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China Private Equity Investment Holdings Ltd

  • BY: Andrew Hore |
  • POSTED: 31/12/2013 |

Shares in China Private Equity Investment Holdings Ltd have been suspended at $0.08 a share prior to the publication of a document for the acquisition of stakes in four Chinese businesses.

Due diligence has to be completed and 3m will need to be raised.

If the deal goes ahead then the 1.45bn shares issued at $0.06 a share to Elypsis will give it a stake in the company, to be renamed Adamas Finance Asia Ltd, of 86%. Elypsis will also be issued nearly 723m warrants exercisable at $0.06 each.

Existing shareholders will receive one new share for every three existing shares. They will then receive one warrant for every two shares with the same terms as the other warrants.

An affiliate of Adamas Asset Management will provide management services to the company. The company and Adamas have a co-investment agreement to invest up to $20m over seven years in income-generating Chinese assets.

The acquisition will give the company 15% of CJRE, 3.3% of Global Pharm, 4.1% of HKMI and 7.9% of Meize Energy.

CJRE holds a 15% interest in a resort and residential property development project in Fujian province. Meize Energy is one of the ten largest wind turbine manufacturers in China.

Global Pharm, which plans to float on the Hong Kong Stock Exchange in the first half of 2014, is involved in traditional Chinese medicine and herb cultivation.

HKMI owns one of the largest dolomite magnesium limestone mines in the province of Shanxi, China. It also plans a Hong Kong flotation in 2014.

One of the company’s original investments is 33.6% of Fortel Technology which was supposed to be floating in Hong Kong before the end of 2013. 

At $0.08 a share, China Private Equity is currently valued at $10.1m (7m). At the end of June 2013, the NAV was $26.6m. Since then a $500,000 gain has been made on an investment.

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