Plastic surgery from Dr Hon

27/02/2007 Robert Tyerman

Serial Hong Kong capitalist Dr Johnny Hon is bringing another entrepreneurial venture to London, in the shape of credit card specialist Oriental City Group. OCG, which is advised by entrepreneurial attorney Andrew Greystoke’s Atlantic Law, has already raised £2 million from private backers and expects to begin trading on PLUS in early March.

Backed by China UnionPay, the state-owned payment system, Hong Kong-based OCG promotes ‘lifestyle credit cards’ that offer special rewards. The company currently has more than 70,000 members in Hong Kong and China and hoisted revenues 40 per cent to US$482,000 (£241,000) between 2004 and 2006.

Founder and chief executive Henry Yu supposes the float will allow OCG to receive ‘greater exposure and help facilitate the company’s growth in 2007 and beyond’.

Well-connected Hon, who is vice chairman of Cambridge United Football Club, chairman of AIM-listed Chinese lottery operator Betex and also of PLUS-quoted trio Global Entertainment, Global Education and Silverback Media – will be non-executive chairman of a board whose members include Navigator Asset Management boss Nicholas Camilleri and Geoff Morrow, songwriter and deputy chairman of Hon’s Global Group of companies.

The shares will value the venture at just short of £8 million and, like most of Hon’s other London undertakings, will be an unpredictable performer.