoing deepening of market reforms and opening up!
Chairman of Huarong Inv (2277) resigns immediately due to "personal reason"
Company announcement, 27-Nov-2018
This comes hours after 3 resignations at its parent, China Huarong Asset Management (2799).
Company announcement, 27-Nov-2018
This comes hours after 3 resignations at its parent, China Huarong Asset Management (2799).
ED and 2 senior managers of China Huarong (2799) quit immediately due to "change of work arrangement"
Company announcement, 27-Nov-2018
That leaves the firm with just 2 Executive Directors.
Company announcement, 27-Nov-2018
That leaves the firm with just 2 Executive Directors.
China Huarong seeks erasure of Lai Xiaomin
You might want to hang on to a bit of corporate history. (22-Nov-2018)
You might want to hang on to a bit of corporate history. (22-Nov-2018)
Interests in shares of Huajin Intl (2738) omitted from annual and interim reports
Company announcement, 28-Oct-2018
This follows a complaint to HKEX by Webb-site on 4-Oct-2018 during preparation of an article on the China Huarong network.
Company announcement, 28-Oct-2018
This follows a complaint to HKEX by Webb-site on 4-Oct-2018 during preparation of an article on the China Huarong network.
The Huarong-CMB network: 26 stocks not to own
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)
Freeman (0279) renegotiates US$99m convertible held by 51% subsidiary of China Huarong (2799)
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
Company announcement, 18-Oct-2018
This comes 20 days after they renegotiated the other HK$429m CB held by Huarong Inv (2277) which is also a subsidairy of China Huarong. The conversion price of both is reduced from $0.425 to $0.065.
Huarong and China Singyes Solar Technologies (0750)
CSST, now suspended pending disclosure of its financial position, has failed to disclose in its reports the interest of Huarong Int Fin (0993), which claims to have a 15.09% interest, including 8.04% purchased from an unknown vendor in Dec-2017 and security over a further 7.05% pledged to it, presumably to secure a put option that it claims to have been granted. By whom? (18-Oct-2018)
CSST, now suspended pending disclosure of its financial position, has failed to disclose in its reports the interest of Huarong Int Fin (0993), which claims to have a 15.09% interest, including 8.04% purchased from an unknown vendor in Dec-2017 and security over a further 7.05% pledged to it, presumably to secure a put option that it claims to have been granted. By whom? (18-Oct-2018)
Lai Xiaomin, ex-Chairman of Huarong (2799) expelled from Party (in Chinese only)
CCP Central Commission for Discipline Inspection, 15-Oct-2018
Next comes the formality of prosecution.
CCP Central Commission for Discipline Inspection, 15-Oct-2018
Next comes the formality of prosecution.
Huarong and the Chung Nam Network
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Webb-site can reveal another SFC investigation underway involving dealings in Pak Wing (8316). The manipulation of this GEM bubble reveals another connection between China Huarong (2799) and what we call the "Chung Nam Network". The more we scrutinise Huarong, the worse it looks. Will the State end up bailing out the bailer? (3-Oct-2018)
Breaking: SFC freezes up to HK$10.17bn of assets in 3 brokers
Webb-site has deduced that these are assets of Mr Yang Zhihui, missing Chairman and majority shareholder of Landing (0582), and that he is reasonably suspected of fraud causing losses of HK$10.17bn to China Huarong (2799), the ex-Chairman of which is under a corruption investigation in China. We also turn the spotlight on China Goldjoy (1282) which was an enthusiastic buyer of Landing at prices far higher than its Chairman paid beforehand. (1-Oct-2018)
Webb-site has deduced that these are assets of Mr Yang Zhihui, missing Chairman and majority shareholder of Landing (0582), and that he is reasonably suspected of fraud causing losses of HK$10.17bn to China Huarong (2799), the ex-Chairman of which is under a corruption investigation in China. We also turn the spotlight on China Goldjoy (1282) which was an enthusiastic buyer of Landing at prices far higher than its Chairman paid beforehand. (1-Oct-2018)
Freeman (0279) renegotiates convertible bond held by Huarong Inv (2277)
| Huarong Inv announcement
Company announcement, 28-Sep-2018
The share price having boomed and then bust since the CB was issued, they have agreed to slash the conversion price from $0.425 to $0.065 and boost the coupon from 4% to 7%. As a result, Huarong Inv could end up with 29.63% of Freeman, which also has outstanding US$99m of convertible bonds held by Huarong Macau, a fellow subsidiary of China Huarong Asset Management (2799), also convertible at $0.425.
Company announcement, 28-Sep-2018
The share price having boomed and then bust since the CB was issued, they have agreed to slash the conversion price from $0.425 to $0.065 and boost the coupon from 4% to 7%. As a result, Huarong Inv could end up with 29.63% of Freeman, which also has outstanding US$99m of convertible bonds held by Huarong Macau, a fellow subsidiary of China Huarong Asset Management (2799), also convertible at $0.425.
China Huarong (2799) Chairman quits for "personal reason"
Company announcement, 20-Apr-2018
Mr Lai Xiaomin is under investigation for corruption - surely that is a reason worth mentioning?
Company announcement, 20-Apr-2018
Mr Lai Xiaomin is under investigation for corruption - surely that is a reason worth mentioning?
Head of China’s biggest bad-debt manager Huarong under investigation for graft
South China Morning Post, 18-Apr-2018
South China Morning Post, 18-Apr-2018
Found online: final HK speech of Lai Xiaomin as Chairman of China Huarong (2799) before his execution for corruption (video)
| Mandarin version
Company, 21-Mar-2018
Well worth downloading for classes on corporate governance, watch and learn as Mr Lai hails the CCP and President Xi's leadership, and talks about his own achievements and awards, for over an hour. The rest is history. Mr Lai was executed on 29-Jan-2021.
Company, 21-Mar-2018
Well worth downloading for classes on corporate governance, watch and learn as Mr Lai hails the CCP and President Xi's leadership, and talks about his own achievements and awards, for over an hour. The rest is history. Mr Lai was executed on 29-Jan-2021.
Pak Wing (8316): Chairman borrows against 67% stake
| Disclosure of interest
Company announcement, 31-Aug-2017
The lender is not named, but subsequent disclosures of interests show that it is China Huarong Macau (HK) Investment Holdings Ltd, which is ultimately 51% owned by China Huarong Asset Management (2799).
Company announcement, 31-Aug-2017
The lender is not named, but subsequent disclosures of interests show that it is China Huarong Macau (HK) Investment Holdings Ltd, which is ultimately 51% owned by China Huarong Asset Management (2799).
Freeman (0279) issues HK$437m convertible bond to Huarong Investment (2277)
| Huarong announcement
Company announcement, 24-Aug-2017
The bonds are secured on a 15% stake in Shenyang Securities Co Ltd (PRC). Huarong Investment is a subsidiary of China Huarong (2799). 2 months ago, China Huarong Macau, an unlisted fellow 51% subsidiary, subscribed US$100m for convertible bonds of Freeman.
Company announcement, 24-Aug-2017
The bonds are secured on a 15% stake in Shenyang Securities Co Ltd (PRC). Huarong Investment is a subsidiary of China Huarong (2799). 2 months ago, China Huarong Macau, an unlisted fellow 51% subsidiary, subscribed US$100m for convertible bonds of Freeman.
HongDa Financial (1822) to issue HK$200m CB to China Huarong Macau
Company announcement, 22-Aug-2017
The subscriber is 51% owned by China Huarong Asset Management (2799).
Company announcement, 22-Aug-2017
The subscriber is 51% owned by China Huarong Asset Management (2799).
Skyfame (0059) controller pledges 321.86m shares (12.30%) to China Huarong (2799)
Company announcement, 25-Jul-2017
To secure a HK$500m loan to Skyfame.
Company announcement, 25-Jul-2017
To secure a HK$500m loan to Skyfame.
China Huarong Overseas gets security interest in 1.8bn shares (3.93%) of CMBC Capital (1141)
Disclosure of interest, 5-Jul-2017
China Huarong Overseas is 51% owned by China Huarong Asset Management (2799) and already owns 4.26% of CMBCC. This security interest is probably because it has loaned money against the shares held by China Soft Power (0139) which owns about 7.38% of CMBCC, including the pledged shares.
Disclosure of interest, 5-Jul-2017
China Huarong Overseas is 51% owned by China Huarong Asset Management (2799) and already owns 4.26% of CMBCC. This security interest is probably because it has loaned money against the shares held by China Soft Power (0139) which owns about 7.38% of CMBCC, including the pledged shares.
Freeman (0279) issues US$100m CB to Macau arm of China Huarong (2799)
Company announcement, 6-Jun-2017
The subscriber is a 100% subsidiary of China Huarong (Macau) International Co Ltd, which is 51% owned by China Huarong (2799).
Company announcement, 6-Jun-2017
The subscriber is a 100% subsidiary of China Huarong (Macau) International Co Ltd, which is 51% owned by China Huarong (2799).
China Minsheng Bank (1988) takes over Skyway Securities (1141)
Company announcement, 8-Mar-2017
Skyway is a company in what we call the "Chung Nam Network" (CNN). Also involved as a smaller purchaser and subscriber in this deal is China Huarong Overseas, a 51% subsidiary of China Huarong Asset Management (2799). Skyway will distribute its holdings of 2 other CNN members: 13.56% of China Soft Power Technology (CSPT, 0139) and 4.87% of Future World Financial (0572). CSPT owns 15.43% of Skyway, so it will receive shares in itself.
Company announcement, 8-Mar-2017
Skyway is a company in what we call the "Chung Nam Network" (CNN). Also involved as a smaller purchaser and subscriber in this deal is China Huarong Overseas, a 51% subsidiary of China Huarong Asset Management (2799). Skyway will distribute its holdings of 2 other CNN members: 13.56% of China Soft Power Technology (CSPT, 0139) and 4.87% of Future World Financial (0572). CSPT owns 15.43% of Skyway, so it will receive shares in itself.
China Huarong (2799) subscribes 580m shares @$0.40 of Huarong Investment (1277)
Company announcement, 12-Jan-2017
Huarong Investment is already 27.99% owned by China Huarong, with a stake acquired at up to $1.31 per share, so it will make a general offer at that price. Huarong Investment has already borrowed heavily from China Huarong and made a string of unlisted investments with the cash.
Company announcement, 12-Jan-2017
Huarong Investment is already 27.99% owned by China Huarong, with a stake acquired at up to $1.31 per share, so it will make a general offer at that price. Huarong Investment has already borrowed heavily from China Huarong and made a string of unlisted investments with the cash.
Topsearch (2323) sinks HK$340m into Huarong fund to buy HK$2.23bn of shares in Fullshare (0607)
Company announcement, 23-Dec-2016
Announced late on the last working day before Christmas. The General Partner is owned by China Huarong Asset Management (2799). The current Fullshare price (or is that, "full share-price") is $3.43, implying a target of about 650m shares, or 3.3% of Fullshare. The other 3 limited partners in the fund are not named. 2 LPs rank ahead of Topsearch for capital and a coupon of 7.5-8% p.a., then Topsearch for its capital, then LP4 for its capital, then anything left is split between Topsearch and LP4. So this is a leveraged bet on Fullshare.
Company announcement, 23-Dec-2016
Announced late on the last working day before Christmas. The General Partner is owned by China Huarong Asset Management (2799). The current Fullshare price (or is that, "full share-price") is $3.43, implying a target of about 650m shares, or 3.3% of Fullshare. The other 3 limited partners in the fund are not named. 2 LPs rank ahead of Topsearch for capital and a coupon of 7.5-8% p.a., then Topsearch for its capital, then LP4 for its capital, then anything left is split between Topsearch and LP4. So this is a leveraged bet on Fullshare.
China Huarong (2799) lends US$300m to 27.99% associate Chun Sing (2277)
Company announcement, 26-Aug-2016
Company announcement, 26-Aug-2016
China Huarong (2799) increases by 8.58% to 27.99% of Chun Sing (2277)
Company announcement, 26-Jul-2016
From matching disclosures of interests, we see that Huarong bought the 106m shares from Anthony Yeung Chun Wai, Chairman of Chun Sing, at $1.31 per share on 20-Jul. 5 days earlier, Mr Yeung purchased 106.08m shares at $0.97, the same day that the founders sold their remaining 332.5m shares at $0.954.
Company announcement, 26-Jul-2016
From matching disclosures of interests, we see that Huarong bought the 106m shares from Anthony Yeung Chun Wai, Chairman of Chun Sing, at $1.31 per share on 20-Jul. 5 days earlier, Mr Yeung purchased 106.08m shares at $0.97, the same day that the founders sold their remaining 332.5m shares at $0.954.
Chun Sing (2277): China Huarong International Holdings Ltd buys 240m shares (19.42%)
| Disclosure of interest
Company announcement, 7-Jun-2016
The announcement comes 11 days after the 27-May transaction. The price is not mentioned, but a disclosure of interest filed on 31-May puts it at $1.31 per share or HK$314.4m. The buyer is a 100% subsidiary of China Huarong Asset Management Co., Ltd. (2799). There were no disclosures by any sellers.
Company announcement, 7-Jun-2016
The announcement comes 11 days after the 27-May transaction. The price is not mentioned, but a disclosure of interest filed on 31-May puts it at $1.31 per share or HK$314.4m. The buyer is a 100% subsidiary of China Huarong Asset Management Co., Ltd. (2799). There were no disclosures by any sellers.
Emperor Capital (0717) to issue 380m shares @$0.66 to China Huarong Asset Management (2799)
Company announcement, 18-May-2016
This increases Huarong's stake from 4.00% to 9.95%
Company announcement, 18-May-2016
This increases Huarong's stake from 4.00% to 9.95%
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