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ChinaGaoxian
medivh
Elite
31-Mar-2011 17:30     
 
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Who ever cared about slogan when you should be caring where you are putting your hard-earned money =)

" While seeking revenge, dig two graves - one for yourself.  ~Doug Horton"


niuyear      ( Date: 31-Mar-2011 11:10) Posted:



No, most  were   lured into this  by  this    slogan -

Load up before you are left out. 

medivh      ( Date: 31-Mar-2011 09:45) Posted:



The most unfortunate thing is that the investors are lured into buying into this counter by many so-called " analyst" and " professionals."

Even if in black and white the financial  books looks good.. but the reality and qn that are still glaring at everybody

1): Are the books recorded honestly? IF its ok, and everything is accounted for, it will not be like now..

2) Is the CEO really a noob or " act smart" ? Something he knows that everyone doesn't know?

3) Everyone knows honesty is very important in getting investors to pour in money etc. etc.. ... e.g. you can do everything right from the beginning but it just take 1 wrong step (dishonesty??) to destroy everything you have done right.. Who would believe you anymore?

 

I also hope the counter will list soon.. but up till now.. the CEO does not even bother to hasten the AGM or to even initiate a special meeting for all shareholders to shed some light into the audit matter and calm the nerves of shareholders (big or small).

" Be wary of the man who urges an action in which he himself incurs no risk.  ~Joaquin de Setanti"


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hpong5
Master
31-Mar-2011 15:30     
 
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 Alert Admin 		Ya, wonder why they never disallowed usage of CPF monies after the recent happenings in s-chips counters.

warrenbegger      ( Date: 31-Mar-2011 15:24) Posted:

And those who want to buy flat CPF kanna jam now also very headaches liao, had to fork out more cash if not enough. Lucky Govt control they must had at least 20% in OA, if not i think all gone if CEO run road. Then if they retire siao liao, no monthly retire allowance. I think SGX should block CPF to invest in S-cheat, if they want, then they need a big guarantor to safeguard shareholder if CEO run road.

hpong5      ( Date: 31-Mar-2011 15:10) Posted:



They allow people to use their CPF monies for this counter somemore. If retirees throw their CPF monies into this counter and got stuck...then really jialat
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warrenbegger
Elite
31-Mar-2011 15:24     
 
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 Alert Admin 		And those who want to buy flat CPF kanna jam now also very headaches liao, had to fork out more cash if not enough. Lucky Govt control they must had at least 20% in OA, if not i think all gone if CEO run road. Then if they retire siao liao, no monthly retire allowance. I think SGX should block CPF to invest in S-cheat, if they want, then they need a big guarantor to safeguard shareholder if CEO run road.

hpong5      ( Date: 31-Mar-2011 15:10) Posted:



They allow people to use their CPF monies for this counter somemore. If retirees throw their CPF monies into this counter and got stuck...then really jialat.

spkcheong      ( Date: 31-Mar-2011 15:03) Posted:

Absolutely agree it is Hollow speculation. An obvious misdemeanor has been committed. Investors' hard earned money  have been swindled. Maybe the lives of some unfortunate ones will be changed perpetually for the worst. What is needed now is Action to prevent a repetition of such outrageous acts of messing around with peoples' money. Singapore has a reputation to hang, or to mete out 25 years to live term in the lock-up, perpetrators of serious crimes. Whoever think they can mess around with Singaporeans' money must be taught stern lessons. SGX must be well aware of the seriousness of the such fraudulent acts and bring those responsible to justice, asap, remember that CPF funds are also being swallowed!


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hpong5
Master
31-Mar-2011 15:10     
 
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They allow people to use their CPF monies for this counter somemore. If retirees throw their CPF monies into this counter and got stuck...then really jialat.

spkcheong      ( Date: 31-Mar-2011 15:03) Posted:

Absolutely agree it is Hollow speculation. An obvious misdemeanor has been committed. Investors' hard earned money  have been swindled. Maybe the lives of some unfortunate ones will be changed perpetually for the worst. What is needed now is Action to prevent a repetition of such outrageous acts of messing around with peoples' money. Singapore has a reputation to hang, or to mete out 25 years to live term in the lock-up, perpetrators of serious crimes. Whoever think they can mess around with Singaporeans' money must be taught stern lessons. SGX must be well aware of the seriousness of the such fraudulent acts and bring those responsible to justice, asap, remember that CPF funds are also being swallowed!

Joe2020      ( Date: 31-Mar-2011 13:55) Posted:

All these talks are nothing but Hollow. It does not justify the issue at hand but trying to grasp a straw. Rich man dont steal and cheat? Than Madoff is innocence
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spkcheong
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31-Mar-2011 15:03     
 
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 Alert Admin 		Absolutely agree it is Hollow speculation. An obvious misdemeanor has been committed. Investors' hard earned money  have been swindled. Maybe the lives of some unfortunate ones will be changed perpetually for the worst. What is needed now is Action to prevent a repetition of such outrageous acts of messing around with peoples' money. Singapore has a reputation to hang, or to mete out 25 years to live term in the lock-up, perpetrators of serious crimes. Whoever think they can mess around with Singaporeans' money must be taught stern lessons. SGX must be well aware of the seriousness of the such fraudulent acts and bring those responsible to justice, asap, remember that CPF funds are also being swallowed!

Joe2020      ( Date: 31-Mar-2011 13:55) Posted:

All these talks are nothing but Hollow. It does not justify the issue at hand but trying to grasp a straw. Rich man dont steal and cheat? Than Madoff is innocence.

hpong5      ( Date: 31-Mar-2011 13:12) Posted:



Maybe this article may shed some light...or not. Different company but same Auditor.

 
CHINA HONGXING: Things are not as bad as they appear?
     
Written by The NextInsight Team
Thursday, 24 March 2011 00:50
 

AN ARTICLE in the current edition of The Edge Singapore, quoting several sources, suggests that the widely-held worry over possible serious accounting issues or missing cash at China Hongxing is not quite justified.

“China Hongxing has cash. The boss is very rich,” says a source, referring to the Wu family which owns 33% of the company whose trading on the Singapore Exchange has been suspended since Feb 25.

“It’s probably a serious corporate governance issue linked to the behavior of its majority shareholders,” added the same source.

Another source told The Edge Singapore: “Given their character, they are not the type to misappropriate funds.” The company represents the primary business interest of its controlling shareholders.

“They have a small personal business, a wine bar in Xiamen. But they don’t have to use China Hongxing’s funds because they themselves are rich.”

 
Wu Rongguang, chairman of China Hongxing. Photo: annual report


Kelvin Yeung, CFO of China Hongxing, hints that the problem might lie in the amount of information requested by the newly-appointed auditors, Ernst & Young, versus what the company was willing to disclose.

“This is their first year, so they asked for more information than normal,” he told The Edge Singapore.

“We provided whatever information they needed that is relevant. We haven’t withheld relevant information. We tried our best to give them information they requested.”

A CFO of another company, who has worked for the Big Four auditing firms before, says the auditing process and methodology is the same for big and small accounting firms.

“But there is more red tape in a Big Four firm. For example, if there is an audit issue, it is subject to review by more partners. Some of these issues may be technical issues that are not serious, such as the accounting treatment of certain items.”


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Jackpot2010
Master
31-Mar-2011 14:12     
 
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warrenbegger
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31-Mar-2011 14:09     
 
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 Alert Admin 		We still dont know what really happen, CEO need to stand out and clear the shit. If not really can forget about it liao, the worst can delay suspension more than 1 year+. For those kanna jam inside dont too worry, at least the company is doing well and not going to bankrupt, so your investment still there. Just that now all depend on what way CEO is going liao, the most downside i think is lost of reputation trust to sharholder now. For those very unlucky whole life saving kanna jam one, maybe during this time u can study more about right investment and go earn some honest earning to fight back in future. Everyone will fall once a while, but the one who stand up stronger become more stronger, more braver and  more wiser. When i fall until i get use of falling, i shall not fear of any fall, and success await for me. Wish u all the best :)
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Joe2020
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31-Mar-2011 13:55     
 
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 Alert Admin 		All these talks are nothing but Hollow. It does not justify the issue at hand but trying to grasp a straw. Rich man dont steal and cheat? Than Madoff is innocence.

hpong5      ( Date: 31-Mar-2011 13:12) Posted:



Maybe this article may shed some light...or not. Different company but same Auditor.

 
CHINA HONGXING: Things are not as bad as they appear?
     
Written by The NextInsight Team
Thursday, 24 March 2011 00:50
 

AN ARTICLE in the current edition of The Edge Singapore, quoting several sources, suggests that the widely-held worry over possible serious accounting issues or missing cash at China Hongxing is not quite justified.

“China Hongxing has cash. The boss is very rich,” says a source, referring to the Wu family which owns 33% of the company whose trading on the Singapore Exchange has been suspended since Feb 25.

“It’s probably a serious corporate governance issue linked to the behavior of its majority shareholders,” added the same source.

Another source told The Edge Singapore: “Given their character, they are not the type to misappropriate funds.” The company represents the primary business interest of its controlling shareholders.

“They have a small personal business, a wine bar in Xiamen. But they don’t have to use China Hongxing’s funds because they themselves are rich.”

 
Wu Rongguang, chairman of China Hongxing. Photo: annual report


Kelvin Yeung, CFO of China Hongxing, hints that the problem might lie in the amount of information requested by the newly-appointed auditors, Ernst & Young, versus what the company was willing to disclose.

“This is their first year, so they asked for more information than normal,” he told The Edge Singapore.

“We provided whatever information they needed that is relevant. We haven’t withheld relevant information. We tried our best to give them information they requested.”

A CFO of another company, who has worked for the Big Four auditing firms before, says the auditing process and methodology is the same for big and small accounting firms.

“But there is more red tape in a Big Four firm. For example, if there is an audit issue, it is subject to review by more partners. Some of these issues may be technical issues that are not serious, such as the accounting treatment of certain items.”

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limkt009
Veteran
31-Mar-2011 13:46     
 
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Think no hope, taking too long to resume activities. Holders be prepared to writeoff.
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hpong5
Master
31-Mar-2011 13:12     
 
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Maybe this article may shed some light...or not. Different company but same Auditor.

 
CHINA HONGXING: Things are not as bad as they appear?
     
Written by The NextInsight Team
Thursday, 24 March 2011 00:50
 

AN ARTICLE in the current edition of The Edge Singapore, quoting several sources, suggests that the widely-held worry over possible serious accounting issues or missing cash at China Hongxing is not quite justified.

“China Hongxing has cash. The boss is very rich,” says a source, referring to the Wu family which owns 33% of the company whose trading on the Singapore Exchange has been suspended since Feb 25.

“It’s probably a serious corporate governance issue linked to the behavior of its majority shareholders,” added the same source.

Another source told The Edge Singapore: “Given their character, they are not the type to misappropriate funds.” The company represents the primary business interest of its controlling shareholders.

“They have a small personal business, a wine bar in Xiamen. But they don’t have to use China Hongxing’s funds because they themselves are rich.”

 
Wu Rongguang, chairman of China Hongxing. Photo: annual report


Kelvin Yeung, CFO of China Hongxing, hints that the problem might lie in the amount of information requested by the newly-appointed auditors, Ernst & Young, versus what the company was willing to disclose.

“This is their first year, so they asked for more information than normal,” he told The Edge Singapore.

“We provided whatever information they needed that is relevant. We haven’t withheld relevant information. We tried our best to give them information they requested.”

A CFO of another company, who has worked for the Big Four auditing firms before, says the auditing process and methodology is the same for big and small accounting firms.

“But there is more red tape in a Big Four firm. For example, if there is an audit issue, it is subject to review by more partners. Some of these issues may be technical issues that are not serious, such as the accounting treatment of certain items.”
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niuyear
Supreme
31-Mar-2011 12:11     
 
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 Alert Admin 		Its very easy to fall in love with a  SHIP  .    hahahah!

rotijai      ( Date: 31-Mar-2011 11:16) Posted:



even if you got lured in.. u should have jumped out when the KRX debut failed !

still staying in this ship is really taking a big risk..

niuyear      ( Date: 31-Mar-2011 11:10) Posted:



No, most  were   lured into this  by  this    slogan -

Load up before you are left out. 


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Juzztrade
Veteran
31-Mar-2011 11:21     
 
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 Alert Admin 		Put up a poster to look for missing forumer of G xian
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rotijai
Supreme
31-Mar-2011 11:16     
 
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even if you got lured in.. u should have jumped out when the KRX debut failed !

still staying in this ship is really taking a big risk..

niuyear      ( Date: 31-Mar-2011 11:10) Posted:



No, most  were   lured into this  by  this    slogan -

Load up before you are left out. 

medivh      ( Date: 31-Mar-2011 09:45) Posted:



The most unfortunate thing is that the investors are lured into buying into this counter by many so-called " analyst" and " professionals."

Even if in black and white the financial  books looks good.. but the reality and qn that are still glaring at everybody

1): Are the books recorded honestly? IF its ok, and everything is accounted for, it will not be like now..

2) Is the CEO really a noob or " act smart" ? Something he knows that everyone doesn't know?

3) Everyone knows honesty is very important in getting investors to pour in money etc. etc.. ... e.g. you can do everything right from the beginning but it just take 1 wrong step (dishonesty??) to destroy everything you have done right.. Who would believe you anymore?

 

I also hope the counter will list soon.. but up till now.. the CEO does not even bother to hasten the AGM or to even initiate a special meeting for all shareholders to shed some light into the audit matter and calm the nerves of shareholders (big or small).

" Be wary of the man who urges an action in which he himself incurs no risk.  ~Joaquin de Setanti"


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niuyear
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31-Mar-2011 11:10     
 
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No, most  were   lured into this  by  this    slogan -

Load up before you are left out. 

medivh      ( Date: 31-Mar-2011 09:45) Posted:



The most unfortunate thing is that the investors are lured into buying into this counter by many so-called " analyst" and " professionals."

Even if in black and white the financial  books looks good.. but the reality and qn that are still glaring at everybody

1): Are the books recorded honestly? IF its ok, and everything is accounted for, it will not be like now..

2) Is the CEO really a noob or " act smart" ? Something he knows that everyone doesn't know?

3) Everyone knows honesty is very important in getting investors to pour in money etc. etc.. ... e.g. you can do everything right from the beginning but it just take 1 wrong step (dishonesty??) to destroy everything you have done right.. Who would believe you anymore?

 

I also hope the counter will list soon.. but up till now.. the CEO does not even bother to hasten the AGM or to even initiate a special meeting for all shareholders to shed some light into the audit matter and calm the nerves of shareholders (big or small).

" Be wary of the man who urges an action in which he himself incurs no risk.  ~Joaquin de Setanti"

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medivh
Elite
31-Mar-2011 09:45     
 
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The most unfortunate thing is that the investors are lured into buying into this counter by many so-called " analyst" and " professionals."

Even if in black and white the financial  books looks good.. but the reality and qn that are still glaring at everybody

1): Are the books recorded honestly? IF its ok, and everything is accounted for, it will not be like now..

2) Is the CEO really a noob or " act smart" ? Something he knows that everyone doesn't know?

3) Everyone knows honesty is very important in getting investors to pour in money etc. etc.. ... e.g. you can do everything right from the beginning but it just take 1 wrong step (dishonesty??) to destroy everything you have done right.. Who would believe you anymore?

 

I also hope the counter will list soon.. but up till now.. the CEO does not even bother to hasten the AGM or to even initiate a special meeting for all shareholders to shed some light into the audit matter and calm the nerves of shareholders (big or small).

" Be wary of the man who urges an action in which he himself incurs no risk.  ~Joaquin de Setanti"
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PowerReloaded
Member
31-Mar-2011 01:03     
 
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Actually prior to the halt, both sides were starting for a upturn. Korean analyst 'H'  has a TP of 38.5 Spore cts (2 weeks ago). Now kenna fire due to many bought up after this recommendation. 

 
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james87
Veteran
31-Mar-2011 00:56     
 
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 Alert Admin 		What a waste that GX missed the bull run....current sentiment might actually help to push up its price. However, thats provided GX can relist again. Still thinking thought try not to....dun even dare look at  my trading account...
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PowerReloaded
Member
31-Mar-2011 00:55     
 
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Seem like you have sleepless nights.

Should be ok. Just that need more time to verify. 2 weeks.

CEO is too eager to get the expansion started b4 the AGM voting etc.

As long as no changes to senior mgmt, auditor etc plus FA etc etc are  ok. Audited by the same in 2010.   It should be ok. Further, i have attached the CEO profile and the feedback. It should be ok.

Nonetheless, SGX should be more proactive and to work more closely with the AC & EA to resolve the issue asap, rather than to let it wither & die.
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Vanpersie
Member
31-Mar-2011 00:18     
 
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Like what I suggested earlier, the best sources is find out the latest is Ernst and Young China, anybody has access to it?

It is important for the managment to iron out the current saga sooner than later, any delay will just dent the already fragile confidence of investors.

The CEO should step  out  and admit he did applied the funds to the expansion, or he slept on his job leading to the misuse of funds by the mid level management.
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infancybird
Senior
30-Mar-2011 20:33     
 
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阿     Q    精 神 .  Good for you , can be very therapeutic. Hope your wish come true. 

gary88      ( Date: 30-Mar-2011 01:52) Posted:



寝 食 难 安 ， 心 神 不 宁 ， 恶 梦 连 连 ， 各 位 股 友 的 心 情 我 了 解 ， 我 也 被 套 牢 ， 真 的 是 无 语 问 苍 天 ， 但 经 过 几 天 的 的 分 析 后 ， 情 况 并 不 是 我 们 想 像 得 那 么 严 重 ， 只 要 公 司 还 在 运 作 ， 老 板 没 有 跑 路 ， 一 切 问 题 都 可 以 解 决 ， 或 许 会 变 成 之 前 我 说 的

， 塞 翁 失 马 ， 焉 知 非 福 ！

 

Vanpersie      ( Date: 30-Mar-2011 00:59) Posted:

same here, try to look for news everyday. i have never bothered to attend AGM of any counter i bought, but this time round i am sure i will go, let's hope it is by end of apr this year. still believe there is nothing serious there, just that someone misused the money and that does not at all affect the fundamental. no matter how highly they take the issue, they have two stock exchanges to answer for..
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