MALAYSIAN predators have joined mainland groups prowling the Hong Kong market in search of targets for backdoor listings.
Activity in the so-called ''shell game'' - where a foreign-based group buys a small locally-listed shell company into which it injects assets - has picked up in recent months, fuelled by Chinese and Malaysian interest.
Unattractive second-and third-line stocks have become targets, and analysts expect a number of backdoor listings over the next few months.
Sunday Money has put together a list of Cinderella stocks which are likely to become targets this year.
The criteria for such stocks is likely to be a simple business structure and assets. Most likely targets are Buildmore International, Chevalier (OA), Island Dyeing and Printing, Nanyang Holdings, Winfair Investment and Yanion International.
Buildmore International is a property development and investment stock. The major shareholder is Jong Kong Ki and the board of directors, who have 42 per cent of the company.
Chevalier (OA), the office equipment arm of the listed Chevalier International, was spun off in 1988. The parent company holds 45 per cent of Chevalier (OA) but it has been mooted as a target after recording a $137 million loss for the year to March, 1993.
