PRODUCED BY DT TEAM “THE TRUTH” SEASON I CCP KLEPTOCRATIC SERIES START FROM “TEMASEK”

PRODUCED BY DT TEAM

DT Excavation Explanation

The earliest revelations of the published CCP evil deeds, in addition to those related to the truth about the CCP virus, are the various related information about the CCP’s corrupt families. It’s outrageous that these materials introduced by DT are drowning behind powerful CCP firewalls as our TWITTER accounts have been repeatedly blocked. These incidents make us to understand that the Great Firewall of the CCP has been extended to the Internet around the world, through infiltration by various BGY means, the CCP not only wants to control China, but also the whole world.

“Stealing the Country” and “Kleptocratic Group”, these words were originally presented by Mr. Guo Wengui (DT used to call him “Qi Ge”). These precise and figurative words come from “Zhuangzi – the Thief”: “He who steals the hook is to be beheaded, and he who steals the country is to become a seigneur; If there is a name of benevolence and righteousness in the house of the seigneurs, isn’t that plagiarized benevolence and holy knowledge?”. These sentences accurately express the fact that the Chinese Communist Party, after stealing power and the country, looted and stole a lot of assets from the people after 1989 through the so-called “Shipwreck Plan”. Stealing the country is what we usually called “cutting the leeks periodically and never stop.” Compared with “cutting leeks”, Qi Ge’s metaphors of “stealing the country” and “sucking blood out of the Chinese people with a straw” are more vivid and profound.

The ultimate goal of “CCP Kleptocratic Series” is to reveal the truth and facts about how these thieves steal and suck blood, as well as the methods and paths used to steal and suck blood, with the ultimate goal of revealing where these thieves hide the hard-earned wealth of the Chinese people. Let these evils be fully exposed to the light of day and judged by history.

“CCP Kleptocratic Series” involve Document 94 and the Art of Architecture Project, as well as other documents such as Document 91, and the truth about the P4 laboratory series. These information are highly relevant to each other, and involve a large number of people, so we had to go through a great deal of complicated materials to excavate out the relevant facts. But “stealing the country” is at the heart of the CCP’s entire grand plan to ensure that their “future generations will enjoy immense wealth forever.” It is around this nucleus that the real “Shipwreck Plan” is built. It was also after stealing huge amounts of wealth that the evil CCP was able to formulate and execute all sorts of secret plans to totalitarianize China, take control of Hong Kong and Taiwan, and even attempt to take control of the United States, defeat the United States and then rule the world.

According to our investigation and excavation, the wealth stolen and transferred to overseas by more than 100 Chinese Communist party families has exceeded tens of trillions of dollars, with Jiang Zemin’s family alone owning more than a trillion dollar worth of wealth overseas.

While these handsome boys and beautiful girls of the CCP’s red descendants keep pandas as pets for fun in their overseas mansions, devastated mothers like “YANG Gailan” killed their children and themselves because they couldn’t afford to feed their children in China. Any person with conscience should be outraged! Hard truths are not only a shock to the hearts and minds of every Chinese, but also test one’s characters and cause personality split. Billions and trillions are just cold numbers and heartless, people have become numb to the number of zeros in the numbers, just like the Chinese people inside the firewalls, they are numb to the pressure of various crisises, such as the repayment of housing loans, hospitalization expenses, and school fees. What kind of government and system is this? What kind of country is this?

It is our mission to follow Qi Ge (Mr. Guo Wengui) and the Whistleblower Movement led by Qi Ge to reveal the truth. Every Chinese who once lived in Communist China feels the pain even when living abroad, because he or she had experienced the cruelty of the CCP system. Only by uncovering the truth and lifting the mask that covers the lies can we find hope for the future and a way out. And that has just begun.

It’s another long story. Okay, let’s start with “Temasek”.

Introduction

  • What kind of company is this?
  • Where do they hide the stolen wealth?
  • Is this part of the Shipwreck Plan?

All material come from the Internet searchable content

1. Let’s start with “Temasek”

Founded in 1974, Temasek is an Asian investment firm headquartered in Singapore. As at March 31, 2013, Temasek has a portfolio with a market capitalization of S$215 billion, mainly in Singapore and Asia.

Temasek released its latest annual report showing that the value of its net investment portfolio has reached to an all-time high at $235 billion by the financial year ended on March 31, 2018, and maintained its net cash position. China continued to be Temasek’s largest investment destination outside Singapore – rising further at 26% among Temasek’s global portfolios.

Temasek, a giant company controls S$308 billion in assets, holds 47% of Singapore’s stock market capitalization, but only occupies 2 floors on Orchard Road, such a mysterious institution, how did it accomplish all these?

In 2004, HO Ching, daughter-in-law of Lee Kuan Yew and wife of Singapore Prime Minister Lee Hsien Loong, became Temasek’s chairman.

In 2009, HO Ching resigned. After a short transition, Lim Boon Heng officially took over Temasek in 2012.

The Temasek Model, in short, is a three-tier Government-Temasek-Enterprise regulatory system, with a three-tier structure of government, a state-owned operating platform, and enterprise as its core; Government controls state-owned capital, but does not directly manage enterprises. The three-tier structure gives space for the enterprise to thrive but the government still has control power while respecting the market mechanism in its micro-operations.

Temasek’s special board composition, as well as its hierarchical and progressive control mode and effective discipline mechanisms are noteworthy.

In the case of Temasek’s special board of directors, an important feature of Temasek Holdings is that the majority of the company’s positions are held by government servants. Its Board includes eight representatives of relevant government departments: the Permanent Secretary (equivalent to Deputy Permanent Minister) of the Ministry of Finance is the Chairman of the Board, the Director-General, the Monetary Authority of Singapore, the Chief Accountant, the Ministry of Finance, the Director of International Enterprise Singapore, etc., all are directors of the company. Through this management style, the government exercises direct control over Temasek, as the Board of Directors of Temasek Holdings has the power to decide on the company’s business policy, dividend distribution and share allotment, the Board of Directors even has complete autonomy in investment decisions, use of funds, etc. That is the key!

However, Temasek’s direct subsidiaries are not affiliated with the government; they are independent, self-financed and they operate in accordance with market rules, and their operating mechanisms are not different from those of ordinary enterprises.

2. Temasek In China

Official documents show that Temasek entered to China in 2004 with the opening of a Beijing office in October 2004, a Hong Kong office in 2005 and a representative office in Shanghai in the first half of 2006.

Temasek has offices in the Great Britain (London), the United States (Washington DC, San Francisco & NY), China (Singapore Beijing office, Beijing & Shanghai), South America (Mexico / Mexico City & Brazil / Saint Paul), Singapore, Asia (Vietnam / Hanoi & India / Mumbai)

From Temasek’s official website, we can see that in addition to Temasek Beijing Holdings Advisors Co. Ltd, there is also a representative office in Beijing, one office in Shanghai, but we can’t see any representative office in Hong Kong.

Let’s use China’s Tianyancha.com (the Chinese government’s open corporate credit inquiry system) to check on these agencies.

From Temasek’s official website, we can see that in addition to Temasek Beijing Holdings Advisors Co. Ltd, there is also a representative office in Beijing, one office in Shanghai, but we can’t see any representative office in Hong Kong. Let’s use China’s Tianyancha.com (the Chinese government’s open corporate credit inquiry system) to check on these agencies.

A Singapore Temasek International Pte. Ltd. Beijing Representative Office

Legal representative: GU Yanfei Registered capital: — Established date: December 29, 2015 Status: Active Credit score: 7

Notice the establishment date is December 29, 2015. Its scope of the business is non-profit business activities.

The main person is GU Yanfei – he is the chief & legal representative of the company. He owns 7 companies; he is also the ultimate beneficiary of the company.

B. Temasek Holdings Advisors (Beijing) Co., Ltd

Legal representative: WU Yibing Registered capital: 140,000 USD Business type: Small business Established date: February 13, 2009 Status: Active Credit score: 66

Through Tianyancha.com, we have found so many Temaseks (21 of them in various cities), they are all under different covers, but first let’s check out the one in Beijing.

Temasek Holdings Advisors (Beijing) Co., Ltd Legal representative: WU Yibing Registered capital: 140,000 USD Business type: Small business Established date: February 13, 2009 Status: Active Credit score: 66

There are 4 main personnel: WU Yibing –Chairman & CEO (owns 6 companies), CHEN Huizhen – Director (owns 1 company), GU Yanfei –Director (owns 7 companies) and REN Li –Supervisor (owns 4 companies).

The Ultimate beneficiary, shareholder & main shareholder: Temasek Pte. Ltd., which owns 100% of the company Total investment: 140,000 USD by Temasek Pte. Ltd.

What has been changed about the company? 1. On 8/31/2016, LIU Yiran exited and REN Li entered as Supervisor 2. On 06/01/2015, LIU Yiran was added as Supervisor (new; addition) 3. On 06/01/2015, LIU Yiran exited and REN Li entered as Supervisor 4. On 01/09/2014, DING Wei exited from CEO & Chairman positions and WU Yibing entered as manager and Chairman 5. On 08/10/2011, YE Chuimin exited and DING Wei entered as Chairman; CAO Yuting exited the Supervisor position; DING Wei entered as CEO position

What has been changed about the company? 1. On 06/01/2015, its legal entity was changed to Temasek Pte. Ltd. from Fullerton Fund Management Company Ltd. 2. On 06/01/2015, its Supervisor was changed to REN Li from LIU Yiran

On 04/28/2009, its registered capital was changed from 0 to $140,000

1. On 01/09/2014, its legal representative was changed from DING Wei to WU Yibing 2. On 08/10/2011, its legal representative was changed from YE Cuimin to DING Wei

From the Tianyancha.com information, we notice a few things:

1、Temasek Investment Advisory (Beijing) Co., Ltd. is a wholly foreign owned limited liability company, so the legal person should have a foreign passport.

2、The company’s registered and paid-in capital has not been increased since its incorporation in February 2009 at $140,000.

3、According to the company’s records, the numbers of existing insured participants is 27, which means that no less than 27 Chinese employees are employed; and according to the administrative permit records, in 2016, the construction permit area of Floor 44 Unit 03-06 & Floor 55 Unit 03-06, at No. 5 East Third Ring Road (Fortune Financial Center), is 1,853.41 square meters, nearly 2,000 square meters of office environment.

4、Legal representatives: from February 2009 to August 2011, YE Cuimin; from August 2011 to January 2014, DING Wei; from January 2011 to present, WU Yibing. Based on the above information we list the changes in the company’s shareholders and legal persons in the following table:

From the table above, we see that:

The Following persons are involved in the company:

Legal representatives: YE Cuimin, DING Wei, WU Yibing

Directors: CHEN Qingrong, GU Yanfei, CHEN Huizen

Supervisors: CAO Yuting, LIU Yiran, REN Li

Company involved: Fullerton Fund Management Company Ltd.; WU Yibing is this company’s Chairman and CEO and he is a very important key character.

C Temasek Holdings Consulting (Shanghai) Co., Ltd.

Through Tianyancha.com search, we notice the following:

1、The company’s registered capital is $140,000 USD, as the same as the Beijing office

2、The numbers of the insured participants is 27, as same as the Beijing office!

3、Notice the change in directors and supervisors: in May 2017 filings, the company’s director was changed from CHEO HOCK KUAN to CHAN WAI CHING; GU Yanfei should have always been a director; on 06/06/2014, FU Jia replaced CAO Qing as a supervisor; in 2015 CAO Yuting replaced FU Jia as a supervisor.

Persons involved in the Chairman of the Board:

Legal representative: SHEN YE, WONG WAI, QUEN JEFFREY

Board members (directors): CHEO HOCK KUAN, CHAN WAI CHING, GU Yanfei

Supervisors: CAO Yuting, FU Jia, CAO Qing

Among them, GU Yanfei is also a legal representative and a director at the Beijing office, and CAO Yuting is also a supervisor at the Beijing office.

In order to uncover the truth, let’s dig more on the main characters!

1 GU Yanfei

Tianyancha found you two bosses with the same name.

GU Yanfei GU Yanfei

He has seven businesses, which are distributed as follows: He has one businesses, distributed as follows:

Beijing (Total 5) Beijing Today World Food Entertainment Co., Ltd. etc. Beijing (Total 1) China Aviation Oil Corporation

Guangdong (Total 1) Temasek Holdings Advisors (Shenzhen) Co., Ltd.

Other (Total 1) Temasek Holdings Advisors (Shanghai) Co., Ltd

His partners His partners

DING Wei CHAN WAI PEI Zhihuai Zhang Junru DU

Houde (Beijing) Temasek Holdings Advisors Co., Ltd. China Aviation Oil Corporation China Aviation

Tianyancha found you two bosses with the same name.

GU Yanfei GU Yanfei

He has seven businesses, which are distributed as follows: He has one businesses, distributed as follows:

Beijing (Total 5) Beijing Today World Food Entertainment Co., Ltd. etc. Beijing (Total 1) China Aviation Oil Corporation

Guangdong (Total 1) Temasek Holdings Advisors (Shenzhen) Co., Ltd.

Other (Total 1) Temasek Holdings Advisors (Shanghai) Co., Ltd

His partners His partners

DING Wei CHAN WAI PEI Zhihuai Zhang Junru DU

Houde (Beijing) Temasek Holdings Advisors Co., Ltd. China Aviation Oil Corporation China Aviation

Serving as an executive 7 Tianyancha

Serial number Company Name Legal Representative Registered Capital Date of Foundation Provinces and Regions Business Status

1 Temasek Holdings Advisors Tung Wai Ham $2.12 million 2019-11-21 Guangdong Province Continued

(Shenzhen) Co., Ltd. He has 1 company

Position: Member of the

Board of Directors

2 Temasek International Gu Yanfeil – 2015-12-29 Beijing Active

(Singapore) Pte Ltd Beijing He has 7 companies

Representative Office

Position: Chief Representative Wu Yibing $140,000 2009-02-13 Beijing Active

3 Temasek Holdings Advisors He has 6 companies

(Beijing) Co., Ltd.

Position: Member of the

Board of Directors

4 Temasek Holdings Advisors Shen Ye $140,000 2007-04-30 Shanghai Continued

(Shanghai) Co., Ltd. He has 1 company

Position: Member of the

Board of Directors

5 Houde Holdings (Beijing) Wu Yibing $30 million 2005-12-23 Beijing Canceled

Co., Ltd. He has 6 companies

Position: Supervisor

6 Temasek Holdings (Singapore) Gu Yanfei – 2004-07-28 Beijing Canceled

Pte Ltd Beijing He has 7 companies

Representative Office

Position: Chief Representative

7 Beijing Today World Food ZHU Mai RMB 15 million 1993-08-03 Beijing Suspended

Entertainment Co., Ltd. He has 1 company

Position:

Deputy General Manager

He has 7 companies Tianyancha

Serial number Company Name Position Registered Capital Date of Foundation Provinces and Regions Business Status

1 Temasek Holdings Advisors Member of the $2.12 million 2019-11-21 Guangdong Province Continued

(Shenzhen) Co., Ltd. Board of Directors

2 Temasek International Chief Representative – 2015-12-29 Beijing Active

(Singapore) Pte Ltd Beijing

Representative Office

Position: Chief Representative Member of the $140,000 2009-02-13 Beijing Active

3 Temasek Holdings Advisors Board of Directors

(Beijing) Co., Ltd.

4 Temasek Holdings Advisors Member of the $140,000 2007-04-30 Shanghai Continued

(Shanghai) Co., Ltd. Board of Directors

5 Houde Holdings (Beijing) Supervisor $30 million 2005-12-23 Beijing Canceled

Co., Ltd.

6 Temasek Holdings (Singapore) Chief Representative – 2004-07-28 Beijing Canceled

Pte Ltd Beijing

Representative Office

7 Beijing Today World Food Deputy General RMB 15 million 1993-08-03 Beijing Suspended

Entertainment Co., Ltd. Manager

There’s a fascinating story about this guy, GU Yanfei, and the Beijing Today World Food Entertainment Co., Ltd. he used to work for, while will be digged up later!

2 SHEN YE

SHEN YE SHEN YE

He has 3 businesses, which are distributed as follows: He has 2 businesses, which are distributed as follows:

Shanghai (Total 3) Biotech (Shanghai) Co. etc. Shanghai (Total 2) Lihui Enterprise Management

Consulting (Shanghai) Co., Ltd. etc.

His partners His partners

CAO Wei CAO Wei IAN MAC

Biotech (Shanghai) Co. Biotech (Shanghai) Co. Lihui Enterprise Management

SHEN YE

He has 3 businesses, which are distributed as follows:

Shanghai (Total 1) Temasek Holdings Advisors Co., Ltd.

His partners

CHAN WAI… CAO YUTING

Temasek Holdings Advisors Temasek Holdings Advisors

His Business Roles 2

Acting as a legal representative 1 Tianyancha

Serial number Company Name Shareholding Ratio Registered Capital Date of Foundation Provinces and Regions Business Status

1 Temasek Holdings Advisors $140,000 2007-04-30 Shanghai Continued

(Shanghai) Co., Ltd

Serving as an executive 1 Tianyancha

Serial number Company Name Legal Representative Registered Capital Date of Foundation Provinces and Regions Business Status

1 Temasek Holdings Advisors SHEN YE $140,000 2019-04-30 Shanghai Continued

(Shanghai) Co., Ltd.

Position: Chairman of the Board,

General Manager

He has 1 company Tianyancha

Serial number Company Name Position Registered Capital Date of Foundation Provinces and Regions Business Status

1 Temasek Holdings Advisors Chairman of $140,000 2007-04-30 Shanghai Continued

(Shanghai) Co., Ltd. the Board,

General Manager

3 CAO Yuting

Tianyancha found you 159 bosses with the same name.

CAO Yuting (Suspect) CAO Yuting

He has 9 businesses, which are distributed as follows: He has 4 businesses, distributed as follows:

Guangdong (Total 5) Shenzhen Qianhai Jiahui Internet Shanghai (Total 2) Shanghai Xinqin Energy

Investment Development Enterprise Technology Co.

Beijing (Total 4) Yang Xianglitai (Beijing) Catering Beijing (Total 1) Beijing Shi Cheng Xin Yuan

Management Co., Ltd. Technology Co.

Other (Total 1) Suzhou Yuxuanxin Energy

Technology Co.

His partners His partners

MAI Gang MAI Hong ZHOU Endong CHEN Hao

Shenzhen Shenzhen Suzhou Yuxuanxin Suzhou Yuxuanxin

Cao Yuting Cao Yuting

He has 3 businesses, which are distributed as follows: He has 3 businesses, distributed as follows:

Anhui (Total 3) Hefei Chenyun Culture Media Co., Ltd. Hunan (Total 3) Non-staple Food Firm

4 TUNG WAI HARN Temasek Holdings Advisors (Shenzhen) Co., Ltd. Chairman of the Board,Legal person

From the inquiries of senior executives in Shanghai and Shenzhen companies, we can see that SHEN YE, CHEO HOCK KUAN, CHAN WAI CHING, Gu Yanfei, and Cao Yuting are key figures. SHEN YE, CHEO HOCK KUAN, and CHAN WAI CHING are not like people having Chinese nationalities.

3. DING Wei – A Big Fish

According to tianyancha.com, DING Wei is WU Yibing’s predecessor. The reason for his resignation is thought-provoking. The following are the results of the search from this site:

A total of 332 results were found by the search of DING Wei. Each DING Wei has multiple companies in China.

His position or title is either legal representative or senior executive at various companies.

The five companies that he controls(ed) are as follows:

• China Reform State-owned Enterprise Operation Investment Fund Management (Guangzhou) Co., Ltd.

• CICC Capital Operation Co., Ltd. (Beijing)

• Ningbo Meishan Bonded Port Area Sinopharm CCIC Equity Investment Management Co., Ltd. (Zhejiang)

• Zhongjin Zhide Equity Investment Management Co., Ltd. (Shanghai)

• CICC Jiacheng Investment Management Co., Ltd. (Beijing)

He once held a position abroad.

The relationship diagram about the controlling party was very complicated – look at the above diagram, this was the CICC (China International Capital Corporation) under his control!

Look at his successor WU Yibing, the big boss in the investment industry. Note that many interesting company names would appear, including McKinsey China.

Please note that the registered capital and registered nature of the Temasek Holdings Advisors (Beijing) Co., Ltd. and the Temasek Holdings Consulting (Shanghai) Co., Ltd. If this huge amount of money were invested through these two companies only, the registered capital could not have been only 140,000 US dollars. We suspect that all the investment activities were actually money laundering, i.e., large amount of state-owned funds were transferred abroad by ways of investments.

Everything will be crystal clear once you know Temasek’s specific investment endeavors: the so-called high profit investment is actually the packaging of companies that are guaranteed by China’s national credit to go public and harvest money from people around the world. Therefore, we have reasons to believe that Temasek is a hiding place for China’s kleptocrats to steal the country’s wealth, transfer and hide them abroad. They did this in an organized fashion. DING Wei and WU Yibing are key persons or white gloves in these criminal acts.

Then two questions arise:

  1. Where are the investments?
  2. How do they launder the money?

Let’s dig deeper into DING Wei who has an even more complicated relation network and see the companies under his control

CICC Capital Operations Co. LTD

Through tianyancha.com, we find that CICC Capital Operations Co. LTD Fujiang has 28 companies under its name & and 1 in Jiangxi province.

All companies at Fujiang Province in the above diagram are controlled by CICC Capital Operations Co. LTD

All companies in Fujiang Province on the above diagram are controlled by CICC Capital Operations Co. LTD

CICC Capital Operations Co. LTD is the actual and sole investor of this company!

CICC Capital Operations Co. LTD (current) is the 100% shareholder of China International Capital Corporation Limited.

The above companies are all under China International Capital Corporation Limited control.

1.82% CICC Win-win Qijiang(Shanghai) Technology Innovation Equity Investment Fund partnership

Registered capital: ¥10000

35.1% Huasheng Jinxin Equity Investment Fund Management Co. LTD Registered capital: ¥3.51 million

50% Henan Zhongjin Huirong Fund Management Co. LTD

Registered capital: ¥50 million

51% China Gold Jiazi(Beijing) Investment Fund Management Co. LTD Registered capital: ¥51 million

51% Unicom CICC Equity Investment Management(Shenzhen) Co. LTD Registered capital: ¥5.1 million

51% Sinopharm CICC(Shanghai) Medical Health Investment Management Co. LTD Registered capital: ¥3.06 million

51% CICC Electronic(Xiamen) Industry Equity Investment Management Co. LTD Registered capital: ¥5.1 million

55% CICC Qianhai Development (Shenzhen) Fund Management Co. LTD Registered capital: ¥55 million

55% CICC Qianhai Development (Shenzhen) Fund Management Co. LTD Registered capital: ¥55 million

65% Zhejiang Zhongjinxinzhi Investment Management Co. LTD

Registered capital: ¥6.5 million

70% CICC RuiDe(Shanghai) Equity Investment Management Co. LTD

Registered capital: ¥70 million

90% CICC Jin He (Tianjin)Equity Investment Management Co. LTD

Registered capital: ¥90 million

90.91% CICC Qisheng(Guangzhou) Equity Investment Fund partnership(limited partnership)

Registered capital: ¥100

96.67% CICC Kongrui II(Ningbo) Equity Investment Fund Partnership(limited partnership)

Registered capital: ¥2900

100% CICC Zhide Equity Investment Management Co. LTD

Registered capital: ¥100 million

100% CICC Jiahe(Tianjin) Equity Investment Management Co. LTD

Registered capital: ¥100 million

Before you are shocked by the gigantic size of these companies, let’s take a look at some other companies that Ding Wei has served as legal representatives.

China Reform State-owned Enterprise Operation Investment Fund Management (Guangzhou) Co. LTD

Look at the above diagram – China Reform State-owned Enterprise Operation Investment Fund Management (Guangzhou) Co. LTD is another company that the kleptocrats use to steal from the Chinese people. Simply put it this way, they take money from the state owned enterprises (Chinese people) to operate this company.

China State Council—100%—China Reform Holding Co. LTD—100%—China Reform Fund Management Co. LTD—100%—China Reform State-owned Operation Investment Fund Management Co. LTD—45% China Reform State-owned Operation Investment Fund Management (Guangzhou) Co. LTD

China Reform State-owned Operation Investment Fund Management (Guangdong) Co. Ltd. (current company)

·China Reform State-owned Operation Investment Fund Management Co. LTD

Majority Shareholder

Share percentage: 45%

Registered capital amount: ¥45 million

·Guangzhou Guozhi Fund Investment Holding Co. LTD

Share percentage: 35%

Registered capital amount: ¥35 million

·Pu Silver (Jiaxing) Equity Investment Management Co. LTD

Share percentage: 10%

Registered capital amount: ¥10 million

·Ningbo Rixing Investment Management Co. LTD

Share percentage: 10%

Registered capital amount: ¥10 million

From the expanding picture we can see who has invested this company: 1) the money from the state owned enterprises 2) the money from Guangzhou municipal government 3) the money from Shanghai Pudong Bank 4) the money from two mysterious individuals who have invested 1 million yuan to get 10 million shares.

Notice from the diagram that shareholder Pu Silver International Equity Investment Management (Shenzhen) Co. LTD, its legal representative is YU Xiaodong whom has invested 2 million US dollars.

From the expanding diagram view, you will see how the money transferred to China Reform State-owned Operation Investment Fund Management (Guangzhou) Co. LTD from Pu Silver International Equity Investment Management (Shenzhen) Co. LTD (besides 2 million dollars real input). You will also understand the monopoly of nationwide high quality resources by Pu Silver International Equity Investment Management Co. LTD, not a single company that makes money is excluded! They are continuously sucking blood out of the 1.4 billion Chinese slaves. Who is YU Xiaodong? Search for him, and you will know to whom Shanghai Pudong Bank belongs to, you know!

SPDB International Investment Management Company Limited

Don’t you think it’s strange that the money of the central government’s enterprises, SPDB, the People’s Government of Guangzhou Municipality, and the money of these two mysterious guys, are all invested in here, including the 2 million US dollars?

Zhongjin Zhide Equity Investment Management Co., Ltd.

Zhongjin Zhide Equity Investment Management Co., Ltd.

• Key Personnel (6) DING Wei, 7 companies under his name; he is the Chairman of the Board

Zhongjin Zhide Equity Investment Management Co., Ltd.

Past Overseas Investments (19)

Under the Administrative Licensing Specifics, the item “Content of Licensing: Approval of the maximum invoicing limit for value-added tax anti-counterfeiting tax control” is thought-provoking!

Note that these two administrative permits indicate that the amount of VAT (Value-added tax ticket amount) issued by this company has become too large to be sufficient, but how large?

Let’s take a look at one more investment announcement from Zhongjin Zhide Equity Investment Management Co., Ltd.:

This time, Zhongjin Zhide Equity Investment Management Co., Ltd. participated in investing in BAIC New Energy, a listed SOE, and invested before it went public, i.e., as the original holding company for this future listed SOE. From the documents searched, we can see that this company has set up a fund to hunt for SOEs to go public (BAIC New Energy) and raised Series A and B rounds of financing with very little investment, just like the Temasek model.

As can be seen in the preceding holding structure diagram:

“The upper tier of the investment full shareholder of the Zhongjin Zhide Equity Investment Management Co., Ltd. is CICC Capital Operation Co., Ltd.

The upstream major shareholder of “CICC Capital Operation Co., Ltd.” is “China International Capital Corporation Limited” (CICC for short. Note: Hong Kong shares).

“The largest shareholder of China International Capital Corporation Limited (CICC) is Central Huijin Investment Company Limited, accounting for 28.45%. The second largest shareholder is the Government of Singapore Investment Corporation Pte Ltd. (a fund is now officially named: GIC Private Limited) which holds 11.82% of the shares. What is “GIC” and what is its relationship with Temasek? It’s a historical name, the Temasek Holdings.

In other words, through the listing of “China International Capital Corporation” in Hong Kong, the money of Zhongjin Zhide Equity Investment Management Co Ltd. can be legally transferred to CICC Capital Operation Co., Ltd., and then through CICC Capital Operation Co., Ltd. to CICC in Hong Kong, and then laundered through dividends or stock profits!

CICC’s current total market capitalization is 66.491 billion Hong Kong dollars, with a circulating value of 28.975 billion. With an investment of 270 million accounting for 11.82%, the 270 million investment now has a market value of 7.86 billion. It was listed on the Hong Kong Stock Exchange in 2015, and its 5-year profit was 28 times! But DT believes this is just the tip of the iceberg. Obtaining high P/E ratio is definitely not their purpose, at least not the only purpose!

CICC Jiacheng Investment Management Co., Ltd.

DING Wei

CICC Jiacheng Investment Management Co., Ltd; Chair of the Board

CICC Zhide Equity Investment Management Co., Ltd; Chair of the Board

CICC CAPITAL; Manager, Director, Legal Representative

China Reform State-owned Enterprise Operation Investment Fund Management Co., Ltd.; Board of Directors

Ningbo Meishan Free Trade Zone National Pharmacy; Vice Chair of the Board

This company is also 100% owned by China International Capital Corporation Limited (CICC), and in the chart we highlighted a few of the companies in which CICC Jia Cheng Investment Management Company Holdings invested.

Holding companies

Tianjin Jiahong Business Investment Center (Limited Partnership)

17.03% RMB 28,136,200;

CICC Jiatai (Tianjin)

3.12 % RMB 150.00 million

Tianjin Jiaxuan Investment Center (Limited Partnership)

99.01% RMB 100.00 million

Shanghai Jia Feng Investment Center (Limited Partnership)

38.31% RMB 99.50 million

CICC Jiatai II (Tianjin) Equity Investment Fund Partnership (Limited Partnership)

4.15% RMB 250.00 million

CICC Qiyuan National Emerging Industries Venture Capital Fund (Limited Partnership)

RMB 500.00 million

CICC Qiyuan National Emerging Industries Venture Capital Fund (Hubei) Equity

Investment Enterprises

Limited partnership; Jiacheng Xintai (Beijing) Investment Company Limited 51% 10.2 million yuan.

In Tianjin Jiahong Business Investment Center (Limited Partnership) seemed to have only 17.03% shares (RMB 281.362 million). But if you search the shareholder structure of this company, you’ll find the mystery, the several layers of investment structure. In fact, CICC is in absolute control of this company! Behind CICC Jiatai, CICC Jiacheng is a shareholder, and CICC Jiameng is the smallest shareholder. What is the purpose of this cover-up of control?

Let’s look at one of the major investments in the Tianjin Jiahong Business Investment Center: Tianjin Jiaxing Commercial Investment Center (Limited Partnership). A name that appeared in this chart will absolutely shock you: China North Industries Group Corporation Limited (NORINCO) is jointly controlled by CICC and NORINCO. Look at the next chart to understand that this company was set up for the purpose of funding RMB194 million – 0.68% of SINOPEC Fuel Oil Sales Corporation Limited. And this share was pledged at the bank in two installments.

Under this scenario, the majority of the equity in 2015 was in the hands of China Deyuan Capital (Hong Kong) Limited, Concerto Company Limited and WANG Lei. Later on, the pledge was given to China Merchants Bank to obtain funds of RMB 114+240+114 million, totaling RMB 468 million. The amount of stake acquired by CICC Jiacheng Investment Management Co. 650,000 is unknown.

Let’s search for China Deyuan Capital(Hong Kong)Limited. This Hong Kong based company only invested RMB 240 million, and in 2019 was sued by China Merchants Bank over a financial loan contract dispute, Case No. (2019) Beijing 04 Civil 1040, which is the amount of money that was pledged using equity.

Zhu Xinli, founder of the Huiyuan Group, became the authorized agent of China Deyuan Capital(Hong Kong)Limited as a director. In 2015, Zhu Xinli acquired 24,000 shares of Sinopec Sales through Deyuan Capital’s 3-billion-yuan investment and pledged them to China Merchants Bank. Zhu Xinli invested RMB 3 billion on behalf of Sinopec and then transferred it to Sinopec for less than RMB 500 million and that money is still bank pledged money! Do you understand what’s going on? Zhu Xinli’s Deyuan Capital and Huiyuan Group have deep ties with Temasek, which will be introduced later. Are they partners? 24,000 shares of equity were worth RMB 500 million, so how much are 650,000 shares worth? It’s worth over RMB 10 billion. An investment of RMB 194 million harvested RMB 10 billion in returns. That’s their game.

Concerto Company Limited, unable to find any information on the Tianyancha, about this company, incredibly took RMB 228 million from China Merchants Bank. After Sougou search, we learned that the actual controller of Concerto Company Limited is also Hopu Investment Management Co. Ltd. founded by the Chair of Goldman Sachs & Co. Fang Fenglei, whose relationship with Wang Qishan is well known.

while Kingsbridge Asset Holding Ltd is a wholly owned subsidiary of private equity fund RRJ Capital Master Fund II. RRJ is controlled by one of the founding partners of the Hopu Investment Management Co. Ltd, Wong Zhongxin! This is another long story for Hopu Investment Management Co. Ltd.!

Looking at the shareholder structure of Sinopec, the controller of Sinopec, which is so many big buys Money Bag, we will better understand in whose hands the money-making machine of Sinopec Sales Corporation is. And what kind of company is “HKSCC Nominees Limited” that holds more than 20% of Sinopec’s shares? So incredible! We’ve dug to the gate of Sinopec and can now look inside.

“Sesame, open”! “Sesame, open”!

China Petroleum & Chemical Corporation (Sinopec)

China Securities Finance Corporation Limited (CSF). Number of shares held: 26.09; 2.16%

HKSCC Nominees Limited. Number of shares held: 26.09; 0.47%

Central Huijin Asset Management Ltd. Number of shares held: 3.27; 1.03%

China Life Insurance Co., Ltd. – dividend promised – individual dividends. Number of shares held: 2.21; 0.18%

Beijing Chengtong Financial Holding Investment Co. Ltd. Number of shares held: 20.39; 0.86%

CNIC Corporation Limited. Number of shares held: 12.52; 0.22%

China Petroleum & Chemical Group Corporation (Sinopec); Number of shares held: 827.09; 68.31%

Guotai Jun’an Securities Company Limited. Number of shares held: 1.15; 0.09%

China Life Insurance Co., Ltd. – Conventional – General Insurance. Number of shares held: 2.61; 0.22%

HKSCC Nominees Limited. Number of shares held: 253.88; 20.97%

4 The Big Secret

Hong Kong Securities Clearing Company Nominees Limited

Anyone who is familiar with the Hong Kong stock market isn’t unfamiliar with this name, but they do not know the company at all.

Let’s start by noting the name of the shareholder of this behemoth Sinopec.

The largest shareholder – China Petrochemical Corporation LTD.

The second shareholder emerged with a name that you would most often see in a listed company’s shareholders – the Hong Kong Securities Clearing Company Nominees Limited (HKSCC Nominees Limited).

One of the shareholders is Guoxin Investment Co., Ltd, which is also one of the big owners behind China Reform State-owned Enterprise Operation Investment Fund Management (Guangzhou) Co., Ltd.

There is also a Hong Kong Securities Clearing Company Limited (on behalf of the HKSAR Government). Note that Hong Kong Securities Clearing Company Nominees Limited and Hong Kong Securities Clearing Company Limited are two separate companies. That’s the big secret! Go ahead and take a look at the shareholders of the earliest Hong Kong-listed “Northeast Electric Development Company Limited ” by TIANYANCHA.

Northeast Electric Development Company Limited (Original name: Northeast Electrical Transmission&Transformation Machinery Manufacturing Company Limited) is a joint stock limited company incorporated in the Communist China after reorganization on February 18, 1993. On July 3, 1995, the company offered 257.95 million H-share and was listed on the Hong Kong Stock Exchange. On November 29 of the same year, 30 million A-share were offered and listed on the Shenzhen Stock Exchange.

Note that when it was listed in Hong Kong in 1995, its registered address was in Hainan, and its ultimate controller was Hainan Cihang Charity Foundation, also known as Hainan Liberation Commonweal Foundation. Interestingly, Hong Kong Securities Clearing Company Nominees Ltd. was also there. Note that both hold Hong Kong stocks.

Wang Qishan, President and Party Secretary of the People’s Construction Bank of China (renamed to China Construction Bank in 1996), President of China Investment Bank, President of China International Capital Corporation Limited since 1994, Chairman of the 3rd Investment Association of China in 1995. Is all this a coincidence? Let’s dig into Hong Kong Securities Clearing Company Nominees Ltd.

Hong Kong Securities Clearing Company Nominees Ltd.

Register Information

Except some very basics of registration information such as company name in Chinese and English, company No., company type, date of establishment, company status, nothing else is available. First, let’s see how it’s explained on Zhihu.com:

Why do many listed companies have Hong Kong Securities Clearing Company Limited on their shareholder lists? First, we need to understand what kind of company it is. Hong Kong Securities Clearing Company Limited is a wholly-owned subsidiary of the Hong Kong Exchanges and Clearing Limited. It operates Hong Kong’s central clearing and settlement system and is an approved clearing institution. This company should only be an intermediary company for centralized clearing in the background. It records and manages each stockholder’s holdings, rather than substantive holdings. All the shares owned by H-share shareholders are listed under the name of this company, but in fact they are held separately by the shareholders. For example, ICBC has about 24% of the H-share, and its shareholder is Hong Kong Securities Clearing Company Nominees Limited. In other words, ICBC owns about 24% of H shares, and the shareholders of specific H-share are actually separate. Why do many listed companies have Hong Kong Securities Clearing Company Limited on their shareholder lists? The shares in all accounts of Hong Kong Securities Clearing Company Limited are the sum of the shares in the accounts of H-share shareholders, and the rights and interests of these shares still belong to the investors themselves. Therefore, for those who have both A-share and H-share, the share of H-share is represented in the form of nominee shares held by Hong Kong Securities Clearing Company Nominees Ltd.

Understand? According to Zhihu’s explanation, it is the sum of the shares in the H-share shareholder’s account, so who are these shareholders? It is definitely not a tradable stock. This explanation reveals important information to us. These shareholders are confidential. So how do they hold their stocks, and have they invested by normal channels?

It is worth noting that Hong Kong Securities Clearing Company Limited and Hong Kong Securities Clearing Company Nominees Limited are two separate companies. The first question is why Hong Kong Securities Clearing Company Nominees Limited was founded in 1991 (after Tian’anmen Square massacre in 1989). The second question is why Hong Kong companies were able to become major shareholders in the A-share market in Mainland Communist China before the Shanghai-Hong Kong Stock Connect was implemented, and all the shareholder structures were separated from other investment entities. For example, in the shareholder list of “Tsingtao Brewery Co., Ltd”, “Tsingtao Brewery Group Co., Ltd.” holds 32.83% of the shares, Central Huijin Co., Ltd. holds only 0.78%, and the private company in Hong Kong holds 45.44%, which is absolutely the actual controller.

Let’s look at what Wikipedia says again.

The Central Clearing and Settlement System (CCASS), which is short for the Central Clearing System, is a computerized book-entry settlement system for the trading in securities listed on Hong Kong Exchanges and Clearing Limited; it was originally designed to allow the Hong Kong Securities Clearing Company Limited (clearing company), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), to let the market intermediaries, such as brokers and custodians, to provide settlement services to their customers. At present, as investors wish to enjoy the benefits of the book-entry and settlement system, and to have substantial control over their shares, individual and corporate investors can now open investor accounts with CCASS.

The investor account is actually a stock depository account. The investor account holder is still required to use a broker or custodian (who is also a CCASS participant) for trading and settlement of their shares; the investor account holders still have to manage their own settlement risks in the settlement process.

Usage

Investors participating in the Central Clearing System can:

Operating the transfer of their shares deposited in the Central Clearing System;

Possessing the record of their shares information which is stored in the CCASS;

Enjoying legal protections for shares deposited in a Central Clearing System;

Collecting public traded companies’ information directly from listed issuers;

Accessing to multiple communication channels, including the CCASS Phone System, the Central Clearing Internet System and the Customer Service Center.

Wikipedia makes clear the function and role of the Central Clearing System administered by Hong Kong Securities Clearing Company Limited (HKSCC) and the rules for trading stocks in Hong Kong Exchanges and Clearing Limited (HKEX), which must be done through an account set up in CCASS system. According to ZHIHU.COM, Hong Kong Securities Clearing Company (Nominees) Limited is the publicized name of a proprietary account, or that this account represents the sum of the interests of the underlying investors (stock owners), or Hong Kong Securities Clearing Company (Nominees) Limited is a real shareholder. So who these shareholders are, no one ever knows, and it’s obvious that it was designed.

Let’s take a look at some information about Hong Kong Exchanges and Clearing Limited (HKEX)

According to Wikipedia:

Hong Kong Exchanges and Clearing Limited (HKEX; SEHK: 0388), one of the world’s leading exchanges, is a holding company listed in Hong Kong, With operating exchanges in Hong Kong and London, England, Its members include the Stock Exchange of Hong Kong Limited (SEHK), Hong Kong Futures Exchange Limited (HKFE), Hong Kong Securities Clearing Company Ltd, The Stock Exchange of Hong Kong Options Clearing House Limited and Hong Kong Futures Clearing Company Limited, also includes the base metals market – the London Metal Exchange, London Metal Exchange and Clearing House, the current Chairman of the Board of Directors is Laura Cha Shih May-lung and the Chief Executive Officer is Li Xiaojia.

On March 6, 2000, the Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limited and Hong Kong Securities Clearing Company Limited completed the merger, owned by a single holding company, Hong Kong Exchanges and Clearing Limited (HKEX). The HKEX, a result of the merger, was listed on the Stock Exchange of Hong Kong (SEHK) on June 27, 2000.

The Stock Exchange of Hong Kong (SEHK) was formed on April 2, 1986, through the merger of the four major stock exchanges – the Hong Kong Stock Exchange, the Far Eastern Stock Exchange, the Bullion Stock Exchange and the Kowloon Stock Exchange.

Stock trading in Hong Kong dates back to the mid-19th century, but it was not until 1891 that the first official stock exchange, the Hong Kong Stockbrokers Association, also known as the Hong Kong Stockbrokers Association, emerged. Initially, transactions were recorded using blackboard chalk. With the rapid development of Hong Kong’s economy in the 1970s, the Hong Kong Stock Exchange, the Far Eastern Stock Exchange, the Bullion Stock Exchange and the Kowloon Stock Exchange were established.

At that time, the merger of the four exchanges was contemplated and a larger space was needed for the trading facilities. The Four Exchanges came to a historical end on March 27, 1986. On April 2, 1986, the Stock Exchange of Hong Kong, a merger of four firms, officially opened for business. Initially computer-aided trading systems were used to buy and sell securities. However, since 1993, when security trading has become fully electronic transactions, more and more brokerage firms stopped sending out representatives on the trading floors, and all trading are conducted in their offices.

The Hong Kong Futures Exchange (HKFE), formerly known as the Hong Kong Mercantile Exchange (HKMEx), was founded in 1976, traded cotton, sugar, and soybean and gold futures at that time. On May 7, 1985, HKMEx was renamed as Hong Kong Futures Exchange and on May 6, 1986, HKFE launched its flagship product – Hang Seng Index futures; so far, HSI futures are still the most popular futures product in the HKEx derivatives market. Other derivative products offered by the HKFE include stock indices, stock and interest rate futures and options products. Since June 2000, trading on the HKFE has been fully electronic.

In the aftermath of the 1998 Asian financial crisis, the Financial Secretary of the Hong Kong Special Administrative Region (Donald Tsang Yam-kuen) announced in his 1999 Budget Speech that the Hong Kong’s securities and futures markets will undergo comprehensive reform to enhance Hong Kong’s competitiveness and meet the challenges posed by the globalization of markets. Under the reform proposal, the Stock Exchange of Hong Kong and the Hong Kong Futures Exchange would be demutualized and merged with the Hong Kong Securities Clearing Company under a single holding company, the Hong Kong Exchanges and Clearing Limited (HKEx).

The Stock Exchange and the Futures Exchange held their respective shareholders’ meetings on September 27, 1999, at which the respective Plans of Agreement were approved and approved by the Court on October 11, 1999. The merger of the two exchanges and the clearing house became effective on March 6, 2000, and the combined company was listed on the Stock Exchange by way of introduction on June 27, 2000. The closing price of the shares on the first day of trading was HK$8.25.

In December 2012, HKEx entered the commodities business with the acquisition of the world’s largest base metals exchange, the London Metal Exchange (LME). Through the LME, HKEx is a global leader in base metals futures and options trading.

In September 2012, HKEx, Shanghai Stock Exchange and Shenzhen Stock Exchange established a joint venture company, China Securities Exchange Services Limited, with equal shareholdings among the three exchanges.

As of the first quarter of 2007 transaction results of the total value of the HKSE’s assets is $43.5 billion with a net asset value of $6.2 billion. Net profit was 93% higher year over year at $920 million, and daily turnover is 52.9 billion HKD.

As of September 11, 2007, the Government of the Hong Kong Special Administrative Region is the single largest shareholder of the Hong Kong Stock Exchange, holding 5.88% of the shares. It is followed by JP Morgan Chase: 5.54%, Citibank: 4.13%, and Horizontal Asset: 2.30%.

As of December 31, 2008, there were 465 Mainland enterprises listed in Hong Kong, accounting for 37% of the total number of listed enterprises, with a market capitalization of about HK$6,161 billion, accounting for about 60% of the total market capitalization. From 1993 to the end of 2008, mainland enterprises raised more than HK$12 trillion of capital in Hong Kong.

On August 11, 2011, the HKEx news website, which distributes information of listed companies, was hacked in the morning and could not display information, 7 stocks and 1 bond of HSBC were suspended in the afternoon. The HKEx has alerted the police about the incident.

In October 2011, the Brazilian Stock Exchange, the Moscow Interbank Exchange of Russia, the Bombay Stock Exchange of India, the Hong Kong Exchanges and Clearing Limited, and the Johannesburg Stock Exchange of South Africa announced the formation of the BRICS Exchange Alliance at the International Federation of Stock Exchanges (IFEX) meeting in South Africa.

On October 21, 2011, the Hong Kong Stock Exchange officially signed an agreement with Zhongguancun to promote overseas listings as a strategic memorandum.

On April 1, 2012, it became the first stock exchange approved to set up a “data station” in Shanghai, China, which will provide the mainland market with the fastest and most up-to-date Hong Kong stock quotes directly.

On June 15, 2012, the London Metal Exchange was successfully acquired for £1.388 billion.

On September 26, 2012, together with the Shanghai and Shenzhen Stock Exchanges, a joint venture company named China Exchange Services Company Limited (CESC) was established, it plans to launch a new series of cross-border indices by the end of 2012 and related index products in the first quarter of 2013. CESC announced that on March 18, 2012, it would launch two new cross-border indices, including the CESC A80 Index and the CESC Hong Kong Mainland Index.

On November 19, 2012, HKEx established Hong Kong’s first over-the-counter (OTC) clearing company, OTC Clearing Hong Kong Limited (OTC Clearing Company). The major shareholder of HKOTC is HKEx with 75% share; the remaining 25% shareholders includes Agricultural Bank of China, Hong Kong Branch, HSBC, Standard Chartered and JPMorgan Chase etc. 12 banks and financial institutions.

On March 18, 2013, CESC launched two new indices “CESC A80” and “CESC Hong Kong Mainland Index” (HKMI).

On August 12, 2013, Launched the China 120 Index Futures (hereinafter referred to as “China 120”) to further expand its product portfolio in Mainland China. The China 120 Futures will be the world’s first exchange-listed derivative product covering major Chinese stocks in both the Mainland China and Hong Kong markets, allowing investors to trade or hedge against opportunities in both markets conveniently and cost-effectively through a single futures contract.

On October 31, 2013, the OTC Clearing Hong Kong Limited of the HKEx was approved by the China Securities Regulatory Commission to become a recognized clearing house, scheduled to be in service in November, it will initially process inter-dealer contract trades, with plans to launch client clearing services by the middle of next year.

On November 17, 2014, the Hong Kong Stock Exchange and the Shanghai Stock Exchange jointly launched the Shanghai-Hong Kong Stock Connect, a mechanism linking the mainland and Hong Kong stock markets, which is a major milestone in the development of Hong Kong’s financial market, creating a new model for the two-way opening of China’s capital market and opening a new model for the interconnection of global financial markets.

On January 21, 2016, the Hong Kong Stock Exchange launched a new corporate image and changed its logo.

On December 5, 2016, the Hong Kong Stock Exchange and Shenzhen Stock Exchange jointly launched the Shenzhen-Hong Kong Stock Connect, and the interconnection mechanism entered the 2.0 era.

On July 3, 2017, the Bond Connect was officially launched, allowing international investors to conveniently invest in China’s mainland interbank bond market through Hong Kong, opening a new era of liberalization of China’s debt market.

On May 11, 2017, the Hong Kong Exchanges and Clearing Limited (HKEx) held the LME Asia Annual Meeting Qianhai Sub-forum at its under-preparation Shenzhen Qianhai Mercantile Exchange (QME) to introduce Qianhai Mercantile Exchange for the first time to industry players and the media. The QME will draw on the experience of Hong Kong’s LME to build a real commodity trading and service platform that truly serves the real economy of the mainland.

On October 27, 2017, the Hong Kong Stock Exchange closed its 31-year-old trading lobby and converted its current location into a “Financial Town Hall” to promote Hong Kong’s financial markets, with the new venue available for ceremonies, exhibitions, conferences and investor education activities.

In December 2017, the Hong Kong Exchanges and Clearing Limited (HKEx) set the direction for the largest listing reform since the H-share listing in 1993, allowing new economy companies with different voting structures and biotechnology companies with no revenue to list in Hong Kong, and easing the secondary listing of companies with different voting structures that are already listed in international markets.

On April 30, 2018, the reform of the listing system came into effect.

On September 11, 2019, HKEx planned to acquire London Stock Exchange Group with cash and additional issuance of new shares at £20.45 per share in cash plus 2.495 HKEx new shares, which converted to approximately £83.61, for a total of approximately £29.6 billion (approximately HK$28.67 billion) ($71.5 billion in cash) upon completion of the transaction, existing shareholders would become the majority shareholder of the combined group with a 59% stock right, with the LSE holding the remaining 41%.

However, two days later, the Board of the London Stock Exchange formally rejected the offer, writing back that the proposal was “fundamentally flawed” and citing a number of reasons for its opposition, including “government-controlled board structure”, “High concentration of business on the HKEx”, and ” It would not be in the shareholders’ interest to request that the acquisition of Refinitiv be abandoned” and “the bidding below target price”. On October 8, 2019, the HKEx announced the abandonment of its plans to acquire London Stock Exchange (LSE).

Note a few points.

1. on March 6, 2000, The Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limited and Hong Kong Securities Clearing Company Limited has completed the merger, while Hong Kong Securities Clearing (Nominees) Limited was established in 1991; Hong Kong Securities Clearing Company Ltd. (abbreviated: HKSCC), note this name.

HKSCC NOMINEES LIMITED Note the two different names, no information is available on this company.

2. Following the reunification of Hong Kong in 1997 and the Asian financial turmoil in 1998, the Financial Secretary of the Hong Kong Special Administrative Region (Donald Tsang Yam-kuen) announced in his 1999 Budget Speech that a comprehensive reform of Hong Kong’s securities and futures markets would be carried out in order to enhance Hong Kong’s competitiveness and meet the challenges brought about by the globalization of markets. Under the reform package, the Stock Exchange of Hong Kong Ltd. and the Hong Kong Futures Exchange Ltd. were demutualized and merged with the Hong Kong Securities Clearing Company to form a single holding company, the Hong Kong Exchanges and Clearing Limited (HKEx).

3. On September 27, 1999, the respective shareholders’ meetings were held at which the related Scheme of Agreements were approved and the Court approved the Scheme of Agreements on October 11, 1999. The merger of the two exchanges and the clearing house came into effect on March 6, 2000, and the merged Hong Kong Exchanges and Clearing Limited was listed on the Stock Exchange by way of introduction on June 27, 2000. The closing price of the shares on the first day of listing was HK$8.25.

4. Since June 2000, trading on the Futures Exchange has been fully electronic. The developer was Founder, which was revealed by the whistleblower Mr. Guo Wengui.

5, According to the above digging shows that in 1995 there were domestic enterprises listed in Hong Kong H-share, at this time being listed in Hong Kong is not a general enterprise can make it, of course, the purpose must not be to raise funds, because at that time Hong Kong has not yet returned to the mainland, then there is only one purpose is to transfer out the RMB assets through this Hong Kong listing channel as a pipeline!

So it makes perfect sense that the design of this company is for the above purpose, and in order to cover up this company, it becomes reasonable to come out with a Hong Kong Central Clearing Company Limited, and who can tell the two companies apart? Hong Kong Securities Clearing Company Limited is the management company responsible for the technology, while Hong Kong Securities Clearing Company (Nominees) Limited is the true holder of the shareholders’ assets.

So Hong Kong Securities Clearing Company (Nominees) Limited is made up of a group of shareholders. Prior to Hong Kong’s return, domestic assets were transferred to this group of shareholders in the form of stock holdings through the listing of State-owned Enterprises in Hong Kong. After the return of Hong Kong to mainland of China, the licensed enterprises, after listing in Hong Kong, controlled the accounts in the Central Clearing System through Hong Kong Securities Clearing Company Limited. Any company listed in Hong Kong (mainly State-owned Enterprises) naturally attracts the largest shareholder, Hong Kong Securities Clearing Company (Nominees) Limited. The investments and stock transactions of the largest shareholder are tightly controlled.

This must be a huge project. In the above case of the 1995 Hong Kong IPO of Northeast Electric. Since its inception in 1991, Hong Kong Securities Clearing Company (Nominees) Limited (HKSCC NOMINEES LIMITED) has been selectively listing H-share in Hong Kong for state-owned enterprises in Mainland China. China International Capital Corporation Limited(CICC), as an investor, takes money from the bank as original shares, and together with Hainan Liberation Commonweal Foundation and other mainland companies, controls the entire listing process as the controlling shareholder, and then controls Hong Kong’s state-owned Chinese enterprises to purchase the shares of listed companies, thus generating huge listing profits. The ultimate beneficiary is the Hong Kong Securities Clearing Company (Nominees) Limited, and it must be a big secret as who the shareholders of this company are, and where the ultimate money flows to is not known, and all that they care about is listing in Hong Kong, and all that they care about is controlling the whole listing process.

Li Xiaojia, the software development of Founder, the return of Hong Kong to the mainland of China, the reform of the Hong Kong Stock Exchange and the implementation of the Shanghai-Hong Kong Stock Connect were all designed with intention for the ultimate benefit of this company, countless people were working for them, including the four major state-owned banks, the Hong Kong government, all the H-share mainland listed companies, the Shanghai and Shenzhen listed companies, Morgan Stanley, JPMorgan Chase, Goldman Sachs and even the entire Wall Street investment bank!

Let’s take a look at the massive empire this company has!

The Empire State of the HKSCC NOMINEES LIMITED

Basic Information (Registration)

Company name in Chinese: 香港中央结算(代理人)游戏中你公司

Company name in English: HKSCC NOMINEES LIMITED

Date of establishment: May 14, 1991

Type: Private Ltd.

There’re a total of 58 overseas investment companies under its name.

And a total of 1,000 (approximately) companies is under its actual control

In the above diagram, notice the names in red – they are the beneficiaries of these companies through HKSCC NOMINEES LIMITED’s money laundering themes, for example, Sun Yao (Wang Qishan’s adopted daughter) is one the 13 individuals.

Let’s take a look at Li Xiaojia (Charles, 1961), CEO of the Hong Kong Stock Exchange and former CEO of JPMorgan Chase China, who focuses on investments in China, Asia and North America. On June 3, 2009, the Stock Exchange of Hong Kong Limited (HKEx) officially appointed Li Xiaojia as Chief Executive Officer (CEO) of the Stock Exchange of Hong Kong Limited (SEHK), effective January 16, 2010, to replace Zhou Wenyao.

Is it a coincidence that Li Xiaojia is from JPMorgan Chase? We’ll look at this JPMorgan Chase in a later dig.

Note Li Xiaojia’s resume:

He graduated from Xiamen University in 1984, majoring in English. After graduation, he worked as a reporter for China Daily, a newspaper of the Publicity Department of the Central Committee of the Chinese Communist Party. He went to the United States in 1986 and received his master’s degree in journalism from the University of Alabama and his doctorate in law from Columbia University. Previously, he worked at the prestigious Wall Street law firms of Davis Polk & Wardwell LLP and Brown & Wood, where he focused on financial securities and mergers and acquisitions. During this period, Li worked as a U.S. attorney for the Ministry of Finance of the People’s Republic of China in the issuance of the first global sovereign debt of the People’s Republic of China. He also participated in the first batch of cross-border listing of state-owned enterprises in China and was one of the earliest practitioners of the reform and opening up of China’s financial and securities industry.

He joined Merrill Lynch in 1994, focusing on Chinese government and corporate finance and overseas development. In 1999, he was appointed President of Merrill Lynch China, responsible for the decision making and development of the China business. While at Merrill Lynch, he led a series of major capital market transactions and offerings for CNOOC, China Mobile, and China Telecom.

He joined J.P. Morgan in 2003 as Chair of China area, with overall responsibility for J.P. Morgan’s business in China. JPMorgan’s China business has been growing rapidly in recent years. Since joining J.P. Morgan, Li has led a number of major transactions in the industry, including CNOOC’s $19.6 billion bid for Unocal. In 2006, J.P. Morgan successfully completed the listing of CNOOC, Aluminum Corporation of China, China Merchants Bank and other stocks. Li Xiaojia’s participation in the launch of the CNOOC’s bid for Unocal is considered to have ushered in a new era for Chinese companies.

On the night of October 4, 2016, there was a burglary at the residence of Li Xiaojia in Tai Tam Road, Stanley. He was out and about at the time of the incident his foreign servant had just returned from an outing when two black-clad thieves were found looting. The thieves fled, but the safe had been pried open. Upon his return to Hong Kong, Li said he was saddened by the loss of a number of items of commemorative value. What did he lose?

Repeated digging:

Cross-section: 1. CICC

Once again, we brainstormed and re-searched for information on CICC:

According to Wikipedia, CICC was founded in 1995[5] as the first joint venture investment bank in the People’s Republic of China by China Construction Bank Investment Company Limited, Morgan Stanley, China Investment Guarantee Corporation Limited, Government of Singapore Investment Corporation, Mingli Group Holdings Limited and other companies on the basis of strategic partnership. Its subsidiary, China International Capital Corporation Hong Kong Securities Limited, was established in 1998, followed by CICC Shanghai Branch, and securities sales offices in Beijing, Shanghai and Shenzhen, expanding its business nationwide.

Note that CICC’s shareholders: CCB’s China Jianyin Investment Ltd., Morgan Stanley, and the Government of Singapore Investment Corporation (actually it’s Temasek), which in turn purchased a 5% stake in CCB in 2004.

In 2004, Zhu Yunlai (son of Zhu Rongji) became CEO of the company. Zhu Yunlai joined CICC in 1998 as head of the firm’s capital markets department. Note that between 2004 and 2006, CICC granted 20% of its shares to management and employees in the form of shadow shares, whose holder information and holdings were never made public.

In October 2014, President Zhu Yunlai, Chief Economist Peng Wensheng, and Chair Jin Liqun resigned from the company.

After the resignation of Zhu Yunlai and many shareholders on November 9, 2015, CICC listed on the Hong Kong Stock Exchange, the opening price of HKD 10.9, 6% was higher than the IPO price. The IPO was sold a total of about 611.4 million shares and priced at the upper limit of the IPO price range of HKD 10.28, raising capital of HKD 6.285 billion. The retail portion of its IPO was 3.7 times oversubscribed, while the international placement was significantly oversubscribed.

As of April 2017, its shareholding structure was as follows:

48.58% Central Huijin Investment Ltd.

6.85% The Government of Singapore Investment Corporation Pte Ltd.

4.31% TPG Asia V Delaware,L.P.(TPG Capital Subsidiary)

4.18% KKR Institutions investments,L.P. KKR

3.20% China National Investment & Guarantee Co., Ltd.

3.08% Mingly Corporation

2.09% Great Eastern Holdings Ltd.

17.36% Public shareholders

Remainder Unknown

The following points should be noted:

1. In 1994, Wang Qishan was appointed President and Party Secretary of China Construction Bank. During this period, Wang promoted cooperation between CCB and Morgan Stanley and established China International Capital Corporation (CICC), China’s first joint venture investment bank, and also served as its chair.

2. CIMC was founded in 1995 by Wang Qishan as president of the Construction Bank of China, who also served as chair of the board. Zhu Yunlai joined CICC in 1998 as head of the company’s capital markets department, and in 2004, Zhu became CEO of the company. And Temasek purchased shares of CCB in 2004. Everything was well-designed to be.

3. Gao Yanyan is said to have been a colleague of Zhu Yunlai at CICC, and then went to Morgan Stanley. Note that there is no Morgan Stanley among CICC’s current shareholders, and Morgan Stanley should have been in office when Gao Yanyan quit CICC, so she must have benefitted a lot.

4. Temasek’s control over CICC is not only by design but also deliberately concealed. Therefore, Temasek’s long-term control of CICC must be the ultimate goal.

5. Between 2004 and 2006, CICC granted 20% of its equity to management and employees in the form of shadow stock.

To whom it was given can be imagined.

6, so on November 9, 2015, CICC listed on the Hong Kong Stock Exchange, the opening price of HKD 10.9, 6% was higher than the IPO price. The IPO was sold about 611.4 million shares, and the upper limit of the IPO price range was capped at HKD 10.28, raising HKD 6.285 billion.

7, Yunlai Zhu and other executives resigned in 2014 prior to the IPO.

8. It is time for DING Wei of Temasek to appear: From 2002 to 2011, Mr. DING Wei was the Executive Chair of CICC’s Investment Banking Committee, Head of Investment Banking and Managing Director, responsible for the business and management of CICC’s Investment Banking Division. Such a powerful guy amazingly joined Temasek in February 2011. The most mystical thing was his return to CICC in early 2014, just before CICC awarded 20% of its shares to management and employees in the form of shadow shares. From then on, the battle journey of the CICC system began. And to this day he is still the Senior Advisory Director of Temasek China!

So far you see the close relationship between Temasek and CICC’s with Wang Qishan and the Zhu Rongji family. DING Wei is definitely a key figure but Wu Yibing does not sound is that important according to DT.

This led to see Temasek behind the four major state-owned banks and CICC, which control China’s finance, and behind Temasek, you see the shadow of Zhu Rongji and Wang Qishan.

Dig again:

Cross point:2 Hong Kong Securities Clearing Co. Ltd

Hong Kong Securities Clearing Company Nominees Limited is different from Hong Kong Securities Clearing Co. Ltd, it’s important to understand this point because the shareholder information of the first one is highly confidential, whereas the shareholder information of Hong Kong Securities Clearing Company Limited, itself a public company, is public.

Report date: December 31, 2018

Name of shareholder Number of direct holdings features of stock

JPMorgan Chase & Co 12,191,550 common stock

Hong Kong SAR Government 74,840,961 common stock

The first majority shareholder of this main listed company, Hong Kong Stock Exchange, is Hong Kong SAR Government, the second majority shareholder is JPMorgan Chase & Co.

It is well known to those who are familiar with JPMorgan and Morgan Stanley that JPMorgan Chase has become the simple commercial bank, Morgan Stanley turns out to be the investment bank, there is also another JP running business overseas, which has been bought by Deutsche Bank in 1990. At that time, JPMorgan, the predecessor of JPMorgan Chase, merged into JPMorgan Chase in 2000, no longer ran independently. We can roughly consider it as the split of JPMorgan into JPMorgan Chase and Morgan Stanley, although not formed in the same era.

That is to say that the second majority shareholder of HKEx is same as the original investor of CICC, one runs commercial bank business, the other runs investment bank business. The first majority shareholder can be regarded as the CCP central government. At that time, Zhu Rongji was in charge of China’s finance, later Wang Qishan took over. Do you understand their strategic planning now?

So far, why does Hong Kong Securities Clearing Company Nominees Limited hold shares and make investments which have nothing to do with Hong Kong Securities Clearing Co. Ltd? The answer is the perfect layout. What’s more, there is also an important person that Temasek has invested, Jiang Zhicheng!

Dig again and again:

Cross point: 3 Boyu Capital

Jiang Zhicheng (English name: Alvin Jiang, January 22, 1986-) is a native of Yangzhou, grandson of Jiang Zemin-former General Secretary of the Communist Party of China, son of Jiang Mianheng, graduated from Harvard University in Economics, got master degree in Columbia University. Once worked at Wall Street financial institution Goldman Sachs, resided in New York. Later established Boyu Capital Co., Ltd in Hong kong, served as the first director. In 2013, Jiang Zhicheng’s venture capital firm, Boyu Capital, announced in Hong Kong that it would raise US$1.5 billion, drawing widespread attention to the rapid rise of the red children of the kleptocrats – retired and current political leaders in the private equity and venture capital industry, which has caught great stir among the industry and the media.

After Jiang Zhicheng graduated from Harvard University, he worked at PIA (Principal Investment Area) directly invested by Goldman Sachs for short time. In September 28, 2010, Boyu Capital Co., Ltd was registered in Hong kong (co-founder includes Ma Xunzheng, Zhang Zixin, Tong Xiaomeng), Jiang Zhicheng served as the first director.

Later the company renamed Boyu Capital Advisory Co., Ltd., (investors include Temasek, Li Ka-shing). In the short year after its establishment, Boyu succeeded in listing of two business including Alibaba and China International Holdings Ltd. Of all the other Chinese investment firms, none has been able to secure such two large deals in such a short period of time. According to the report’s analysis, Boyu’s ability to make large-scale investments with official Chinese financial institutions such as CIC, CITIC, and China Development Bank shows its “strong political and business capabilities.

Early in 2011, JiangZhicheng’s Boyu Capital bought Sunrise Duty-Free in Shanghai and Beijing international airport, it is considered remarkable for its extraordinary way of making money due to its ability to easily enter the forbidden area even for state-owned companies. According to Reuters’s report, duty-free store has always been monopolized by the state-owned companies until Jiang Zemin opened up the duty-free store Shanghai Pudong International Airport in 1999. Jiang Shigan, the distant relative of Jiang Zemin, a Chinese American, won the bid to open Sunrise Duty-Free in Pudong International Airport. In the following 10 years, Jiang Shigan’s business thrived and had achieved annual income of 1 billion dollar and ranking second only to China Duty Free Group, the super duty-free chain store in China.

The dig about Boyu Capital, DT has released before, we will not expand here. The money accumulated from Boyu should be more than several trillions of dollars.

Among other things, it should be noted about Watson’s, because it was specifically exposed by Mr. Guo Wengui, and we’re just reporting some of the public stuff here.

In 2014, Temasek paid HK$44 billion for 24.95% stake in Wastons (Does the money fell into Li Ka-shing’s pocket?).

In March 20, 2019, the news form Bloomberg about Wastons spread quickly in the capital market. Insiders said that a financial group including China Internet giant Tencent is considering to buy the stakes of Wastons that Temasek intends to sell. Through the transaction, Temasek is about to get $3 billion by selling 10% stake of Wastons (most likely the $3 billion was given to Jiang Zhicheng). Tencent may launch the bid together with some investment funds for the stake of Wastons. Alibaba also showed interests. (In fact, Boyu Capital is the actual controller of these two companies). Total $9 billion was cashed out on these two deals, however, equity hasn’t been taken away by anyone else, what brilliant moves!

This should give you a preliminary answer by now! Is it exactly the same as Temasek’s operation in Singapore? The difference is that Temasek is moving the wealth to Temasek, while this team is moving the wealth of China out. Where the wealth will eventually be moved to? This is one of the key and the most important questions to be explored in our Nation stealing series. We will reveal the answer step by step.

Well, a universal wealth transferring team is born, let’s take a look at its luxury lineup!

Chief Technical officer

总指挥

WangQishan,ZhuYunlai,JiangZhicheng

Porter

  • CICC
  • the “Big Four” Chinese Banks
  • Temasek
  • Morgan Stanely
  • JPMorgan Chase
  • Goldman Sachs
  • HKEX
  • So on

cheerleaders

  • Li Ka-shing
  • HeJing
  • All previous Hongkong SAR Government and the “big four shameless”
  • CCP ,party, government and military organs of local government institutions

Transport destination

First stop

  • Hong Kong Securities Clearing Company Nominees Limited
  • Hong Kong Boyu Capital
  • Cihang Charity Foundation
  • And so on

Second stop

  • Temasek?
  • unknown

Finally, let’s see how mesmerizing Temasek’s investment in China really is! Of course, this is only a small fraction of what is publicly available.

Appendix: Temasek’s Investment in China (a small portion)

Source: Internet

1 ACapitaLand Investment:Renowned real estate developer CapitaLand China is a subsidiary of Temasek Holdings (Private) Limited

2 Fullerton Financial Holdings Shares in Bank of China and China Construction Bank were completed through Fullerton Financial Holdings and Singapore’s Asia Finance

3 Mapletree Investments Private Limited Investment in real estate was done through Mapletree Investments

4 Vertex Ventures Investment in PE and unlisted equity was done through Vertex Ventures

5 Baytree Investment Holding stocks of YINGLI GREEN ENERGY HLDG CO through Baytree Investment

(B) Temasek’s Investment in China

1. Industrial and Commercial Bank of China.

Temasek increased stake in ICBC to 8.07%.

Reuters Hong Kong June 28, 2013 – Singapore’s state-owned investment firm Temasek Holdings has increased its stake in Industrial and Commercial Bank of China (1398.HK) (601398.SS), according to a statement from the Hong Kong Stock Exchange.

Temasek will purchase 126 million shares of ICBC at an average price of HK$4.602 per share, for a total amount of approximately HK$580 million (US$75 million), increasing its shareholding to 8.07%.

Despite Goldman Sachs’ (GS. N) exit from ICBC, Temasek is continuing to add to its holdings. Goldman Sachs sold the last part of its ICBC stake in May, ending a seven-year investment relationship, as it improves its balance sheet ahead of new capital requirements. Goldman Sachs sold part of its ICBC stake in April 2012 for $2.5 billion, with a majority of the shares going to Temasek. The statement is dated June 27.

2. China Construction Bank

Bank of America and Temasek invested US$3 billion and US$1.466 billion respectively to buy 9.9% and 5.1% of CCB’s shares. Under the original agreement, the two banks also pledged to buy US$500 million and US$1 billion, respectively at the time of CCB’s IPO.

Temasek, which has actively invested in China, even said it would buy another $2 billion dollars of CCB’s IPO if CCB does not exercise its right to increase its stake by 15 percent.

Bank of America and Temasek invested US$3 billion and US$1.466 billion respectively to buy 9.9% and 5.1% of CCB’s shares. Under the original agreement, the two banks also pledged to buy US$500 million and US$1 billion, respectively at the time of CCB’s IPO.

Temasek, which has actively invested in China, even said it would buy another $2 billion dollars of CCB’s IPO if CCB does not exercise its right to increase its stake by 15 percent.

3. SouthGobi Energy Resources (“SouthGobi”) was listed on the Hong Kong Stock Exchange on May 29 with investment from China Investment Corporation and Temasek.

According to Hong Kong media reports, SouthGobi Energy Resources Ltd. (“SouthGobi”) (1878: Hong Kong), a Canadian-listed group that conducts coal mining mainly in Mongolia, is expected to become the first IPO in 2010 with the introduction of China Investment Corporation (CIC) and Temasek as initial investors. The company held an investor presentation yesterday and intends to issue 22.95 million shares at a maximum IPO price of $133.5 per share, with an admission fee of $6,742.35. The plan which is to start the IPO this Friday the 15th and to be listed on the 29th, is expected to become the first public offering of new shares to retail investors this year and it plans to raise 3.064 billion at the maximum. According to the preliminary offering document, SouthGobi intends to issue 22.95 million shares, of which 20.25 million shares (or about 88%) will be offered for international placement and 2.7 million shares (about 12%) will be offered for the public. The offering price will be capped at $133.50 per share, and the maximum capital raised will be $3.064 billion, 50 shares lot costs $6,742.35 including admission fees, plus 15% over-allotment option. If the open offer exceeds 100 times or more of its planned amount, under the clawback mechanism, the open offer portion will be increased to 50% of its offering ratio.

Initial investment from China Investment Corporation (CIC) and Temasek, a Singaporean sovereign fund, to SouthGobi is totaling 780 million yuan, with each party contributing 50 million U.S. dollars (approximately 390 million yuan). A six-month lock-up period was set. With such a strong lineup, it is believed that many investors will be attracted to purchase. In fact, SouthGobi has already received an investment of about $500 million (about $3.9 billion) from CIC in October last year to expand its Mongolian business.

4. Watsons

Temasek bought 24.95% stake in A.S. Watson for $44 billion in 2014.

5. China Intelligent Transportation

June 28, 2010 – According to data from Zero2IPO, investors in China’s Intelligent Transportation sector include Temasek Holdings and Intel Capital… is to be listed on Hong Kong Stock Exchange on July 15, to raise HK$923.7 million through Hong Kong IPO.

6. Innovent Biologics, Inc.

The listing of Innovent Bio is much more fortunate. As the representative of local innovative monoclonal antibody drugs, it introduced 10 cornerstone investors with a capital of $245 million, accounting for about 61.26% of the shares offered at the mid-price, with a six-month lock-up period. The cornerstone investors include Sequoia Capital, Value Partners, Yongjin Group, Singapore’s Temasek, US’ Capital Group and other world-renowned institutions.

7. Mengniu Yashili International

Trading resumed on the morning of November 11. Mengniu Dairy, Mengniu International and Yashili jointly announced on the Hong Kong Stock Exchange on November 11 that Mengniu International sold 471 million shares of Yashili (about 13.2% of the total share capital) to five investors at a price of HK$3.5 per share, involving capital of RMB1.649 billion. Upon completion of the sale, the public shareholding of Yashili has been restored to above the minimum percentage level, and trading of Yashili shares on the Hong Kong Stock Exchange will resume.

It is reported that the five funds buying Yashili’s shares include Singapore’s Temasek and RRJ Capital (“RRJ”). After the completion of the sale, Temasek and RRJ hold 6.19% and 4.98% of Yashili shares respectively, while Mengniu International (the special-purpose company that launched a general offer to Yashili) holds 76.58% of Yashili shares and remains the controlling shareholder of Yashili. The closing price of Yashili on August 13, before the suspension of trading, was HK$3.62 per share, and the HK$3.50 transfer price represented a 3.31% discount to the closing price. Yashili’s share price rose 17.13% to close at HK$4.24 per share after trading resumed on August 11.

Since Mengniu International issued an offer to Yashili on June 18, the acquisition has been progressing steadily in accordance with procedures. On August 13, at the closing date of the offer, Mengniu International completed the acquisition of Yashili, with a controlling stake of 89.82%, allowing it the majority shareholder of Yashili. After the completion of the sale, Mengniu’s shareholding in Yashili will be reduced to 76.58%, and Yashili’s “public” shareholding will be 23.42%, which is above the minimum public shareholding percentage level. As the dust settles on the cooperation between Mengniu and Yashili, Mengniu Dairy said, “The successful completion of the merger between COFCO Mengniu and Yashili has given Yashili a greater platform advantage in capital and market operation. Down the road, the two parties will strengthen integration of resources and complement each other’s strengths to provide more consumer choices for China’s high-end infant milk powder formula market.”

8. HEC Pharm

According to the latest information from the Hong Kong Stock Exchange, on April 27, 2017, Temasek Holdings (Private), a major shareholder of HEC Pharm (01558), increased its on-market ownership of 15.1 million shares of the company’s long position at a cost of HK$246.13 million, with an average transaction price of HK$16.3. After the change, it holds 15.1 million shares, accounting for 6.69% of the company’s issued shares.

9. Xiaomi lists in Hong Kong

Xiaomi’s going public may allow LEI Jun to become the richest Chinese man, and two Singaporean companies will benefit from it! They are the famous Temasek and Government of Singapore Investment Corporation (GIC).

10. Alibaba

In 2014, Alibaba went public in the U.S. and set its IPO (initial public offering) price at US$68 per share, closing at $93.89 on the first day, up 38.07% from the offering price, with very strong momentum shown. Publicly available information shows that Ali’s 5th largest institutional investor, Temasek, sold 1.62 million shares as disclosed at the end of 2018. The 7th largest institutional investor, HSBC Holdings, also sold 380,000 shares.

11、Huiyuan Juice

Temasek Holding Limited (Temasek Holdings) still held 8.23% of Huiyuan Juice on March 20, 2017, but by March 28, its stake had become zero, according to the Hong Kong Stock Exchange.

At the end of March, Temasek Holdings liquidated its entire stake in Huiyuan Juice (01886.HK). According to the Hong Kong Stock Exchange, Temasek Holding Limited (Temasek) still held 8.23% of Huiyuan Juice on March 20, 2017, but by March 28, 2017, its shareholding had become zero. According to records, Huiyuan Juice announced that it had received a $150 million investment from Temasek on March 21, 2014. At that time, Huiyuan’s share price was around HK$6. This was in the form of a convertible bond of US$150 million that Temasek, through its subsidiary Baytree Investments (Mauritius) Pte Ltd, acquired from Huiyuan Juice, which was convertible into ordinary shares of the company at an initial conversion price of HK$7.0 per share (subject to adjustment). Assuming that Huiyuan Juice does not issue any new ordinary shares, Temasek will indirectly hold 8.23% of the issued share capital of Huiyuan Juice upon full conversion of the convertible bonds at the initial conversion price.

The subscription agreement clearly indicates that the convertible bond has a maturity date of 2019.

Three years later, Huiyuan’s share price has been falling, closing at HK$2.51 on April 11. An industry insider said: “During this period, Temasek will not transfer shares. After all, holding bonds can enjoy fixed income. However, Temasek chose to dump all the convertible bonds that has two years to expire, which shows that Temasek is very disappointed with Huiyuan and feels no need to wait.”

12. Watsons

A.S. Watson (Watson) is “selling out” again

On March 20, 2019, a Bloomberg story about Watsons spread quickly through the capital markets. According to sources, a consortium including Chinese internet giant Tencent is considering bidding for the proposed sale of Watson’s shares in Temasek. The deal would give Temasek access to about $3 billion (presumably to Jiang Zhicheng, grandson of former General Secretary of China Jiang Zemin) through the sale of its roughly 10 percent stake in Watson. Tencent may team up with a number of investment funds to launch a bid for Watson’s stake, while Alibaba has also shown interest.

As two Internet giants that have always competed against each other, there are few companies that caught their interest and collided head-on at the same time. Those that have caught their attention have experienced rapid growth in the ensuing years and developed into new-generation giants such as Didi Chuxing and Meituan. A.S. Watson, the main player in this deal, is a 191-year-old local company and an icon of offline retailing, operating 14,976 stores in 24 countries/regions and employing 130,000 people. With more than 3,200 stores in 438 cities and over 64 million members, A.S. Watson is currently the largest health and beauty retail chain in China.

A.S. Watson, a subsidiary of CK Hutchison Holdings, acquired a 24.95% stake in Watson from Temasek in 2014 for a total of HK$44 billion.

At CK Hutchison’s Results Presentation in February 2014, Li Ka-shing said, “Watson’s will list in two places because the market capitalization is quite large, but Hong Kong must be one of them.” Less than a month later, CK Hutchison reached a cooperation agreement with Temasek, Singapore’s sovereign investment fund, with staggering speed. According to the agreement, Watson’s group is valued at HK$176.353 billion. Temasek paid HK$44 billion for the 24.95% stake. It should be noted that the market was still speculating about where and when the listing would take place, and major brokerages and analysts were still busy valuing the entire A.S. Watson IPO. Later, when talking about the location of A.S. Watson’s IPO, Li Ka-shing changed his tone and said that only Singapore and Hong Kong would be considered.

Furthermore, through a series of overseas acquisitions, A.S. Watson became the world’s largest personal care chain business.

This transformation is a bit late but still effective, as Watsons China reported total revenue of HK$12.353 billion, up 16% year-on-year, and EBITDA (earnings before interest, taxes, depreciation and amortization) of HK$2.470 billion, up 13% year-on-year, in its 2018 half-year report. In its annual report released on March 21, 2018, the retail division operated 14,976 stores in 24 markets at the end of 2018, an increase of 6% over last year. Total revenue was HK$168.99 billion, EBITDA was HK$16.16 billion and EBIT was HK$13.07 billion, an increase of 8%, 9% and 8% respectively.

In particular, the Asian Health & Beauty Products business delivered significant growth, with EBITDA increasing 20% due to a 10% increase in store count and a 7.1% increase in year-over-year store sales. The China Health & Beauty segment continued to be the primary profit contributor, achieving EBITDA growth of 7% and a sustained positive EBITDA margin of 19%.

According to Temasek’s previous transaction data, the overall valuation of A.S. Watson was HK$176.353 billion in 2014. At the current exchange rate, the 10% of A.S. Watson shares to be sold at HK$23.542.2 billion, the overall valuation of A.S. Watson is already at HK$23.5422 billion, an increase of 25%.

On November 5, 2018, the first China International Import Expo (CIIE) will kick off in Shanghai, China. The import expo will bring $10 trillion in business opportunities (China is expected to import more than $10 trillion worth of products and services).

The Import Expo demonstrated to the world that China’s development is an opportunity for the world, and that as China’s door is opening wider and wider, more and more imported products can enter China to catch the fast train of China’s development and jointly promote the transformation and upgrading of Chinese enterprises. On the eve of the Import Expo, China launched a series of initiatives to reduce tariffs. So far this year, after a series of independent adjustments, China’s total tariff level has been reduced by an average of 23% compared to the previous year. This series of actions have boosted the beauty industry, which relies heavily on imports, and is a new development opportunity for Watsons.

As mentioned above, from 2017, with most of the traffic attracted to online stores in first tier cities, Watsons will shift the strategic focus to third- and fourth-tier cities due to lower integration of online and offline integration rate and lower consumption level in those cities. In less economically developed third and fourth tier cities, lipstick and masks, as a representative of cheap luxury goods, can largely satisfy people’s sense of well-being, which also provides a certain degree of sustainable development space for Watsons.

This is very similar to the lipstick effect, an interesting economic phenomenon that has been discussed in China in 2018, also known as the “low-price product preference trend”. In the United States, whenever there is a recession, lipstick sales skyrocket. This is because in the US, people think that lipstick is a cheap luxury item, and in a recession, people still have a strong desire to spend money, so they will turn to cheaper luxury items.

Alibaba and Tencent, what are they competing for?

Although all three parties involved have expressed no comment, the news that Temasek is selling its stake in A.S. Watson has been around since January of this year (2018), so the news is not just a rumor.

In fact, A.S. Watson’s partnership with Tencent and Alibaba has already had a precedent. In 2018, A.S. Watsons partnered with Elema for Lightning Delivery Services. It held a joint conference with Yonghui and Tencent to announce the formation of a new joint venture company “ParknShop Yonghui”, which will integrate A.S. Watson’s ParknShop and Yonghui’s supermarket business in Guangdong Province.

A.S. Watson’s huge distribution network is a point of great importance to Alibaba. After the layout of the new retail, Alibaba continued to inject resources into the offline resources. Information shows that Alibaba’s new retail camp includes Starbucks, Yintai Business, Sanjiang Shopping, Bailian Group, Lianhua Supermarket, Xinhua, Gao Xin retail, Easyhome among a number of other traditional retail enterprises.

Years of accumulated sales data and a large membership system is another basis for possible cooperation between Watsons and Alibaba. The strategic synergy between Alibaba and Watsons, also a traditional retail giant, is clearly stronger.

Different from the diversion of customer flow of the Internet era, the main feature of the new retail era is empowerment, which means using new technologies, new models and other means to reshape the industry’s operating logic, so as to find new growth breakthroughs. On this basis, Alibaba has more intention to cooperate with Watsons than Tencent.

Unlike Alibaba’s retail gene, Tencent is more adept at achieving strategic synergy between companies and their investees from the perspective of a financial investor. Tencent’s new retail partners include Yonghui Supermarket, Yonghui Yunchuang, Walmart, Lan’s Home, Carrefour China, BBK, Wanda Commercial and others. Tencent is also an investor behind Jingdong, a traditional e-commerce company, Pinduodu, a social e-commerce company, Xiaohongshu, a community e-commerce platform, and Daily Fresh, a fresh food e-commerce platform. So, in terms of synergy, even if Tencent does not do it itself, it can still facilitate the cooperation between the invested companies.

14、Uncle Kai Tells Story

Uncle Kai’s Storytime recently closed a $66 million 3rd round of financing

Source: TMTpost 2020-02-26 18:50:06

“Uncle Kai’s Storytime” recently completed a $66 million 3rd round of financing. This round of financing was led by Trust Bridge, followed by Singapore investment firm Temasek and Loyal Valley Capital, and Taihe Capital continued to act as its exclusive financial advisors. Uncle Kai’s Storytime has raised over $120 million in cumulative funding within one year.

15、Cloudary Corporation

Cloudary Corporation announced that it has raised $110 million in financing from Goldman Sachs and Temasek. QIU Wenyou said the funds will be used primarily for the company’s open strategy and mobile strategy. Cloudary Corporation, which had been the subject of speculation, announced today at a press conference in Beijing that it has raised a total of $110 million in private equity funding. Its investors include Goldman Sachs Investments Holdings (Asia) Limited, a Goldman Sachs affiliate, and Temasek, a Singapore-based investment firm. This is another round of financing for Cloudary Corporation after a fund under Orbis bought 1.875% of the company’s shares for $15 million in May 2012. Cloudary Corporation was valued at about $800 million at that time, while this time it was valued at about $600 million.

16、Minsheng Bank

In January 2005, Temasek’s wholly-owned subsidiary, Asia Financial Holdings (AFH), first acquired a 5% stake in Minsheng Bank.

17、China Construction Bank

In August 2005, Asian Financial Holding Company (AFH) acquired a 5.1% stake in China Construction Bank (CCB) from its major shareholder, Central Huijin Investment Co. Ltd.

18、Bank of China (BOC)

In December 2005, AFH again invested $1.5 billion to acquire 5% stake in the Bank of China.

19、Investment in Xiaomi in 2012

Temasek invested 18 million in Xiaomi’s 1st round funding. A year later Temasek threw 108 million at Xiaomi’s 3rd round of funding. What are the returns for Temasek’s investment? 60 times for the 1st round investment and 10+ times for the 2nd round! GIC – a company with a Singaporean background was also brought in.

20、Investment in Alibaba

Temasek appeared in Alibaba’s 2011 $2.5 billion privatization in Hong Kong and 2012’s $6.4 billion buyback of Yahoo’s 40 percent stake. After Alibaba’s IPO, Temasek made at least 10 times return on its money.

21、Investment on Tencent

22、Investment on Jingdong

23、Investment on Meituan Dianping

24、Investment on Didi

25、Investment on Mobike

26、Investment on CTrip

27、Ant Group’s investment on startups’ early financing

28、Invested 20 million USD on NIO Automobile

29、Gilead Sciences

Founded in 1987, Gilead Sciences is a biopharmaceutical company specializing in antiviral drugs, headquartered in California, USA. Its China headquarters is in Shanghai. The company’s portfolio of products and research drug pipeline include treatments for human immunodeficiency virus acquired immunodeficiency syndrome or AIDS (HIV / AIDS), liver disease, cancer, inflammatory and respiratory diseases, and cardiovascular disease.

30、Investment on China Construction Bank’s Subsidiary

CCB Wealth Management Co. Ltd. – CCB WMCL is in talks with BlackRock, the world’s largest asset manager, and Temasek, Singapore’s state-owned investment firm, to set up a foreign-controlled joint venture to develop asset management business in China. Sources close to the deal told Caixin that the three parties have signed a memorandum of understanding and continue to discuss the deal, which has no clear timetable and is subject to regulatory approval. BlackRock and Temasek plan to become the controlling shareholders of this potential joint venture together. Among other things, the equity structure of the joint venture finance company is 40% owned by Construction Bank and 60% by foreign investors. The company, to be based in Shanghai, plans to develop and distribute onshore investment products to Chinese investors. However, the joint venture is ultimately subject to regulatory approval.

As the world’s largest asset management group, BlackRock has $6.96 trillion (nearly RMB 50 trillion) under global management as of September 30, 2019, and is engaged in business categories including equities, fixed income investments, cash management, alternative investments, real estates and strategies advisory. Earlier this year, Vanguard, the world’s largest public fund company, and Ant Financial established a joint venture company in June – Vanguard Investment Advisory (Shanghai) Co.

Zhejiang’s Ant Financial Services and Vanguard (Shanghai) Co., Ltd. established a joint venture Vanguard Investment Advisory (Shanghai) Co., Ltd. with a registered capital of 20 million Yuan, in which Ant Financial Services holds 51% of the shares, and Vanguard holds the remaining 49% of the shares. The scope of their business is investment advisory and other. Vanguard Investment Advisory (Shanghai) Co., Ltd.’s legal representative is Ant Financing’s vice-president HUANG Hao, ZHANG Yu is the president, Vanguard Shanghai’s chairman LIN Xiaodong is the Chairman. DENG Hu, a financial engineering analyst at Everbright Securities Research Institute, introduced that Vanguard’s VPAS, which combines intelligent investment advisor and traditional manual investment advisor, replaces expensive fund manager management fees with a series of algorithms, lowers the entry threshold for fund investment, but expands fund size and further reduces the total cost per unit. As a result, although a late entrant to the market, VPAS’ fast growing asset size is 50% or more in the total intelligent investment in less than a year.

Vanguard’s Personal Investment Services (PAS) currently has $140 billion in assets under management (as of June 30, 2019), according to Jijinjun.

The Vanguard Group, Inc. was founded in 1975 by John Bogle, who is regarded as the “Godfather of Index Funds”. Different from other asset management companies, Vanguard Group has a unique shareholding structure – fund holders are shareholders of the company, the interests of shareholders and investors are tied together to ensure that the interests of both sides remain consistent. As the iconic fund for low-cost management and passive investing, Vanguard Group has grown from nearly $2 billion in asset under management at inception to $5.9 trillion (approximately RMB 41 trillion) today (as of October 31, 2019), making it the world’s largest public fund and second largest institutional investor in asset under management. At inception, the company launched the S&P 500 Index Fund, and it is the first index fund offered to individual investors. Currently, it is $400 billion in size, making it one of the largest public funds in the world.

31、Investment on WuXi AppTec

WuXi Biologic is a spin-off from WuXi AppTec’s Biopharmaceuticals, Bioprocesses and Biologics Drug Discovery Divisions, which were established in 2011, and became a separate company in 2015 to provide a range of integrated services related to biologic drug discovery, development and manufacturing. On January 4 this year, WuXi Biologic formally announced its application prospectus for listing in Hong Kong. This started the second step in the recapitalization of WuXi AppTec since its delisting from the New York Stock Exchange in 2015.

According to the announcement of its “List of Directors and their Roles and Functions” issued by WuXi Biologic, its executive directors are CEO CHEN Zhisheng and CIO ZHOU Weichang,; its non-executive directors are LI Ge, HU Zhengguo, WU Yibing and CAO Yanling.

32、Investment on Shanghai Yunli Information Technology Co., Ltd

2019-10-10 Yunli Information Technology (Product name: Piaoyitong) has recently raised nearly $100 million in a 3rd round financing led by Temasek, Hillhouse Capital Group and Eastern Bell Capital. Temasek China district President WU Yibing will serve as the director at Yunli Information Technology. Four years ago, WU Yun left Shanghai Baosight Software Co. Ltd (a listed software company controlled by Baosteel) and founded Yunli Information Technology.

Information from Temasek’s July 2019 annual report: its total investment portfolio in China has reached to around 403 billion RMB. Temasek’s profit from its investment normally is about 10 times or more, based on this figure, through Temasek alone, China’s kleptocrats have stolen over 4 trillion RMB of wealth from the Chinese people.

The end of this article

Edited by:【Himalaya Hawk Squad

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Dec. 01