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by Stockwatch Business Reporter

The TSX Venture Exchange fell 1.14 points to 552.61 Friday, ending the week down 3.06 points. Herrick Lau's halted capital pool shell, Lingxian Capital Inc. (LXC), plans to soon complete a reverse takeover of a Chinese steel distributor, Jinsili International Steel Holdings Co. Ltd., as its qualifying transaction. The shell had initially expected to close the QT on March 31, then Aug. 31, but it was behind on its paperwork, which is now complete. The shell recently submitted its filing statement, outlining the financial details of its target, and the QT should close soon.

Lingxian, which has six million shares outstanding, will issue 22 million shares to a 31-year-old Chinese (former) stockbroker named Xizhou Tong, the sole shareholder and director of Jinsili. Lingxian will also change its name to Crownia Holdings Ltd. The company will appoint Mr. Tong as its chief executive officer, and he will earn an annual salary of $96,000. According to Lingxian's filing statement, Jinsili is a profitable steel trading and distribution company that had a net income of $570,672 (U.S.) on revenue of $7.01-million (U.S.) in the nine-month period ended March 31, 2015. Profit dropped slightly from the nine-month period ended March 31, 2014, when Jinsili earned $687,609 (U.S.) on revenue of $4.62-million (U.S.). For unexplained reasons, perhaps simple generosity, Mr. Tong wants to share this profitable enterprise with the public by listing in Canada. Jinsili even has a working capital of $3.16-million as of July 31, 2015. Lingxian plans to add to Jinsili's treasury by completing a non-brokered $500,000 private placement of 2.5 million shares at 20 cents. The financing will close when the QT closes.

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