【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)
Last Friday (March 6), trading was suspended before market open, pending the release of an announcement in accordance with acquisition and merger regulations.
Market rumors suggest that Mao Kee Kwai Chung is preparing to sell its stake.

Latest news (March 11): Ah Bu and Chen Qiang sell shares, 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 entered into a share agreement, delivery of the shares 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 a broker for increased position, valued at HKD 212 million. It is believed that the major depositor is Yao Jiahao (Ah Bu) and Lu Jiajun (Chen Qiang).

Notably, Wang Jiawei (Oriental Rising), Blackpaper general manager Liang Hairui, creative director Xu Zhanglin, and art and design director Yuan Jinsheng are all aligned with Blackpaper, but they have not sold any shares this time.

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

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 a 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 historical review: 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 holding 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 of Mao Kee for five years, holding no less than 65%, and not to resell related shares during this period. They also agreed to transfer 6.75 million shares of Mao Kee to employees designated by Xu Jiahau (Lin Rixi).

Oriental Rising and other employees’ shareholding and lock-up period expiration

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

Each held 1.6875 million shares (0.6%), and all four were restricted from selling shares for five years, acting 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 holds shares

Additionally, the trader known as “Ken Sir”, Lyu Yu Jian, suddenly made a takeover bid for Mao Kee in 2023, now holding 6% or 16.22 million shares. Lyu Yu Jian stated that his reason for buying Mao Kee was “value investing” and that he has been following Mao Kee’s artist “Oriental Rising”. He also hopes founder Lin Rixi will return to Mao Kee and collaborate with tutoring star Lin Yixin for live commerce.