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ChinaGaoxian
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louis001
Master |
24-Mar-2011 21:08
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CGX announced suspended due to its 2 subsidiaries at Zhejiang and Fujian got irregularities in bank balances uncovered by its audit E& Y needs to expand the scope of audit. It seems that CGX and CHongxin and CHongwei share the same problems:: accounting irregularities at the subsidiaries. Read STimes today highlighted SGX to ask all company to be able to control (hire and fire ) legal representatives at their subsidiaries but for CHINA, it seems rather complex issues in audit and control. Let's hope that these subsidiaries problems are limited in scope and depth and will not drag down the entire company. Apparently, these 3 companies CEO/senior management did not run away or missing and seems to be in cooperation with relevant parties to investigate the matter. Just wait and see. Good Luck to all. |
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limkt009
Veteran |
24-Mar-2011 21:08
Yells: "Watch your front, grab $$$$$ at your own time" |
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China Gaoxian Fibre Fabric Holdings Ltd said on Thursday that it has called for a trading suspension in its shares after its auditors, Messrs Ernst & Young, could not verify nor confirm the bank balances in its subsidiaries for the financial year ended 31 December 2010. | ||||
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medivh
Elite |
24-Mar-2011 21:06
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What you noticed when you see 24c buy queue at 1 lot and , 16c sell queue at over 80 lots (which I didnt indicate this is to see how smart an investor you are), is very indicative some1 is trying to cover up what is inevitable. Now that the truth is out, I believe alot of retail investors will dump this once it resumes trading (God knows when...) The problem I believe with most people (including myself sometimes) is we believe people when they say their accounts are good and nothing is fake. That's why I never believe even those here who keep predicting numbers with baseless facts. (They know who they are..) The bigger their fonts (sometimes even with colours like yellow and red) and the more they keep re-iterating their numbers, shows you something is amissed. Sometimes the person to blame is ourselves.. until we learn to be more intelligent and do our own research, then will you be able to avoid such pitfalls.
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zhixuen
Veteran |
24-Mar-2011 21:02
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China recent economic data textile has the 7% advance. Taisan bosses are taiwanese current the stock is trading at Taiwan Exchange as well. • China Taisan (CTSAN SP S$0.14 BUY, TP S$0.29). Taisan closed 3.7% higher at midday versus yesterday's S$0.135 (a 52 week low). Taisan is also in the process of setting up an internal audit function. The annual report should be out by mid April.
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warrenbegger
Elite |
24-Mar-2011 21:02
Yells: "Anyhow Buy Anyhow Die ^_^" |
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Strange? Why all S-cheat suspension 3 in the row this year all from textile sector? Why all get caught by Ernst & Young auditor? Other S-cheat using other auditor can undertable so havent get caught yet? U know why S-cheat company mosty got audit issue? One of the reason because in china if u want to do business well, u need to undertable a lots, so sometimes it hard to telle account. And some dishonest management like to pocket quietly and that their culture in china. I got friends do business in china so i know a lots of monkey business, corruption make them more easier to do business. In singapore, if kanna caught, jail and fine till u siao, and where can u run? All police at checkpoint waiting for u. | ||||
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hpong5
Master |
24-Mar-2011 21:00
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If the auditor is unable to be satisfied with the accounts after checking through again, a special auditor will have to be appointed. This will take even longer time to check. | ||||
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stan19
Member |
24-Mar-2011 20:59
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just saw hongxing extended their date for result summission again....
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Jackpot2010
Master |
24-Mar-2011 20:58
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Zhejiang and Fujian are its main business operations, so this issue is very serious. Could be a BIG loss (of cash) here. " The Audit Committee has been informed by the auditors of the Company, Messrs Ernst & Young LLP (" Auditors" ), that it could not verify nor confirm the bank balances in the Company's subsidiaries, namely Zhejiang Huagang Polyester Industrial Co., Ltd (浙 江 华 港 涤 纶 实 业 有 限 公 司 ) and Fujian New Huawei Fibre Dyeing Co., Ltd (福 建 新 华 威 化 纤 染 织 有 限 公 司 ) as part of its audit of the Company's financial statements for the financial year ended 31 December 2010. A trading halt of the Company's shares was therefore called with effect from 22 March 2010...." |
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zhixuen
Veteran |
24-Mar-2011 20:56
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China milk is different. China milk were hit by Milk scandal.
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stan19
Member |
24-Mar-2011 20:55
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dun forget , their " sustainable result" .... is on paper,,, n UNAUDITED..... N just noticed this company sounds like a family business... their ceo,..... high rank management seems all relatives.... BIG LESSON
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Andrew
Master |
24-Mar-2011 20:53
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I am not pouring cold water.....only 3 year track record. Based on pple here 5 year track record lor. Anyway, just watch closely lor. I also got burnt before by SunEast. My stand in S-chips now.......caution to avoid. But will look out for delisting signature.
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zhixuen
Veteran |
24-Mar-2011 20:51
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Your point is valid. The supplier may reduce the days of payment term or asking for cash purchase and Customer will try to find another vendor to supply goods due to worried about the company itself unable to get the material to produce the goods and deliver within the request period. I was doubt that, Gaoxian even achieved sustainable result during recession period why they misuse the cash reserve in bank? So, wish that Gaoxian is able to fill up or explain the query in very short time to resume their business. The investors here then will be able to take back their hard earned money.
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rotijai
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24-Mar-2011 20:51
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stan19, it all depends on the company. if they are behind all these accounting probs, they wont bother to resolve the problems. suspension can last very long.. but it can also be just a while like i said, it's not the end but be prepared for wait for quite a while.. (1 year is possible, look at chinamilk)
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rotijai
Supreme |
24-Mar-2011 20:48
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though it's not the end of everything, i am sorry for those who vested in this. learn from the mistake. it's safer not to play around with s-chips.. especially cheap ones |
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stan19
Member |
24-Mar-2011 20:48
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so u means, if company main share holder still havent thrown their share(hit n run), then they may still strive to revive trading right... Anyway to find out whos the one who thrown the share on monday before any announcement? Is it any of their major holder?
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warrenbegger
Elite |
24-Mar-2011 20:47
Yells: "Anyhow Buy Anyhow Die ^_^" |
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I agree with u. NO Trust = No value, Then who want to do business with a dishonest company, even bank also run far far. Even in the end got chance to release suspension, which clever investor dare to load? And in the end chance px will drop to drain.
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Andrew
Master |
24-Mar-2011 20:41
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Originally CAO shareholder got back almost nothing because of dilution. I know because on the eve of the trading halt I almost bought it. SM.....not a lot money but still money......never enter SUS. If you are a supplier or vendor of CGX and see it is SUS. They are going to run on the company......or stop supply or cash term lor. Will this kill a company, you say lor. Will bank continue to offer revolving loan ? The longer they stay in SUS state, the higher chance it will go bust lor......
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zhixuen
Veteran |
24-Mar-2011 20:33
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ChinaTaisan paid 30% on year 2008 and 2009 but this year they have reduced the dividend paid percentage due to business expanding. Because recently China has tightening the bank loan so to borrow from bank is not easy nowaday. They have to reserve the cash for expanding.
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zhixuen
Veteran |
24-Mar-2011 20:29
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I don't know what I can help you guys. In fact, the bank cash reserve issue will not make a company to be delisted. One time Gaoxian,Hongx and Hongwei will be back. If I'm not wrong. ChinaAOil also back from fake account issue due to Crude oil naked short scandal. Sembmarine also encountered the same problem as the Jurong Shipyard CFO make used of company fund to have huge invested to forex. They are back so don't be worry so much. Cheer bro. |
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Andrew
Master |
24-Mar-2011 20:26
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I think from first day of kdr trade some pple already knew about this problem, that why it free fall from day 1. I have never perhaps seen a big drop in price on the first day IPO. How to cherry pick a S-chip, if you are still interested, let summarized again : a) CGX only recently listed 2009. Unifood listed in 2001 b) Pay no DIV or low DIV. Unifood pays 20% of net profit.....I don't remember ever if any S-chip pays in term of % of net profit.....please tell me if there are others...Yes....it is very hard to bring money out of PRC hence the low DIV. Good try but not good enough. c) A lot of cash but still have debt....Unifood...zero debt. UNF even pay cash for raw material.....own cash lor d) All lot of cash but still do rights issue. e) Companies that don't have a good understand of listing rule....H here and KDR still trading. The bottomline, just want to take money but never give back. I am not saying you buy Unifood......maybe tomorrow its turn to H. It is that risky. Buy local company, good ones....sing dollar gaining......My CMT 10cts profit, My FCOT 2.5 cts profit......will it go bust.....sure, if they don't manage it properly. But better chance then S-Chips......much better. If still interested, opt for trading play......don't invest it. |
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