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WARNING: PLEASE DO NOT NAKED-SHORT BLUMONT TOMORROW
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  吃 了 可 以 长 命 百 岁 !!
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Seriously speaking, UOBKH may have saved many retailers from the bloodbath by limiting their clients' exposures and raising other brokerages' clients awareness.
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The losses in the biological assets of the Group arising from the damages caused by Typhoon Usagi amounted to approximately RMB12.3 million based on the preliminary estimation. 
Just trade with care because this is ONLY the PRELIMINARY ESTIMATION, more damages and losses may be reported soon.
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trade with care...
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shall start trading with uobkh soon....counting down.....dont know got Christmas hamper boh??
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  | Reuters Code: | IPCO.SI | Company: | IPCO International Limited | Slug: | If Innopac writes down investment, why won't IPCO? |
|   | Date of Report: | 05/10/2013 | Producer: | Ashish Saxena |   |   |
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Innopac makes sensational disclosure about its 25% stake in Grand Prosper, and says it's been sitting idle for more than a year with no hope of recovery. Then why is 75% owner IPCO still hanging on?
5/3/2013 ? The onus is on IPCO International now to clarify its investment in Grand Prosper Group Ltd, after Grand Prosper's 25% owner, Innopac Holdings Ltd, has made some sensational disclosures to the Singapore Exchange.
This story was first published on April 4, 2013.
Innopac said it had written off its S$1.4 mln investment in the company, saying " In the Company?s view, the lengthy and convoluted processes to obtain more than 10 approvals from various other local authorities, such as civil defense bureau, city planning bureau, and quality inspection bureau in addition to the permits adds to future uncertainties. Though Grand Prosper and Deshi are cautiously optimistic that the Permits would be renewed, the Company has taken a conservative stance and impaired its investment in Grand Prosper" . 
Innopac was replying to an SGX query, but its words are even more significant for shareholders of IPCO International, which owns the other 75% of Grand Prosper, via its wholly owned subsidiary Excellent Empire Ltd.
The reason for Grand Prosper's impairment has to do with its 90% stake in Deshi Oil and Gas Exploration Co Ltd. 
According to Innopac?s reply to SGX: In December 2010, Deshi received permits from the public utility bureau to build and operate two CNG stations in Dezhou City, Shandong Province.
Further, Deshi planned to commence the construction of one CNG station in the second half of 2011.
But none of Deshi?s proposed station sites met the local authority?s approval criteria, reveals Innopac.
Subsequently, the permits lapsed in December 2011. 
Deshi has already applied for the renewal of the permits but without success. 
Investor Central. We ask the questions that need to be asked    1. Why did it keep shareholders in the dark for so long?  Since we do not have anything to doubt the integrity of Innopac's MD & CEO Wong Chin Yong, we will take his reply to the query from SGX at face value.
According to that reply, Deshi?s permits for constructing two CNG fuel stations in Dezhou city expired in December 2011. 
Therefore we just cannot understand why IPCO did not inform the market about such a meaningful development and decided to sit on it for more than a year.
  2. Will it write off its S$17 mln investment in Grand Prosper?
Innopac's decision to write off its investment in Grand Prosper now puts the spotlight on IPCO International: will it follow suit?
In December 2007, IPCO?s wholly-owned subsidiary bought a 55% stake in Grand Prosper for US$9.5 mln (or S$13.8 mln at exchange rates at the time). 
From the very beginning, Grand Prosper?s only business/asset was its 90% stake in Deshi Oil and Gas Exploration Co Ltd. 
In June 2010, IPCO bought another 20% stake in Grand Prosper for S$3 mln. 
So that makes an investment of S$16.8 mln for 75% stake in Grand Prosper. 
Innopac has already lost hope of receiving renewal from the authorities and therefore, written off its entire investment in Grand Prosper. 
Logically, IPCO should follow Innopac. At least on the principle of conservatism. 
Therefore will IPCO bite the bullet and write off its entire investment in Grand Prosper? 
If not, what reason does it have to believe that Grand Prosper will be back in business soon? 
  3. Is it really rocket science to get approvals from authorities? 
Innopac says Deshi planned to launch first of its two CNG stations in the second half of 2011. 
But none of Deshi?s proposed station sites met the local authority?s approval criteria.
Let's think about this: how could they win licenses to set up CNG stations and then not meet the requirements?
What shortcomings did authorities point out in the sites proposed by Deshi? 
How many sites did Deshi propose which the authorities rejected? 
  4. Was the second CNG station never on the cards? 
Innopac says Deshi planned to set up first of its two licensed CNG stations in second half of 2011. 
But then when did it plan to set up the second station, as the licenses were due to expire in December 2011? 
  5. Was Deshi just trying its luck with the authorities? 
Innopac blames ?the lengthy and convoluted processes to obtain more than 10 approvals from various other local authorities, such as civil defense bureau, city planning bureau, and quality inspection bureau in addition to the permits adds to future uncertainties?.
Wasn't Deshi aware of the regulatory processes before it stepped into the business?
And if it always knew the regulatory hurdles, was it just trying its luck at the expense of shareholders of Innopac and IPCO? 
  6. Is it time to be realistic rather than tout optimism? 
Innopac clearly says it's being conservative, even as Grand Prosper and Deshi continue to be ?cautiously optimistic? that permits will be renewed. 
After sitting idle for more than a year, investors of IPCO would question the optimism of its subsidiaries. 
And if indeed there is a ray of hope, they would love to hear the reasons from management. 
  7. Why did IPCO not act even as Deshi shifted its focus?  We are still searching for replies to the questions raised in our earlier report titled  Why sell investments for shares, not cash? (December 27, 2012). 
Among other questions in that story, we had highlighted how Deshi?s business changed dramatically after IPCO bought its stake in 2007.
In 2007, Grand Prosper Group owned 90% of a joint venture called Deshi Oil and Gas Exploration Co Ltd, which had a contract with Shengli - a subsidiary of Sinopec - for the exploration, exploitation and production of oil and natural gas in the Ciyaobao and Dongdaoliangzi areas of the Ningxia Autonomous Region in China.
The contract was valid until 2026.
Unfortunately, we did not hear anything from IPCO on the developments from Ciyaobao area ever since the acquisition (at least, none that we could find going through the SGX announcements).
Suddenly, in 2011, Innopac bought the remaining 25% stake in Grand Prosper because it believed ?its investment in the CNG fuel station business in Dezhou, Shandong will contribute positively in the coming years?.
Wait a minute! 
Wasn't Grand Prosper set up to benefit from exploration, exploitation and production of oil and natural gas in the Ciyaobao and Dongdaoliangzi area of the Ningxia Autonomous Region in China?
When did that change?
We have sent these questions to the company to invite them for an on-camera interview, and/or seek their written response. 
Sofar, we have not had a reply (which is why you are seeing this message). Source:  Investor Central |
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u using uobkh also?
Jacques ( Date: 06-Oct-2013 15:21) Posted:
Very dulan with Uobkh! How can they curb counters anyhow as and when they like?! It is no difference from manipulation of stocks!
I kena twice...first was mirach, and currently is YHM... both incur huge losses. Was wondering why YHM keep dropping when two big contracts are won. |
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fund the acct and use that as ur trading limits. never use up the limits brokers give u, stick to the amount u have in ur trust balance to trade so u wont have to worry about due dates or worst case... force-selling.
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haha me too
SFGuyRuleZ ( Date: 06-Oct-2013 00:59) Posted:
Yeap, but I still too young and greedy last time. I keep calling my broker to up my buying limit. haha..
Peter_Pan ( Date: 06-Oct-2013 00:54) Posted:
that's why i only trade after i have funded the accts and use that as my trading limits. never use up the limits brokers give u, stick to the amount u have in ur trust balance |
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that's why i only trade after i have funded the accts and use that as my trading limits. never use up the limits brokers give u, stick to the amount u have in ur trust balance.
SFGuyRuleZ ( Date: 06-Oct-2013 00:45) Posted:
Hi bro, I know the addiction as I went through it myself before also. This addiction becomes more serious when I think of my losses and I tried to contra more to cover back my losses. Maybe some people are really good in contra, but just not me. I can short-term trade and make decent profits with money I can hold, but contra, I lose 9 out of 10 times. My glory record last time, lol.
Maybe if you like trading, just trade with money you can hold?? Just my thought. All the best and huat ah!! =)
novice_trader ( Date: 06-Oct-2013 00:39) Posted:
Bro, I must admit im addicted to contra. Really. Honestly I can not stop it. I haven't tasted drugs but Its so addictive that can't get my mind off trading.... Something is wrong... What shall I do? Serious here. Not joking this time... |
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bro, u still holding?
teeth53 ( Date: 25-Sep-2013 20:28) Posted:
YHM@0.100 cts  is  worth to a  billion dollar company  soon, I'm sure BBs will make sure it does, then perhap to two-three billion or more.
If it open 8c or even 8.8c. I'll tempt to sell, likely I will  fight off this temptation. Last closed of@0.072, (at 8.8c - %premium is less then IPCO) 
Just look at IPCO performance (2.07 bil ++  shr changed hands, up +29.4% to 0.044c)
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yes, very prestigious to be their client one........LOL
stockbabe ( Date: 05-Oct-2013 20:20) Posted:
I should consider open uob also. Use only when market bad like this time, curb myself. But I hope no need to use lah.. Lol
Huat ah!
Peter_Pan ( Date: 05-Oct-2013 19:56) Posted:
lol..no prob, i have 3 other brokerages |
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lol..no prob, i have 3 other brokerages.
Simpsons ( Date: 05-Oct-2013 19:33) Posted:
Then your trading will be very safe..every stocks also curb..lol
Peter_Pan ( Date: 05-Oct-2013 19:03) Posted:
i just opened an acct with uobk |
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i just opened an acct with uobkh
71tltan ( Date: 05-Oct-2013 18:36) Posted:
Wah winter u hv 3 acc , can make alot of trade lol , i think open one more ,which securty company is better ?
winterQQ ( Date: 05-Oct-2013 18:29) Posted:
It's good to hv a clear picture of monthly profit/loss. Especially hv more than 1 trading acct. personally I hv 3, n thinking of opening another.
I'm going to do one for myself when free... Haha, hardly free n not lazy.
Everyone take care! |
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hope most contra players have already sold off during the plunge, else may have more selling to come next week.
Bigmama ( Date: 05-Oct-2013 16:57) Posted:
If ipco holds 2.7 ~ 2.8 on monday then the worst is over. |
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nowadays have smartphone leh
joseeng ( Date: 05-Oct-2013 15:43) Posted:
Bro, weekend should spend more time with your family la, not in front of your computer....lol
Stockcham ( Date: 05-Oct-2013 15:17) Posted:
lol...I think that is because peoples in this thread are nice people and we don't hai lang....lol. Serious, I didn't expect that actually there are so many peoples coming to SJ everyday. I think SJ is the hottest stocks forum out of so many Singapore stocks forum. Anyway, this thread is going to be very quiet  soon. It's good in way because bros & sis will have more time to spend with their family. Huat ah |
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this thread will continue to be very hot during the trading hours lah...!! huat ah!!!
many bros & sis will continue to come here to get objective advice from you, cheers!!! 
Stockcham ( Date: 05-Oct-2013 15:17) Posted:
lol...I think that is because peoples in this thread are nice people and we don't hai lang....lol. Serious, I didn't expect that actually there are so many peoples coming to SJ everyday. I think SJ is the hottest stocks forum out of so many Singapore stocks forum. Anyway, this thread is going to be very quiet  soon. It's good in way because bros & sis will have more time to spend with their family. Huat ah!
Peter_Pan ( Date: 05-Oct-2013 14:43) Posted:
how come sgx never query this thread?? the surge is very fast over a short period of time! |
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how come sgx never query this thread?? the surge is very fast over a short period of time!!
Stockcham ( Date: 05-Oct-2013 14:29) Posted:
Lol.....in other thread of sj ok....mai this thread again leh.....boh mia ah...huat ah!
Simpsons ( Date: 05-Oct-2013 14:16) Posted:
When the trees start growing..sj will start new membership drive again..lol |
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preserve the forest and your trees will grow again
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