ShareJunction - Member Posts

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At least 3-6 months suspended ,now market so bad , dont think management rush for resume trading .

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It is time for BR to post more evidence to guide through PwC to find the fraud evidence since they said got some findings yet to released

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The investigation results will be certified by SGX and PwC , so either this company will be Super safe or game over company .

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If no wrongdoings found , how much the defamations compensation can claim from BR by two ladies boss? If based on market value loss , it is few hundred million sue case

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This is either Long or short die when results of investigation is out .

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You are wrong , provided the lending pools got share to lend , if there is short sell the share more than company have , then problem will be coming otherwise SGX will not set this ruling . Assume a company floating share is 10 mil in market and there is 15 mil sell order , shortage of 5 mil will be uncovered till it resume trade , this possibility is very high in BWL

destinykraze ( Date: 13-May-2019 17:32) Posted:

Does not work that way. ive alrdy posted how it works many times. tl dr shortist alrdy covered off-market as there are no shortage of sellers. you will see married trades when it resumes. Now longists are in disarray they dont even know what they are saying.

1035834 ( Date: 13-May-2019 17:12) Posted:

5k penalty should not be daily or SGX will earn till crazy , that day lending pools is negative so no shares can be borrowed to cover , short selling shares is 8 million, if half can&rsquo t cover , then should go buy SGX

http://rulebook.sgx.com/en/display/display_viewall.html?rbid=3271& element_id=574& print=

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Those greedy naked seller will pay heavy cost for naked sell even initial by SGX

1035834 ( Date: 13-May-2019 17:12) Posted:

5k penalty should not be daily or SGX will earn till crazy , that day lending pools is negative so no shares can be borrowed to cover , short selling shares is 8 million, if half can&rsquo t cover , then should go buy SGX

http://rulebook.sgx.com/en/display/display_viewall.html?rbid=3271& element_id=574& print=

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5k penalty should not be daily or SGX will earn till crazy , that day lending pools is negative so no shares can be borrowed to cover , short selling shares is 8 million, if half can&rsquo t cover , then should go buy SGX

http://rulebook.sgx.com/en/display/display_viewall.html?rbid=3271& element_id=574& print=

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i am totally agreed, it should suspense the counter till all doubts is cleared , now rumours is spread across the market, ppls trade more based on emotion rather than factual .

bayduck ( Date: 13-May-2019 10:42) Posted:

If suspend, people like you will think it is unnecessary. If do not suspend, others will say SGX not doing its job and allow for trading despite insufficient clarification. If BW resumes trading and crashes, holders will blame SGX for resuming. Hard to please everyone.

InvestSG ( Date: 13-May-2019 10:33) Posted:

If the sales very good in China, and the money is real and ChangSha paid up with BW, then what is all this commotion for? I really feel this suspension was unneccessary.

Also according to https://www.asiaone.com/business/conflicts-interest-how-would-one-know, brother in law is not categorized under immediate family members

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this year AGM must be very excited .

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https://www.asiaone.com/business/conflicts-interest-how-would-one-know

Brother in law is not categorized under immediate family members , now i only hope sgx find a way to verify every sales transactions to ensure it is genuine.

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To me this type of transactions should fall under interested party transactions, even his Brother in law not involved in business but he is still ultimate beneficiary of the company . Sole declaration by founder is not enough . This can explain why they will pay a lump sum to BWI when switching to franchise model . In fact this company should be part of BWI , based on all factual

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SGX didn&rsquo t stop ppls short selling but you need to borrow shares first or using cfd . If allow short sell without share , no matter how strong of a Company also may go bankruptcy.

zillion ( Date: 10-May-2019 22:56) Posted:

Sgx should not penalise all those who sell first with intention to buy back by 5pm same day. Since sgx suspends BW the naked shorts are not at fault as no one foresee sgx 's trading halt. It is the fault of sgx settle system that are trapping the intra day players.

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As SGX asked the response must be from board , those independent directors must be very careful in reply , maybe get few legal opinion before release to market . This is bet for their career . If anything wrongdoing, they maybe ban to become ID in other listed Co

sbscap ( Date: 10-May-2019 22:54) Posted:

It's easy to tell the truth, when there is nothing to hide, when there is no wrongdoing, when straight talking is your style. Otherwise you need an extension. The short sellers can respond within hours.

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If they can prove they are clear and SGX RegCo can verify the sales , plus China Legal (better get local Govt officer to confirm they are compliance )confirm they are not doing mlm in China , this stock still got hope . Let see how , enjoy the weekend . All guessing also no use as we are not the insider .

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Wait for the announcement, seen everyone become judge. As SGX asked this response must be issued by the board , so truth will be disclosed sooner . Don&rsquo t think the independent directors dare to hide the truth .

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The ultimate winner confirm is sgx ...earn clearing fee , earn penalty etc ....

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Let sgx regco to end this drama, see how

1035834 ( Date: 09-May-2019 16:48) Posted:

SINGAPORE - Best World shares tumbled after as trading resumeon Thursday (May 9) after a two-week halt was lifted, only to be halted again shortly after 3pm.

The shares last traded at $1.36, down 26 cents or 16 per cent on volume of 28.8 million.

A Singapore Exchange spokesman told The Business Times: " SGX RegCo has suspended trading in the shares of Best World with effect from 3.14 pm today pending our investigations into the accuracy of the company&rsquo s May 9, 2019 announcement titled ' Best World International Limited strongly refutes Bonitas research report' . Trading suspension will continue until we have completed our investigations into the veracity of the company&rsquo s China sales."

Earlier on Thursday before the market opened, Best World announced that the company and its founders - Dora Hoan and Doreen Tan - had on May 3 started defamation proceedings against Bonitas Research and its founder in the Singapore High Court.

The move was in response to a 28-page report published by Bonitas in April questioning the authenticity and legality of the premium skincare firm' s profits.

In a regulatory filing posted at 1.42am, Best World said the report contains false and defamatory allegations " intended to undermine the reputations" of the group and its senior management, cause a loss of confidence in the group and inflict damage on the price of the company' s shares to " financially benefit Bonitas" .

It said Bonitas is a professional short seller and has openly stated in the report that it would profit from the decline in the company' s share price.

" The company strongly urges its shareholders and potential investors not to be deceived by the report, which has undermined confidence in the group and destroyed the value that the company has created for its shareholders over the years," Best World said.

Bonitas founder and CEO Matthew Wiechert said in a fresh 11-page report on Thursday that the firm has yet to be contacted by anyone from Best World.

When approached, Best World said the litigation lawyers acting for the group, Allen & Gledhill LLP, are in the process of obtaining the requisite court order(s) to serve the court papers on the defendants who are not resident in Singapore.

If mentioned in a defamation claim, Mr Wiechert said the firm is " ready with an exhaustive list of internal discovery document requests" for Best World which it believes would corroborate publicly available findings.

Mr Wiechert said Best World' s response fails to address the key issues raised in the Bonitas report.

Best World' s filing also included a point-by-point rebuttal of several issues highlighted in the Bonitas report, which Best World says are untrue.

This includes claims that about the scope of its independent review by PricewaterhouseCoopers Consulting (Singapore) and the nature of a portion of its sales for fiscal 2017.

Another claim was that Best World was allegedly conducting direct selling in China, which the company has denied. It has, however, said it would seek a separate legal opinion on whether or not its current distribution model constitutes direct selling under the applicable laws and regulations.

Best World also refuted Bonitas' doubt that Changsha Best, its major customer for fiscal 2017, was not an independent party.

This statement has since been disputed by a separate report published on Thursday by an anonymous group that calls itself Valiant Varriors. The report drew links between the company founder Ms Hoan and Koh Kim Chuan, which the report says is her brother-in-law and legal owner of Changsha Best.

Best World' s legal counsel Robson Lee said the Valiant Varriors report is being reviewed and a response will be issued shortly.

Best World, in a separate announcement, requested for its trading halt called on April 24 to be lifted on Thursday morning. The company meant to lift the trading halt on May 6, but had got an extension ahead of its quarterly results release.

Prior to the trading halt on April 24, Best World shares were down 8.99 per cent at $1.62 on volume of 8.7 million shares as at 11.25am, following the Bonitas report.

Days after the report, the Singapore Exchange' s (SGX) regulatory arm ordered a review of Best World' s China business to address all matters raised by Bonitas. Separately, SGX also granted a two-month extension until June 30, 2019 for the company to convene its annual general meeting.

On Wednesday night, Best World posted a 79 per cent jump in net profit for the first quarter to $10.3 million from $5.8 million a year ago. The company attributed the performance to strong sales growth across most of the group' s markets, with outperformance most pronounced in China from strong underlying demand for its DR' s Secret skincare line and the full adoption of its new franchise model.

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SINGAPORE - Best World shares tumbled after as trading resumeon Thursday (May 9) after a two-week halt was lifted, only to be halted again shortly after 3pm.

The shares last traded at $1.36, down 26 cents or 16 per cent on volume of 28.8 million.

A Singapore Exchange spokesman told The Business Times: " SGX RegCo has suspended trading in the shares of Best World with effect from 3.14 pm today pending our investigations into the accuracy of the company&rsquo s May 9, 2019 announcement titled ' Best World International Limited strongly refutes Bonitas research report' . Trading suspension will continue until we have completed our investigations into the veracity of the company&rsquo s China sales."

Earlier on Thursday before the market opened, Best World announced that the company and its founders - Dora Hoan and Doreen Tan - had on May 3 started defamation proceedings against Bonitas Research and its founder in the Singapore High Court.

The move was in response to a 28-page report published by Bonitas in April questioning the authenticity and legality of the premium skincare firm' s profits.

In a regulatory filing posted at 1.42am, Best World said the report contains false and defamatory allegations " intended to undermine the reputations" of the group and its senior management, cause a loss of confidence in the group and inflict damage on the price of the company' s shares to " financially benefit Bonitas" .

It said Bonitas is a professional short seller and has openly stated in the report that it would profit from the decline in the company' s share price.

" The company strongly urges its shareholders and potential investors not to be deceived by the report, which has undermined confidence in the group and destroyed the value that the company has created for its shareholders over the years," Best World said.

Bonitas founder and CEO Matthew Wiechert said in a fresh 11-page report on Thursday that the firm has yet to be contacted by anyone from Best World.

When approached, Best World said the litigation lawyers acting for the group, Allen & Gledhill LLP, are in the process of obtaining the requisite court order(s) to serve the court papers on the defendants who are not resident in Singapore.

If mentioned in a defamation claim, Mr Wiechert said the firm is " ready with an exhaustive list of internal discovery document requests" for Best World which it believes would corroborate publicly available findings.

Mr Wiechert said Best World' s response fails to address the key issues raised in the Bonitas report.

Best World' s filing also included a point-by-point rebuttal of several issues highlighted in the Bonitas report, which Best World says are untrue.

This includes claims that about the scope of its independent review by PricewaterhouseCoopers Consulting (Singapore) and the nature of a portion of its sales for fiscal 2017.

Another claim was that Best World was allegedly conducting direct selling in China, which the company has denied. It has, however, said it would seek a separate legal opinion on whether or not its current distribution model constitutes direct selling under the applicable laws and regulations.

Best World also refuted Bonitas' doubt that Changsha Best, its major customer for fiscal 2017, was not an independent party.

This statement has since been disputed by a separate report published on Thursday by an anonymous group that calls itself Valiant Varriors. The report drew links between the company founder Ms Hoan and Koh Kim Chuan, which the report says is her brother-in-law and legal owner of Changsha Best.

Best World' s legal counsel Robson Lee said the Valiant Varriors report is being reviewed and a response will be issued shortly.

Best World, in a separate announcement, requested for its trading halt called on April 24 to be lifted on Thursday morning. The company meant to lift the trading halt on May 6, but had got an extension ahead of its quarterly results release.

Prior to the trading halt on April 24, Best World shares were down 8.99 per cent at $1.62 on volume of 8.7 million shares as at 11.25am, following the Bonitas report.

Days after the report, the Singapore Exchange' s (SGX) regulatory arm ordered a review of Best World' s China business to address all matters raised by Bonitas. Separately, SGX also granted a two-month extension until June 30, 2019 for the company to convene its annual general meeting.

On Wednesday night, Best World posted a 79 per cent jump in net profit for the first quarter to $10.3 million from $5.8 million a year ago. The company attributed the performance to strong sales growth across most of the group' s markets, with outperformance most pronounced in China from strong underlying demand for its DR' s Secret skincare line and the full adoption of its new franchise model.

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(5) Where, in the opinion of the Exchange, it is necessary or expedient in the interest of maintaining a fair, orderly and transparent market

it is good to suspense, trade war started ,no one can escape.