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Shell Summary for March 20, 2019

2019-03-20 20:40 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.90 points to 637.97 Wednesday. Chengyuan Liu has filed a preliminary prospectus to list his first capital pool shell, Vector REIT Inc. It plans to sell a $200,000 initial public offering at 20 cents through Raymond James Ltd.

Mr. Liu, 35, is an accountant in Toronto. From 2007 to 2012, he worked in the financing department of Huawei Technologies Co. Ltd.'s Canadian subsidiary. He then moved on to work at two investment management firms (not at the same time), Yinhua Fund Management Co. Ltd. and Lion Asset Management Co. Ltd., spending two years at each. Since 2016, he has been working for a Chinese brokerage firm, Hua'an Securities Co. Ltd., reporting to its office in Beijing. Hua'an trades on the Shanghai Stock Exchange and last closed at the equivalent of $1.40. It has a market cap of $5.09-billion.

At Vector, Mr. Liu's fellow directors are Aaron Rotenberg and Irfan Lakha. Mr. Rotenberg, 39, is the president of Ibis Capital Corp., a real estate investment firm in Toronto that dabbles in other businesses. It buys liquidation stocks of consumer goods, including chocolates and cellphones, for resale; provides brokerage services for fruits and vegetables; offers to import or export products such as wheat, coffee, cotton, propane, cement and potash; and provides low-cost manufacturing services through its Chinese connections. Before founding Ibis Capital in 2006, Mr. Rotenberg spent two years as an associate at Sterling Centrecorp Inc., a real estate investment and management firm that used to trade on the Toronto Stock Exchange. Sterling peaked at $1.85 in 2005 and went private in 2007.

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