RE: Morning all9 Apr 2026 08:54
The examples you gave actually prove the opposite point.
Virgin Group, Black & Decker (Stanley Black & Decker), Avanti Communications, and Transco / National Grid / British Gas are all large, legitimate corporate groups with proper holding company structures.They have hundreds or thousands of employees, real physical operations (offices, warehouses, data centres, infrastructure), and clear public disclosure of subsidiaries.
When multiple subsidiaries share a registered address, it’s usually the group headquarters, a central admin office, or a company secretary’s address — and it’s transparently shown as part of the same corporate group.
Investors and regulators can easily see the full group structure, ownership, and related-party relationships in their annual reports and filings.
That is not what’s happening here.In the GST / Jack Bai case:We have four small companies (Wise Mpay, Vimlogy, Semnet, JP Solutions) all operating from the exact same tiny unit (#03-04/05 at One Commonwealth Lane — a serviced/virtual office).
They are in closely related fintech/payments/remittance/cybersecurity businesses.
They are interconnected via common control links to Jack Bai (CEO of listed GST), including family stakes (e.g. his wife’s minority in Semnet) and collaborations.
JP Solutions publicly lists Wise Mpay, Vimlogy, and Semnet as its “partners & clients” on its website — creating the impression they are independent external businesses.
That’s not “standard practice” like a big group using its own HQ address.
That’s a small cluster of interlinked entities promoting each other as if they were separate successful clients and partners.Big legitimate groups (Virgin, Black & Decker, National Grid etc.) don’t hide the connections — they disclose them properly. Here the connections are downplayed while the “partners & clients” section creates a misleading picture of independence.That’s the real governance concern, not just “multiple businesses at one address.”
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