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Latest Forum Topics / China Hongxing  Post Reply
Genting SP Next Move
Berani
Elite
21-Mar-2018 08:28     
 
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 Alert Admin 		if no shares, can attend the SIAS meeting?
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sbscap
Master
21-Mar-2018 08:24     
 
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 Alert Admin 		I sent some questions to SGX and received some response.
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lingua101
Veteran
20-Mar-2018 23:43     
 
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 Alert Admin 		I think that&rsquo s should be another question for SIAS.

Since they lie about the cash in the bank, can it the start of criminal investigation as potentially we have been deceived to believe they have so much money.

i think in auditor opinion it also mentioned that they cannot verify and there are transactions that also cannot be verified.

can those debt that has been written off is bogus to begin with?

StopChinaHX      ( Date: 20-Mar-2018 21:29) Posted:

Yeah, a lot issues with the company and it' s reports, but SGX just did some routine query and never really take actions to follow up or do further investigation!!
Maybe we can ask SIAS if there is a chance to file a police or criminal report on the ex-CEO and their family?

lingua101      ( Date: 20-Mar-2018 21:08) Posted:


SGX Query 6:
It was stated that &ldquo the Company needs them to sell our products&rdquo . Please explain why the Company is selling to customers that do not pay for their purchases and have not paid for almost a year, noting the sales were since 4Q2016 and 1Q2017.
Company&rsquo s Response:
It is only for prudent accounting that we write off debt over 180 days. The Company will continue to chase the payment and there is hope that they will pay but much later. If the Company stops trading with them, there is no hope of collecting these debts.

this is also very interesting.   Taken from response to sgx dated 23nov17.

so after writing off the debt, they still supplying them with goods..... so stupid or what?
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Twister888
Member
20-Mar-2018 22:20     
 
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 Alert Admin 		thanks Bro..lets keep our finger cross...
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ysh2006
Supreme
20-Mar-2018 21:59     
 
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 Alert Admin 		You consider NATO....no vote...
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Twister888
Member
20-Mar-2018 21:49     
 
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 Alert Admin 		Hi all, sorry currently i' am overseas and cant submit the proxy form or attend the AGM as i only back in singapore in Apr. will my count be consider void or agree?
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StopChinaHX
Member
20-Mar-2018 21:35     
 
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 Alert Admin 		But I still hope you and everyone here in this forum can try to join the meeting with SIAS on coming Thursday, so that we can have more voice and idea durng the session.

StopChinaHX      ( Date: 20-Mar-2018 21:24) Posted:

Thank you!  We will definitly raise these questions to SIAS, and they are also on my radar. :)

lingua101      ( Date: 20-Mar-2018 20:58) Posted:

Hi, I cannot make it this Thu.

but these are some questions that I will raise to SIAS
- why Sgx no power to force China hongxin to list down all those 37 debtors and the amount they owe and if those companies are intersted parties of Wu families 
- same issue with the bank account ballooning. I do not think we get a clear explanation what really happen. Did I miss the news here?  

I do do not see SGX plays a supervisory role here.   These China companies came here raise the fund and then declare bust.   Well this is the worst case. The company is not even bust.

this is another interesting news.

http://en.erke.com/NEWS/26122.htm


China' s 500 most valuable brand list" was revealed by the World Brand Laboratory on June 22nd, 2017 in Beijing, ERKE was awarded as " China 500 most valuable brand" once again, with a brand value of 21.987 billion RMB(around 3.23 billion USD), ranked 184 places among Chinese brands.


the brand itself worth over RMB 20B, and the Wu families is only offering RMB 100M.   That&rsquo s only 0.5% of the brand values and it is ridiculous.

another question, since mgt is easily write off the debt of those 33 companies, why they did not write off that RM 64M debt to Mr Wu?

something fishy here.

cant SIAS help to start investigation of all of the matters and make sure there is no misappropriation was done?
 
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ysh2006
Supreme
20-Mar-2018 21:34     
 
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 Alert Admin 		We want the fair value back !! This ompany maybe hiding money from us ..business still carry on as usual in China.

StopChinaHX      ( Date: 20-Mar-2018 21:29) Posted:

Yeah, a lot issues with the company and it' s reports, but SGX just did some routine query and never really take actions to follow up or do further investigation!!
Maybe we can ask SIAS if there is a chance to file a police or criminal report on the ex-CEO and their family?

lingua101      ( Date: 20-Mar-2018 21:08) Posted:


SGX Query 6:
It was stated that &ldquo the Company needs them to sell our products&rdquo . Please explain why the Company is selling to customers that do not pay for their purchases and have not paid for almost a year, noting the sales were since 4Q2016 and 1Q2017.
Company&rsquo s Response:
It is only for prudent accounting that we write off debt over 180 days. The Company will continue to chase the payment and there is hope that they will pay but much later. If the Company stops trading with them, there is no hope of collecting these debts.

this is also very interesting.   Taken from response to sgx dated 23nov17.

so after writing off the debt, they still supplying them with goods..... so stupid or what?
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StopChinaHX
Member
20-Mar-2018 21:29     
 
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 Alert Admin 		Yeah, a lot issues with the company and it' s reports, but SGX just did some routine query and never really take actions to follow up or do further investigation!!
Maybe we can ask SIAS if there is a chance to file a police or criminal report on the ex-CEO and their family?

lingua101      ( Date: 20-Mar-2018 21:08) Posted:


SGX Query 6:
It was stated that &ldquo the Company needs them to sell our products&rdquo . Please explain why the Company is selling to customers that do not pay for their purchases and have not paid for almost a year, noting the sales were since 4Q2016 and 1Q2017.
Company&rsquo s Response:
It is only for prudent accounting that we write off debt over 180 days. The Company will continue to chase the payment and there is hope that they will pay but much later. If the Company stops trading with them, there is no hope of collecting these debts.

this is also very interesting.   Taken from response to sgx dated 23nov17.

so after writing off the debt, they still supplying them with goods..... so stupid or what?
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StopChinaHX
Member
20-Mar-2018 21:24     
 
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 Alert Admin 		Thank you!  We will definitly raise these questions to SIAS, and they are also on my radar. :)

lingua101      ( Date: 20-Mar-2018 20:58) Posted:

Hi, I cannot make it this Thu.

but these are some questions that I will raise to SIAS
- why Sgx no power to force China hongxin to list down all those 37 debtors and the amount they owe and if those companies are intersted parties of Wu families 
- same issue with the bank account ballooning. I do not think we get a clear explanation what really happen. Did I miss the news here?  

I do do not see SGX plays a supervisory role here.   These China companies came here raise the fund and then declare bust.   Well this is the worst case. The company is not even bust.

this is another interesting news.

http://en.erke.com/NEWS/26122.htm


China' s 500 most valuable brand list" was revealed by the World Brand Laboratory on June 22nd, 2017 in Beijing, ERKE was awarded as " China 500 most valuable brand" once again, with a brand value of 21.987 billion RMB(around 3.23 billion USD), ranked 184 places among Chinese brands.


the brand itself worth over RMB 20B, and the Wu families is only offering RMB 100M.   That&rsquo s only 0.5% of the brand values and it is ridiculous.

another question, since mgt is easily write off the debt of those 33 companies, why they did not write off that RM 64M debt to Mr Wu?

something fishy here.

cant SIAS help to start investigation of all of the matters and make sure there is no misappropriation was done?
 

StopChinaHX      ( Date: 20-Mar-2018 19:55) Posted:

Btw, are you going to join the meeting with SIAS this Thursday
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lingua101
Veteran
20-Mar-2018 21:08     
 
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 Alert Admin
SGX Query 6:
It was stated that &ldquo the Company needs them to sell our products&rdquo . Please explain why the Company is selling to customers that do not pay for their purchases and have not paid for almost a year, noting the sales were since 4Q2016 and 1Q2017.
Company&rsquo s Response:
It is only for prudent accounting that we write off debt over 180 days. The Company will continue to chase the payment and there is hope that they will pay but much later. If the Company stops trading with them, there is no hope of collecting these debts.

this is also very interesting.   Taken from response to sgx dated 23nov17.

so after writing off the debt, they still supplying them with goods..... so stupid or what?
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lingua101
Veteran
20-Mar-2018 20:58     
 
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 Alert Admin 		Hi, I cannot make it this Thu.

but these are some questions that I will raise to SIAS
- why Sgx no power to force China hongxin to list down all those 37 debtors and the amount they owe and if those companies are intersted parties of Wu families 
- same issue with the bank account ballooning. I do not think we get a clear explanation what really happen. Did I miss the news here?  

I do do not see SGX plays a supervisory role here.   These China companies came here raise the fund and then declare bust.   Well this is the worst case. The company is not even bust.

this is another interesting news.

http://en.erke.com/NEWS/26122.htm


China' s 500 most valuable brand list" was revealed by the World Brand Laboratory on June 22nd, 2017 in Beijing, ERKE was awarded as " China 500 most valuable brand" once again, with a brand value of 21.987 billion RMB(around 3.23 billion USD), ranked 184 places among Chinese brands.


the brand itself worth over RMB 20B, and the Wu families is only offering RMB 100M.   That&rsquo s only 0.5% of the brand values and it is ridiculous.

another question, since mgt is easily write off the debt of those 33 companies, why they did not write off that RM 64M debt to Mr Wu?

something fishy here.

cant SIAS help to start investigation of all of the matters and make sure there is no misappropriation was done?
 

StopChinaHX      ( Date: 20-Mar-2018 19:55) Posted:

Btw, are you going to join the meeting with SIAS this Thursday?

lingua101      ( Date: 20-Mar-2018 19:46) Posted:

http://www.straitstimes.com/business/companies-markets/china-hongxing-wrote-off-debts-incurred-by-many-customers

I found this article interesting. How come SGX cannot enforce them to list down the company that they have written off. Maybe those companies are related to Wu family?


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StopChinaHX
Member
20-Mar-2018 19:55     
 
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 Alert Admin 		Btw, are you going to join the meeting with SIAS this Thursday?

lingua101      ( Date: 20-Mar-2018 19:46) Posted:

http://www.straitstimes.com/business/companies-markets/china-hongxing-wrote-off-debts-incurred-by-many-customers

I found this article interesting. How come SGX cannot enforce them to list down the company that they have written off. Maybe those companies are related to Wu family?

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StopChinaHX
Member
20-Mar-2018 19:49     
 
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 Alert Admin 		Yes, totally agree. I remember read this news last time, and SGX just did some query and didn' t do any further investigation.

lingua101      ( Date: 20-Mar-2018 19:46) Posted:

http://www.straitstimes.com/business/companies-markets/china-hongxing-wrote-off-debts-incurred-by-many-customers

I found this article interesting. How come SGX cannot enforce them to list down the company that they have written off. Maybe those companies are related to Wu family?

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lingua101
Veteran
20-Mar-2018 19:46     
 
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 Alert Admin 		http://www.straitstimes.com/business/companies-markets/china-hongxing-wrote-off-debts-incurred-by-many-customers

I found this article interesting. How come SGX cannot enforce them to list down the company that they have written off. Maybe those companies are related to Wu family?
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subaru
Senior
20-Mar-2018 19:06     
 
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 Alert Admin 		I will send the proxy form tomorrow to Boardroom and vote " against" to all the resolutions. Proxy form must must reach Boardroom 48 hours before the meeting, that means reach Boardroom this Friday, to be safe.
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StopChinaHX
Member
20-Mar-2018 17:50     
 
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 Alert Admin 		There is no time... The meeting is scheduled on this Thursday, and there is no time for the reporter to make a report and release on the newspaper.
If we can' t find anyone who is familiar with the finance/accouting/legal matters here, maybe we can list down some questions everyone is interested and want to ask SIAS during the meeting.

All,
Please feel free to post your questions here and we can consolidate and feedback/ask SIAS during the coming meeting.

Thank you!
SC

ysh2006      ( Date: 20-Mar-2018 17:36) Posted:

Ya can you also ask the Chinese reporter publish it out the meeting with SIAS time and date ?...so those Chinese readers can air out too !!

StopChinaHX      ( Date: 20-Mar-2018 17:21) Posted:

Hi All,

Finally with the help of the ZaoBao reporter, the SIAS admin has arranged a meeting for us with Mr Gerald (President of SIAS)  on this coming Thursday 22 Mar 11am.  I would like to know if anyone in this forum willing to join the meeting and if anyone here has background of finance, accounting, legal, etc?    We really need more expert to stand out and can speak for the minority shareholders!!

Please PM or email me if you would like to join, and we should meet up sometime tomorrow to discuss what are the questions we want to ask and what is our request and expection for SIAS and the company, gov, etc.

Thank you!!

================================

Merlyn  < [email protected]>

4:06 PM (58 minutes ago)
 
to  me,  Lai
 
 
 
Mr Gerald has now come to know from Oi Lai that you are seeking SIAS&rsquo help on issues with China HongXing.
He would like to meet up with the minority shareholders before the AGM which will be happening 28th  March 2018.
 
Date: 22nd  March 2018, Thursday
Time: 11am
Address:  7  Maxwell Road, #05-03, MND Building Annex B, Singapore 069111
 
Kindly provide an estimation of people attending the meeting with Mr Gerald on Thursday. Thank you
 
Best Regards
Merlyn Tok
Personal Assistant to President/CEO

Securities Investors Association (Singapore)
7  Maxwell Road, #05-03, MND Building Annex B, Singapore 069111
Tel: 6227 2683      Fax: 6220 6614
UEN No: S99SS0111B
www.sias.org.sg

================================
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ysh2006
Supreme
20-Mar-2018 17:36     
 
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 Alert Admin 		Ya can you also ask the Chinese reporter publish it out the meeting with SIAS time and date ?...so those Chinese readers can air out too !!

StopChinaHX      ( Date: 20-Mar-2018 17:21) Posted:

Hi All,

Finally with the help of the ZaoBao reporter, the SIAS admin has arranged a meeting for us with Mr Gerald (President of SIAS)  on this coming Thursday 22 Mar 11am.  I would like to know if anyone in this forum willing to join the meeting and if anyone here has background of finance, accounting, legal, etc?    We really need more expert to stand out and can speak for the minority shareholders!!

Please PM or email me if you would like to join, and we should meet up sometime tomorrow to discuss what are the questions we want to ask and what is our request and expection for SIAS and the company, gov, etc.

Thank you!!

================================

Merlyn  < [email protected]>

4:06 PM (58 minutes ago)
 
to  me,  Lai
 
 
 
Mr Gerald has now come to know from Oi Lai that you are seeking SIAS&rsquo help on issues with China HongXing.
He would like to meet up with the minority shareholders before the AGM which will be happening 28th  March 2018.
 
Date: 22nd  March 2018, Thursday
Time: 11am
Address:  7  Maxwell Road, #05-03, MND Building Annex B, Singapore 069111
 
Kindly provide an estimation of people attending the meeting with Mr Gerald on Thursday. Thank you
 
Best Regards
Merlyn Tok
Personal Assistant to President/CEO

Securities Investors Association (Singapore)
7  Maxwell Road, #05-03, MND Building Annex B, Singapore 069111
Tel: 6227 2683      Fax: 6220 6614
UEN No: S99SS0111B
www.sias.org.sg

================================
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StopChinaHX
Member
20-Mar-2018 17:21     
 
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 Alert Admin 		Hi All,

Finally with the help of the ZaoBao reporter, the SIAS admin has arranged a meeting for us with Mr Gerald (President of SIAS)  on this coming Thursday 22 Mar 11am.  I would like to know if anyone in this forum willing to join the meeting and if anyone here has background of finance, accounting, legal, etc?    We really need more expert to stand out and can speak for the minority shareholders!!

Please PM or email me if you would like to join, and we should meet up sometime tomorrow to discuss what are the questions we want to ask and what is our request and expection for SIAS and the company, gov, etc.

Thank you!!

================================

Merlyn  < [email protected]>

4:06 PM (58 minutes ago)
 
to  me,  Lai
 
 
 
Mr Gerald has now come to know from Oi Lai that you are seeking SIAS&rsquo help on issues with China HongXing.
He would like to meet up with the minority shareholders before the AGM which will be happening 28th  March 2018.
 
Date: 22nd  March 2018, Thursday
Time: 11am
Address:  7  Maxwell Road, #05-03, MND Building Annex B, Singapore 069111
 
Kindly provide an estimation of people attending the meeting with Mr Gerald on Thursday. Thank you
 
Best Regards
Merlyn Tok
Personal Assistant to President/CEO

Securities Investors Association (Singapore)
7  Maxwell Road, #05-03, MND Building Annex B, Singapore 069111
Tel: 6227 2683      Fax: 6220 6614
UEN No: S99SS0111B
www.sias.org.sg

================================
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xerces
Member
20-Mar-2018 16:21     
 
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 Alert Admin 		Hi guys, i have submitted to Boardroom the proxies form to this girl call Shi En. I have to say they are quite impatient when queried.
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