Correction to post #81. Research reveals that the 1997 high for
Playmates Toys was not HK$1.80 (US$.1290) as reported in post
#81, but HK$2.375 (US$.3065). This fact notwithstanding, recent
price action seems to show volume sales at that former price point.
Rather, the 1997 high of HK$1.80 applies to Prestige Properties,
Ltd. of Hong Kong (HK #75), formerly Playmates Properties, Ltd.
Both Playmates Toys and Prestige Properties are 70% controlled
by the Chan family of Hong Kong. These two companies are creatures
of the original Playmates International Group Holdings, Ltd which,
in 1994, was partitioned into Toys and Properties.
On the subject of Playmates history, Playmates Toys holds a 14.7%
interest in Harbour Ring, Ltd.(HRI), a HK toy OEM. Mattel, Playmates
Toys, Hasbro-Kenner, et alii are clients of Harbour Ring which
operates considerable toy manufacturing facilities in mainland China
and Portuguese Macau. Harbour Ring itself was, at one time, part of
the Playmates International Group before Playmates decided to divest
itself of its toy manufacturing facilities in the 1980's and, instead,
rely exclusively upon OEM subcontractors. I mention this because
Harbour Ring last week skyrocketed from HK$.61 to HK$.86 on
phenomenally high volume. It seems that mainland Chinese financial
interests are seeking a stake in that company. Indeed, trading was
halted last week pending a review by the HK regulatory authorities
to ascertain if there were any irregularities. With the resumption of
trading, one might expect further share price increases. Since
Playmates Toys holds a 14.7% stake in Harbour Ring, increasing values
for HRI redound, for the good, to Playmates Toys' balance sheet.
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