Seekers Partners Limited
China Smarter Energy (1004) tries to explain why it only got HK$1.2m for assets which others valued around 100x higher
Company announcement, 14-Apr-2023
CSE valued its 1.71% stake of Seekers Partners Ltd at 31-Dec-2021 at HK$0.04 per share or $1.126m, but on the same date, Shandong Hi-Speed (0412) valued its 2.91% stake at $4.396 per share ($211m), after a 25% discount for lack of marketability, and Touyun Biotech (1332) valued its 0.55% stake at $27m ($2.96 per share). CSE says it couldn't attract buyers because all 3 investees refused to provide financial data - to which SHS and Touyun apparently had access. Similar gross disparities apply to the stake in FreeOpt Holdings Ltd. In the end, CSE sold all 3 to Mr Au Yeung Kai Chor in order to finalise their overdue audited accounts and resume trading.
Company announcement, 14-Apr-2023
CSE valued its 1.71% stake of Seekers Partners Ltd at 31-Dec-2021 at HK$0.04 per share or $1.126m, but on the same date, Shandong Hi-Speed (0412) valued its 2.91% stake at $4.396 per share ($211m), after a 25% discount for lack of marketability, and Touyun Biotech (1332) valued its 0.55% stake at $27m ($2.96 per share). CSE says it couldn't attract buyers because all 3 investees refused to provide financial data - to which SHS and Touyun apparently had access. Similar gross disparities apply to the stake in FreeOpt Holdings Ltd. In the end, CSE sold all 3 to Mr Au Yeung Kai Chor in order to finalise their overdue audited accounts and resume trading.
Oshidori (0622) sells 45m shares (3.62%) of Seekers Partners Ltd (fka Satinu Resources Group Ltd) to High Rhine Ltd for HK$75m and HK$200m IOU
Company announcement, 14-Dec-2020
High Rhine Ltd is 100% owned by Co-Lead Holdings Ltd.
Company announcement, 14-Dec-2020
High Rhine Ltd is 100% owned by Co-Lead Holdings Ltd.
Oshidori (0622) sells 100m shares (8.06%) of Satinu Resources Group Ltd to High Rhine Ltd for HK$650m
Company announcement, 12-Aug-2020
The owner of the purchaser is not disclosed, but our records indicate that it is owned by Co-Lead Holdings Ltd, which is 2.95% owned by Oshidori.
Company announcement, 12-Aug-2020
The owner of the purchaser is not disclosed, but our records indicate that it is owned by Co-Lead Holdings Ltd, which is 2.95% owned by Oshidori.
Oshidori (0622) 2019 annual report
Company filing, 24-Apr-2020
This reveals that in the second half of 2019, the group received 37,878,594 shares of Satinu Resources Group Ltd from "a third party borrower" in settlement of a debt of HK$244.047m, resulting in a loss of $109.55m. This rounds up Oshidori's holding to exactly 145,000,000 shares. So it is likely that the borrower owns more. Update: on 12-Aug-2020, Oshidori began selling its Satinu shares to High Rhine Ltd (100% owned by Co-Lead Holdings Ltd) and revealed that the borrower was High Rhine Ltd.
Company filing, 24-Apr-2020
This reveals that in the second half of 2019, the group received 37,878,594 shares of Satinu Resources Group Ltd from "a third party borrower" in settlement of a debt of HK$244.047m, resulting in a loss of $109.55m. This rounds up Oshidori's holding to exactly 145,000,000 shares. So it is likely that the borrower owns more. Update: on 12-Aug-2020, Oshidori began selling its Satinu shares to High Rhine Ltd (100% owned by Co-Lead Holdings Ltd) and revealed that the borrower was High Rhine Ltd.
Rentian (0885) annual report 2018
| CTT (1332) annual report
Company filing, 30-Apr-2019
This reveals in note 18 that in Aug-2018, Rentian subscribed HK$175m for 2.11% of Satinu Resources Group Ltd (we estimate 21.875m shares @$8) and $50m for 11.63% of Simagi Finance Co Ltd (10m shares @$5), both by issuing promissory notes. Subsequently another issue diluted It to 10.10%. We can add that at year-end, Simagi is held 88.37% by Jacosta Ventures Ltd, which is 36.17% owned by Freeman (0279), and 13.13% by China Touyun Tech (1332) which subscribed 13m shares for $65m.
Company filing, 30-Apr-2019
This reveals in note 18 that in Aug-2018, Rentian subscribed HK$175m for 2.11% of Satinu Resources Group Ltd (we estimate 21.875m shares @$8) and $50m for 11.63% of Simagi Finance Co Ltd (10m shares @$5), both by issuing promissory notes. Subsequently another issue diluted It to 10.10%. We can add that at year-end, Simagi is held 88.37% by Jacosta Ventures Ltd, which is 36.17% owned by Freeman (0279), and 13.13% by China Touyun Tech (1332) which subscribed 13m shares for $65m.
Freeman (0279) sells 10.57% of Satinu Resources Group Ltd to Co-Lead Holdings Ltd
Company announcement, 7-Feb-2018
Another deal in what we call the "Chung Nam Network". The purchaser is or was owned by multiple listed companies in the network. Freeman gets HK$150m in cash and the other $600m as a 6-month IOU. Co-Lead is 13.54% owned by Freewill Holdings Ltd, another hub, which is 35.37% owned by Freeman.
Company announcement, 7-Feb-2018
Another deal in what we call the "Chung Nam Network". The purchaser is or was owned by multiple listed companies in the network. Freeman gets HK$150m in cash and the other $600m as a 6-month IOU. Co-Lead is 13.54% owned by Freewill Holdings Ltd, another hub, which is 35.37% owned by Freeman.
Enerchina (0622) sells 30% of HEC Securities Co Ltd to Satinu Resources Group Ltd for HK$125m in cash and HK$400m in IOUs
Company announcement, 18-Jan-2018
Company announcement, 18-Jan-2018
Enerchina (0622) terminates acquisition of 70% of HEC Securities Co Ltd
Company announcement, 1-Jan-2018
Company announcement, 1-Jan-2018
Enerchina (0622) buys remaining 70% of HEC Securities Co Ltd
Company announcement, 21-Mar-2017
Another deal in what we call the "Chung Nam Network". Enerchina fails to say who owns the vendor, Satinu Resources Group Ltd, except that Enerchina owns 6.06% of it. The price is $1225m, a 69% premium to the attributable net assets of $723m. Satinu is Unitas backwards. The network has other companies using name reversal: Astrum and Murtsa.
Company announcement, 21-Mar-2017
Another deal in what we call the "Chung Nam Network". Enerchina fails to say who owns the vendor, Satinu Resources Group Ltd, except that Enerchina owns 6.06% of it. The price is $1225m, a 69% premium to the attributable net assets of $723m. Satinu is Unitas backwards. The network has other companies using name reversal: Astrum and Murtsa.
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