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25-Jan-2010 14:00

Ying Li Intl / Ying Li

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Buying Call from kim eng
2) Ying Li International – company update (Anni KUM: 64321470)
Recommendation: Buy (maintained)
Target price: $1.20 (maintained) Previous day closing price: $0.575
Convertible bond issue provides funding for landbanking
Ying Li issued a S$200m, 5-year convertible bond (CB) with a conversion price S$0.8029 and upsize option of S$75m. The CB has coupon rate of 4% p.a. payable semi-annually and yield-to-maturity of 6.5%. Net proceeds of S$192m will be used to acquire two land parcels along Wuyi Road in the prime area of Yuzhong district in Chongqing. JP Morgan is the lead manager and sole bookrunner of this deal.
Dilution to be minimal
The CB will mature on 3 March 2015. The issue and bondholders have the option to redeem early on 3 March 2013. The number of shares to be issued upon full conversion of the CBs is 249.1m, representing 11.5% of the total share capital of the Group. We estimate a net gearing of 0.34x by the end of 2010.
Strong interest in bond issue, but company reaps greater benefits
According to management, the CB issue received strong interest from global institutional investors, comprising existing as well as new investors. The terms of the CB is beneficial for the Group, in our view, given that the yield-to-maturity (cost of debt) of the bond is lower than the interest rate of existing loans (8-9%). Moreover, the CB is not immediately dilutive.
Anticipated projects likely to be RNAV-accretive
With this source of funding, Ying Li will be able to deliver on its plan to acquire the two parcels of land along Wuyi Road. We keep our estimates unchanged, pending details of the project. Ying Li is likely to retain a large portion for rental. Assuming an average base rental rate of RMB200psm/mth for retail and commercial space and cap rate of 7%, we estimate RNAV-accretion of $0.14/share.
Short-term catalysts aplenty. Reiterate Buy

http://www.remisiers.org/research//mb%2025%20Jan.pdf

With the financing overhang removed, Ying Li should perform in the longer term. We anticipate more positive newsflow involving the signing of tenancy agreements at the upcoming IFC and acquisition of land parcels. Management is also open to exploring options to obtain better valuations. Reiterate Buy at target price of $1.20. Year End Dec 31

2007

2008

2009F

2010F

2011F

Sales (RMB m)

na

86.7

140.6

378.6

2,237.0

Pre-tax (RMB m)

na

26.0

85.4

241.7

1,263.0

Net profit (RMB m)

na

355.6

28.0

90.8

719.6

EPS (RMB cents)

na

63.2

1.4

4.2

33.3

EPS growth (%)

na

na

-97.8

195.4

692.6

PER (x)

na

4.3

191.4

64.8

8.2

EV/EBITDA (x)

na

4.0

16.0

10.3

2.0

Yield (%)

na

0.0

0.0

0.0

0.0

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25-Jan-2010 12:50

Ying Li Intl / Ying Li

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DBS Group Research . Equity 19 January 2010
Ying Li International (Bloomberg: YINGLI SP | Reuters: YING.SI)
BUY; S$0.62; Price Target: S$ 1.08
Analyst:
paulyong@dbsvickers.comPaul Yong (8621) 6888 3372
Ying Li to acquire 2 parcels of land in Chongqing CBD totalling
GFA of c. 2.5m sqf.
Ying Li announced that it intends to buy 2 parcels of
land on Wu Yi road, which has been designated as the
new Financial Street by the Chongqing government,
with a total GFA of about 2.5m square feet or c.
240,000 sqm.
Whilst this is positive news for the company, we have
little other details at this point in time with regards to
the development schedule, type of development i.e.
retail / commerical / mixed etc.. as well as the funding
options for this project. We estimate that the land cost
for this is around RMB4,500 per square metre with
development costs of around RMB4,000-RMB4,500 per
sqm and potential sale prices of above RMB20,000 per
sqm on average. However, with total land cost of c.
RMB1.1bn and similar size of development cost, Ying Li
is likely to need to come to the market for equity or
funding of some sort for this project, especially if it
intends to keep a substantial portion of it for rental. This
project certainly looks RNAV-accretive but we want to be
more certain of the above details before adjusting our
numbers.
Hence, we maintain our TP of S$1.08, which is based on
10% discount to RNAV of S$1.21. We will issue a full
note once we get more details on the numbers for this
project as well as funding options.
DBS Group Research . Equity 19 January 2010
http://www.remisiers.org/research//yingli190110-flash%20buy%20DBSVpdf.pdf

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25-Jan-2010 12:20

Ying Li Intl / Ying Li

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The Convertibe Bond is 100 % sold at S$0.8029 to outside singapore buyer. ( midst buyer )
======================================
Ying Li successfully priced S$200 million
convertible bond issuance at record conversion
premium of 30.6%
issuance out of Singapore in 20101 - first convertible bond
·
tightening environment and volatile financial market – issue was multiple times
oversubscribedStrong demand from global Institutional Investors in the midst of a credit

·

the last 23 months

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E5D290C231E0F300482576B3000072F5/$file/Yingli_Press_Release.pdf?openelementHigh conversion premium of 30.6% - highest ever for an Asian Real Estate Issuer in

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25-Jan-2010 09:32

Ying Li Intl / Ying Li

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phillipresearch
Ying Li International Real Estate – Company Update (Brandon Ng)
Recommendation: Buy
Previous close: S$0.580
Fair value: S$1.150
•
investorsYingli announced that they have successfully priced a S$200mil convertible bond issuance to global institutional
•
price of $0.8029 per share.5-year convertible bonds will have a coupon rate of 4.00% per annum and are convertible into new Yingli shares at a
•
ventures and alliances and the rest for working capital.More than 90% of the estimated net proceeds of S$192mil will be used to fund land acquisitions, strategic joint
•
maintain our BUY recommendation.

http://www.phillipresearch.com/document/com/mn.pdfWe tweak our valuation model to assume full S$200mil bond conversion to reach a diluted RNAV of S$1.150. We

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23-Jan-2010 22:32

Ying Li Intl / Ying Li

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After this ISSUE OF CONVERTIBLE BONDS FINANCIAL of Ying Li will be strong,

They Don't need to borrowings money (cash) from Bank .for their two commercial project .

This week The china and us Government. Obama lashes out at campaign finance ruling.

china , hong kong Market is over sell we will see next monday they will be techinical rebound .

due to over react to the news ,

but becarefull no contract player may loss money.

DBS research two week algo a report for this baby TP of $1.01 next 12 month

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23-Jan-2010 10:54

Ying Li Intl / Ying Li

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INTERNATIONAL REAL ESTATE LIMITED
(Company Registration No. 199106356W)
ISSUE OF CONVERTIBLE BONDS – FINANCIAL EFFECTS OF THE ISSUE
1. INTRODUCTION
The Board of Directors of Ying Li International Real Estate Limited (the “
announcement released earlier today with respect to the offering of Convertible Bonds due 3
March 2015 (the “
announcement shall, unless otherwise defined herein, bear the same meanings as ascribed to
them in the Launch Announcement.
The Company wishes to announce the financial effects of the issue of the Convertible Bonds on
the Group (as defined below).Company”) refers to theLaunch Announcement”). All capitalized terms and expressions used in this
2. FINANCIAL EFFECTS
For purposes of illustration only, on the assumption that the Upsize Option is not exercised and
including estimated issue expenses which have been set out in the computation in Sections 7(b)
and 7(c) below, the proforma financial effects of the Offering on the share capital, net asset value
and gearing of the Group, based on the unaudited consolidated financial information of the
Company and its subsidiaries (collectively, the “
consideration net proceeds received from the placement of 253,200,000 new Shares by the
Company on 26 November 2009 (the “Group”) as at 30 September 2009, taking into26 November 2009 Placement”), are as follows:
(a) Share Capital No. of Shares (‘000)
Issued and paid up share capital 2,162,492(1)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES. THE MATERIAL SET FORTH HEREIN IS NOT
INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER FOR SALE OF THE
SECURITIES IN THE UNITED STATES. THE SECURITIES DESCRIBED HEREIN MAY NOT
BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN
EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE LAWS. THERE IS NO INTENTION TO
REGISTER ANY PORTION OF ANY OFFERING IN THE UNITED STATES OR TO
CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.
NOT FOR DISTRIBUTION IN THE UNITED STATES
Conversion Shares to be issued upon conversion of the Firm Bonds 249,097
Issued and paid up share capital after issuance of the Conversion
Shares, and after conversion of the Firm Bonds
2,411,589
In the event that the Optional Bonds are fully converted, the number of Shares outstanding will be
increased by 93,411,000 shares.
(b) Net Asset Value (“NAV”) RMB (’000)
NAV based on unaudited accounts as at 30 September 2009
1,452,041
Net proceeds received from the 26 November 2009 Placement 718,129
Adjusted NAV before the issue of the Firm Bonds 2,170,170
Fair value of the equity component of the Firm Bonds allocated
from liabilities
130,765
Adjusted NAV after the issue of the Firm Bonds but before any
conversion
2,300,935
NAV per Share before the issue of the Firm Bonds RMB1.00
NAV per Share before the conversion of the Firm Bonds RMB1.06
Adjusted NAV after the issue of the Firm Bonds and after
conversion of the Firm Bonds
3,272,413
NAV per Share after the conversion of the Firm Bonds RMB1.35
In the event that the Optional Bonds are fully converted, the NAV per share would be RMB1.40.
(c) Gearing RMB’000
Net borrowings / (net cash) as at 30 September 2009
Net proceeds received from the 26 November 2009 Placement (718,129)(2) 265,422
Adjusted net borrowings / (net cash) as at 30 September 2009 (452,707)
Net proceeds from issuance of the Firm Bonds (933,581)
Issuance of the Firm Bonds 972,480
Fair value of the equity component of the Firm Bonds allocated to
equity
(130,765)
Adjusted net borrowings / (net cash) after the issuance of the
Firm Bonds but before any conversion of the Firm Bonds
(544,573)
Total equity as at 30 September 2009
Fair value of the equity component of the Firm Bonds allocated
from liabilities
130,765(3) 2,170,170
NOT FOR DISTRIBUTION IN THE UNITED STATES
Adjusted total equity after the issuance of the Firm Bonds but
before any conversion of the Firm Bonds
2,300,935
Net debt to equity as at 30 September 2009 0.18(4)
Net debt to equity after 26 November 2009 Placement Net Cash
Net debt to equity after issuance of the Firm Bonds but before
conversion of the Firm Bonds
Net Cash
Adjusted net borrowings / (net cash) assuming full conversion of the
Firm Bonds
(1,386,288)
Adjusted net equity assuming full conversion of the Firm Bonds 3,142,650
Net debt to equity after issuance of the Firm Bonds and after
conversion of the Firm Bonds
Net Cash
Notes:
(1) Adjusted for the 26 November 2009 Placement.
(2) Net borrowings is defined as total borrowings less cash and cash equivalents (excluding restricted
cash balances / deposits).
(3) Total equity refers to “Equity attributable to equity holders of the Company”, adjusted for the 26
November 2009 Placement.
(4) Assuming tender deposit of RMB171.2 million at 30 September 2009, which was refunded to the
Company in January 2010, were included as part of cash balances at 30 September 2009 for pro
forma presentation purposes, , the net debt to equity would be 0.06.
By Order of the Board
Ying Li International Real Estate Limited
Xie Xin
Director
22 January 2010
J.P. Morgan (S.E.A.) Limited is the financial adviser to the Company in relation to the reverse

takeover of the Group. This announcement has been prepared and released by the Group.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_88FEB171C4A0C257482576B300528051/$file/Yingli_Announcement.pdf?openelement

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22-Jan-2010 16:03

COSCO SHP SG / CoscoCorp

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The 1Q Report will very Good for Cosco delivered 6 ships in Two months

Cosco Corporation (S) unit delivers new bulk carrier to European owners

Cosco Corporation (S) unit delivers new bulk carrier to European owners

Cosco Corporation (S) unit delivers new bulk carrier to European owners

Tags: Cosco Coporation (S)

Written by The Edge

Friday, 22 January 2010 13:44

Cosco Corporation (Singapore) says subsidiary Cosco (Dalian) Shipyard Co. has delivered a new build 57,000 dwt bulk carrier, the M.V. VLAZAKIS I, to its buyer, a European ship owner. Measuring 189.99 metres long, 32.26 metres wide and 18 metres high, M.V. VLAZAKIS I, has a draft of 12.8 metres, a continued voyage capacity of 18,000 nautical miles and a navigation speed of 14.2 knots.

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22-Jan-2010 15:34

Ying Li Intl / Ying Li

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YING LI INTERNATIONAL REAL ESTATE LIMITED DON'T MONEY PROBLEMS

ISSUE OF CONVERTIBLE BONDS
1. INTRODUCTION
The Board of Directors of Ying Li International Real Estate Limited (the “
announce that the Company has priced the Offering (as defined below) of convertible bonds due
3 March 2015. J.P. Morgan (S.E.A.) Limited is the Sole Bookrunner and Lead Manager for the
Offering (the “
The Company shall offer S$200 million in aggregate principal amount of 4.00% convertible bonds
due 2015 (the “
principal amount of 4.00% convertible bonds due 2015 (the “
the Firm Bonds, the “
Company to the Lead Manager (as defined below), exercisable in whole or in part, on one or
more occasions, at any point in time on or before the thirtieth day following the closing on 3
March 2010 (the “
“
“
(the “Company”) is pleased toLead Manager”).Firm Bonds”), and may issue up to an additional S$75 million in aggregateOptional Bonds”, collectively withConvertible Bonds”) pursuant to the exercise of an option granted by theUpsize Option”, and together with the offering of the Convertible Bonds, theOffering”). Subject to the applicable terms and conditions of the Convertible Bonds (theConditions”), the Convertible Bonds are convertible into new ordinary shares of the CompanyConversion Shares”).
2. PRINCIPAL TERMS OF THE CONVERTIBLE BONDS
Principal Size of the
Offering
: S$200 million in aggregate principal amount of Firm Bonds
(excluding the Optional Bonds).
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES. THE MATERIAL SET FORTH HEREIN IS NOT
INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER FOR SALE OF THE
SECURITIES IN THE UNITED STATES. THE SECURITIES DESCRIBED HEREIN MAY NOT
BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN
EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE LAWS. THERE IS NO INTENTION TO
REGISTER ANY PORTION OF ANY OFFERING IN THE UNITED STATES OR TO
CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.
NOT FOR DISTRIBUTION IN THE UNITED STATES
Upsize Option : Up to an additional S$75 million in aggregate principal amount of
Optional Bonds, pursuant to the exercise of the Upsize Option by
the Lead Manager.
Maturity Date : 3 March 2015.
Issue Price : 100% of the aggregate principal amount of the Firm Bonds.
Interest Rate : The Convertible Bonds will bear interest at the rate of 4.00% per
annum.
Yield-to-put /
Maturity
: 6.50% per annum calculated on a semi-annual basis.
Method of Issue : The Convertible Bonds are proposed to be offered only to
institutional and/or accredited or other investors under Sections 274
and 275 of the SFA and will be made outside the United States in
accordance with Regulation S and other exemptions of the U.S.
Securities Act of 1933.
Conversion Period : The conversion right attaching to any Convertible Bond may be
exercised, at the option of the holder of the Convertible Bond (the
“
close of business (at the place where the certificate evidencing
such Convertible Bond is deposited for conversion) on 21 February
2015.
Conversion Price : The price at which the Conversion Shares will be issued upon
conversion, as adjusted from time to time (the “
will initially be S$0.8029 per Conversion Share, but will be subject
to adjustment in the manner provided in the Terms and Conditions.
Mandatory
Conversion at the
Option of the
Company
: At any time on or after 3 March 2013 and prior to the date falling 10
business days prior to the Maturity Date, the Company may
mandatorily convert all but not some only of the Convertible Bonds
outstanding into shares in the capital of the Company (“
provided that no such conversion may be made unless the volume
weighted average price of the Shares for each of 30 consecutive
trading days, the last of which occurs not more than 10 trading days
prior to the date of the notice of conversion, was at least 130% of
the applicable conversion price then in effect.
Redemption at the
Option of the
Company
: If at any time the aggregate principal amount of the Convertible
Bonds outstanding is less than 10% of the aggregate principal
amount originally issued, the Company shall have the option to
redeem such outstanding Convertible Bonds in whole but not in part
at their early redemption amount together with accrued, but unpaid,
interest (calculated up to, but excluding, the date fixed for such
redemption).
Redemption at the
Option of the
Bondholder
: The Company will, at the option of the Bondholder, redeem all or
some only of such Bondholder’s Convertible Bonds on 3 March
2013 at 108.136% of their principal amount as at the relevant date
fixed for redemption together with interest accrued to the date fixed
for redemption.Bondholder”), at any time on and after 13 April 2010 up to theConversion Price”),Shares”),
NOT FOR DISTRIBUTION IN THE UNITED STATES
Redemption for
Change of Control or
Delisting
: Upon:
(i) the delisting of the Shares, or the suspension of the Shares
for a period of 30 trading days or more, from the SGX-ST or,
if applicable, the principal stock exchange or securities
market on which the Shares are then listed or quoted or
dealt in; or
(ii) a change in control of the Company,
the Bondholder will have the right, at such Bondholder’s option, to
require the Company to redeem all or some only of such
Bondholder’s Convertible Bonds at a price equal to their early
redemption amount together with interest accrued to the date fixed
for redemption.
Redemption on
Maturity
: Unless previously redeemed, converted or purchased and
cancelled as provided herein, the Company will redeem each
Convertible Bond at 114.496% of its principal amount plus unpaid
accrued interest thereon on 3 March 2015.
Settlement and
Payment
: Subject to fulfillment of the conditions of the Subscription
Agreement (as defined below), settlement and payment for the
Convertible Bonds is expected to take place on 3 March 2010 or
such other date as may be agreed between the Company and the
Lead Manager.
Listing : An application will be made for the listing of the Convertible Bonds
and the Conversion Shares on the
Trading Limited (the “
Governing Law : The laws of England.Singapore Exchange SecuritiesSGX-ST”).
3. STATUS OF THE CONVERTIBLE BONDS AND THE CONVERSION SHARES
Based on a Conversion Price of S$0.8029 and assuming no adjustments thereto, the number of
Conversion Shares to be allotted and issued by the Company pursuant to the full conversion of
the Convertible Bonds is 249,097,000. The 249,097,000 Conversion Shares represent
approximately 11.52% of the existing issued share capital of the Company as at the date of this
Announcement.
The Conversion Shares, when allotted and issued on conversion of the Convertible Bonds will,
with effect from the relevant date of issue, rank
then outstanding, except for any dividends, rights, allotments or other distributions, the record
date for which is prior to the date of issue of the Conversion Shares.
The Convertible Bonds will constitute senior, direct, unconditional, unsecured and unsubordinated
obligations of the Company, and will at all times rank
themselves and with all other present and future unconditional, unsecured and unsubordinated
obligations of the Company other than those preferred by statute or applicable law.
The Conversion Shares will be issued pursuant to specific approval to be obtained from the
shareholders of the Company at an extraordinary general meeting to be convened. A circularpari passu in all respects with the other sharespari passu without any preference among
NOT FOR DISTRIBUTION IN THE UNITED STATES
containing, among others, information pertaining to the Offering will be despatched to
shareholders of the Company in due course.
4. MATERIAL AGREEMENTS
In relation to the Offering, the following agreements dated 21 January 2010 have been entered
into between the parties as set out below:
(a) a subscription agreement has been entered into between the Company and the Lead
Manager (the “
the Convertible Bonds to the Lead Manager; and
(b) a securities lending agreement has been entered into between Newest Luck Holdings
Limited (“
agreed to lend the Lead Manager, and the Lead Manager has agreed to borrow from
Newest Luck, 122,000,000 existing Shares held by Newest Luck for the sole purpose of
on-lending such Shares to the subscribers of the Convertible Bonds.Subscription Agreement”), pursuant to which the Company shall issueNewest Luck”) and the Lead Manager, pursuant to which Newest Luck has
5. USE OF PROCEEDS
Pursuant to the Offering (assuming that the Upsize Option is not exercised and including
estimated issue expenses of S$8 million), the Company intends to raise gross proceeds of
approximately S$200 million. The net proceeds (after deducting the estimated issue expenses
relating to the Offering) of approximately S$192 million will be used in the estimated proportions
as set out below:
Use of Proceeds Percentage Allocation (%)
Fund the acquisition of new development sites, possible
strategic investments, joint ventures, other acquisitions and
strategic alliances when appropriate opportunities arise
90 - 100
General corporate and working capital requirements 0 - 10
If the Upsize Option is exercised, the additional proceeds will be used for the purposes, and
according to the percentage allocation, as stated above.
The actual apportionment of the net proceeds for the aforementioned purposes would be subject
to the availability and size of investment and acquisition opportunities, the relative timing of the
various requirements for funds, and the Company’s overall objective of achieving an optimal cost
of capital to fund its growth initiatives. The Company will make periodic announcements on the
utilization of proceeds from the Offering as and when such proceeds are materially disbursed.
6. CONDITIONS PRECEDENT
The Offering is conditional upon, among others:
(a) (i) the SGX-ST shall have granted approval in-principle for the listing of the Convertible Bonds,
subject to any conditions reasonably satisfactory to the Lead Manager (or, the Lead Manager
being reasonably satisfied that such listing will be granted); and (ii) the conditions to the
approval in-principle of the SGX-ST for the listing of the Convertible Bonds shall have been
fulfilled;
NOT FOR DISTRIBUTION IN THE UNITED STATES
(b) the SGX-ST having granted approval in-principle for listing of the Conversion Shares issuable
upon conversion of the Convertible Bonds (or, the Lead Manager being reasonably satisfied
that such listing will be granted);
(c) the representations and warranties of the Company contained in the Subscription Agreement
being accurate and correct in all material respects at the closing date for the issue of the
Convertible Bonds (the “
(d) at the Closing Date, there shall not have occurred any change, or any development or event
reasonably likely to involve a prospective change, in the financial condition, earnings,
operations or business prospects of the Company and its subsidiaries as a whole, which, in
the opinion of the Lead Manager, is material and adverse and which makes it, in the opinion
of the Lead Manager, impracticable to market the Convertible Bonds on the terms and in the
manner contemplated in the Subscription Agreement;
(e) the Company having obtained all consents and approvals in respect of the issue of the
Conversion Shares; and
(f) the Lead Manager shall have been satisfied with the results of its due diligence investigations
on the Company and its subsidiaries for the purposes of the preparation of the offering circular
for the offering of the Convertible Bonds, and such offering circular shall have been prepared
in form and content satisfactory to the Lead Manager.Closing Date”), and as if made on the Closing Date;
7. FINANCIAL EFFECTS
The financial effects of the issue of the Convertible Bonds will be disclosed in a further
announcement to be released by the Company.
8. CLOSING DATE
The closing date for the Offering is expected to be on or about 3 March 2010.
9. INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS
None of the Directors and substantial shareholders of the Company, or any other person listed in
Rule 812(1) of the Listing Manual, has any interest, direct or indirect, in the Offering (other than
by virtue of their respective shareholder interests in the Company).
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E5D290C231E0F300482576B3000072F5/$file/Yingli_Announcement.pdf?openelement

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22-Jan-2010 15:31

Ying Li Intl / Ying Li

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NEWS RELEASE
Ying Li successfully priced S$200 million
convertible bond issuance at record conversion
premium of 30.6%
issuance out of Singapore in 20101 - first convertible bond
·
tightening environment and volatile financial market – issue was multiple times
oversubscribedStrong demand from global Institutional Investors in the midst of a credit
·
the last 23 monthsHigh conversion premium of 30.6% - highest ever for an Asian Real Estate Issuer in
·
growth potential, expansion plans and execution capabilitiesTestament of strong institutional investors’ confidence in the company’s resilient
·
landscapeSecuring long-term funds at attractive terms despite the challenging financial
·
opportunities in the rapidly growing ChongqingFurther strengthening the financial footing for Ying Li to capture the growth
1 30.6% to the closing stock price of 21 Jan 2010
Singapore, 22 January 2010
successful pricing of its proposed issue of senior unsecured convertible bonds (“Bonds”).
The S$200 million issue is the first 5-year convertible bond transaction to be issued in Singapore
for this year. The Bonds, which are convertible into new Ying Li ordinary shares, have a 30.6%
conversion premium, translating into a conversion price of S$0.8029 with a coupon rate of 4.00%
per annum, payable semi-annually.
An application will be made to the Singapore Exchange Securities Trading Limited (SGX-ST) for
the listing of the Bonds and the shares arising from the conversion of the Bonds.
The transaction marks another landmark fund-raising and attracted strong interest from investors
globally. Ying Li expects to use the net proceeds to finance, among others, new land acquisitions
in the prime CBD area of Chongqing and for the commencement of developments on the Lu Zu
project. J.P. Morgan (S.E.A) Limited (“JPMorgan”) was the Sole Bookrunner and Lead Manager
for the issue, which was successfully placed to quality institutional investors. JPMorgan has an
option to upsize the issue of the Bonds by up to S$75 million on or before the 30th day following
the Closing Date (10 am on 3 March 2010).
Mr Fang Ming, Chairman and CEO, Ying Li International, said: “Despite the volatile market
conditions, Ying Li has been able to successfully launch its convertible bond offering, which is a
testament of the strong confidence that investors have in Ying Li. This issuance further
strengthens our financial footing for us to capture the growth opportunities in the rapidly growing
Chongqing. We will use the net proceeds from the sale of the Convertible Bonds to fuel the next
stage of growth of Ying Li through new investments in the prime districts of Chongqing.”
Mr. Fang also added, “We are pleased with the successful pricing of this convertible bond issue
which enables us to secure a significant amount of long-term money at attractive terms. We
believe that this is prudent capital management especially during these turbulent times as the
macro economy looks to a tighter credit market. It also provides us with ample financial capacity
to take advantage of business opportunities that may arise in the near future.”
By Order of the Board– Ying Li International (“Ying Li”) is pleased to announce the
Ying Li International Real Estate Limited
Xie Xin
Director
22 January 2010
J.P. Morgan (S.E.A.) Limited is the financial adviser to the Company in relation to the reverse

takeover of the Group. This announcement has been prepared and released by the Group.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E5D290C231E0F300482576B3000072F5/$file/Yingli_Press_Release.pdf?openelement

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22-Jan-2010 15:28

COSCO SHP SG / CoscoCorp

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DELIVERY OF NEW BUILD SHIP BY COSCO DALIAN
The Board of Directors of COSCO Corporation (Singapore) Limited (the “
announce that its subsidiary, COSCO (Dalian) Shipyard Co., Ltd. (“
subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd) has
delivered a new build 57,000 dwt bulk carrier, the M.V. VLAZAKIS I, to its buyer, a European ship
owner (“
the buyer at COSCO Dalian on 21 January, 2010.
The bulk carrier measures 189.99 meters long, 32.26 meters wide and 18 meters high. Classed
by B.V. Classification Society, the M.V. VLAZAKIS I, has a draft of 12.8 meters, a continued
voyage capacity of 18,000 nautical miles and a navigation speed of 14.2 knots.
By Order of the Board
Jiang Li Jun
Vice Chairman and President

22 January, 2010

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_D303D9360F1C49F8482576B2003C820F/$file/COSCO_Delivery_of_a_57K_ship_by_Dalian.pdf?openelementCompany”) wishes toCOSCO Dalian”) (being athe buyer”). The delivery documents were signed by and between COSCO Dalian and

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22-Jan-2010 14:46

Oceanus / RTO of Oceanus Bio-Tech

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Asia Market is rebound now

Asian Market Indices
Index	Quote	Change	Change%	Local
New Zealand	3190.43	-34.86	-1.08%	17:31
Australia	4771.90	-77.70	-1.60%	16:36
Nikkei 225	10590.55	-277.86	-2.56%	01/22
TOPIX	940.94	-15.09	-1.58%	01/22
TSE 2nd Sec	2104.15	-9.46	-0.45%	01/22
JASDAQ	49.93	-0.25	-0.50%	01/22
Korea	1684.35	-37.66	-2.19%	15:01
Taiwan	7927.31	-200.56	-2.47%	13:46
Taiwan OTC	142.84	-3.12	-2.14%	13:46
Shanghai	3140.20	-18.66	-0.59%	14:21
Shanghai A	3291.46	-20.69	-0.62%	14:22
Shanghai B	258.13	-4.81	-1.83%	14:22
Shenzhen A	1222.10	-31.72	-2.53%	14:25
Shenzhen B	608.19	-12.29	-1.98%	14:25
SHSZ 300	3375.35	-33.23	-0.97%	14:25
Shenzhen comp	12650.92	-266.23	-2.06%	14:25
Hong Kong	20516.78	-345.89	-1.66%	14:40
HK CN Ent	11807.83	-150.00	-1.25%	14:40
HK Aff Crp	3974.70	-93.14	-2.29%	14:40
Singapore	2813.87	-37.11	-1.30%	14:25
FTSE ST China	298.54	-2.98	-0.99%	14:25
Vietnam	477.59	-0.83	-0.17%	11:01
Thailand	708.94	-10.05	-1.40%	12:31
Philippines	3023.47	-62.11	-2.01%	12:11
Malaysia	1297.44	-10.92	-0.83%	14:27
Indonesia	2581.11	-57.27	-2.17%	11:30
India	16994.79	-56.35	-0.33%	12:10
Pakistan	6907.99	-4.70	-0.07%

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22-Jan-2010 14:24

Oceanus / RTO of Oceanus Bio-Tech

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Yes sin market is rebound now

Oceanus $0.40

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22-Jan-2010 13:53

Oceanus / RTO of Oceanus Bio-Tech

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Taiwan Market close at $16.80 + S$0.73

sin market at S$0.395 ,

910579歐聖

成交明細

基本資料

資料日期： 99/01/22

910579 歐聖成交明細

列出前五十筆成交明細

時　間	買　進	賣　出	成　交　價	漲　跌	單　量(張)
13:30:08	16.75	16.80	16.80	△0.70	625
13:20:07	16.70	16.80	16.80	△0.70	286
13:15:07	16.70	16.80	16.70	△0.60	222
13:10:07	16.65	16.70	16.65	△0.55	141
13:05:07	16.65	16.70	16.65	△0.55	431
13:00:07	16.70	16.80	16.80	△0.70	219
12:55:08	16.60	16.65	16.65	△0.55	342
12:50:07	16.60	16.65	16.65	△0.55	46
12:45:07	16.60	16.65	16.60	△0.50	218
12:40:08	16.55	16.60	16.60	△0.50	150

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22-Jan-2010 11:56

Oceanus / RTO of Oceanus Bio-Tech

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VERY STRONG AT s$0.39

Afternoon may be they will be rebound for all s-chip , over sell

Taiwan market update is up very luck $15.60 - 16.80

910579歐聖

成交明細

基本資料

資料日期： 99/01/22

910579 歐聖成交明細

列出前五十筆成交明細

時　間	買　進	賣　出	成　交　價	漲　跌	單　量(張)
11:55:08	16.35	16.40	16.35	△0.25	543
11:50:07	16.35	16.40	16.35	△0.25	65
11:45:07	16.45	16.50	16.50	△0.40	1292
11:40:07	16.55	16.60	16.55	△0.45	110
11:35:07	16.60	16.65	16.60	△0.50	30
11:30:07	16.65	16.70	16.70	△0.60	33
11:25:07	16.60	16.70	16.70	△0.60	79
11:20:07	16.60	16.70	16.70	△0.60	72
11:15:07	16.60	16.70	16.70	△0.60	314
11:10:07	16.60	16.70	16.60	△0.50	135

本日量價變化圖

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21-Jan-2010 21:50

Ying Li Intl / Ying Li

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YING LI INTERNATIONAL REAL ESTATE LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No. 199106356W)
ACQUISITION OF NEW SUBSIDIARY
The Board of Directors of Ying Li International Real Estate Limited (the “
announce that the Company has on 19
SHINY PROFIT ENTERPRISES LIMITED (“Shiny”). Shiny is a company incorporated in the British
Virgin Islands with an initial issued and paid-up capital of US$10,000 comprising of 10,000 shares of
US$1.00 each.
The principal activity of Shiny is that of an investment holding company.
The above transaction is not expected to have any material impact on the earnings per share and net
tangible assets per share of the Company for the current financial year.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in
the above transaction.
BY ORDER OF THE BOARDCompany”) is pleased toth January 2010 acquired a new wholly-owned subsidiary,
YING LI INTERNATIONAL REAL ESTATE LIMITED
Xie Xin
Director
Date: 20th January 2010
J.P. Morgan (S.E.A.) Limited is the financial adviser to the Company in relation to the reverse
takeover of the Group. This announcement has been prepared and released by the Group.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_3D01BC6B24FDAA8B482576B1003A042E/$file/Yingli_Announcement_20Jan2010.pdf?openelement

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19-Jan-2010 21:37

COSCO SHP SG / CoscoCorp

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DELIVERY OF NEW BUILD SHIP BY COSCO DALIAN
The Board of Directors of COSCO Corporation (Singapore) Limited (the
“
Co., Ltd. (“
subsidiary, COSCO Shipyard Group Co., Ltd) has delivered a new build 92,500
dwt bulk carrier, the M.V. Ocean Garnet, to its European buyer. The delivery
documents were signed by and between COSCO Dalian and the buyer at
COSCO Dalian on 18 January, 2010.
The bulk carrier measures 229.2 meters long, 38 meters wide and 20.7 meters
high. Classed by Lloyd’s Register, the M. V. Ocean Garnet, has a navigation
speed of 14.1 knots and a continued voyage ability of 22,000 nautical miles.
By Order of the Board
Jiang Li Jun
Vice Chairman and President

19 January, 2010Company”) wishes to announce that its subsidiary, COSCO (Dalian) ShipyardCOSCO Dalian”) (being a subsidiary of the Company’s 51% owned

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_B0557E7196E3802E482576B00034A374/$file/COSCO_Delivery_of_one_built_ship_by_Dalian.pdf?openelement

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19-Jan-2010 21:18

COSCO SHP SG / CoscoCorp

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Cosco unit delivers M.V. Ocean Garnet bulk carrier to European buyer

Written by The Edge
Tuesday, 19 January 2010 18:43
Cosco Corporation (Singapore) says subsidiary Cosco (Dalian) Shipyard Co. has delivered a new build 92,500 dwt bulk carrier, the M.V. Ocean Garnet, to its European buyer. The bulk carrier measures 229.2 metres long, 38 metres wide and 20.7 metres high. Classed by Lloyd’s Register, the M. V. Ocean Garnet, has a navigation speed of 14.1 knots and a continued voyage ability of 22,000 nautical miles.

Written by The Edge
Tuesday, 19 January 2010 18:43
Cosco Corporation (Singapore) says subsidiary Cosco (Dalian) Shipyard Co. has delivered a new build 92,500 dwt bulk carrier, the M.V. Ocean Garnet, to its European buyer. The bulk carrier measures 229.2 metres long, 38 metres wide and 20.7 metres high. Classed by Lloyd’s Register, the M. V. Ocean Garnet, has a navigation speed of 14.1 knots and a continued voyage ability of 22,000 nautical miles.

Written by The Edge

Tuesday, 19 January 2010 18:43

Cosco Corporation (Singapore) says subsidiary Cosco (Dalian) Shipyard Co. has delivered a new build 92,500 dwt bulk carrier, the M.V. Ocean Garnet, to its European buyer.

The bulk carrier measures 229.2 metres long, 38 metres wide and 20.7 metres high. Classed by Lloyd’s Register, the M. V. Ocean Garnet, has a navigation speed of 14.1 knots and a continued voyage ability of 22,000 nautical miles.

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19-Jan-2010 13:55

Oceanus / RTO of Oceanus Bio-Tech

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Taiwan Market close at $17 = S$0.74

910579歐聖

成交明細

基本資料

資料日期： 99/01/19

910579 歐聖成交明細

列出前五十筆成交明細

時　間	買　進	賣　出	成　交　價	漲　跌	單　量(張)
13:30:14	16.95	17.00	17.00	△0.25	443
13:24:45	16.95	17.15	17.00	△0.25	100
13:24:17	17.10	17.15	17.15	△0.40	43
13:23:50	17.15	17.20	17.15	△0.40	23
13:23:28	17.15	17.20	17.20	△0.45	14
13:23:04	17.15	17.20	17.20	△0.45	33
13:22:37	17.15	17.20	17.20	△0.45	1
13:22:15	17.15	17.20	17.15	△0.40	5
13:21:49	17.15	17.20	17.20	△0.45	50
13:21:24	17.15	17.20	17.20	△0.45	5

本日量價變化圖

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19-Jan-2010 09:51

Oceanus / RTO of Oceanus Bio-Tech

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Twenty Largest Shareholders
No. Name                                                                                No. of Shares             %
1 BESTGLOBAL ENTERPRISES CORP                                                         504,278,357              28.57
2 HL BANK NOMINEES (S) PTE LTD                                                         161,142,044                9.13
3 NG CHER YEW                                                                                           124,247,652                7.04
4 CITIBANK NOMINEES SINGAPORE PTE LTD                                        101,167,300                5.73
5 MERRILL LYNCH (SINGAPORE) PTE LTD                                              67,061,000                  3.80
6 CHAN MING-FON                                                                                     66,149,995                 3.75
7 NEPOLITE INTERNATIONAL LIMITED                                                     63,726,991                 3.61
8 SINOSTAR HOLDINGS LIMITED                                                                50,386,529                  2.85
9 DBS NOMINEES PTE LTD                                                                           44,835,000                  2.54
10 OCBC SECURITIES PRIVATE LTD                                                        36,460,898                  2.07
11 YAP SIEW KHIM                                                                                        30,283,803                 1.72
12 XU SHUN CHENG @PERMAN YADI                                                     27,000,000               1.53
13 SPRINGBOARD-HARPER TECHNOLOGY FUND (CAYMAN) LTD    23,049,181                1.31
14 ASSET MANAGERS INTERNATIONAL CO LTD                                    22,132,633               1.25
15 CHUA KENG LOY                                                                                     20,185,997               1.14
16 RAFFLES NOMINEES PTE LTD                                                               17,242,000               0.98
17 KITADA TOMOYUKI                                                                                  15,050,447              0.85
18 DBS VICKERS SECURITIES (S) PTE LTD                                               14,798,000                 0.84
19 QING HUANG                                                                                            13,885,720                0.79
20 LIM CHYE HUAT @ BOBBY LIM CHYE HUAT                                       13,100,640               0.74
Total 1,416,184,187 80.24
OCEANUS

http://info.sgx.com/listprosp.nsf/4f925e50089e98bf48256dad001425f5/99b675e3cf65f5fd482575780025178a/$FILE/Oceanus_Ar_2008.pdf

Fund are eye on transfers to Taiwan stock exchange required sgx approval. two weeks for the transfers take place.

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19-Jan-2010 09:04

Oceanus / RTO of Oceanus Bio-Tech

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Taiwan Market open high $17.90 => S$0.775

910579歐聖

成交明細

基本資料

資料日期： 99/01/19

910579 歐聖成交明細

列出前五十筆成交明細

時　間	買　進	賣　出	成　交　價	漲　跌	單　量(張)
09:01:53	17.80	17.90	17.90	▲1.15	525
09:01:29	17.75	17.80	17.80	△1.05	126
09:01:03	17.70	17.75	17.70	△0.95	68
09:00:31	17.50	17.65	17.65	△0.90	729

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