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2016年12月21日 : 華寶國際 (00336) 通函 - [《收購守則》所指的受要約公司發出的文件 / 《收購守則》所指的要約公司發出的文件]華寶國際控股有限公司已授出但尚未行使之購股權的藍色接納及註銷表格 (251KB, PDF) [22/12/201606:53]
2016年12月21日 : 華寶國際 (00336) 通函 - [《收購守則》所指的受要約公司發出的文件 / 《收購守則》所指的要約公司發出的文件]華寶國際控股有限公司股本中每股面值0.10港元之普通股股份之白色接納及過戶表格 (259KB, PDF) [22/12/201606:46]
2016年12月21日 : 華寶國際 (00336) 公告及通告 - [《收購守則》所指的受要約公司刊發的公告 / 《收購守則》所指的要約公司刊發的公告]聯合公告 寄發綜合文件 有關 由法國巴黎證券(亞洲)有限公司 代表聯合要約人 提出之自願有條件現金要約 以收購華寶國際控股有限公司 股本中所有已發行股份 (聯合要約人以及彼等任何一致行動人士已持有之該等股份除外)及 註銷華寶國際控股有限公司所有尚未行使的購股權 (208KB, PDF) [22/12/201607:02]
2016年12月21日 : 華寶國際 (00336) 通函 - [《收購守則》所指的受要約公司發出的文件 / 《收購守則》所指的要約公司發出的文件]綜合要約及回應文件 由法國巴黎證券(亞洲)有限公司 代表聯合要約人 提出之自願有條件現金要約 以收購華寶國際控股有限公司 股本中所有已發行股份 (聯合要約人以及彼等任何一致行動人士已持有之該等股份除外)及 註銷華寶國際控股有限公司所有尚未行使的購股權 (1041KB, PDF) [22/12/201606:27]
2016年12月19日 : 華寶國際 (00336) 公告及通告 - [《收購守則》所指的受要約公司刊發的公告 / 《收購守則》所指的要約公司刊發的公告 / 延遲發送通函或其他文件]聯合公告 進一步延遲寄發綜合文件有關由法國巴黎證券(亞洲)有限公司代表聯合要約人提出之自願有條件現金要約以收購華寶國際控股有限公司股本中所有已發行股份(聯合要約人以及彼等任何一致行動人士已持有之該等股份除外)及註銷華寶國際控股有限公司所有尚未行使的購股權 (163KB, PDF) [19/12/201621:15]
2016年12月14日 : 華寶國際 (00336) 公告及通告 - [《收購守則》所指的受要約公司刊發的公告 / 《收購守則》所指的要約公司刊發的公告 / 延遲發送通函或其他文件]聯合公告 延遲寄發綜合文件有關由法國巴黎證券(亞洲)有限公司代表聯合要約人提出之自願有條件現金要約以收購華寶國際控股有限公司股本中所有已發行股份(聯合要約人以及彼等任何一致行動人士已持有之該等股份除外)及註銷華寶國際控股有限公司所有尚未行使的購股權 (161KB, PDF) [14/12/201620:39]
2016年11月28日 : 華寶國際 (00336) 財務報表/環境、社會及管治資料 - [中期/半年度報告]2016-2017中期報告 (3239KB, PDF) [28/11/201608:07]
2016年11月25日 : 華寶國際 (00336) 公告及通告 - [《收購守則》所指的受要約公司刊發的公告]委任獨立財務顧問 (111KB, PDF) [25/11/201620:21]
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3執董減持華寶 套現2800萬
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我見過其中一位董事

面對面交談過

俾我一種很誠懇,辦實事的感覺 smiley
2007 +43.7%..........2012 +14.3%
2008 -23.6%...........2013 +9.4%
2009 +131.5%.......2014 +49.9%
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07-15CAGR +32.2% ~Wilbur
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反話...smiley
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真心話呀

個董事仲好無架子

我呢D二打六都招呼...
2007 +43.7%..........2012 +14.3%
2008 -23.6%...........2013 +9.4%
2009 +131.5%.......2014 +49.9%
2010 +42.6%..........2015 +107.9%
2011 -12.6%

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個董事仲好無架子

我呢D二打六都招呼...


據聞真的是實幹形

這是另類的花紅....只能說, 他們等錢洗
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484 昔日看佢話起PLATFORM, 誰不知, 管理層不濟, 股價走下玻,

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朱林瑤:低調的產業與資本雙面手
吹水可以去吹水龍鳳區膠區,睇文去文章區,睇股去股區,有問題去版務區,寫Blog 就開realblog


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民企又洗倉華寶離奇插 12%
渾水報告驚魂 雨潤翻版
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將搞路演 挽大戶信心
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吹水可以去吹水龍鳳區膠區,睇文去文章區,睇股去股區,有問題去版務區,寫Blog 就開realblog


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http://finance.cctv.com/20090316/104418.shtml
 《福布斯》的一紙富豪榜,將香港華寶國際(00336,HK)主席朱林瑤推上前台。這份年齡在24歲至50歲之間的全球20位擁有10億美元以上財富的女億萬富豪名單中,大多是通過繼承等方式獲得​​ 巨額財富,其中只有4位是白手起家,而現年只有38歲的朱林瑤被稱為最年輕的白手起家型女富豪,據《福布斯》估計,她的身家至少在20億美元以上。據《每日經濟新聞》掌握的情況,這位此前被媒體普遍報導為來自中國香港的女富豪實際上是四川人,其丈夫則是被稱為“中國香精大王”的林國文。

  低調老闆從不透露發家史

  據透露,目前身為香港上市公司華寶國際主席的朱林瑤祖籍四川,其公司員工告訴記者:“朱主席平素為人低調,和別的老闆不同的是,她很少在員工面前訴說自己的發家史,也不喜歡講自己的奮鬥歷程,而更願意和員工一起探討上市公司的業務,因此大家對於老闆個人的發展軌跡知道的並不是特別清楚。”

  在2007年時,胡潤已將朱林瑤排進當年百富榜的第44位,當時估算她的身價為135億港元。記者昨天致電胡潤,沒想到胡潤本人竟也表示朱林瑤極其神秘,在公眾視野中很難找到此人的信息。胡潤告訴記者,他也只是在一份英文資料中發現了她的巨大財富。而關於該女富豪的其他信息,胡潤本人也無法獲悉。

  據公司員工介紹,朱林瑤是土生土長的四川人,和香精香料結緣則是在她前往北京念大學以後的事情。與其他普通大學生​​ 有別的是,朱林瑤還在唸書時,即對貿易產生了濃厚的興趣,也意識到了其中蘊含的豐富商機和致富良機。當時,朱林瑤的志向即不在類似“順利畢業,找個好工作上班”之類的想法。期望著改變生活的朱林瑤很快做起了貿易生意,“剛開始時,老闆並沒有接觸到香精香料生意,而是在此後做生意的過程中,慢慢發現了香精香料業中蘊藏的巨大商機。”華寶國際員工告訴記者。

  很快,朱林瑤在北京成立了自己的第一家香精香料貿易公司,開始了事業的起步階段。此時,朱林瑤已開始展示了其在實業經營及資本運作上的高超手段。

  為朱林瑤與其丈夫林國文“做媒”的也是香精香料業。1963年9月21日出生於廣東電白縣樹仔鎮的林國文此前已在深圳創立了華寶公司。上世紀90年代,林又投資2000萬美元,成立了上海華寶公司,而朱林瑤此時也正在上海拓展自己的香精香料業務。2004年,華寶集團收購上海家化旗下一企業,並成立了上海華寶孔雀香精香料有限公司,一躍成為食用香精領域的重要生產企業。目前,煙用香精和食用香精已成為華寶國際最重要的兩大業務。

  成功借殼身家飆升百億

  此時,在國內香精香料業內已具有相當話語權的華寶集團開始謀求上市,並看中了在港交所掛牌的力特有限公司的殼資源。當時力特由於連年虧損,同樣有著強烈的資產重組意願,雙方一拍即合。2004年3月,力特以每股0.1港元的價格,向朱林瑤100%控股的MogulEnterprisesLimited發行1.731億普通股,公司同時更名為華寶國際。成功借殼上市後,朱林瑤將其旗下的香精香料業務,以ChemactiveInvestmentsLimited的名義,打包注入上市公司,該公司為朱林瑤在英屬維京群島註冊的100%控股子公司,名下包括設立於上海的華寶上海公司、華寶孔雀等優質資產。由於此前朱林瑤已擁有上市公司90.99%的股份,此次資產注入完成後,其持股比例已高達97.57%。

  此後,朱林瑤開始了其數次減持套現的歷程。2006年8月4日,華寶國際發佈公告稱,朱林瑤擬將其直接和間接持有的27.47億可轉換優先股悉數轉換為普通股並行使認股權證,並向公眾配售6.9億股普通股。此後,朱林瑤以每股2.2港元完成配售,一舉套現約15億港元。2007年1月17日,華寶國際再次發佈公告,朱林瑤擬向公眾股東配售2.773億股,配售價格為每股4.56港元,此次朱林瑤套現約12.65億港元。今年3月26日,華寶國際發佈公告稱,朱林瑤已收購獨立第三方的一項香精香料業務,作為支付對價的一部分,朱林瑤以每股6.5港元,向對方轉讓了6942萬股,再次成功套現4.51億港元。數次轉讓後,朱林瑤持股比例目前已下降至65.22%。

  昨日,華寶國際收盤價為6.15港元,以此計算,朱林瑤目前擁有的股票市值約為123.3億港元。

  客戶囊括十大煙草品牌

  據華寶國際年報介紹,公司目前主要從事煙用、食品香精香料的研發、生產和銷售。目前的發展戰略為“堅持以煙用香精為核心,加快食品香精的發展步伐、積極拓展日化香精。”

  截至2008年3月31日,華寶國際煙用香精的銷售收入較去年同期增長了37.7%,而目前,中國十大捲菸企業已經全部成為了華寶國際的最終客戶。據公司年報披露,2007年全國銷量前十大捲菸品牌紅梅、白沙、紅金龍、紅河、哈德門、黃果樹、紅旗渠、紅山茶、雙喜、紅塔山皆為公司現有客戶,而其中僅有紅金龍和紅山茶非公司核心供應商。

  成功借殼身家飆升百億

  此時,在國內香精香料業內已具有相當話語權的華寶集團開始謀求上市,並看中了在港交所掛牌的力特有限公司的殼資源。當時力特由於連年虧損,同樣有著強烈的資產重組意願,雙方一拍即合。2004年3月,力特以每股0.1港元的價格,向朱林瑤100%控股的MogulEnterprisesLimited發行1.731億普通股,公司同時更名為華寶國際。成功借殼上市後,朱林瑤將其旗下的香精香料業務,以ChemactiveInvestmentsLimited的名義,打包注入上市公司,該公司為朱林瑤在英屬維京群島註冊的100%控股子公司,名下包括設立於上海的華寶上海公司、華寶孔雀等優質資產。由於此前朱林瑤已擁有上市公司90.99%的股份,此次資產注入完成後,其持股比例已高達97.57%。

  此後,朱林瑤開始了其數次減持套現的歷程。2006年8月4日,華寶國際發佈公告稱,朱林瑤擬將其直接和間接持有的27.47億可轉換優先股悉數轉換為普通股並行使認股權證,並向公眾配售6.9億股普通股。此後,朱林瑤以每股2.2港元完成配售,一舉套現約15億港元。2007年1月17日,華寶國際再次發佈公告,朱林瑤擬向公眾股東配售2.773億股,配售價格為每股4.56港元,此次朱林瑤套現約12.65億港元。今年3月26日,華寶國際發佈公告稱,朱林瑤已收購獨立第三方的一項香精香料業務,作為支付對價的一部分,朱林瑤以每股6.5港元,向對方轉讓了6942萬股,再次成功套現4.51億港元。數次轉讓後,朱林瑤持股比例目前已下降至65.22%。

  昨日,華寶國際收盤價為6.15港元,以此計算,朱林瑤目前擁有的股票市值約為123.3億港元。

  客戶囊括十大煙草品牌

  據華寶國際年報介紹,公司目前主要從事煙用、食品香精香料的研發、生產和銷售。目前的發展戰略為“堅持以煙用香精為核心,加快食品香精的發展步伐、積極拓展日化香精。”

  截至2008年3月31日,華寶國際煙用香精的銷售收入較去年同期增長了37.7%,而目前,中國十大捲菸企業已經全部成為了華寶國際的最終客戶。據公司年報披露,2007年全國銷量前十大捲菸品牌紅梅、白沙、紅金龍、紅河、哈德門、黃果樹、紅旗渠、紅山茶、雙喜、紅塔山皆為公司現有客戶,而其中僅有紅金龍和紅山茶非公司核心供應商。
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http://www.mpfinance.com/htm/Finance/20110803/News/ww_ww5.htm
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2011年8月4日

http://www.mpfinance.com/htm/Finance/20110804/News/ec_ecb1.htm
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http://www.hkexnews.hk/listedco/ ... TN20111019436_C.pdf
唔怪之得日日跌...

本公司最近獲本公司的主席兼控股股東朱林瑤女士知會,其于二零一一年十月十四日進行了一項有關本公司股份的衍生產品交易的好倉合約,合約期由二零一一年十月十四日至二零一三年一月十三日,相關金額所涉等值為94,736,842股本公司股份。

是咪場外期權?
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http://hk.apple.nextmedia.com/te ... 307&art_id=15721919
據 John Hempton於本周一在其網誌張貼的文章指出,他曾經與探訪過華寶生產基地的人討論過,他們雖然對華寶的煙葉種植場印象深刻,但在生產廠房內,只看到藍色圓筒,內裏盛着奇怪液體,完全沒法令人聯想到這是一家市值逾 130億元的企業。
Hempton又表示,由於華寶的毛利率超過 60%,足足是對手的 5倍,他估計只有以高價向國有香煙企業出售煙葉,才可支持這樣高的毛利率。另外,當他在華寶公司網頁上瀏覽,多項產品均顯示「沒有」。本報曾以電郵向 Hempton查詢,到截稿時仍未有回覆。
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http://brontecapital.blogspot.co ... ansactions-and.html
Huabao - a fragrances and flavors company and the subject of attention on this blog - has suffered a rapid stock-price decline lately.

The company put out a press release related to the unusual activity in the stock.

To quote:

  UNUSUAL PRICE AND TRADING VOLUME MOVEMENTS

  We have noted the recent decreases in the price of the shares and the significant trading volume involved of Huabao International Holdings Limited (the “Company”). Save as disclosed below, we are not aware of any reasons for such incidence.

  We have been recently notified by Ms. CHU Lam Yiu, the controlling shareholder of the Company, of her entering into a derivative transaction on 14 October 2011 relating to a long position of a monetary value equivalent to 94,736,842 shares of the Company with a contract period starting from 14 October 2011 to 13 January 2013...

I have a simple question: what is the "derivative transaction" that Ms. CHU Lam Yiu entered into regarding over 94 million of her shares?

In my world all derivatives can be bifurcated into a series of forwards, put options and call options. (The bifurcation is alas not unique...)

Unless I am mistaken then she has either

(a) sold her shares using forwards in which case it is effectively a forward sale (she has just cashed out and used fancy language and derivatives to obscure this fact),

(b) sold the upside of her shares by selling call options or

(c) protected the downside of her shares by buying put options or

(d) some combination of the above.

All of those are bets against her shares in some form or other. Of course I can be mistaken, but it seems the CEO is betting against her own shares using derivatives.

I am also betting against her shares - so I have something in common with her.

But not much.

You see I am just a guy who reads public filings. She is the controller of the company and the world's youngest self-made female billionaire. She is a smart cookie too: took her company public via reverse takeover, sold a chunk of shares in 2008, and again in 2009 and again recently. She is, on some lists, the eighth richest woman in the world.

And she still seems to be betting against her shares. Mostly she sells at lower prices.

But whatever: I think we are entitled to know precisely the nature of the bet that the CEO has taken against her shares.

I am happy to disclose my bet: I am short. Ms. CHU Lam Yiu, it is your turn to disclose.
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The Shanghai Daily (subscription required) has taken to calling Zhu Linyao as the "Queen of Cashout". She is otherwise known as the controller of Huabao - an interesting company I have previously written about.

She is the second biggest insider-seller of any Chinese stock according to this list - having cashed out about half a billion US dollars this year.

I have now emailed with many people who have an interest in Huabao. Some visited the (recently purchased) reconstituted tobacco leaf plants - and they were moderately impressed. Some visited the flavors plant (the legacy business) and they found a few blue drums and a vat full of strange liquid but nothing redolent of a business then worth over USD3 billion. They ran a mile from the stock.

The most impressive website any of the people I communicate with has found is for their Peacock brand. They sell 572 products (far less than most retail shops) including "tomato sauce" and "cheese powder". Press "new products" and you get a one word answer: "no". A similar response is given for "food flavor". Isn't this meant to be a flavors company?

This compares as I noted in my previous blog post with maybe 100 thousand pages of text on the website of the major company in this industry (Givaudan).

It is unlikely you make 60 plus percent margins reselling flavored yogurt on an obscure Chinese website. I am not joking - see this link.

The only way that the margins - almost five fold the margins of Western competitors - are possible is by selling at an inflated price to the Chinese state owned tobacco companies. And indeed that is what the bull story is as many of my readers have pointed out.

I can neither confirm nor deny the existence of those sales. My only correspondents who have visited the factories responsible for those sales found a few blue drums. But there might be a large and complex factory behind that or there may be other sites so their word should not be taken as complete.

Moreover Price Waterhouse Coopers audited the accounts and they tell me the sales are real so I presume they are. Whatever: if real it is likely that one day the State Owned Enterprises will try to renegotiate the deal which seems unreasonably favorable to Huabao...

Maybe that is why Zhu Linyao is the "Queen of Cashout".



John
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Bruschettaboy said...

  by selling at an inflated price to the Chinese state owned tobacco companies. And indeed that is what the bull story is as many of my readers have pointed out

  Oh god help us, the old smart-dumb "oh yes, we know they're dodgy, but they're on our side, and despite never having met us, these people are going to use all their government contacts for our benefit". Did nobody learn anything at all from investing in Indonesia in the 90s, or am I just old?
...

Nemo Incognito said...

  Look, he may be an insufferable barbaric kleptocrat but if you smoke cloves in Indonesia you are smoking his. - Asian Ibanker re Tommy Soeharto circa 1995

  Looks like Huabao is done. Spoke to some folks at Kunming Ciagrette Co and this is news to them, so either they:
  1) Didn't know about this and are going to stop it
  2) May have been on the take but can't continue doing so now or
  3) Huabao straight up does not exist.
  October 17, 2011 9:08 PM
Anton de Stoc said...

  I've been doing some thinking about different sorts of dumb, centering around Bre-X and some Australian rocks that have been innocently sitting in Western Sydney for 25 years.

  Its easy to be smart-dumb.

  Its harder to be smart-dumb about stuff you actually know about.

  Food additives and perfumes are some pretty specific organic chemistry, and frankly virtually no-one knows about how hard or what the margins are.

  As organic chemistry is hard, smart-dumb is what I'd bet on.
  October 18, 2011 1:55 AM
Anonymous said...

  @ Bronte Capital,

  Agree with your assessment of Huabao, but there may be much bigger short opportunities in the "recovering" U.S. money center banks who are announcing bodacious earnings increases such as Wells and Citi due to "deposit and loan" increases.

  The problem isn't just with the non-performing loan portfolios -- it's how they generate revenues on a retail level -- through a variety of scams. These scams involve trying to get the consumer to open needless bank accounts in an effort to get deposits. There isn't much differentiation as you might imagine for a commoditized business so if that doesn't work, the personal bankers, managers and down to the tellers are forced to open accounts for each other. This scam involves opening and closing accounts in succession so they can book "deposit growth." What happens when these retail branch people run out of "friends and family"? They get fired and the scam starts afresh.

  Debit cards are also a considerable scam.

  Don't believe me? Spend some time talking with retail branch operations and you'll get an interesting look.
  October 18, 2011 2:15 AM
Anonymous said...

  I kind of not get the Half-Priced Hoo... oops, sorry slipped, Price-Waterhouse-coopers story. "They say the sales are real" as in "as usual, they claim to have no way of verifying that"?
  I mean, I can understand getting fooled by a novel fraud, but by now it looks like the "inside guy in a bank who provides cursory confirmation about money on the accounts over the phone" trick is in the book, no? Their public audits should have "methodology" section where one can see if they at least try to avoid being fooled by stuff like this...


  Regards, Dmitry.

  P.S. And guess I'm old too, or maybe just too Russian :) People truly keep trying to win (http://en.wikipedia.org/wiki/Shell_game) even seein it for what it is! Like that persistent urban legend that fraudsters would let "win first try" "in order to lure one deeper into the game", which people of seemingly sane mind use as a reason to make "just one bet", haha.
  October 18, 2011 1:01 PM
Anonymous said...

  I think you don't understand what this or any other tobacco flavourings company actually does. As tobacco grows, its flavour alters according to the location in which it is grown, the amount of rain or sun it recieves each year and general climatic conditions, etc, just like apples or any other foodstuff. It then takes approx 2 years to dry, changing flvour all the time. What Huabao do is maintain a library, if you like, of the exact chemical composition of each brand's identity flvour and they then test each batch of tobacco and adjust the flavourings accordingly to bring it back to the brand flavour. The amounts of chemical used for this are teeny, hence minimal asset base - it's all in the knowledge. They have diversified into RTL recently as the Chinese tobacco market has consolidated, so there's not much growth in their taditional market any longer. That is why they are trying to break into the food flavourings too, but it is essentially the same model - keep a detailed chemical inventory of a brand's signature taste and replicate it to keep the taste consistent. There are lots and lots of reasons not to like this stock, but the ones you have highlighted here are not some of them.
  October 20, 2011 3:31 AM
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8 comments:

Tom said...

  13 January 2013 is not an exchange-traded option expiry date. I wonder who the counterparty is.
  October 20, 2011 9:30 AM
Jacob said...

  While the press release doesn't exactly inspire confidence, it's not completely clear to me that "derivative transaction...relating to a long position" necessarily means an offsetting transaction. Couldn't it mean for example that she purchased call options outright? Or sold puts? Seems improbable but the language is not as clear as you suggest!
  October 20, 2011 10:27 AM
Anonymous said...

  That's a very unclear statement, but doesn't it read as if she'd bought instead of sold via the derivatives market? Or maybe it reads "all your base are belong to us."

  ptuomov
  October 20, 2011 12:47 PM
Anonymous said...

  Would it be too surprising if the counterparty of the trade is Huabao itself?
  October 20, 2011 2:07 PM
Nemo Incognito said...

  Tom - looks like its a large American non-cephalopod bank.
  October 20, 2011 4:01 PM
Eaststopper said...

  Maybe it is an OTC equity swap?
  October 20, 2011 5:01 PM
Andrew said...

  http://www.china.org.cn/business/2011-10/14/content_23626245.htm
  October 20, 2011 7:09 PM
Anonymous said...

  Clearly the derivative involves an exposure to the stock price that is short, not long, as it is being used to explain a massive sudden *drop* in the stock price - ie, whoever is the counterparty had to hedge the derivative by selling, not buying. Very interesting, and the failure to provide details is super dodgy.

  The stock has tanked a long way already but I suspect that a substantial part of this company's supposed business doesn't actually exist! I spoke to a fund manager today and mentioned this to him, and it turns out that he actually met with Huabao around 3 years ago and asked to inspect their factories, and he said that there was simply nothing there, nothing going on - they gave some kind of sketchy excuse about the factories just happening to not be running at the time of his visit.

  I can't wait to see how much further this stock drops.
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  http://www.headlinefinance.hk/lu ... &&keyword=&special=
葉小姐問:   請問寶華國際(00336) 股價及相關新聞 前景如何?本人欲買入,買入、止蝕位應設在甚麼價位?多謝指教!
答:   黃師傅答:華寶國際近日被一澳對沖基金質疑毛利率,股價顯著下滑,但另一方面公司主席近日進行了一項有關公司股份的衍生產品交易的好倉合約,令今早股價反彈近一成。短期消息紛亂,可能令股價繼續大幅波動,如真想買入,可在4.5元考慮,4.35元止蝕。[2011年10月20日 12:32]
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升職
載入PDF: http://www.hkexnews.hk/listedco/listconews/sehk/2014/0919/LTN20140919450_C.pdf 在新視窗開啟
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公司好像沒有什麼新聞一樣
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無新聞咪好
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盈利增10.2%至9.84億元,每股盈利0.3172元,派中期息9.52仙及特別息22.2仙,派息率達百分百。手頭大把現金!! 勁!
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13元見
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突然派返多息?轉好,等錢洗定伏?
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他之前花了咁多錢買股....
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