Wednesday, January 28, 2009

China Technology Announces Proposed Offering of US$20 Million Convertible Notes of Its Subsidiary

China Technology announces proposed offering of US$20 mln of its BVI subsidiary.

BVI-registered China Technology Development Group Corporation (CTDC), providing solar energy products and solutions in the Chinese market, announced that its wholly-owned subsidiary China Green Holdings Ltd. (BVI) entered into a memorandum of understanding with CMTF Asset Management Limited – a joint venture held by China Merchants Securities Investment Limited and Taifook Fund Managers Limited. By the terms of the document, CGHL intends to offer approximately an aggregate principal amount of US$20 mln convertible notes due 2013, in a private offering to CMTF Asset Management Limited and its affiliated sophisticated investors, with interest rate equal to HK Prime Rate per annum.

In certain circumstances, the notes will be convertible into the ordinary shares of CGHL, representing 15% of its share capital and voting right, or the common shares of CTDC with a conversion price at US$3.01 per share. CGHL expects to use net proceeds from the offering of the notes for expansion of its manufacturing operations, the solar power plant project, and as working capital.

Wednesday, January 21, 2009

China Natural Resources (BVI) signs agreement with Coal Mining Group

BVI-registered China Natural Resources has consummated the acquisition of all of the issued and outstanding capital stock of Newhold Investments Limited and its wholly-owned subsidiaries included in the Coal Group, upon the agreement signed with Feishang Group Limited.

Newhold Investments, through its 70% owned operating subsidiary, Guizhou Yongfu Mining Co., Ltd., owns mining rights to Yongsheng Coal Mine, located in Guizhou Province of China Republic. The 20-year mining right permit covering the mine was issued on November 8, 2007, and provides for an annual production capacity of 600,000 metric tons of coal. Construction of the mine, which is anticipated to take about 18 months, will be funded by a combination of bank loans and internal funds.

Mr. Feilie Li, CEO and Chairman of China Natural Resources, said in his comments that upon the completion of the acquisition of Newhold the BVI company intends to continue their coal resources acquisition strategy in Guizhou Province, as well as acquisition of other non-ferrous/iron metal assets.

Saturday, January 10, 2009

China XD Plastics to acquire the BVI corporation Favor Sea Limited

China XD Plastics Company Ltd. made an announcement that on December 24, 2008, it acquired all of the outstanding capital stock of the British Virgin Islands corporation Favor Sea Limited. As a result of this acquisition deal, the company will change its name to China XD Plastics Company.
By terms of the announced merger, total authorized shares of common stock of the company will be reduced.

BVI company Favor Sea Limited is a holding company whose only asset, held through a subsidiary, is 100% of the registered capital of Harbin Xinda Macromolecule Material Co., Ltd. - a limited liability company registered in China.

Through its wholly owned subsidiary Harbin Xinda Macromolecule Material Co., Ltd., China XD develops, manufactures, and distributes modified plastics, mainly for the use in automobiles. Xinda was founded in September 2004, and is headquartered in Harbin, Heilongjiang Province, in northeast China. Xinda's specialised plastics are used in the exterior and interior trim and in the functional components of more than 30 automobile brands manufactured in China including Audi, Red Flag, Volkswagen and Mazda. At the current moment, Xinda manufactures approximately 145 types of automobile-specific modified plastic products, 117 of which have been certified for use by one or more of the automobile manufacturers in China. China XD has approximately 39 million shares, trading on the OTC Bulletin Board under the ticker symbol “NBTE”.

Tuesday, January 6, 2009

Alyst Acquisition Corp. complies with NYSE requirements in terms of agreement with BVI company

A special purpose acquisition company Alyst Acquisition Corp. confirmed that the financial report of its independent registered public accounting firm, Marcus & Kliegman LLP, for the year ended June 30, 2008, contained a going concern qualification since Alyst's certificate of incorporation providing for its mandatory liquidation if it does not consummate a business combination prior to June 29, 2009. Alyst considers it usual and customary for SPACs to receive such qualification in an audit opinion received within 12 months of the proscribed mandatory liquidation date.

Alyst issued a press release in August, 2008, announcing that it signed an agreement and plan of merger to acquire full stock of the British Virgin Islands company China Networks Media Ltd., which owns and is acquiring broadcast television advertising rights in China. As part of the transaction, Alyst proposed to redomesticate to the BVI by means of merging with its wholly-owned subsidiary, China Networks International Holdings, Ltd., which is also a BVI company, immediately prior to consummating its transaction with China Networks.