Li Yonghong

Li Yonghong
Born September 1969 (age 47)
Nationality China
Citizenship
mainland China(1969–1994)
Hong Kong(1994–0000)
Occupation businessman[1]
Known for
  • Ex-owner of Duolun Investment (HK)
  • ex-GM of Chief Power Real Estate
Board member of
A.C. Milan(chairman)
Parent(s)
  • Li Naizhi (father)
Family
Li Hongqiang(brother)
Li Yongfei(brother)
Li Yong Hong
Simplified Chinese 李勇鸿
Traditional Chinese 李勇鴻

Li Yonghong (born September 1969)[2] is a Chinese businessman, co-owner and chairman of Italian football club A.C. Milan.

Li Yonghong also had a citizenship in Hong Kong S.A.R. of China by migrating there in 1994 (claimed by himself),[2][3] which was considered as a "foreign" investor in mainland China due to separate legal jurisdiction of Hong Kong from the rest of China. Li Yonghong's ancestral home was located in Maoming, Guangdong Province. However, the actual place of birth was not known.[3]

Career

According to a C.V. provided by Li Yonghong to Duolun Industry, Li Yonghong was the director and general manager of a Hong Kong incorporated company Enson Enterprises Limited (Chinese: 安順企業有限公司) from 1994 to 1997 (a company dissolved by striking-off in 2000); the director and general manager of a Chongqing-based company (Chinese: 爱普科技; literally: "Aipu Technology") from 1997 to 2005, as well as chairman and CEO of Hong Kong-incorporated "Grand Dragon International Holdings Co., Ltd." from 2005.[3]

However, according to the filings in Hong Kong Companies Registry, there was no such Li Yonghong in the board of directors of Enson Enterprises,[4] nor in Grand Dragon.[5]

Instead, Li Yonghong was the director of China Power Group (HK) Limited (Chinese: 華力寶集團(香港)有限公司), Hong Kong China Power Books Publication Co., Ltd. (Chinese: 香港華力寶圖書出版有限公司), Noble Wisdom Development Limited (Chinese: 卓彥發展有限公司) and LYH Investment Limited, according to the database of Hong Kong Companies Registry.

A.C. Milan

In August 2016, Fininvest, the parent company of Italian football club A.C. Milan, signed a preliminary agreement with a Chinese investment management company Sino-Europe Sports Investment Management Changxing Co., Ltd. (Chinese: 中欧体育投资管理长兴有限公司) to sell the club for €740 million (including €220 million indebtedness of the company), valued on 30 June 2016 (A further €90 million cost of the club from 1 July to the closing date[6] was added to the valuation). Sino-Europe Sports paid Fininvest €100 million immediately after the deal as a deposit, and the closing date of the deal was set at December 2016.[7][8]

Sino-Europe Sports, registered in Changxing County, according to Chinese Government's National Enterprise Credit Information Publicity System, was solely owned by mainland Chinese citizen Chen Huashan (Chinese: 陈华山) with a share capital of just CN¥100 million.[9] However, it was reported that Li Yonghong and a private equity fund (Chinese: 海峡中欧私募投资基金) of Haixia Capital Management were the true owner of Sino-Europe Sports.[7] Moreover, Sino-Europe Sports was represented by David Han Li in the signing of the contracts with Fininvest.[7][6]

In the same month Sino-Europe Sports found a private equity fund (incorporated as a limited partnership as Chinese: 中欧体育投资长兴合伙企业[9]) to raise fund to acquire Milan, which Chinese listed company Rongyu Group (formerly known as Jilin Yongda Group) signed an agreement to subscribe CN¥300 million deferred share, which would only paid-in the capital when the fund raise enough capital in ordinary and preference share.[10][11]

However, Sino-Europe Sports failed to pay the residual sum in December, and the deal was delayed to March 2017. Sino-Europe Sports paid a second deposit of €100 million[12] (making the total deposit was €200 million) to Fininvest via Hong Kong subsidiaries of Sino-Europe Sports: Rossoneri Sport Investment Co., Ltd. and Rossoneri Champion Co., Ltd.. However, according to the filing in Hong Kong Companies Registry, Rossoneri Sport Investment borrowed HK$830 million (around €100 million according to exchange rate at that time) from a mystery BVI-incorporated company Willy Shine International Holdings Limited (Chinese: 威陽國際控股有限公司) on 13 December 2016.[13] The loan was refurbished on 23 January 2017.[13] In February 2017, Rossoneri Sport Investment (of Hong Kong) was recapitalised by yet another mystery BVI-incorporated company Rossoneri Advanced Co., Ltd. for HK$864.5 million, making Sino-Europe Sports became a minority shareholder on Rossoneri Sport Investment (of Hong Kong) for HK$100 million share, or 10.37%,[13][14] although Chen remained as the sole director of Rossoneri Sport Investment and 100% owner of the entire share capital of Rossoneri Champion.[13] The two BVI companies had raised a concern in Italy on who was the actual investors.[15]

It was reported that the private equity fund had received a loan from Elliott Management Corporation to finalised the closing, after Sino-Europe Sports failed to pay the residual sum again in March 2017.[16][17]

On 13 April 2017, the sale was officially finalised, which Rossoneri Sport Investment Luxembourg Sàrl became the new direct parent company of the club.[18][19][6] Rossoneri Luxembourg, as of January 2017 was owned by Hong Kong-company Rossoneri Sport Investment.[20] On 14 April Li Yonghong was confirmed as the new chairman of the club, with Marco Fassone was confirmed as CEO (Italian: Amministratore Delegato).[21][22]

Controversies

Jade Valley Group

It was reported that Li Yonghong is the son of Li Naizhi (Chinese: 李乃志) and younger brother of Li Yongfei (Chinese: 李勇飞), which were arrested in 2003 for illegally raising funds in Huazhou, Maoming.[1] According to legal proceeding, Li family had set up a company in mainland China as Jade Valley Development (Chinese: 绿色山河开发) to invest in farmland. However, they also made false dividend forecast to attract investment as a pyramid scheme.[23]

According to the legal proceeding and Hong Kong Companies Registry, Li family had set up a Hong Kong company Jade Valley Group Limited (Chinese: 綠色山河集團有限公司, formerly known as Lis Consortium (International) Limited, Chinese: 利事集團投資有限公司) to channel the assets, which was 95% owned by Li Yonghong's eldest brother Li Hongqiang (Chinese: 李洪强); the rest of the share was owned by a Honduras citizen, with unknown relation with Li family.[23][13] Chinese police failed to arrest Li Hongqiang as he also had Hong Kong citizenship[13] and evaded from mainland China.[23] It was reported that Li Hongqiang had emigrated to Honduras.[24] Jade Valley Group Limited was dissolved by striking off from the register by the government of Hong Kong in 2005.[25]

According to 1993 Hainan Yearbook, Li family's Jade Valley Group Limited incorporated two subsidiaries in Hainan (Chinese: 海南首力房地产开发有限公司; literally: "Hainan Chief Power Real Estate Development Co., Ltd." and Chinese: 海口首力酒店有限公司; literally: "Haikou Chief Power Hotel Co., Ltd."), to develop Chief Power Building (Chinese: 首力大厦; pinyin: Shǒulì Dàshà), which Li Yonghong was the general manager[26] and his eldest brother Li Hongqiang as the chairman. In 2010 Chief Power Real Estate was dissolved by strike-off from the registry by the administration bureau, as the bureau failed to inspect the company.[27][28] Chief Power Hotel Co., Ltd. was also involved in numerous legal dispute with others, including the selling of a unit in Chief Power Building without disclosing the unit had been mortgaged,[29] contract dispute with a pawn shop in the sell and bought back of a unit of Chief Power Building,[30] and fail to repayment of loans to China Construction Bank (the bad debt was later transferred to China Cinda Asset Management)[31] and China Investment Bank (for US$1.1 million; the bank business was received by China CITIC Bank).[32] Chief Power Hotel Co., Ltd. was also suffered from a scam that another person falsify a document to sell unit A2 of 12/F of Chief Power Building.[33]

Duolun Industry

Li Yonghong was also sanctioned CN¥600,000 in 2013 by the Chinese regulator China Securities Regulatory Commission for failing to disclose the sale of the entire share capital of the parent company of a Chinese listed company Shanghai Duolun Industry Co., Ltd. (SSE: 600696, now known as "P2P Financial Information Service Co., Ltd.").[2][34]

The holding company, known as "Duolun Investment (Hong Kong) Co., Ltd." at that time (now known as "P2P (China) Co., Ltd.") was incorporated in Hong Kong. The holding company owned 11.75% shares of the listed company as the largest shareholder at 31 December 2011.[2][35] Li Yonghong acquired the holding company in December 2011 for CN¥360 million[3] and sold in May–June 2012 for CN¥340 million.[2] Before the deal, the holding company had already faced financial difficulties, which pledged 11.75% shares of the listed company to Bohai Trust in October 2011,[36] as well as selling a further 15.22% shares from April to September 2011[37] and an additional 9.53% shares in November 2011.[38][39][40] A pledge of 35.82% shares of the listed company[41] (to Hua Xia Bank and New China Trust) were only released in April[42] and September 2011.[43]

In July 2013, the pledge of the 11.75% share of the listed company by the holding company was released by Bohai Trust. However, the holding company, under the new owner Xian Yan (Chinese: 鲜言), pledged the entire 11.75% shares back to Li Yonghong.[44] Half of the pledged shares were released in April 2014 and May 2014, only sold by the holding company on the same day. In August 2014, the shares pledged to Li Yonghong were released, only re-pledged to Ping An Securities on the same day.

A news report by China Securities Journal, Chen Jianyong (Chinese: 陈建勇) and Xian Li (Chinese: 鲜栗), the relatives of Li Yonghong and Xian Yan respectively, had formed two companies (Chinese: 广东鸿远能源投资 and Chinese: 湖北精九投资) respectively, which were the investors in a private equity fund (as a trust) to buy the shares of Duolun Industry, which was accused by other investor (Chinese: 江苏沐雪) of the fund as insider trading.[45]

Using alias

According to news report by Securities Times (a newspaper of People's Daily), Li Yonghong may used an alias Li Bingfeng (Chinese: 李秉峰) to do business in some companies, such as Beijing Dahe Zhizhou Group (Chinese: 北京大河之洲集团) and Li family's Chief Power Real Estate.[46][24]

Grand Dragon International Holding

Li Yonghong alleged himself as the chairman of Grand Dragon International Holdings (Chinese: 龍浩國際集團).[3] The company falsely claimed itself as the official Chinese side representative to build the Thai Canal.[47]

References

  1. 1 2 "AC米兰的神秘买家". 上海证券报 (in Chinese). Xinhua News Agency. 23 November 2016. Retrieved 15 April 2017.
  2. 1 2 3 4 5 "行政处罚决定书：沪［2013］1号" (in Chinese). China Securities Regulatory Commission (Shanghai Bureau). 29 November 2013. Retrieved 13 April 2017.
  3. 1 2 3 4 5 "详式权益变动报告书" (PDF). Duolun (in Chinese). hosted by cninfo.com.cn. 6 December 2011. Retrieved 13 April 2017.
  4. ↑ Annual Return in 1995, 1996, 1997 of Enson Enterprises to Hong Kong Companies Registry
  5. ↑ Annual Return in 2006, 2007, 2016, 2017 of Grand Dragon to Hong Kong Companies Registry
  6. 1 2 3 "Comunicato congiunto Fininvest-Rossoneri Sport Inv.Lux – CLOSING AC MILAN" (PDF). Fininvest. 13 April 2017. Retrieved 13 April 2017.
  7. 1 2 3 "Comunicato Stampa – Milan: Fininvest firma preliminare di vendita con cordata cinese" [Press Release – Milan: Fininvest signs preliminary selling agreement with Chinese group of investors] (PDF). fininvest.it (in Italian). Fininvest. 5 August 2016. Retrieved 9 August 2016.
  8. ↑ "Fininvest: receipt of 85 million euros, the second installment of the down payment for the purchase of AC Milan" (PDF). Fininvest. 6 September 2016. Retrieved 6 September 2016.
  9. 1 2 Filings in National Enterprise Credit Information Publicity System
  10. ↑ "关于全资子公司永大创新金融服务(深圳)有限公司拟参与投资产业并购基金的公告". Jilin Yongda Group (in Chinese). Hosted by cninfo.com.cn. 2 June 2016. Retrieved 16 August 2016.
  11. ↑ "关于中欧体育投资管理长兴有限公司与Fininvest S.p.A.签署收购A.C.米兰俱乐部99.93%股权协议的公告". Jilin Yongda Group (in Chinese). Hosted by cninfo.com.cn. 12 August 2016. Retrieved 16 August 2016.
  12. ↑ "AC Milan: agreement for the closing by March 3rd 2017. Further EUR100 million deposit from SES" (PDF). Fininvest. 7 December 2016. Retrieved 3 March 2017.
  13. 1 2 3 4 5 6 Filings in Hong Kong Companies Registry (https://www.icris.cr.gov.hk)
  14. ↑ "Milan, Sino Europe Sports opens new offshore company to fund third €100M deposit". Calcio e Finanza. 24 March 2017. Retrieved 15 April 2017.
  15. ↑ Festa, Carlo (5 January 2017). "Milan, tra il mistero delle Isole Vergini e i dubbi di Fassone". Il Sole 24 (in Italian). Retrieved 13 April 2017.
  16. ↑ "Elliott rescues deal to sell soccer club AC Milan". Reuters Editorial. Reuters. 27 March 2017. Retrieved 11 April 2017.
  17. ↑ "Dalla disperazione ai 303 milioni Ecco come il cinese Yonghong Li ha salvato l'operazione Milan". Corriere della Sera (in Italian). RCS MediaGroup. 26 March 2017 [modified on 27 March 2017]. Retrieved 13 April 2017.
  18. ↑ "Official Berlusconi sells Milan". Football Italia. 13 April 2017. Retrieved 13 April 2017.
  19. ↑ "Li: 'We'll bring Milan back'". Football Italia. 13 April 2017. Retrieved 13 April 2017.
  20. ↑ "Rossoneri Sport Investment Luxembourg, ecco la holding in Lussemburgo per il Milan" (in Italian). Calcio e Finanza. 6 January 2017. Retrieved 15 April 2017.
  21. ↑ "Official: Yonghong Li new Milan president". Football Italia. 14 April 2017. Retrieved 14 April 2017.
  22. ↑ "L'Assemblea dei soci nomina il nuovo Consiglio di Amministrazione di AC Milan S.p.A." (in Italian). A.C. Milan. 14 April 2017. Retrieved 15 April 2017.
  23. 1 2 "AC米兰玩家李勇鸿:或曾列入非法集资追逃名单" (in Chinese). 163.com. 30 September 2016. Retrieved 15 April 2017.
  24. ↑ http://www.gld.gov.hk/egazette/pdf/20050911/egn200509111226.pdf
  25. ↑ 1993 Hainan Yearbook (in Chinese). Hainan Yearbook Editorial Board.
  26. ↑ "限期年检的公告" (Press release) (in Chinese). Industrial & Commercial Administration Bureau of Hainan Province. 17 December 2007. Retrieved 6 June 2017.
  27. ↑ "听证公告" (hosted in hinews.cn) (Press release) (in Chinese). Industrial & Commercial Administration Bureau of Hainan Province. 24 February 2010. Retrieved 6 June 2017.
  28. ↑ "从公证撤销看一起撤回房产预售申请不予备案决定案" (in Chinese). Beijing Kenuo Law Firm. 31 March 2017. Retrieved 6 June 2017.
  29. ↑ 海口首力酒店有限公司诉海口百邦典当行借款合同纠纷案 （２００１）海中法民终字第１９号 Hainan Middle Court (in Chinese)
  30. ↑ "债权转让公告" (re-published in jrj.com.cn) (in Chinese). China Cinda Asset Management, Hubei Branch. 24 May 2017. Retrieved 6 June 2017.
  31. ↑ 中国光大银行武汉分行诉海南首力房地产开发有限公司借款合同纠纷案 海南省海口市中级人民法院 (in Chinese)
  32. ↑ （2013）刑事判决书 龙刑初字第141号 海口市龙华区人民法院 (in Chinese)
  33. ↑ "Chinese Businessman Buying AC Milan Was Penalized Over Stock Sale". The Wall Street Journal. 8 September 2016. Retrieved 11 April 2017.
  34. ↑ "2011 Annual Report" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 20 March 2012. Retrieved 13 April 2017.
  35. ↑ "大股东股权质押的公告" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 22 October 2011. Retrieved 13 April 2017.
  36. ↑ "简式权益变动报告书" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 21 September 2011. Retrieved 13 April 2017.
  37. ↑ "简式权益变动报告书" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 19 November 2011. Retrieved 13 April 2017.
  38. ↑ "关于大股东减持公司股份的公告" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 24 November 2011. Retrieved 13 April 2017.
  39. ↑ "关于大股东减持公司股份的公告" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 25 November 2011. Retrieved 13 April 2017.
  40. ↑ "2010 Annual Report" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 1 April 2011. Retrieved 13 April 2017.
  41. ↑ "大股东股权解押的公告" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 13 April 2011. Retrieved 13 April 2017.
  42. ↑ "大股东股权解押的公告" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 10 September 2011. Retrieved 13 April 2017.
  43. ↑ "大股东股权解押及质押的公告" (PDF). Duolun Industry (in Chinese). Shanghai Stock Exchange. 9 July 2013. Retrieved 13 April 2017.
  44. ↑ "私募沐雪巴菲特一号纠纷追踪：谁的资本玩偶". China Securities Journal (in Chinese). Re-published by sina. 27 February 2013. Retrieved 15 April 2017.
  45. ↑ "多伦股份幕后玩家指向大河系 看似平行的交叉线". Securities Times (in Chinese). 30 July 2013. Retrieved 6 June 2017.
  46. ↑ "揭秘"中泰签署克拉运河合作备忘录"的背后" (in Chinese). Xinhua News Agency. 20 May 2015. Retrieved 15 April 2017.
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