Formerly | Jin Bao Bao Holdings | ||||||||||
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Company type | public | ||||||||||
SEHK: 1239 | |||||||||||
ISIN | KYG8713D1051 | ||||||||||
Industry | manufacturing, conglomerate | ||||||||||
Founded | 4 January 2011 | ||||||||||
Founder | Chao Pang Ieng | ||||||||||
Headquarters |
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Area served | mainland China, Hong Kong | ||||||||||
Key people | Xu Gefei (chairman)[1] | ||||||||||
Products | packaging products and structural components | ||||||||||
Services | corporate secretarial, consultancy and business valuation services | ||||||||||
Revenue | CN¥379 million (2017) | ||||||||||
CN¥ negative 2 million (2017) | |||||||||||
Total assets | CN¥746 million (2017) | ||||||||||
Total equity | CN¥284 million (2017) | ||||||||||
Owner |
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former Chinese name | |||||||||||
Traditional Chinese | 金寶寶控股有限公司 | ||||||||||
Simplified Chinese | 金宝宝控股有限公司 | ||||||||||
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Website | www | ||||||||||
Footnotes / references in consolidated financial statement[2] |
Teamway International Group Holdings Limited is a Cayman-incorporated holding company based in Hong Kong and in the mainland China. It is a "registered non-Hong Kong company" in the Hong Kong Companies Registry since 2011. It was formerly known as Jin Bao Bao Holdings Limited (the Chinese legal name registered in Hong Kong was 金寶寶控股有限公司). According to the company itself, it is "principally engaged in the business of (i) design, manufacture and sale of packaging products and structural components in the PRC; (ii) provision of corporate secretarial, consultancy and business valuation services; and (iii) property investment."[3]: 20
Jin Bao Bao Holdings Limited is a Chinese packaging group; the holding company itself, was incorporated in the Cayman Islands on 4 January 2011,[4] but headquartered in Hong Kong.
In December 2011, shortly after its initial public offering on the Stock Exchange of Hong Kong, the company was also infamously known for its narrow shareholders base, which 15 shareholders owned 96.11% shares of the company.[5][6] The company later resolved the problem by widen its share capital.
In February 2017, it was also known for a 52% soar in its share price within two hours.[7] According to a Hong Kong newspaper, South China Morning Post, the largest beneficial owner (20.59% of total share capital) of the holding company at that time, Huang Youlong and his wife Zhao Wei, also owned Zhejiang Talent Television & Film, Sino Golf Holdings, Yunfeng Financial Group, Zhejiang People Culture [sic] (Chinese: 浙江万家文化; Zhejiang Wanjia Culture) and Alibaba Pictures Group, all were listed companies on the Hong Kong or on the Shenzhen Stock Exchange.[7] They sold the shares of Teamway in July 2017; the couple were banned to enter the securities market of the mainland China by the China Securities Regulatory Commission for market manipulation on Sunriver Culture (Chinese: 祥源文化; former Wanjia Culture) in November 2017.[8][9][10]
In April 2017, after acquiring the corporate secretarial, consultancy and business valuation services in November 2016,[11][12]: 5 the company attempted to sell the packaging main business.[13] However, it was collapsed.[14] In May 2017, Teamway International became an indirect shareholder of Singapore-listed company Cityneon, as part of a consortium called "Lucrum 1 Investment". Jin Bao Bao owned 8.5% stake in the consortium.[15] In November 2017 a memorandum of understanding was signed to acquire the controlling stake (additional 76% shares) of Lucrum 1 Investment from other investor: BVI-incorporated Massive Right Investments.[16][17] It was reported that Massive Right Investments was owned by Geng Zhihua.[18] The deal to acquire Lucrum 1 Investment was collapsed in February 2018.[19]
The holding company was proposed to rename to Teamway International Group Holdings Limited in July 2017;[20] it became effective in October.
Teamway International, via a subsidiary Great Earn International, was also known for lending money to Li Yonghong's investment vehicle "Rossoneri Sport Investment" on 28 August 2017, for US$8.3 million (approx. HK$65 million)[11][21] which was an indirect parent company of Italian football club A.C. Milan.[22][23][24] According to Teamway, Li Yonghong charged the share of "Rossoneri Advance", the parent company of "Rossoneri Sport Investment" to Teamway, which David Webb, a critic, doubted the deal, as there was another "lower stream" holding company incorporated in Luxembourg, which Teamway may not be the ultimate controller of A.C. Milan if any default and/or in the senior rank of repayment.[11]