【100 Cents】Mao Kee Kwai Chung officially listed for sale. Ah Bu and Chen Qiang off-market sold 176 million shares, cashing out 120 million yuan. Oriental Sheng will not sell a single share.

“100 Mao”, “Mao Kee TV,” “Hui Ba Si” parent company** Mao Kee Kwai Chung (01716)** Suspended trading last Friday (March 6) before market open, pending announcement in accordance with acquisition and merger regulations. Market rumors suggest Mao Kee Kwai Chung is preparing to sell.

Latest news (March 11): Ah Bu and Chen Qiang sell 65% stake, deposited into CCASS

The latest disclosure from the Hong Kong Stock Exchange confirms that Brave Steed Legacy Limited, under Ma Li Yang, off-market purchased 175.5 million shares or 65% at HKD 0.6963 per share from Yao Jiahao (Ah Bu) and Lu Jiajun (Chen Qiang), involving HKD 122 million. Although both parties have signed an agreement regarding the shares, delivery is not required within four trading days.

According to the latest data from HKEX, a major shareholder of Mao Kee Kwai Chung deposited 65% or 175.5 million shares into CCASS on March 5, and transferred them to broker Li Gao for margin, with a value of HKD 212 million. It is believed that the large deposit belongs to Yao Jiahao (Ah Bu) and Lu Jiajun (Chen Qiang).

Notably, Wang Jiawei (Eastern Rising), Blackpaper general manager Liang Hairui, creative director Xu Zhanglin, and art and design director Yuan Jinsheng, although acting in concert as Blackpaper, did not sell any shares this time.

They had already arranged their holdings before the suspension. The next moves by major shareholders will attract market attention. Generally, large-scale deposit actions are seen as precursors to rights issues, major shareholder reductions, or collateralized financing.

Lu Yujian: Considered buying Mao Kee, but it didn’t materialize for various reasons

Lu Yujian (Ken Sir), who owns over 6% of Mao Kee, said he does not know the new shareholders personally. According to online information, the other party has a mainland background, and he hopes they will bring new ideas. Lu Yujian believes the transaction price for Mao Kee is reasonable, noting that Mao Kee’s Facebook has 1.5 million followers and strong data, but its recent performance has been “not very good.”

Rumors say Ken Sir was interested in acquiring Mao Kee. He revealed he had similar considerations but did not proceed for various reasons. His company has well-known figures like Lin Yixian YY Lam, and he does not rule out future collaborations with KOLs across industries.

Strong stock performance

Before suspension, Mao Kee Kwai Chung closed at HKD 1.21, up 112.3% since 2026, with a market cap of HKD 327 million.

As of the end of September 2025, Mao Kee Kwai Chung reported mid-term revenue of HKD 51.44 million, a 6.7% increase year-on-year; net profit was HKD 894,000, down 78.8% year-on-year.

Shareholding structure and history: Lin Rixi, Ah Bu, Chen Qiang

Mao Kee Kwai Chung was founded by Xu Jiahau (stage name “Lin Rixi”), Yao Jiahao (“Ah Bu”), and Lu Jiajun (“Chen Qiang”).

In August 2021, Xu Jiahau (Lin Rixi) transferred 33.3% of his stake in Mao Kee Kwai Chung’s controlling company, Blackpaper, to Yao Jiahao (Ah Bu) and Lu Jiajun (Chen Qiang) for HKD 8 million.

At that time, Yao Jiahao (Ah Bu) and Lu Jiajun (Chen Qiang) promised to remain as controlling shareholders for five years, holding at least 65%, and not to resell the shares during that period. They also agreed to transfer 6.75 million shares of Mao Kee Kwai Chung to employees designated by Xu Jiahau (Lin Rixi).

Eastern Rising and other employees’ shareholding and lock-up period ending

In January 2022, Blackpaper transferred 6.75 million shares of Mao Kee Kwai Chung to four selected employees: Blackpaper general manager Liang Hairui, creative director Xu Zhanglin, art and design director Yuan Jinsheng, and program manager Wang Jiawei (“Eastern Rising”).

Each held 1.6875 million shares (0.6%), and all were restricted from selling for five years, with a requirement to act in concert with Lu Jiajun and Yao Jiahao. The lock-up period will expire in August 2026.

Currently, Blackpaper holds 67.5% or 183 million shares.

Notable investor Ken Sir’s holdings

Additionally, known trader “Ken Sir”, Lu Yujian, suddenly made a bid to acquire Mao Kee in 2023, now holding 6% or 16.22 million shares. He stated that his reason for buying Mao Kee was “value investing” and that he has been following Mao Kee’s artist “Eastern Rising.” He also hopes founder Lin Rixi will return to Mao Kee and collaborate with popular tutor Lin Yixian for live commerce.

(First edition added suspension news, second edition added CCASS info, third edition included Blackpaper’s share sale and Ken Sir’s involvement)