two day old news
Chinese Hotel Consultant Goes Public
Posted May 25, 2010 12:56PM PST
A Chinese consultancy to the hotel management business, Zhengzhou Dragon Business Ltd., reverse merged into the shell company CN Dragon Corp., giving its shareholders about a 95.9% stake in the newly public company.
CN Dragon was formerly Wavelit Inc., a failed internet video streaming company. In October, it began filing forms with the Securities and Exchange Commission under the name CN Dragon. Then in early December, it said it changed its business focus to look for opportunities in the development and operation of hotels in China. At that time, it brought on two China-based directors with real estate development experience.
In the share exchange, the shell issued 42 million shares to a British Virgin Islands company CNDC Group Ltd., which controls Zhengzhou Dragon Business through a Hong Kong subsidiary.
The operating company is not currently involved in any development projects, but is seeking out opportunities, according to filings with the SEC.
The company's revenue currently comes from consulting fees and was about $1.2 million for the year ending March 31, up from $177,431 in the year-earlier period.
Filing: 8-K
