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Julie Qu presents at C5’s Fraud, Asset Tracing and Recovery conference in Hong Kong

Written By: on CORPORATE INVESTIGATIONS, FCPA / BRIBERY INVESTIGATIONS, FORENSIC ACCOUNTING NEWS Leave a Comment

Julie Qu recently presented her views on the balance between control and operation faced by Chinese companies when trying to run a successful business and complying with FCPA, anti bribery and other regulations.

Julie’s presentation was based on her “on the ground” experience working in China and was well received by all attendees.

If you would like a copy of the presentation,

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JLA ASIA JOINS GLOBAL ALLIANCE OF SPECIAL SITUATIONS

Written By: on TRANSACTIONAL SERVICES

Philadelphia, PA – June 9, 2016 – Global Special Situations (“GSS” or the “Alliance”), a global alliance of investment banking firms which focus on special situations transactions, announced that JLA Asia Limited (“JLA”) has become a member. JLA maintains offices throughout China, including in Beijing, Hong Kong, Macau, Shanghai and Shenzhen. JLA is a diversified financial services firm with expertise in M&A advisory,

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GLOBAL MERCHANT FUNDING LIMITED. GMF FINANCE LIMITED.

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

On 14 April 2016, the abovementioned companies were placed into voluntary liquidation pursuant to Section 228A of the Companies (Winding Up and Miscellaneous Provisions) Ordinance and John Robert LEES and TSUI Chi Chiu were appointed Joint and Several Provisional Liquidators.

We are now reviewing the financial affairs of the companies. We will convene a Creditors Meeting to be held on or before Thursday 12 May 2016,

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Rafael Hui – Apple Daily and Oriental Daily reported the Trustees’ investigation progress on 4 December 2015

Written By: on BANKRUPTCY, INSOLVENCY MANAGEMENT

破產信託人向許仕仁公司追討逾1,500萬

因涉貪而正服刑的前政務司司長許仕仁,早於2013年11月被頒下破產令,其破產受託人入稟高等法院,指許於2007年5月至2012年3月12日期間,向名下公司德福企業有限公司開出41張共1,529萬元的支票,要求該公司交還有關款項。

另外,破產受託人亦入稟控告許的好友、現正服刑的關雄生,指許於2008年12月至2010年4月期間,向關開出3張共53萬的支票,要求關交還該筆款項。

許仕仁於去年底被裁定藉公職作不當行為、串謀藉公職作不當行為、串謀向公職人員提供利益共五項罪名成立,判囚7年半,而港交所前高級副總裁關雄生,則被裁定串謀藉公職作不當行為罪,以及串謀向公職人員提供利益罪,被判囚5年。

http://hk.apple.nextmedia.com/realtime/news/20151204/54499899

財產受託人追許仕仁公司逾千五萬

【on.cc東網專訊】 因為貪污而正在獄中服刑的前政務司司長許仕仁,在入獄前無力償還逾7000萬元欠債,於兩年前已被高院頒令破產,而其財產受託人一直追查他在破產前的財政狀況。許的財產受託人經追查後,終於入稟高院,指許在2007至2012年期間,把1500多萬元轉給他與其太太羅美美名下的一間公司,並同時把53萬元轉給與他一同被判監的好友關雄生,涉款共1582萬元,財產受託人現要向該間公司和關雄生追討有關款項和利息。
許在接受刑事審訊時曾表示,他原擬在卸任公職後繼續其顧問生意,但遭逢金融海嘯以致多宗生意告吹,不但其奢侈生活無以為繼,更出現周轉困難。許於2013年更因無力還債而遭債權人申請破產。根據法例,破產人士的財產受託人,有權追討破產人破產前的錢銀交易。
許的破產財產受託人(下稱原告),今次提出兩宗民事訴訟,分別向兩名被告德福企業有限公司及正在獄中服刑關雄生追討款項。原告在入稟狀透露,許在2007年5月至2012年3月期間,曾開出41張支票,將合共1529萬元支付給德福企業;許又先後在2008年12月、2009年10月及2010年4月開出3張支票,合共支付53萬元給關。原告現向兩名被告追討上述款項、利息及訟費。
據公司註冊資料,德福企業的股份由海外公司Top Quality Enterprises Limited持有。在德福企業成立初期,許氏夫婦曾一同出任該公司的董事,許其後辭職,羅現在成為該公司的唯一董事。許在接受刑事審訊期間,曾承認他和太太各佔Top Quality Enterprises Limited一半權益。換言之,德福企業是許氏夫婦名下的公司。

http://hk.on.cc/hk/bkn/cnt/news/20151204/bkn-20151204112218847-1204_00822_001.html

Mat Ng – Interviewed by Oriental Daily, The Sun and AM730 on 12 November 2015

Written By: on BANKRUPTCY, INSOLVENCY MANAGEMENT

Mat Ng was interviewed by Oriental Daily and The Sun to comment on the possible liquidation of Yung Kee Holdings Limited and by am730 on the impact of the decision of the Court in respect of winding up offshore companies in Hong Kong.
鏞記風暴:委正式清盤人前達共識 可免清盤

【on.cc東網專訊】 鏞記清盤仍有轉機!律師梁永鏗指,雖然終審法院裁定鏞記母公司可清盤,惟給予與訟雙方28日時間進行磋商,甘氏兄弟至少仍有兩個時機避免家族生意遭清盤的命運。他解釋指,首次機會是雙方限期內達成「分產」包括商號、物業等協議;第二次機會是進入清盤程序時,法庭會先委任臨時清盤人,讓公司繼續營運,再經過一定程序委任正式清盤人,雙方如在委任正式清盤人前達成共識,仍可有扭轉局面。
而曾處理多宗清盤及破產案件的JLA asia ltd董事總經理吳宓指,由於鏞記早前未有委託清盤人,破產管理署會在三個月內召開債權人會議及股東大會,雙方可在兩個會議內各自推薦清盤人,如兩個會議最終選出兩個不同清盤人,則會視乎涉事公司的資產與負債。如公司是資不抵債,法庭會傾向委任債權人會議選出的清盤人,相反,如公司是資可抵債,法庭則會傾向委任股東大會選出的清盤人。他認為,以鏞記擁有豐厚資產為例,應是股東大會的決定較為重要。
不過,吳宓補充指,由於法庭擁有清盤人的最終委任權,如認為兩個會議中選出的清盤人均不合適,亦可從破產管理署的清盤人名單選出清盤人。

http://hk.on.cc/hk/bkn/cnt/news/20151111/bkn-20151111164855875-1111_00822_001.html?eventsection=hk_news&eventid=4028828d50c7908d0150f485a8f95821
限期前達分產協議 可免清盤

【本報訊】 鏞記清盤仍有轉機!有執業律師指,雖然終審法院裁定鏞記母公司清盤,惟給予與訟雙方二十八日進行磋商,甘氏兄弟至少仍有兩個時機避免家族生意遭清盤的命運,分別是法庭給予的二十八日時限之內及委出正式清盤人之前。有註冊會計師指出,委任清盤人需時約要三個月,法庭有可能傾向委任股東大會選出的清盤人。
律師梁永鏗指,甘氏兄弟仍有兩個時機避免鏞記遭清盤,首次機會是雙方於終院指定的限期內達成「分產」包括商號、物業等協議;第二次機會是進入清盤程序時,法庭會先委任臨時清盤人,讓公司繼續營運,再經過一定程序委任正式清盤人,雙方如在委任正式清盤人前達成共識,仍可扭轉局面。

傾向委任股東大會選出清盤人
曾處理多宗清盤及破產案件的JLA asia ltd董事總經理吳宓指,由於鏞記早前未有委託清盤人,破產管理署會在三個月內召開債權人會議及股東大會,雙方可在兩個會議內各自推薦清盤人,如兩個會議最終選出不同清盤人,則視乎涉事公司的資產與負債。如公司資不抵債,法庭會傾向委任債權人會議選出的清盤人,相反,如公司資可抵債,法庭傾向委任股東大會選出的清盤人。他認為,鏞記擁有豐厚資產,應是股東大會的決定較重要。
不過,吳宓補充指,由於法庭擁有清盤人的最終委任權,如認為兩個會議中選出的清盤人均不合適,亦可從破產管理署的清盤人名單選出清盤人。

http://the-sun.on.cc/cnt/news/20151112/00407_011.html
爆官司米芝蓮搣星 鏞記連續三年榜上無名

一場家族官司令有超過70年歷史的本港老牌食府、有「名人飯堂」美譽的鏞記酒家「一分為二」,其中目前由二少甘錕禮擔任董事總經理的中環鏞記酒家,自爆出官司後已被《米芝蓮指南》「搣星」,至近3年更未能登上《米芝蓮指南》排行榜,相反由大少甘健成次子另起爐灶的「甘牌燒鵝」,則連續第二年「摘星」,獲《米芝蓮指南》評為「一星」食肆。

鏞記酒家在1942年創立,早在1968年已被美國《財富》雜誌評為世界15大食府,為當時榜上唯一的中式食府,其後一直是本港政經界名人光顧熱點,有「名人飯堂」的美譽。鏞記在2008、2009及2010年連續三年獲得《米芝蓮指南》一星評級,自此聲名更為大噪。不過,鏞記爆出家族官司後,在2011年即被「搣星」,剔出星級食府行列,僅成為一般推介食肆,至近3年更加未能登上《米芝蓮指南》的排行榜,被外界認為水準下降,但有食客認為只是不同樓層的服務水平不一,力撐金牌燒鵝,以及斑翅等食物,保持鏞記一貫水準。

「甘牌燒鵝」再摘星
至於入稟引發家族官司的甘健成一家,其兩名兒子分別於去年另起爐灶,在天后及灣仔創立「甘飯館」及「甘牌燒鵝」。其中,由長子甘崇軒創立的「甘飯館」,去年成為《米芝蓮指南》一般推介食肆,招牌菜包括清湯腩、古法炆斑翅、燒味、皮蛋酸薑,以及紅燒斑翅等。至於由次子甘崇轅創立的「甘牌燒鵝」,去年開業短短4個月,已獲《米芝蓮指南》評為一星食肆,招牌菜是以常溫風乾及用上配料秘製的燒鵝,該店今年延續水準力保一星評級。

甘氏兄弟不和
引發連場官司
鏞記酒家因第二代甘氏兄弟不和而引發清盤官司,長子甘健成疑因遭二弟甘琨禮削權,於2010年7月以債權人身份入稟高院,申請將鏞記母公司清盤,或頒令要二弟收購其手上45%股份。二弟指清盤申請影響生意及運作,要求剔除清盤呈請,但遭法官駁回。案件於2012年1月30日正式開審至 3月初審結,並於10月尾宣判,惟甘健成於10月初,未等到官司結果,便因病突然離世,最後原訟庭及上訴庭均以無司法管轄權為由,駁回甘健成一方的清盤申請,裁定「鏞記」繼續由二弟持有。甘健成的遺孀梁瑞群於上月8日上訴到終院,直至昨日上訴得直。
資深大律師湯家驊指,終院對鏞記清盤案的判決,將會成為同類案件的重要案例,但涉及的司法管轄權問題,只適用於涉及《公司條例》的案件。會計師公會重整及破產管理專項學會委員會主席吳宓認為,是次判決將令本地股申請海外清盤變得容易,但不會影響本地公司的註冊安排。

http://www.am730.com.hk/article-289104

John Lees and Mat Ng – Interviewed by Apple Daily, Oriental Daily and The Headline 17 September 2015

Written By: on BANKRUPTCY, INSOLVENCY MANAGEMENT

According to articles in Apple Daily, Oriental Daily and The Headline, John Lees and Mat Ng, the Joint and Several Trustees of the bankruptcy estate of Hui Si Yan, Rafael, have obtained an Order under Section 29 of the Bankruptcy Ordinance to further their investigations.

HSY67341
HSY67342
HSY67343

Apple Daily
http://hk.apple.nextmedia.com/news/art/20150917/19298811

Oriental Daily
http://www.on.cc/hk/bkn/cnt/news/20150916/bkn-20150916095617439-0916_00822_001.html?refer=fn2

The Headline
http://hd.stheadline.com/news/daily/hk/374793/

DESCARTES INVESTMENT MANAGEMENT LIMITED
DESCARTES GLOBAL ASSET MANAGEMENT LIMITED
DESCARTES FINANCE LIMITED
DESCARTES ATHENA FUND SPC

Written By: on ADMINISTRATION, INSOLVENCY MANAGEMENT, LIQUIDATION

I refer to the announcement made by the Securities and Futures Commission (“SFC”) on 6 May 2015, regarding the agreement reached by the SFC with Bestmega / NBS.

I would like to draw your attention that the agreement will be valid only once approved by the respective Courts in Hong Kong and the Cayman Islands.

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Chen Lau’s recent panel discussion at IFLR’s Asia M&A Forum 2015

Written By: on M&A ADVISORY, TRANSACTIONAL SERVICES

On March 10, Mr Chen Lau spoke on a panel titled “Getting out of Trouble Before and After the Deal” as part of the 12th annual IFLR Asia M&A conference, held in Hong Kong jointly by IFLR and the Inter-Pacific Bar Association. Other panellists include participants from Moelis & Company, EXS Capital, Sullivan & Cromwell and Slaughter & May. During the panel,

Hui Si Yan Invitation to Offer for Wine – Oriental Daily 27 February 2015

Written By: on BANKRUPTCY, INSOLVENCY MANAGEMENT

Oriental Daily’s news article on the Trustees’ Invitation to Offer in respect of 37 wine and liquor of Hui Yi Yan Rafael.

 
【本報訊】前年被頒令破產、因涉貪罪成而正在獄中服刑的前政務司司長許仕仁,其珍藏再被招標出售,許仕仁的破產受託人日前刊登廣告,招標出售許名下卅七支名酒。
香港紅酒協會張耀成審視該批名酒的清單,除兩支屬干邑,餘下大部分來自法國波爾多酒區,其中兩支更屬一級紅酒,包括Chateau Haut Brion 95,是波爾多左岸五大酒莊之一,估價約五千元;另一支為Chateau Angelus 90,亦來自波爾多右岸的五大酒莊,估計約值三千元。
至於餘下的紅酒,每支價值平均約二千元,相信以私人飲用為主,估計整批酒約值十萬元。

Link : http://orientaldaily.on.cc/cnt/news/20150227/00176_071.html

Deceased Estate of Ngan Chow Wah

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION

Deceased Estate of Ngan Chow Wah

Date of appointment 27 January 2015

John Lees and Mat Ng were appointed the Joint and Several Administrators of the deceased estate of Ngan Chow Wah. We are investigating into the affairs of the deceased estate.

APPOINTMENT DETAILS

John Robert Lees
Managing Director
jrlees@jla-asia.com

Mat Ng
Managing Director
mng@jla-asia.com

CASE CONTACT

Fiona Fok
Assistant Manager
ffok@jla-asia.com

OFFICE INFORMATION

Hong Kong Office
20/F Henley Building
5 Queen’s Road Central
Hong Kong
Tel: 852 2526 0550
Fax: 852 2526 0771
jla@jla-asia.com

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Bankruptcy Estate of Hui Si Yan, Rafael: Mat Ng – Interview by South China Morning Post 9 January 2015

Written By: on BANKRUPTCY, INSOLVENCY MANAGEMENT

In an article by South China Morning Post, Mat Ng, one of the Joint and Several Trustees of the bankruptcy estate of Hui Si Yan, Rafael, shared his thoughts on the potential asset recovery actions in Hong Kong and in PRC in respect of this bankruptcy administration.

http://www.scmp.com/business/companies/article/1677794/liquidator-runs-after-mistress-bankrupt-former-hk-chief-secretary

Mat Ng talks about being an Insolvency Practitioner in an interview by South China Morning Post 9 January 2015

In a separate article by South China Morning Post,

Mat Ng – Interview by Oriental Daily and The Sun Newspaper 24 December 2014

Written By: on BANKRUPTCY, INSOLVENCY MANAGEMENT

In articles by Oriental Daily and The Sun, Mat Ng, one of the Joint and Several Trustees of the bankruptcy estate of Hui Si Yan, Rafael, shared his thoughts on the potential asset recovery actions in Hong Kong and in PRC in respect of this bankruptcy administration, issues regarding bankruptcy offences and his experience in acting as trustee in bankruptcy administrations.

Tiger Asia Management LLC – Remittance of unclaimed Compensation Monies to Court

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION

NOTICE IS HERBY GIVEN THAT all unclaimed Compensation Monies have been remitted to Court by the Administrators.
Investors who would like to claim these monies should apply in writing, by quoting the reference HCMP 1502/2009 and the Investor Reference Number, to the High Court Registry at:

Registrar, High Court
Accounts Office, High Court
LG 211,

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John Lees the first Hong Kong nominee to be inducted into the American College of Bankruptcy

Written By: on BANKRUPTCY, INSOLVENCY MANAGEMENT

AMERICAN COLLEGE OF BANKRUPTCY

Released: November 1, 2014                                                      PRESS RELEASE

CLASS 26 INDUCTEES

WASHINGTON, DC – The American College of Bankruptcy announced today that John Robert Lees of JLA Asia Limited in Hong Kong will be inducted as a Fellow of the College on March 13, 2015 in Washington, D.C. The ceremony will take place at the Smithsonian Donald W.

Tiger Asia Management LLC – Cheques will expire on 15 October 2014

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION

Tiger Asia Management LLC – Cheques will expire on 15 October 2014

NOTICE IS HEREBY GIVEN THAT all cheques in respect of payments of the Compensation Monies issued by the Administrators to the investors pursuant to a High Court Order will expire on 15 October 2014 (“Expiry Date”).

Investors who still possess cheque(s) issued by the Administrators in respect of the Compensation Monies are requested to deposit the cheque(s) immediately.

Thousand Jade International Limited

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

Thousand Jade International Limited
(In Creditors’ Voluntary liquidation)

Thousand Jade International Limited (“Thousand Jade”) is a company incorporated in the British Virgin Islands (“BVI”). Thousand Jade was one of the substantial shareholders of Oriental Unicorn Agricultural Group Limited, a company listed on the GEM Board of the Hong Kong Stock Exchange. By a qualifying resolution of the shareholder of Thousand Jade passed on 14 August 2014,

Kesterion Investments Limited – Receivers Appointed

Written By: on INSOLVENCY MANAGEMENT, RECEIVERSHIP

KESTERION INVESTMENTS LIMITED
(Receivers Appointed)

Mr John Robert Lees and Mr Mat Ng were appointed the Joint and Several Receivers of convertible bonds (“CB”) and certain ordinary shares (“the Shares”) in Pan Asia Mining Limited (“Pan Asia”) on 28 July 2014 under the Security Deed executed by Kesterion Investments Limited (“Kesterion”) in favour of China Shipbuilding Industrial Complete Equipment and Logistics Co Limited.

Tiger Asia Management LLC – Payment of Restoration Amount

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION

Tiger Asia Management LLC – Payment of Restoration Amount

Affected investors are reminded that the relevant cheques for the restoration amount have been sent and will expire soon. Affected investors are requested to deposit the cheques ASAP.

For details and background of the matter, please see the SFC’s official website at: http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=13PR127

NOTICE TO CLIENTS OF SALISBURY SECURITIES LIMITED

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

On the application of the Provisional Liquidators of Salisbury Securities Limited (“Salisbury”) in Companies Winding Up Proceedings No. 165 of 2013, the Court made various directions on 27 February 2014 concerning the allocation and distribution of Securities and Monies held by Salisbury on behalf of clients.

Amongst the directions made by the Court, were directions that:

1.

Tiger Asia

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION, Uncategorized

On 20 December 2013 the High Court of the Hong Kong Special Administrative Region, on the application of the Securities and Futures Commission, appointed Messrs John Robert Lees and Kok Wing Chong as Joint and Several Administrators of Tiger Asia Management LLC (“Tiger Asia”). The Administrators are empowered to distribute the sum to investors affected by the dealing in the securities of Bank of China Limited (Stock Code 3988) and China Construction Bank Corporation (Stock Code 939) conducted by Tiger Asia.

Du Jun

Written By: on ADMINISTRATION, RESTRUCTURING & ADMINISTRATION

Du Jun On Thursday 12 December 2013, we were appointed Administrator to administer a total sum of HK$23,964,440 (the “Funds”) paid by Mr Du Jun, a former managing director of Morgan Stanley Asia Limited to 297 investors pursuant to a Court Order dated 12 December 2013.

Under the restoration orders made by the Court, we will administer and distribute the Funds to 297 investors.

Winding-up Order granted against Salisbury Securities Limited

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

SALISBURY SECURITIES LIMITED (In Liquidation) (“Salisbury”)COMPANIES WINDING-UP NO. 165 OF 2013

On Monday 24 June 2013, we were appointed Joint and Several Provisional Liquidators of Salisbury by an Order of the High Court of the Hong Kong Special Administrative Region on the application of the Securities and Futures Commission (“SFC”) of Hong Kong, pursuant to Section 193 of the Companies Ordinance.

JLA Asia Limited appointed as Provisional Liquidators of Salisbury

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

SALISBURY SECURITIES LIMITED (Provisional Liquidators Appointed) (“Salisbury”) COMPANIES WINDING-UP NO. 165 OF 2013

On Monday 24 June 2013, we were appointed Joint and Several Provisional Liquidators of Salisbury by an Order of the High Court of the Hong Kong Special Administrative Region on the application of the Securities and Futures Commission (“SFC”) of Hong Kong, pursuant to Section 193 of the Companies Ordinance.

JLA Asia consultant Prof Shuguang Li in the news.

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China restructurings may rise in 2013
Under China’s new leadership, the number of state-invested companies requiring restructuring may increase, presenting PE with an opportunity, according to a mainland research center.

Michelle Phillips
China’s leadership handover next month is expected to result in an acceleration of the number of domestic companies in need of restructuring or reorganisation,

Since their appointment of the Administrators / Liquidators, the Liquidators have only been able to identify minimal realisable assets held in the name of DIM, DFL or DGA

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INFORMATION FOR CREDITORS

DESCARTES INVESTMENT MANAGEMENT LIMITED (“DIM”)
DESCARTES GLOBAL ASSET MANAGEMENT LIMITED (“DGA”)
DESCARTES FINANCE LIMITED (“DFL”)
(All In Liquidation) (Summary Cases)
DESCARTES ATHENA FUND SPC (“DAF”)
(Administrators Appointed)

Reference is made to an Injunction Order granted by the High Court of the HKSAR on 27 April 2009 against two individuals and companies related to/ operated by them,

JLA Asia continues to grow its Chinese practice with the appointment Professor Li Shuguang

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JLA Asia is delighted to announce that the highly respected academic, Professor Li Shuguang, has joined our team as an advisor to the firm. Since the mid-1980s, Professor Li has been conducting research on bankruptcy and restructuring in China and is a pioneer in China in the field of insolvency and restructuring.
Professor Li is the Chairman of the China Bankruptcy Law and Restructuring Research Center,

Liquidation of bankrupt China Southern Securities is drawing to a close

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Established in 1992, China Southern Securities (“CSS”) was one of the largest securities brokerages in China. In 2002, CSS increased its registered capital to RMB 3.458 million.

In early 2004, due to poor management and alleged misuse of client funds, the Shenzhen local government took over the control of CSS. The China Securities Regulatory Commission revoked the securities business license of the brokerage and,

Reorganization of Lenovo Group

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On 5 January 2013, Lenovo Group announced a corporate reorganization which divides its operations into two business groups, the Lenovo Business Group and the Think Business Group. The Lenovo Business Group will focus on mainstream and lower-end product categories including consumer and commercial PCs and tablets, along with smartphones, and the Think Business Group will focus on developing premium products for commercial and consumer segments,

Will the Beijing-Guangzhou High-speed Railway face insolvency in the future?

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The Beijing-Guangzhou high-speed railway opened on 26 December 2012. With the two cities now linked up, travellers from one city can reach the other city in approximately 7 hours.

The cost of a train ticket from Beijing West to Guangzhou South ranges from RMB 712 to RMB 2727. Most people think the cost is almost as high as the cost of an air ticket.

Restructuring of China’s Automotive Industry

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There has recently been news regarding the restructuring of Fujian Motor Industry Group Corporation (“Fujian Motor”) led by the Fujian Development and Reform Commission. There have been several talks on the restructuring of Fujian Motor in the past, but nothing has been official.

In 2009, Fujian Motor and Beijing Automotive Industry Holding Corporation (“Beijing Auto”) were in talks over Beijing Auto’s plans to acquire a 40% stake in Fujian Daimler Automotive.