I think the Chairman’s private company (Zenith) is fronting the initial costs here. They likely own/lease the Luna Cat factory since Zenith already owns multiple factories in that region.
The filings back this up: The latest 10-Q shows ModuLink shares a $1.9M banking facility directly with the Chairman’s private company.
Their businesses are closely intertwined—the Chairman isn't just the landlord; he’s effectively the bank.
In the latest 10-Q (Note 15), it explicitly lists a shared banking facility of up to $1.91 million granted to 'both the subsidiary and a related company wholly owned by Mr. Tam Hin Wah Anthony.'
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