Group Profile
| 1952 | Chi Cheung Investment Company, Limited ("the Company") was incorporated in Hong Kong in November to engage in property investment and development in Hong Kong. |
| 1972 | The Company became listed in December by offering 3,500,000 shares to the public. |
| 1992 | A new management team, comprising Mr. Ng Kwok Cheung, Paul (former Chairman of the Company), the Goodwill International group and HK-listed Sun Hung Kai Properties Limited, acquired a controlling stake of the Company. In 1994, Goodwill disposed of its stake in the Company. |
| 1997 | Rapid Growth Holdings Limited (equally owned by Mr. Ng Kwok Cheung, Paul and HK-listed Paliburg Holdings Limited) became the controlling shareholder of the Company through a series of share transactions as well as a general offer. |
| 1998 | Suffering from the declining property market and cashflow problem, the Group recorded a huge loss after making substantial provision for property interests. The Group disposed of a number of properties in Hong Kong and mainland China to minimise market risk and to preserve liquidity. |
| 1999 | In the face of the financial distress, attempts were made to look for an investor to inject capital and assets into the Company. A restructuring arrangement agreed with Chinese Estates Holdings Limited ("Chinese Estates") was failed in August, and a winding-up petition against the Company was filed by a creditor in September. At that moment, the Company was actively trying to reach a rescue plan with its major creditors, shareholders and potential investors. |
| 2000 | A restructuring arrangement was made with Far East Consortium International Limited in January. With another round of negotiation and bidding, the majority creditors of the Company widely accepted a revised restructuring proposal from Chinese Estates, involving a capital reduction, a compromise of the Group's indebtedness with creditors, an asset and cash injection and an issue of new shares and warrants. The restructuring proposal of Chinese Estates was finally consented by the shareholders and the proposed scheme of arrangement with the Company's creditors was approved by the Court in October. The winding-up petition against the Company was then withdrawn. In November, the Company finally completed its marathon restructuring exercise and HK-listed Chinese Estates became the controlling shareholder. Following the debt restructuring, the indebtedness due to the scheme creditors was repaid as full and final settlement and the Group retained its positive net asset value. |
| 2005 | 56,460,000 shares were allotted to the independent investors pursuant to the Placing Agreement entered into between the Company and its Placing Agent on 24th January, 2005. |
| 2008 | On 17th January, 2008, the Company entered into a conditional sale and purchase agreement with Chinese Estates Holdings Limited to dispose of shareholding interests of and loans to certain subsidiaries and associated companies (the "Transaction"). The Transaction, which constituted a very substantial disposal and connected transaction for the Company under the Listing Rules, was approved by the independent shareholders at an extraordinary general meeting of the Company held on 13th May, 2008. All conditions precedent contemplated under the Transaction were fulfilled on 30th September, 2008. The Company concentrated its business on property development and investment in Hong Kong and diversified the business to securities investment and finance. |
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