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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (10845)	12/18/2002 11:24:08 PM
From: SEC-ond-chance	Respond to of 19428

Beautiful Find!!! IT WAS from SCORE ONE SCRO/SREA A CHINAGATE STOCK (wonder who that financial consultant was).....wonder if they had any connnections to Orient Financial or the ChinaGate crew. They listed the holdings company in an ipo on the foreign exchange after diluting the heck out of SCRO, did a R/S and issued a new share structure, became SREA. google.com

To: StockDung who wrote (10845)	12/20/2002 4:32:32 PM
From: SEC-ond-chance	Read Replies (1) \| Respond to of 19428

More on Fu Cheong International, ipo offspring of SCRO `Invisible advisers' plot scams Dec 21 2002 by Staff reporter Unqualified financial advisers are helping companies draw up bogus business accounts so that they can list on the Hong Kong stock market, industry players said yesterday. About 10 so-called ``invisible financial advisers'' were active in the market, although up to 100 were available to bend the rules for companies that normally would not qualify to list, they said. Industry figures urged the Securities and Futures Commission (SFC) to crack down on the advisers, who are tarnishing the reputation of the financial services industry. The Independent Commission Against Corruption (ICAC) is said to be probing another five companies after raiding three listed firms and making 21 arrests this week. The companies are alleged to have been engaged in false accounting and bogus business transactions. The ``advisers'', usually small firms formed by individuals with good market connections but without professional qualifications, are paid a fee, or allocated a percentage of shares, for making the books look better, it is alleged. They seek out companies that might want to raise funds through a listing but don't qualify, and would offer one-stop services, ranging from asset restructuring to the preparation of legal documents and financial audits, to make a company ``presentable'' for going public in less than six months. Sources said as these middlemen did not have a listing sponsor licence, they would team up with an eligible listing sponsor in a bid to float the shares through the legitimate sponsor. In return, the middlemen would be paid a commission or allocated shares of the new listing, according to the sources. Hong Kong Institute of Investors chairman Ricky Tam said yesterday: ``In a bid to enhance market quality, regulators should tighten the rules on all intermediates, including professionals like financial advisers and accountants to prevent loopholes.'' Regional investment bank SBI E2-Capital chairman SJ Wong said some investment banks were happy to use the services of these middlemen during the market downturn. ``In a bid to raise revenue, some sponsors are willing to receive a listing fee as low as HK$0.5 million to take the middlemen's clients public,'' he said. He said competition in the Growth Enterprise Market (GEM) was particularly keen, as there were 54 investment banks aggressively looking for deals to support their business. Wong said the quality of listing candidates was being affected and he supported tightening the rules on listing sponsors, such as by setting up a demerit points system. An SFC spokesman said yesterday it took a hard line on any breaches in the market. ``The SFC will take action against any individual or corporation that is engaged in regulated market activities without a proper licence.'' Meanwhile, the ICAC is reportedly investigating five other Hong Kong-listed companies after the alleged false accounting fraud at three companies. Oriental Daily News said yesterday this could be just the ``tip of the iceberg''. The main board-listed companies raided this week were Gold Wo International Holdings, Yue Fung International Group and Fu Cheong International Holdings. thestandard.com.hk

To: StockDung who wrote (10845)	12/21/2002 1:43:50 AM
From: SEC-ond-chance	Respond to of 19428

More on ChinaGate Yu Fung (SEHK 965) and Fu Cheong (SEHK 916) suspended, Chairman arrested in IPO scam sg.biz.yahoo.com Yu Fung Core Assets/Investments (5/2002) I. World (30%) - holding 82% interest in Score One, Inc. which in turn owns 58% interest in HK-listed Fu Cheong Int'l Holdings. As at 31 May 2002, I. World Limited held 82% equity interest in Score One, Inc., a company incorporated in the United States of America, who indirectly held 58% equity interest in Fu Cheong International Holdings Limited, a company whose shares are listed on the main board of the Stock Exchange. aastocks.com 202.66.146.82 COMPANY NEWS for the IPO spinoff Fu Cheong from US listed SCRO--->SREA aastocks.com