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uiop1223 Supreme	03-Aug-2020 16:38        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	If u notice, all the funny happenings relate to China business only phongy45      ( Date: 03-Aug-2020 11:38) Posted: BWL, a singapore company.  happen everywhere! ...USA too!  sbscap      ( Date: 03-Aug-2020 11:36) Posted: Good point. This is China. We saw this again and again. Midas wasn' t the first and is certainly not the last. See money and then money seized.
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like2learn Veteran	03-Aug-2020 16:34        like2learn About Contact  Quote this Post!
x 0   x 0  Alert Admin	actually now that the report is out, would it be better to unsuspend ? not confident shareholders can choose to sell and free up capital, hardcore super confident shareholders can choose to buy at low price if it falls. everybody wins right ?
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uiop1223 Supreme	03-Aug-2020 16:22        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	SGX cant really give a timeline as they are not mtgm of BW and will not know how much time is needed to clean up the mess. Or to clean up the fraudulent acts? 😝 Only Dora knows how much time is needed la. By delaying each day, i only get more suspicious. aaronw.misc      ( Date: 03-Aug-2020 16:14) Posted: as a small shareholder, im just disappointed by both SGX and BW. SGX - no timeline imposed. BW - good to come up with clarification, but no indication of timeline give. Tor long tor long, please quickly respond to SGX and share the plan to all small shareholders like us. All of us just want to move on.... i saw someone offering to buy share at $0.70. Got such thing meh? Real or not? Can deal even when company is suspended?  Offer would be the best outcome. Super look forward, although i think unlikely.
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uiop1223 Supreme	03-Aug-2020 16:19        uiop1223 About Contact  Quote this Post!
x 0   x 1  Alert Admin	If the scope includes verifying all bank and cash balances of BW. What if some money belong to franchisees? Or their spouses company or distributors? Their book keeping sucks u know... Im an auditor. For investigation, auditors only perform and give opinion according to the scope. They will not give opinion that they are not asked to do nor paid. dcools      ( Date: 03-Aug-2020 11:17) Posted: then what's reliable,is it only pwc review is reliable. btw Midas got into trouble because of corruption and bribery which is not the case for BW. uiop1223      ( Date: 03-Aug-2020 07:27) Posted: Remember Midas cash went missing despite years being audited... what u see being reported may not be reliable.
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aaronw.misc Member	03-Aug-2020 16:14        aaronw.misc About Contact  Quote this Post!
x 0   x 0  Alert Admin	as a small shareholder, im just disappointed by both SGX and BW. SGX - no timeline imposed. BW - good to come up with clarification, but no indication of timeline give. Tor long tor long, please quickly respond to SGX and share the plan to all small shareholders like us. All of us just want to move on.... i saw someone offering to buy share at $0.70. Got such thing meh? Real or not? Can deal even when company is suspended?  Offer would be the best outcome. Super look forward, although i think unlikely.
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phongy45 Senior	03-Aug-2020 11:38        phongy45 About Contact  Quote this Post!
x 0   x 0  Alert Admin	BWL, a singapore company.  happen everywhere! ...USA too!  sbscap      ( Date: 03-Aug-2020 11:36) Posted: Good point. This is China. We saw this again and again. Midas wasn' t the first and is certainly not the last. See money and then money seized.
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sbscap Master	03-Aug-2020 11:36        sbscap About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Good point. This is China. We saw this again and again. Midas wasn' t the first and is certainly not the last. See money and then money seized.
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dcools Senior	03-Aug-2020 11:17        dcools About Contact  Quote this Post!
x 0   x 0  Alert Admin	then what's reliable,is it only pwc review is reliable. btw Midas got into trouble because of corruption and bribery which is not the case for BW. uiop1223      ( Date: 03-Aug-2020 07:27) Posted: Remember Midas cash went missing despite years being audited... what u see being reported may not be reliable. dcools      ( Date: 01-Aug-2020 13:55) Posted: BW is doing thriving business in china, the cash holding accumulated through growing sales revenue over years is real and is not disputed by pwc or anyone audited the account. so that is no reason to delist.
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sbscap Master	03-Aug-2020 10:55        sbscap About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Wow ... not sure if others feel the same as I do but I sense big troubles. First, the biz model is not only questionable but also may not be legal. This is China, so anything goes, legal or otherwise. Secondly, SGX is literally asking the major shareholders to sort things out, meaning buying out and delist. If this is the case, it would make sense to let the shareholders rot and buy out cheap. Finally, there must be more worms from the can. Sometimes the actual report is very diplomatic until we find it hard to see.
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zillion Master	03-Aug-2020 10:26        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	long long ago I heard that lady boss bery good in playing stocks, so maybe easy money playing stocks to get gains then so hard doing an export model, franchaise model  for show show.
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dcools Senior	03-Aug-2020 07:45        dcools About Contact  Quote this Post!
x 0   x 0  Alert Admin	then we shall see what will happen next. uiop1223      ( Date: 03-Aug-2020 07:27) Posted: Remember Midas cash went missing despite years being audited... what u see being reported may not be reliable. dcools      ( Date: 01-Aug-2020 13:55) Posted: BW is doing thriving business in china, the cash holding accumulated through growing sales revenue over years is real and is not disputed by pwc or anyone audited the account. so that is no reason to delist.
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uiop1223 Supreme	03-Aug-2020 07:27        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Remember Midas cash went missing despite years being audited... what u see being reported may not be reliable. dcools      ( Date: 01-Aug-2020 13:55) Posted: BW is doing thriving business in china, the cash holding accumulated through growing sales revenue over years is real and is not disputed by pwc or anyone audited the account. so that is no reason to delist.
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uiop1223 Supreme	03-Aug-2020 07:10        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Read carefully the scope of engagement for PWC. It didnt ask PWC to validate BW bank balances. The closest i see is ? Vicstar Lifestyle Pte Ltd (?Vicstar?)6, Changsha Best7 and some of the personal bank accounts for the period from 1 January 2019 to 31 March 2020.
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uiop1223 Supreme	03-Aug-2020 07:05        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Dont bother reading. The writer cant even interpret special investigation report. bryanyeo      ( Date: 02-Aug-2020 15:36) Posted: Can some one help to post this article in word format and share in this forum, thanks  Best World founders should make exit offer to minority shareholders which I suppose is from Business Times! Thanks again!
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dimebag Master	02-Aug-2020 21:19        dimebag About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yeah i saw that too but i don' t subscribe to BT, but it' s just an opinion from a writer. bryanyeo      ( Date: 02-Aug-2020 20:33) Posted: Request help from all, please download the article entitled  : Best World founders should make exit offer to minority shareholder from Business Times in this forum for sharing as I cannot access to that article... Many thanks / Bryan
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bryanyeo Member	02-Aug-2020 20:33        bryanyeo About Contact  Quote this Post!
x 0   x 0  Alert Admin	Request help from all, please download the article entitled  : Best World founders should make exit offer to minority shareholder from Business Times in this forum for sharing as I cannot access to that article... Many thanks / Bryan
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bryanyeo Member	02-Aug-2020 15:36        bryanyeo About Contact  Quote this Post!
x 0   x 0  Alert Admin	Can some one help to post this article in word format and share in this forum, thanks  Best World founders should make exit offer to minority shareholders which I suppose is from Business Times! Thanks again!
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like2learn Veteran	01-Aug-2020 15:17        like2learn About Contact  Quote this Post!
x 0   x 0  Alert Admin	thx uiop1223 for your replies - i appreciate your detailed inputs. BW is mainly a cash based retail bizness, selling to end users rather than companies where there are trade rec' (with generous terms) or bad debts. From the review, it seems there may be some % of $ going somewhere but it won' t be the entire cash in bank is fake. my point is there is a certain way BW runs its bizness in china - so what is it that must happen for all parties to be satisfied for BW to resume trading - revamp / suspend the china bizness or worst case, somehow the bizness model cannot match the regulations, so have to delist ? as a layman, it is very complicated to follow the developments with all the legal / accounting audit terminology.   uiop1223      ( Date: 01-Aug-2020 11:35) Posted: From regulators perspective, the numbers cannot be relied on. And PWC spent so much time and still cannot confirm the figures. I dont expect BW to suddenly produce magical documents to support the 2019 and 2018 figures and.. we do not know how far back can the figures are reliable. I also expect IRAS to knock on their door. actually, in layman terms : 1) what is the expected corrective action of the review ? < How can BW give assurance to regulators and investors that the numbers they reported is true and reflects the actual economic activity? Are the franchisees related party transactions? If yes, are sales being inflated previously and currently? Note that there are accounting rules to be satisfied in order to recognize as sales. Are there any parties such as banks that relied on the financial sttms to enter into contracts like giving loans? If yes, maybe CAD be involved. How can BW give assurance that moving forward, the distributors are truly independent of BW? BW mentions that the new distribution model is needed in order to operate in china. But Note that BW staff has bank tokens, help them to prepare financial sttms.. in substance, BW exercise control over the distributors. So their claim that the new model on franchise / distributors is misleading. 2) what is the exact requirement so that trading can resume ? < See above > Worst scenario is delisting like luckin.. wonder how much the shareholders got back? like2learn      ( Date: 31-Jul-2020 14:36) Posted: actually, in layman terms : 1) what is the expected corrective action of the review ? 2) what is the exact requirement so that trading can resume ? in the regulatory announcement, it was stated " BW proposal to address concerns" and then sgx consider. But in concrete terms or to what extent is the " address concerns" good enough to resume trading, what exactly needs to be done ? pls dun let us wait some more ...by then, maybe even covid over liao(assume vaccine by 2Q next year). x x ----
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dcools Senior	01-Aug-2020 15:12        dcools About Contact  Quote this Post!
x 0   x 0  Alert Admin	is the business of BW being declared illegal or elsewhere. the answer is no, so what does it tells you, business as usual.
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zillion Master	01-Aug-2020 14:54        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	Export model, Franchaise model all the same as MLM/pyramid selling. Dont see any real retail shops everywhere in China. Only MLM model can generate exponential revenues and proftis. Which listed famous French cosmetic companies, USA, Korean or Japanese cosmetic companies can product such outrageous profits. Rememebr Dora and Doreen' s background originated from Mode Circle who was using MLM/direct selling model. Can a leopard change its spots?
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