Glorious Property Holdings

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Glorious Property Holdings Limited
恒盛地产控股有限公司
Publicly traded company [1]
Industry Real estate
Founded 2007
Headquarters Shanghai , People's Republic of China
Area served
 People's Republic of China
Key people
 Chairman: Zhang Zhi-Rong
Website Glorious Property Holdings Limited

Glorious Property Holdings Limited (Chinese :恒盛地产) (SEHK :  0845) is a Shanghai-based property developer, established in 1996. It has a land bank of 13.6 million square meters in cities like Shanghai, Beijing and Tianjin.

Chinese language family of languages

Chinese is a group of related, but in many cases not mutually intelligible, language varieties, forming the Sinitic branch of the Sino-Tibetan language family. Chinese is spoken by the ethnic Chinese majority and many minority ethnic groups in China. About 1.2 billion people speak some form of Chinese as their first language.

Hong Kong Stock Exchange stock exchange in Hong Kong

The Stock Exchange of Hong Kong Limited, abb. SEHK, is Asia's third-largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and Shanghai Stock Exchange, and the fourth single largest stock market in the world. As of 31 October 2016, SEHK had 1,955 listed companies, 989 of which are from mainland China, 856 from Hong Kong and 110 from other countries and region Hong Kong Exchanges and Clearing owns SEHK and is itself listed on SEHK. It is the fastest growing stock exchange in Asia.

Shanghai Municipality in Peoples Republic of China

Shanghai is one of the four municipalities under the direct administration of the central government of the People's Republic of China, the largest city in China by population, and the second most populous city proper in the world, with a population of 24.18 million as of 2017. It is a global financial centre and transport hub, with the world's busiest container port. Located in the Yangtze River Delta, it sits on the south edge of the estuary of the Yangtze in the middle portion of the East China coast. The municipality borders the provinces of Jiangsu and Zhejiang to the north, south and west, and is bounded to the east by the East China Sea.

Contents

Glorious Property was incorporated in the Cayman Islands in July 2007 and develops property mostly in China. Projects include Sunshine Holiday in Tianjin and Shanghai Bay, situated along the Huangpu River. Its first property was the Sunshine Greenland hotel in Shanghai in 1996.

Cayman Islands British Overseas Territory in the Caribbean

The Cayman Islands is an autonomous British Overseas Territory in the western Caribbean Sea. The 264-square-kilometre (102-square-mile) territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the south of Cuba and northeast of Honduras, between Jamaica and the Yucatán Peninsula. As of spring 2018, the total population of the Cayman Islands is estimated to be 64,420 making it the second-most populated British overseas territory after Bermuda. The capital city is George Town, situated on Grand Cayman, by far the most populous of the three islands.

Huangpu River the largest river in Shanghai, China

The Huángpǔ (help·info), formerly romanized as Whangpoo, is a 113-kilometer (70 mi) long river flowing through Shanghai that was first excavated and created by Lord Chunshen, one of the Four Lords of the Warring States during the Warring States period. It is the last significant tributary of the Yangtze before it empties into the East China Sea. The Bund and Lujiazui are located along the river.

The company as of July 2009 had 19 projects in various stages of development (seven of them in Shanghai) with a total land bank of around 13.6 million square meters.

Zhang Zhi Rong, founder, chairman and controlling shareholder, has more than 13 years experience in the industry, and before that was involved in construction materials trading and sub-contracting.

IPO

In September 2009, it is seeking a Hong Kong Stock Exchange initial public offering of US$1.53 billion. Glorious Property is due to list on the Hong Kong stock exchange on October 2.

Initial public offering (IPO) or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors; an IPO is underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned; to monetize the investments of private shareholders such as company founders or private equity investors; and to enable easy trading of existing holdings or future capital raising by becoming publicly traded enterprises.

Glorious Property is seeking to sell 2.25 billion shares at a price range of four Hong Kong dollars to HK$5.30 (52 U.S. cents to 68 U.S. cents) each, translating to a forward price/book multiple of 9.5 to 12.4 times. The company also has an option to increase the deal size by 15% to raise a total of US$1.76 billion. Four cornerstone investors have already been guaranteed US$130 million worth of shares, including Sino-Ocean Land Holdings Ltd., Shanghai Industrial Holdings Ltd., China Southern Fund Management Co. and a private company under Hong Kong conglomerate Nam Fung Group.

Shanghai Industrial Holdings

Shanghai Industrial Holdings Limited or SIHL is a conglomerate company consisting of real estate, infrastructure, medicine and consumer products businesses in Shanghai, China. The majority shareholder of SIHL is Shanghai Industrial Investment (Holdings), which is supervised by the Shanghai Government.

Affiliates/SEC action

Zhang also reportedly controls:

These two affiliates gained attention in July 2012 when the US SEC got a court order to freeze assets in an insider trading case involving $13 million in gains on shares of Nexen, [2] a Canadian oil company for which CNOOC had recently announced a tender offer. [3]

Zhang co-founded China Rongsheng Heavy Industries Group, China's biggest non-state-owned shipbuilder by order book in 2012, in 2005. Rongsheng Heavy signed a strategic-cooperation agreement with Cnooc in 2010 and delivered "a 3,000-meter deepwater pipe-laying-crane vessel" in 2011. Zhang, "43 years old and ranked 22nd on Forbes's China wealth list" with a net worth of about $2.6 billion in 2011, was not accused of any wrongdoing in the SEC complaint. [4]

Settlements were negotiated with the SEC: [5]

In October 2012, the SEC announced a settlement with the lead defendant, Well Advantage, which agreed to pay more than $14.2 million to settle the insider trading charges. ... [I]n March 2013, ... a Hong Kong-based broker, her husband, and her brokerage clients agreed to pay more than $3.3 million to settle the SEC's claims. ... [In May 2013, a] Singapore resident ... [reached agreement for] disgorgement of her ill-gotten gains of $466,477.62 and a penalty of $100,000 ... [and] permanently enjoining her from future violations.

See also

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References

  1. ↑ Glorious Property Holdings Ltd, Bloomberg stock quote page. Retrieved 2012-07-28.
  2. ↑ Goldstein, Steve, "SEC says freezing assets of Nexen insider traders", MarketWatch , July 27, 2012. Retrieved 2012-07-28.
  3. ↑ Daniel, Robert, "Nexen agrees to $15.1B takeover bid by Cnooc", , MarketWatch, July 23, 2012. Retrieved 2012-07-28.
  4. ↑ Chiu, Joanne, and Yvonne Lee, "Hong Kong Firm Accused of Insider Trading in U.S.", Wall Street Journal, July 30, 2012. Retrieved 2013-07-09.
  5. ↑ "Litigation Release No. 22693", U.S. Securities and Exchange Commission press release, May 1, 2013. Retrieved 2013-07-09.
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