What about S-Chip shares from Tiong Kok??????

Very worry to buy S-chip shares, lol

Yes, the rule no change! According to the prospectus I read :- 

 (S$’000)                                FY2006     FY2007    FY2008    1H2009    FP2009

Revenue                                  132,832     220,728    272,314    217,620    301,673

Gross profit(1)                          32,683       21,223       21,351     31,499      45,627 

Profit before income tax            21,245       21,197       10,698     36,656      48,415

Profit for the year/period           13,159       13,265         7,782      28,203     38,554

Profit attributable to

Shareholders                              9,701        10,282         9,272      19,412     29,228 

EPS(2) (cents)                             1.72            1.82           1.64          3.44         5.17 

Notes:

(1) Gross profit is net of cost of construction, costs of sales of development properties and direct operating expenses arising

from rental of investment properties, plant and machinery including depreciation.

(2) For comparative purposes, EPS for the periods under review have been computed based on net profit attributable to

Shareholders and the pre-Invitation share capital of 564,995,750 Shares.

Page 27 

IPO = I Puke Only   

LOL!

Previously companies must made profit for 3 preceding

years before they are allowed to be listed in the SGX..

What's the rationale to waive this rule. This contribute

to IPO to fall below water at debut.Pl.bear in mind that

it's no more put money take money syndrome., hahaha

NAV per Share after the Invitation                                      17.7

Dilution per Share to New Investors                                      10.3

The legend :

Notes:

(1) This will be used for acquisition of new property development sites.

(2) Approximately S$3.0 million will be used to repay the loan amounting to USD2.1 million which was provided by Solid

Resources Investments to Chang De Investment. The loan is unsecured, interest free and repayable on demand. As at

the Latest Practicable Date, USD2.1 million of the loan remains outstanding.

In addition, approximately S$3.3 million will be used to repay the outstanding loan owing by Tianjin Zizhulin to Xiamen

Huicheng. The loan amounting to RMB26.9 million from Xiamen Huicheng was obtained via a funded entrusted contract

entered into between Xiamen Huicheng and Northern International Trust on 15 July 2008. Pursuant to such contract,

Xiamen Huicheng entrusted Northern International Trust to grant an unsecured loan amounting to RMB26.9 million to

Tianjin Zizhulin at an effective interest rate of 8% per annum. The loan must be repaid by Tianjin Zizhulin by 15 July 2010.

As at the Latest Practicable Date, RMB15.9 million of the loan remains outstanding.

Both loans were used for our property development projects in the PRC.

The remaining sum, amounting to approximately S$2.7 million, will be used to repay part of the consideration of RMB15.1

million owing by Tianjin Zizhulin to Xiamen Huicheng for the purchase of 11.5% of the shares in Tianjin Zizhulin Investment

pursuant to the share transfer agreement entered into between Tianjin Zizhulin and Xiamen Huicheng on 30 December

2009. Pursuant to the share transfer agreement, the consideration must be repaid by Tianjin Zizhulin on or before 4

December 2011.

Please refer to the section entitled “Interested Person Transactions and Potential Conflicts of Interest” of this Prospectus

for more details. 

This will let people think that  the Investment banker is NOT EFFICIENT and price the IPO wrongly ?

If trade below the IPO price , the investment banker must pay for the losses?  If this is the case, the investment banker could have shorted down the price, and they buy back again (since they have to bear the losses.)   ?   How the IPO really works and its insider action, no one knows man!!

SGX should start this talk for all the investors.....

When IPO listed on first day below water,

what does that proved, hahaha