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STYLAND HOLDINGS LIMITED


Listing Appeals Committee censures Styland and certain directors
SEHK, 24-Oct-2012
10 years after a series of articles on Webb-site put the spotlight on this firm and its people, the Stock Exchange disciplinary process limps to a conclusion, having been overtaken by SFC action in the courts.

Raking muck, Part 6
Concluding our hexalogy, we look at a recent deal by COMG (0254). Existing shareholders were diluted to 2.54% in an acquisition valued at HK$1242m for a business which would need capital of HK$3.6m. We estimate that the vendor has already cashed in about $1812m by selling convertible bonds and shares. We also look at what comes next for COMG, and some unfinished business for the authorities. (11-Mar-2012)

Former chairman and executive director ordered to pay HK$85 million compensation to Styland
SFC, 7-Mar-2012
This is a major win for the SFC, and comes almost 10 years after Webb-site first blew the whistle on what we called the "Styland Network" in a series of articles rather like the current "Raking Muck" series. Let's hope the SFC follows up on some of our later pieces, and that the defendants actually pay up. They are also ordered to pay interest at 1% over HSBC's prime rate. The bulk of the award dates back to 2000, so interest will be substantial

Styland (0211) resumes trading; update on disciplinary case and SFC petition
Company announcement, 7-Dec-2011
The SFC petition was heard in Jan-2011 and we are still waiting for the judgement 11 months later.
SFC v Steven Li Wang Tai
HK Court of First Instance, 23-Nov-2010

Cosmetic appearances
When the ICAC charged a person with engineering fraudulent acquisitions by Uni-Bio Science (0690) last month, we suspect they only saw half the story. Webb-site looks at the overlaps between UBS and Global Green Tech (0274), and at a series of its acquisitions. (25-May-2010)

SFC v Cheung Keng Ching, Chou Mei, Kevin Lau Ka Man & Siberian Mining
HK Court of First Instance, 18-Mar-2010
This case by the SFC followed our story on Rontex (now Siberian Mining) and others, titled "Toxic IPOs", 21-Mar-2005.

Toxic IPOs in HK
In this epic article, we take you through the IPOs of at least 14 listed companies, 3 of which have already led to criminal charges. We explain the inter-relationships between the companies, sponsors, lead managers, auditors and the INEDs. Before you buy another IPO, stop and read this article. (21-Mar-2005)

Breach of Listing Rule 14.25(1)
Company announcement, 20-Aug-2003
Breach of Listing Agreement
Company announcement, 29-Jul-2003
StyNet, Part 3: Riverhill
In Part 3 of our series on the Styland network, we look at Riverhill, a stock in which Styland and Digital World made early acquisitions at stratospheric prices. Riverhill's turnover collapsed after the IPO, which was based on a 9-project track record, part of which was sub-contracted and part of which came from a company sold to Digital World for a similarly stratospheric price. (8-Aug-2002)

Breach of Listing Rules
Company announcement, 8-Aug-2002
Styland cancels rights issue
Company announcement, 6-Aug-2002
This comes after adjourning the EGM on 30-Jul-2002. The stock has been trading ex-entitlement since 22-Jul-2002 and was suspended on 29-Jul-2002.
StyNet, Part 2: Asia's Inworld City
Continuing our series on the Styland network, we take you through the wheeling and dealing surrounding Inworld, most of whose flimsy track record came from companies in the network - including Digital World, Rainbow, Renren, Riverhill and Styland itself. You will also see an incredible set of pre-IPO transactions in the stock. Is Hong Kong really Asia's World City? (24-Jul-2002)

StyNet, Part 1: Digital Mess
In the first of a series of articles, we'll take you through a labyrinth of transactions involving a motley collection of GEM listings, including Inworld, International Capital Network, Rainbow and Riverhill, two bombed-out main board stocks - Digital World and renren, and a company at the centre of the network, Styland. We kick off with a detailed study of Digital World and its dealings. (21-Jul-2002)

Styland proposes "Long Term Bonus Shares"
Company announcement, 18-Jun-2002
...to human registered shareholders who hold the subscribed rights shares for at least 6 months. That would involve tracking individual share certificates to distinguish them from other shares the holder owns. Anyway it is grossly unfair to all other non-human shareholders (including everyone in CCASS) who are diluted without any payment for the shares. The proposal was later abandoned.

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