05:27:28 EDT Fri 29 Mar 2024
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Shell Summary for May 9, 2017

2017-05-09 20:06 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 5.94 points to 774.14 Tuesday. Bill Ye's capital pool shell, Hope Well Capital Corp. (HOPE), began trading today. It reached an intraday high of 27 cents before closing at 25 cents on 214,500 shares. There were 10 trades, of which nine were Mackie Research Capital Corp. crosses. Hope Well sold its $1.25-million initial public offering of shares at 20 cents through Mackie.

Hope Well is Mr. Ye's first shell and first public company directorship. From 2006 to 2011, he was the chief executive officer of a private telecommunications equipment company in China called Hangzhou SeePad Communications Equipment Co. Ltd. Since then, he has founded two investment firms in Toronto: Nine Fortune Assets Co. and VVinv Inc.

On some days, we discuss sluggish capital pool shells that took five to nine years to complete a qualifying transaction. Today, however, we discuss some faster-moving shells; they closed their QTs before reaching their respective two-year deadlines, imposed by the TSX-V. Two of these shells listed less than nine months ago.

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