SeaPRwire

Ex-director of investment firm pleads guilty to share rigging

elean
3 minutes

For fear of having his reputation sullied by the falling price of Gaylin Holdings (now Amos Group), which he had recommended to investors, a former director of an investment firm and a corporate advisory firm bought shares in the counter to artificially prop up the closing price. Wong Leon Keat rigged the market for the mainboard-listed oil and gas player on 17 occasions between November 2015 and October 2016, the court heard last Thursday. Gaylin's share price had been on a downward trajectory - declining from 60 cents in 2014 to slightly above 15 cents in 2016. Wong decided to manipulate the prices to protect his reputation and preserve investors' confidence in him, as the 45-year-old had in his personal capacity recommended Gaylin placement shares to numerous investors. He pleaded guilty to a total of seven charges of market manipulation and one count of using an investor's securities account to trade. Another 11 similar offences will be taken into consideration when the judge sentences Wong on March 12. Wong was also the managing director and chief corporate officer of Catalist-listed air-conditioning company Natural Cool but he stepped down in January last year, shortly before...

ACN Newswire

Positive profit alert exceeds expectations Research houses issue upbeat recommendations On Central China New Life

indie
6 minutes

HONG KONG, Feb 8, 2021 - (ACN Newswire) - Central China New Life Limited (Stock Code: 9983.HK) issued earlier a positive profit alert on its 2020 annual results in which it forecast the company's net profit to increase by no less than 80%. The Company's strong performance, which exceeded market expectations, subsequently earned "Buy" or "Overweight" ratings from different securities houses. The price targets issued by securities houses ranged from HKD11.2 to HKD16.47, indicating potential upside of between 47% and 88% compared to the stock's closing price of HKD7.6 last Friday. Everbright Securities was the most upbeat among different securities houses as it significantly raised its target price originally set at HK$14.62 to HK$16.47. CCBI reiterated the company as the top pick among property management sector. Recommendation / Target PriceEverbright Securities Buy HK$16.47CCBI Outperform HK$13.8DBS Buy HK$12.51BNP Paribas Buy HK$13.2CMB International Buy (Initiation) HK$11.2Guosheng Maintain Buy HK$14Central China New Life has announced that its unaudited consolidated net profit attributable to shareholders for the year ended 31 December 2020 was expected to expand substantially b...

ACN Newswire

Proposed Privatisation of HKC (Holdings) Limited by Genesis Ventures Limited

indie
5 minutes

HONG KONG, Jan 17, 2021 - (ACN Newswire) - HKC (Holdings) Limited ("HKC" or the "Company"; stock code: 190) and Genesis Ventures Limited ("Genesis Ventures" or the "Offeror") jointly announced that the Offeror requested the Board of the Company (the "Board") to put forward a proposal (the "Proposal") to the holders (the "Scheme Shareholders") of Scheme Shares for the privatisation of the Company by way of a scheme of arrangement (the "Scheme").Terms of the ProposalUnder the Proposal, the Scheme Shares will be cancelled in exchange for the payment to Scheme Shareholders of HK$8.00 in cash for each Scheme Share (the "Cancellation Price").The Cancellation Price represents a premium of approximately 128.57% over the ex-second interim dividend closing price of HK$3.50 per share on 12 January 2021, being the last full trading day prior to the suspension of trading of shares pending the issue of the joint announcement (the "Last Trading Date"). On 13 January 2021, the Board resolved to declare the payment to the shareholders a second interim dividend of 13 HK cents per share in lieu of a final dividend for the year ended 31 December 2020. The second interim dividend is not conditional on ...