HK listed company’s shareholder sold $103 million stake to BVI company

Coolpad Group, Hong Kong-listed Chinese smartphone maker which is part of LeEco technology conglomerate, announced that its top shareholder Leview Mobile HK Limited sold HK$807.7 million ($103 million) shares to the British Virgin Islands company Power Sun Ventures Limited, which became the single largest shareholder after this transaction. There are no details provided about Power Sun.

After Leview Mobile has sold 897.4 million shares to the BVI company, or 17.83% of Coolpad, at HK$0.9 a piece, its stake reduced from 28.78% to 10.95%. Data Dreamland Holding Ltd remained as the third-largest shareholder with 9.2% of Coolpad.

BVI subsidiary of Chinese company to acquire interest in Yao Wan Vanadium Project

Sparton Resources Inc. announced that it has approved Memorandum of Understanding which has been entered into by VStar Industries Inc. and Warwick Mining Development Company Ltd. (WMD), for the advanced evaluation and possible acquisition of 70% interest in the Yao Wan Polymetallic Exploration License in Shaanxi Province of China. VStar Industries was recently incorporated in the British Virgin Islands and is 90% owned subsidiary of Sparton Resources, while WMD is a local Chinese private company.

The YW License has been extensively explored by WMD in the period between 2006 and 2015. Under the terms of the MOU, the BVI company will take responsibility for all advanced exploration and evaluation expenditures up to the point of a China compliant feasibility study. Further development of a mining project would be paid for jointly as to 70% V Star and 30% WMD.