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Nan Nan Resources

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Nan Nan Resources Enterprise Limited 南南資源實業有限公司
NAN NAN RES
Native name
南南資源實業有限公司
Formerly
  • Artfield Group Limited 雅域集團有限公司 (until 25 August 2009)
  • China Sonangol Resources Enterprise Limited 安中資源實業有限公司 (until 14 April 2011)
  • International Resources Enterprise Limited 國際資源實業有限公司 (until 10 October 2011)
Company typepublic
SEHK: 1229
Industry
Founded1984; 40 years ago (1984) in Hong Kong
FounderIp Yiu Tung
HeadquartersAdmiralty Centre Tower Two, 18 Harcourt Road, Admiralty,
Hong Kong
Key people
Number of employees
136 (2024)
Subsidiaries
  • Harbour Group Holdings Limited
  • Mulei County Kai Yuan Coal Company Limited
  • NEFIN Leasing Technologies Limited
Websitenannanlisted.com
Nan Nan Resources Enterprise Limited
Traditional Chinese南南資源實業有限公司
Simplified Chinese南南资源实业有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinNán Nán Zīyuán Shíyè Yǒuxiàngōngsī
Yue: Cantonese
Jyutpingnaam4 naam4 zi1 jyun4 sat6 jip6 jau5 haan6 gung1 si1

Nan Nan Resources Enterprise Limited (Chinese: 南南資源實業有限公司) (SEHK: 1229) is a Hong Kong-based investment holding company. It is primarily focused on mining coal in China, though it also operates in the renewable energy and information technology sectors. Though incorporated in Bermuda and now headquartered in the Admiralty Centre,[1] it is a former 88 Queensway group company[2] and was formerly known as Artfield Group Limited (Chinese: 雅域集團有限公司),[3] China Sonangol Resources Enterprise Limited (Chinese: 安中資源實業有限公司),[4] and International Resources Enterprise Limited (Chinese: 國際資源實業有限公司).[5]

History

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Artfield Group Limited was founded in 1984 by Hongkonger entrepreneur Ip Yiu Tung[6] and taken public on the Hong Kong Stock Exchange in 1995. It manufactured, marketed, and traded watches,[6] clocks,[7] office products, lights, and metals in North America, Europe, Hong Kong, and China.[2][8] Artfield was taken over in early 2008 by Ascent Goal Investments Limited, a subsidiary of China Sonangol International Limited. By March, Ascent had purchased 74% of Artfield and installed Lo Fong Hung as chairperson and managing director and her husband Wang Xiangfei[9] and Kwan Man Fai to the board.[2][10] Artfield's head office was relocated to the tenth floor of Two Pacific Place, 88 Queensway, Admiralty, Hong Kong, the site of Ascent, China Sonangol International, and dozens of other businesses Hung, Xiangfei, and Fai are collectively involved with. Under their leadership, Artfield pivoted away from lights and metals and into natural resources, particularly the petroleum industry.[2]

In August 2008, Soviet-born Israeli diamond magnate Lev Leviev personally and through his companies Africa Israel Financial Assets and Strategies Ltd and Memorand Management Limited purchased a total 10% share of the Artfield Group. One week later, China Sonangol International Holdings Limited, on whose board of directors Hung and Xiangfei sat, purchased nearly one billion US$ worth of Manhattan real estate from Africa Israel International, including 23 Wall Street and shares in 229 West 43rd Street and the Met Life Tower. Kwan Man Fai signed the deed to 23 Wall Street while acting as vice-president of CS Wall Street LLC. Such sales while negotiating for ownership were potentially breaches of the Hong Kong Stock Exchange's listing rules.[2]

In August 2009, Artfield Group Limited was renamed China Sonangol Resources Enterprise Limited,[2] trading under the name China Sonangol on the Hong Kong Stock Exchange.[3] In 2011, the company would change its identity to International Resources Enterprise Limited in April[4] and then to Nan Nan Resources Enterprise Limited in October.[5] From 2014 to 2019, Nan Nan Resources would suffer a 56% decline in stock value over five years. The company had been running at a loss from 2013 to 2017 when it returned to profitability and its stock value jumped 19%.[11] Wong Sze Wai was appointed executive director in November 2018,[12] replacing Lo Fong Hung. Wang Xiangfei resigned in September 2021 and was replaced by Li Chun Fung.[13] In 2024, Nan Nan Resources struggled to maintain a positive cash flow, suffered a 52% decline in revenue over a twelve-month period, and carried significant debt that made investment analysts wary of its long-term investment value.[14][15]

Subsidiaries

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Nan Nan Resources fully owns the following companies:

  • Harbour Group Holdings Limited, a holding company holding the entirety of issued stock of several IT service outsourcing and consulting companies in Hong Kong, Malaysia, Singapore, and the United Kingdom.[16]
  • Mulei County Kai Yuan Coal Company Limited ("Kaiyuan Company"), which operates Kaiyuan Open Pit Coal Mine in Changji, Xinjiang, China.[17] In 2018, the mine briefly shut down operations due to license expiration[18][19] but renewed operations shortly afterward.[20]
  • NEFIN Leasing Technologies Limited is a Hong Kong investment company with Malaysia-based NEFIN Technologies Sdn. Bhd. as its own wholly-owned subsidiary. NEFIN Technologies is principally involved in the development of solar power systems.[21]

References

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  1. ^ "Nan Nan Resources Enterprise Limited - Corporate Profile". www.nannanlisted.com. Archived from the original on 2023-03-27. Retrieved 2024-09-06.
  2. ^ a b c d e f Levkowitz, Lee; Ross, Marta McLellan; Warner, J.R. (10 July 2009). The 88 Queensway Group: A Case Study in Chinese Investors' Operations in Angola and Beyond (PDF). United States–China Economic and Security Review Commission. Archived (PDF) from the original on 20 October 2020. Retrieved 7 September 2024.
  3. ^ a b Fai, Kwan Man (19 August 2009). "CHANGE OF COMPANY NAME AND CHANGE OF COMPANY WEBSITE" (Announcement). China Sonangol Resources Enterprise Limited.
  4. ^ a b Xiangfei, Wang (12 April 2011). "CHANGE OF COMPANY NAME, STOCK SHORT NAME AND WEBSITE" (Announcement). Hong Kong: International Resources Enterprise Limited.
  5. ^ a b Xiangfei, Wang (4 October 2011). "CHANGE OF COMPANY NAME, STOCK SHORT NAME AND WEBSITE" (Announcement). Hong Kong: Nan Nan Resources Enterprise Limited.
  6. ^ a b Chua, Alvin. "Ip Yiu Tung". National Library Board Singapore. Archived from the original on 2024-09-07. Retrieved 2024-09-07.
  7. ^ "Artfield pays out on clocks". South China Morning Post. 1995-11-28. Archived from the original on 2024-09-07. Retrieved 2024-09-07.
  8. ^ "Artfield purchase". South China Morning Post. 1995-07-20. Archived from the original on 2020-12-03. Retrieved 2024-09-07.
  9. ^ Burgis, Tom (2015). The looting machine: warlords, oligarchs, corporations, smugglers, and the theft of Africa's wealth. New York: PublicAffairs. ISBN 978-1-61039-748-3.
  10. ^ Vines, Alex; Wong, Lillian; Weimer, Markus; Campos, Indira (2009). Vines, Alex; Wong, Lillian; Weimer, Markus; Campos, Indira; Royal Institute of International Affairs; Revenue Watch Institute (eds.). Thirst for African oil: Asian national oil companies in Nigeria und Angola (PDF). A Chatham House report. London: Chatham House. ISBN 978-1-86203-220-0. Archived (PDF) from the original on 2024-09-07. Retrieved 2024-09-07.
  11. ^ "Introducing Nan Nan Resources Enterprise (HKG:1229), The Stock That Slid 56% In The Last Five Years". Yahoo Finance. 2019-12-31. Retrieved 2024-09-07.
  12. ^ "BRIEF-Nan Nan Resources Enterprise Appoints Wong Sze Wai As An Executive Director". Yahoo News. 2018-11-20. Archived from the original on 2024-09-07. Retrieved 2024-09-07.
  13. ^ MarketScreener (2021-09-17). "Nan Nan Resources Enterprise Limited Announces Change of Executive Director and Authorised Representative and Cessation of Alternate Director - MarketScreener". www.marketscreener.com. Archived from the original on 2024-09-07. Retrieved 2024-09-07.
  14. ^ "Nan Nan Resources Enterprise's (HKG:1229) Earnings Might Be Weaker Than You Think". simplywall.st. 2024-08-01. Archived from the original on 2024-09-07. Retrieved 2024-09-07.
  15. ^ "Is Nan Nan Resources Enterprise (HKG:1229) A Risky Investment?". simplywall.st. 2024-06-24. Archived from the original on 2024-09-07. Retrieved 2024-09-07.
  16. ^ "Nan Nan Resources Enterprise Limited - IT Services". www.nannanlisted.com. Retrieved 2024-09-07.
  17. ^ "Nan Nan Resources Enterprise Limited - Coal mining". www.nannanlisted.com. Archived from the original on 2024-04-12. Retrieved 2024-09-07.
  18. ^ "Nan Nan Resources Enterprise Announces Suspension Of Production At Kaiyuan Mine". Reuters. 2018-04-13. Archived from the original on 2024-09-07. Retrieved 2024-09-07.
  19. ^ Mughal, Sarah (31 Dec 2018). "Nan Nan Resources suspends Kaiyuan coal mine ops pending mining extension permit". www.spglobal.com. Archived from the original on 2024-05-25. Retrieved 2024-09-07.
  20. ^ "Nan Nan Resources Enterprise Says Kaiyuan Company Has Received Renewed Mining Permit". Reuters. March 16, 2020.
  21. ^ "Nan Nan Resources Enterprise Limited - Renewable Energy". www.nannanlisted.com. Archived from the original on 2024-04-12. Retrieved 2024-09-07.
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