March 27, 2015 7:27 pm
Tax havens told to drop opposition to UK call for central register
Leading offshore financial centres have been told to rethink their opposition to David Cameron’s demand that they create a central register revealing companies’ ultimate owners.
The government has told the British Virgin Islands and the Cayman Islands to set out specific timetables for implementing central registers or similar systems by November. It has also written to Bermuda, which already has a central register, asking it to make the information more accessible to law enforcement agencies. Continue reading
Updated : 2015-03-27 17:40
Ascender loses fight against Infovine CEO
By Kim Jae-won
Ascender Capital, a Hong Kong-based hedge fund, failed to change the corporate governance of Infovine at the local information technology company’s shareholders’ meeting on Friday.
Infovine reappointed its CEO, Kwon Seong-jun, at the meeting despite opposition from Ascender, which has accused Kwon of harming minor shareholders’ interests. Ascender, which owns 3 percent of Infovine, said Kwon had enriched himself at the expense of all other shareholders by issuing bond warrants in August 2013. Continue reading
The financials of tycoon Li Hejun’s Hanergy remains a mystery
Saturday, 28 March, 2015, 4:03am
Eric Ng email@example.com
Analysts raise doubts over Hanergy’s dubious deals and shaky numbers amid a rally in the stock
It is the brightest spark in the solar industry, but Hanergy Holding Group’s dubious deals and shaky numbers are casting a shadow over its runaway success. The company is behind listed Hanergy Thin Film Power Group (Hanergy TFP), the world’s biggest solar company by market value whose rocketing share price and trading volume pivot on the parent’s giant hydropower project. The shares of this project have been pledged to support the company’s foray into the risky thin-film solar power business.
But it is not entirely clear how unlisted Hanergy, set up in 1994 as a small hydropower plant investor, booked 10 billion yuan (HK$12.6 billion) of sales and 1.77 billion yuan in net profit in 2013, but only 2.72 billion yuan of sales and 674 million yuan in net profit from the Jinanqiao hydro project – its mainstay. The figures are listed in an online sales document issued last month on a trust investment product sold through China Minsheng Trust. Continue reading
Updated : 2015-03-26 18:22
Infovine chief accused of harming shareholders’ values
By Kim Jae-won
Edouard Mercier, head of Hong Kong-based hedge fund Ascender Capital, said Thursday that the CEO of a local IT company Infovine harmed the interests of minority shareholders by issuing “needless” bond warrants (BW) in August 2013.
Mercier, investment principal of Ascender, said the mobile certificate storage service company’ shares are trading at about 50 percent of its potential value due to the company’s poor corporate governance. Continue reading