Glorious Property Holdings Limited () () is a

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

-based

property developer Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others. R ...

, established in 1996. It has a land bank of 13.6 million square meters in cities like

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

and

Tianjin Tianjin (; ; Mandarin: ), alternately romanized as Tientsin (), is a municipality and a coastal metropolis in Northern China on the shore of the Bohai Sea. It is one of the nine national central cities in Mainland China, with a total popul ...

. Glorious Property was incorporated in the

Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...

in July 2007 and develops property mostly in China. Projects include Sunshine Holiday in Tianjin and Shanghai Bay, situated along the

Huangpu River The Huangpu (), formerly romanized as Whangpoo, is a river flowing north through Shanghai. The Bund and Lujiazui are located along the Huangpu River. The Huangpu is the biggest river in central Shanghai, with the Suzhou Creek being its maj ...

. Its first property was the Sunshine Greenland hotel in Shanghai in 1996. 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 The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repor ...

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

of US$1.53 billion. Glorious Property is due to list on the Hong Kong stock exchange on October 2. 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 Sino-Ocean Group Holding Limited is an investment holding company that engages in the property investment and development activities in the People's Republic of China. The company develops real estate projects such as mid to high-end residential p ...

Holdings Ltd., Shanghai Industrial Holdings Ltd., China Southern Fund Management Co. and a private company under Hong Kong conglomerate Nam Fung Group.

Affiliates/SEC action

Zhang also reportedly controls: *Well Advantage Ltd. *a company that has a "strategic cooperation agreement" with Chinese oil company

CNOOC China National Offshore Oil Corporation, or CNOOC Group ( Chinese: 中国海洋石油总公司 Pinyin: ''Zhōngguó Háiyáng Shíyóu Zǒnggōngsī''), is one of the largest national oil companies in China, and the third-largest national oil ...

These two affiliates gained attention in July 2012 when the US SEC got a court order to freeze assets in an

insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information ...

case involving $13 million in gains on shares of

Nexen CNOOC Petroleum North America ULC, formerly known as Nexen, is a Canadian oil and gas company based in Calgary, Alberta. Originally the Canadian subsidiary of US-based Occidental Petroleum (known as Canadian Occidental Petroleum or CanOxy), it ...

, a Canadian oil company for which CNOOC had recently announced a

tender offer In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all stockholders of a publicly traded corpo ...

. 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 ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

'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. Settlements were negotiated with the SEC:"Litigation Release No. 22693"

U.S. Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

press release, May 1, 2013. Retrieved 2013-07-09.

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. ... 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. ... n May 2013, aSingapore resident ... eached agreement fordisgorgement of her ill-gotten gains of $466,477.62 and a penalty of $100,000 ... ndpermanently enjoining her from future violations.

References

External links

Official website
{{Real estate companies of China Companies listed on the Hong Kong Stock Exchange Real estate companies of China Privately held companies of China Chinese companies established in 2007 Companies based in Shanghai

IPO

Affiliates/SEC action

See also

References

External links