Sammyboy RSS Feed
26-08-2013, 01:50 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
▼ Add to WatchListChinaMinzhong K2N H 0.530 -0.485 -47.783 23,974 695 0.530 0.530 503 1.015
The company is said to have faked orders from 2 of its biggest customers. But even if the company has fraudulently fabricated its accounts there is nothing investors can do to them as Singapore has no extradition treaty with China hence the directors and executives of such companies go Scott Free while Singaporean investors sustain heavy losses. China Minzhong was a favorite recommendation for Singapore analysts, and many naive investors jump in thinking it is a good company.
In the rush to be a financial center, the Singapore govt deregulated our markets and lower the listing standards for such China companies to welcome them as they welcome PRCs to come to Singapore. As usual, damage resulting from bad PAP policies hurts Singaporeans and nothing is done...
--------------------------------------------------------------------------------------------
Short Seller Glaucus Alleges Irregularities in China Minzhong
ARTICLE
COMMENTS
GLAUCUS RESEARCHSINGAPORE
By Gaurav Raghuvanshi
China Minzhong Food Corp. Monday halted trading in its shares in Singapore as the food supplier’s stock fell sharply after a short seller published a report alleging irregularities in the company’s business.
The company’s share price nearly halved to S$0.53 before the company requested a halt pending the release of an announcement. It didn’t give details.
Glaucus Research Group, a firm with a short position on China Minzhong, said in a report that the fresh and processed vegetables producer “fabricated” its sales figures to its top two customers.
The research firm cited registry records to claim that China Minzhong’s biggest customer, a Taiwan-based food distributor, was incorporated in November 2009. That was after China Minzhong’s track record period of 2007-2009 mentioned in its initial public offering prospectus, it said.
It also said that according to filings by China’s State Administration for Industry and Commerce, China Minzhong’s second-biggest customer had zero revenue in 2009.
The research firm didn’t name the two customers.
Glaucus Research recommended a ‘strong sell’ on China Minzhong with a price target of S$0.00 for the company’s shares. Glaucus Research, based in California, said it was short China Minzhong, which means that it stands to gain from the decline in the company’s share price.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?161074-Singapore-list-S-Chip-China-Minzhong-collapse-47-from-alleged-accounting-fraud&goto=newpost).
▼ Add to WatchListChinaMinzhong K2N H 0.530 -0.485 -47.783 23,974 695 0.530 0.530 503 1.015
The company is said to have faked orders from 2 of its biggest customers. But even if the company has fraudulently fabricated its accounts there is nothing investors can do to them as Singapore has no extradition treaty with China hence the directors and executives of such companies go Scott Free while Singaporean investors sustain heavy losses. China Minzhong was a favorite recommendation for Singapore analysts, and many naive investors jump in thinking it is a good company.
In the rush to be a financial center, the Singapore govt deregulated our markets and lower the listing standards for such China companies to welcome them as they welcome PRCs to come to Singapore. As usual, damage resulting from bad PAP policies hurts Singaporeans and nothing is done...
--------------------------------------------------------------------------------------------
Short Seller Glaucus Alleges Irregularities in China Minzhong
ARTICLE
COMMENTS
GLAUCUS RESEARCHSINGAPORE
By Gaurav Raghuvanshi
China Minzhong Food Corp. Monday halted trading in its shares in Singapore as the food supplier’s stock fell sharply after a short seller published a report alleging irregularities in the company’s business.
The company’s share price nearly halved to S$0.53 before the company requested a halt pending the release of an announcement. It didn’t give details.
Glaucus Research Group, a firm with a short position on China Minzhong, said in a report that the fresh and processed vegetables producer “fabricated” its sales figures to its top two customers.
The research firm cited registry records to claim that China Minzhong’s biggest customer, a Taiwan-based food distributor, was incorporated in November 2009. That was after China Minzhong’s track record period of 2007-2009 mentioned in its initial public offering prospectus, it said.
It also said that according to filings by China’s State Administration for Industry and Commerce, China Minzhong’s second-biggest customer had zero revenue in 2009.
The research firm didn’t name the two customers.
Glaucus Research recommended a ‘strong sell’ on China Minzhong with a price target of S$0.00 for the company’s shares. Glaucus Research, based in California, said it was short China Minzhong, which means that it stands to gain from the decline in the company’s share price.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?161074-Singapore-list-S-Chip-China-Minzhong-collapse-47-from-alleged-accounting-fraud&goto=newpost).