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Latest Forum Topics / TJ DaRenTang USD    Last:3.13    -0.03  Post Reply
ThinkEnv name change to Liongold Corp
bamboo300306
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09-Apr-2021 22:06     
 
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 Alert Admin 		Why take so long to say it is not fair and not reasonable. This is not rocket science. Like watching TV drama.
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sleet66
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09-Apr-2021 20:07     
 
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 Alert Admin 		How convenient of them to release a company announcement at 6pm right before a weekend  laugh

This announcement contains a letter from RHB as the independent financial adviser. Within it they have written:
1)  the terms of the S Shares Chain Offer are NOT FAIR and NOT REASONABLE from a financial point of view based on the following key factors... (found in pg 32 of the attachment below)
2)  In respect of the estimated range of values of each S Share, the S Shares Offer Price of USD0.894 is below the estimated range of values of USD2.091 to USD2.617 per S Share derived from the P/E and EV/EBITDA valuation multiples approach. 
3)  advise the Non-Interested Directors to recommend the S Shares Shareholders to REJECT the S Shares Chain Offer

At least RHB has done its part to say that the offer is not fair and not reasonable and they have advised us to reject the offer.

But simply rejecting the offer as a minority shareholder still means that this whole change of hands transaction will still go through. Is that fair? Some food for thought.

The full letter can be found in the link:  https://links.sgx.com/1.0.0/corporate-announcements/87K8Q7GR537QPNCJ/657864_16%2006%20SCR21040012_Tianjin_Zhongxin_S_Shares.pdf

bamboo300306      ( Date: 07-Apr-2021 01:13) Posted:

SGX never reply, they are just interested to make money, no time for us. Maybe need to bring this up to the Press.

sleet66      ( Date: 06-Apr-2021 01:42) Posted:

anyone receive a reply from SGX yet? because I have not, but will keep you guys updated if I ever get one
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bamboo300306
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07-Apr-2021 01:13     
 
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 Alert Admin 		SGX never reply, they are just interested to make money, no time for us. Maybe need to bring this up to the Press.

sleet66      ( Date: 06-Apr-2021 01:42) Posted:

anyone receive a reply from SGX yet? because I have not, but will keep you guys updated if I ever get one
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jamesng
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06-Apr-2021 21:16     
 
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 Alert Admin 		I agree. Stable and yet a growth company. Will keep the shares and wait for it to grow. 

7ocean      ( Date: 02-Apr-2021 10:46) Posted:

Buying Tianjin ZX like parking into Bank FD ...just collecting dividend... but can' t roll our capital to make more income

theshore23a      ( Date: 02-Apr-2021 10:15) Posted:

if you are long-term investor,don' t do anything,just hold the share and take dividend......and waiting for company growing up.
1)china gov support chinese medicine industry.
2)It is good company which can make the profit.
3)i believe the new Management will put effort in this company.
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sleet66
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06-Apr-2021 01:42     
 
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 Alert Admin 		anyone receive a reply from SGX yet? because I have not, but will keep you guys updated if I ever get one
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7ocean
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02-Apr-2021 10:46     
 
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 Alert Admin 		Buying Tianjin ZX like parking into Bank FD ...just collecting dividend... but can' t roll our capital to make more income

theshore23a      ( Date: 02-Apr-2021 10:15) Posted:

if you are long-term investor,don' t do anything,just hold the share and take dividend......and waiting for company growing up.
1)china gov support chinese medicine industry.
2)It is good company which can make the profit.
3)i believe the new Management will put effort in this company.
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theshore23a
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02-Apr-2021 10:15     
 
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 Alert Admin 		if you are long-term investor,don' t do anything,just hold the share and take dividend......and waiting for company growing up.
1)china gov support chinese medicine industry.
2)It is good company which can make the profit.
3)i believe the new Management will put effort in this company.
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bamboo300306
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01-Apr-2021 23:27     
 
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 Alert Admin 		I also have soem shares under SRS, so far, i did not recieved any notice.  Need to call DBS vickers to check.

jamesng      ( Date: 01-Apr-2021 20:17) Posted:

For my shares in SRS, if I don' t do anything, it means that I do not accept the offer and I will keep the shares, right???

Or do I need to call to reject the sale? 

bamboo300306      ( Date: 31-Mar-2021 00:51) Posted:

HI All,

I hold share under CDP and Custody account and they have different way to manage the offer.

Those share under CDP, they will send you hardcopy letter, if you dont do anything, they will take it that you reject the offer,
Those under Custody, you need to fax/email indicating that you do not wish to accept the offer, else it you be taken that you do not want to particpiate,

For your information, i have written to  [email protected]

Those who want to use my template , i have attached as follow:

HI Sir/Madam,
 
I am a minority shareholder of TIANJIN ZHONG XIN PHARMACEUTICAL GROUP and I would like to bring to  your attention that the offer  price is not fair and unreasonable based on the following ground.
 
- The offer price for S-Share is USD 89.4 and  A-share is  17.43 rmb. Why is there a big difference in the offer price  since  both belong to the same class of shares with same voting rights and entitled to same amount of dividends.
 
-  On March 29, TPG announced in Shanghai Stock exchange the transaction price was amended to RMB15.39 which is the price the holding company, TPG, sold to the new investor. This price should be the basis that triggered mandatory offers, both in SGX and Shanghai SE.  中 新 药 业 (600329)_公 司 公 告 _中 新 药 业 ： 中 新 药 业 关 于 《 收 购 报 告 书 摘 要 》 的 更 正 公 告 新 浪 财 经 _新 浪 网 (sina.com.cn)
 
As a regulatory  body, I trust that you can help minority  shareholders seek a fair and reasonable offer. 
 




 


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sleet66
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01-Apr-2021 21:35     
 
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 Alert Admin


- I highly doubt that it will fall below 10% given the attractiveness of the return and the list of major shareholders which counts Raffles Medical, many bank nominees

I want to highlight the point that we do not know if the major shareholders are going to sell back to the new owner at US0.894

Spike18      ( Date: 31-Mar-2021 10:38) Posted:

For those who are long-term investors, interested in earning a decent return (in terms of dividend) in a stable company, just relax for the following reasons :

- company does not intend to delist unless free float falls below 10% of total shares
- I highly doubt that it will fall below 10% given the attractiveness of the return and the list of major shareholders which counts Raffles Medical, many bank nominees
- unattractive offer price   

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jamesng
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01-Apr-2021 20:17     
 
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 Alert Admin 		For my shares in SRS, if I don' t do anything, it means that I do not accept the offer and I will keep the shares, right???

Or do I need to call to reject the sale? 

bamboo300306      ( Date: 31-Mar-2021 00:51) Posted:

HI All,

I hold share under CDP and Custody account and they have different way to manage the offer.

Those share under CDP, they will send you hardcopy letter, if you dont do anything, they will take it that you reject the offer,
Those under Custody, you need to fax/email indicating that you do not wish to accept the offer, else it you be taken that you do not want to particpiate,

For your information, i have written to  [email protected]

Those who want to use my template , i have attached as follow:

HI Sir/Madam,
 
I am a minority shareholder of TIANJIN ZHONG XIN PHARMACEUTICAL GROUP and I would like to bring to  your attention that the offer  price is not fair and unreasonable based on the following ground.
 
- The offer price for S-Share is USD 89.4 and  A-share is  17.43 rmb. Why is there a big difference in the offer price  since  both belong to the same class of shares with same voting rights and entitled to same amount of dividends.
 
-  On March 29, TPG announced in Shanghai Stock exchange the transaction price was amended to RMB15.39 which is the price the holding company, TPG, sold to the new investor. This price should be the basis that triggered mandatory offers, both in SGX and Shanghai SE.  中 新 药 业 (600329)_公 司 公 告 _中 新 药 业 ： 中 新 药 业 关 于 《 收 购 报 告 书 摘 要 》 的 更 正 公 告 新 浪 财 经 _新 浪 网 (sina.com.cn)
 
As a regulatory  body, I trust that you can help minority  shareholders seek a fair and reasonable offer. 
 




 

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jamesng
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01-Apr-2021 20:13     
 
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 Alert Admin 		me too.....

Due_Dilligence      ( Date: 31-Mar-2021 18:00) Posted:

I?m collecting the dividends at 4.7% yield on current prices

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wwh2021
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01-Apr-2021 17:56     
 
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 Alert Admin 		I think that selling and buying are same group of people who intended to suppress the price to be around 89 cents. You can see the volume which is very little.
Nobody sell to thme and let them play themself! 

bamboo300306      ( Date: 31-Mar-2021 20:27) Posted:

Dont understand why people is sellinf at.88.5 when the offer price is 89.4. Somemore with dividend yield if 4.6%.

I am asking all minority shareholder to write to SGX.  [email protected]

Below is the template if you copy and paste.

HI Sir/Madam,
 
I am a minority shareholder of TIANJIN ZHONG XIN PHARMACEUTICAL GROUP and I would like to bring to  your attention that the offer  price is not fair and unreasonable based on the following ground.
 
- The offer price for S-Share is USD 89.4 and  A-share is  17.43 rmb. Why is there a big difference in the offer price  since  both belong to the same class of shares with same voting rights and entitled to same amount of dividends.
 
-  On March 29, TPG announced in Shanghai Stock exchange the transaction price was amended to RMB15.39 which is the price the holding company, TPG, sold to the new investor. This price should be the basis that triggered mandatory offers, both in SGX and Shanghai SE.  中 新 药 业 (600329)_公 司 公 告 _中 新 药 业 ： 中 新 药 业 关 于 《 收 购 报 告 书 摘 要 》 的 更 正 公 告 新 浪 财 经 _新 浪 网 (sina.com.cn)
 
As a regulatory  body, I trust that you can help minority  shareholders seek a fair and reasonable offer. 

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windcloud
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01-Apr-2021 10:36     
 
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 Alert Admin 		Dear Bamboo,

Thanks for your template. I have sent in to SGX. I only amended the S share price format. It is an unfair offer price and their eps is increasing yearly so this is a shrewd proposal that marginalised minoirty shareholders.

Dear Sir/Madam,
 
I am a minority shareholder of TIANJIN ZHONG XIN PHARMACEUTICAL GROUP and I would like to bring to  your attention that the offer price is not fair and unreasonable based on the following ground.
 
- The offer price for S-Share is USD$0.894 and  A-share is  RMB$17.43. Why is there a big difference in the offer price  since  both belong to the same class of shares with same voting rights and entitled to same amount of dividends.
 
-  On March 29, TPG announced in Shanghai Stock exchange the transaction price was amended to RMB15.39 which is the price the holding company, TPG, sold to the new investor. This price should be the basis that triggered mandatory offers, both in SGX and Shanghai SE.  中 新 药 业 (600329)_公 司 公 告 _中 新 药 业 ： 中 新 药 业 关 于 《 收 购 报 告 书 摘 要 》 的 更 正 公 告 新 浪 财 经 _新 浪 网 (sina.com.cn)
 
As a regulatory body, I trust that you can help minority shareholders to seek a fair and reasonable offer. 
 
I look forward to hearing your explanation for this matter.
 
Thank you.
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bamboo300306
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31-Mar-2021 20:27     
 
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 Alert Admin 		Dont understand why people is sellinf at.88.5 when the offer price is 89.4. Somemore with dividend yield if 4.6%.

I am asking all minority shareholder to write to SGX.  [email protected]

Below is the template if you copy and paste.

HI Sir/Madam,
 
I am a minority shareholder of TIANJIN ZHONG XIN PHARMACEUTICAL GROUP and I would like to bring to  your attention that the offer  price is not fair and unreasonable based on the following ground.
 
- The offer price for S-Share is USD 89.4 and  A-share is  17.43 rmb. Why is there a big difference in the offer price  since  both belong to the same class of shares with same voting rights and entitled to same amount of dividends.
 
-  On March 29, TPG announced in Shanghai Stock exchange the transaction price was amended to RMB15.39 which is the price the holding company, TPG, sold to the new investor. This price should be the basis that triggered mandatory offers, both in SGX and Shanghai SE.  中 新 药 业 (600329)_公 司 公 告 _中 新 药 业 ： 中 新 药 业 关 于 《 收 购 报 告 书 摘 要 》 的 更 正 公 告 新 浪 财 经 _新 浪 网 (sina.com.cn)
 
As a regulatory  body, I trust that you can help minority  shareholders seek a fair and reasonable offer. 
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Due_Dilligence
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31-Mar-2021 18:00     
 
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 Alert Admin 		I?m collecting the dividends at 4.7% yield on current prices
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josh3923
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31-Mar-2021 14:07     
 
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 Alert Admin 		Yup, results of the company has been very stable in recent years and they have also increased dividend payout since last year. You can read from their public announcement in SSE that some governtment policies since end 2020 has augured well for their TCM ops. Mkt price in SSE is now RMB 21.4, compared with offered price of RMB17.43, Hence, SSE privatisation is unlikely to go through. However, there seems to be some block of shares selling at 0.89 and 0.895 , seems like they want the offer to be successful in SGX. . The stock traded in SGX is the same as SSE, hence if they managed to privatise here and merge the " S" share with " A" , there is an instant  3.7X jumped in the worth of the portfolio.
Personally,  i will not accept the lowball offer.
NTA of the company is RMB7.55,
EPS RMB0.86
P.E. ratio : 6.8
     
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sleet66
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31-Mar-2021 11:51     
 
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 Alert Admin 		I think ' voting rights' in this case just references the shares they acquired, since the shares they acquired give them voting rights.

I don' t think anyone is upset about the ' stability' of this company.

It' s really about the 1) manner in which this takeover was conducted and 2) the time opportunity cost lost for all retail investors.

josh3923      ( Date: 31-Mar-2021 10:08) Posted:

HI Thanks for clarifying. Don' t quite understand the phrase " if voting rights have been acquired in exchange for listed securities...." . Voting from which party ?

sleet66      ( Date: 31-Mar-2021 00:45) Posted:

Actually I must give it to them, they have thought this through. If you look at the notes to 14.3 Consideration of MAS code of takeovers & mergers:

Calculation of the price
The minimum offer price should be the highest of:- (a) the highest price paid by the offeror and its concert parties for outright purchase of shares in the offeree company within 6 months of the offer and during the offer period. If voting rights have been acquired in exchange for listed securities, the price will normally be established by reference to the volume weighted average traded price of the listed securities on the date of the acquisition. However, the Council reserves the right to set aside any inexplicably high or low traded prices  

1. In this case, the Council has agreed with them to use the VWAP method despite the big difference between USD 0.894 and USD2.3 (RMB 15.39). Boohoo, no big surprises here?
2. Which brings me back a full circle to this ' magic price' . Obviously if your share is cannot exceed a certain price for the whole year, then the 6 month VWAP will also end up at the same certain price yes
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Spike18
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31-Mar-2021 10:38     
 
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 Alert Admin 		For those who are long-term investors, interested in earning a decent return (in terms of dividend) in a stable company, just relax for the following reasons :

- company does not intend to delist unless free float falls below 10% of total shares
- I highly doubt that it will fall below 10% given the attractiveness of the return and the list of major shareholders which counts Raffles Medical, many bank nominees
- unattractive offer price   
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josh3923
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31-Mar-2021 10:08     
 
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 Alert Admin 		HI Thanks for clarifying. Don' t quite understand the phrase " if voting rights have been acquired in exchange for listed securities...." . Voting from which party ?

sleet66      ( Date: 31-Mar-2021 00:45) Posted:

Actually I must give it to them, they have thought this through. If you look at the notes to 14.3 Consideration of MAS code of takeovers & mergers:

Calculation of the price
The minimum offer price should be the highest of:- (a) the highest price paid by the offeror and its concert parties for outright purchase of shares in the offeree company within 6 months of the offer and during the offer period. If voting rights have been acquired in exchange for listed securities, the price will normally be established by reference to the volume weighted average traded price of the listed securities on the date of the acquisition. However, the Council reserves the right to set aside any inexplicably high or low traded prices  

1. In this case, the Council has agreed with them to use the VWAP method despite the big difference between USD 0.894 and USD2.3 (RMB 15.39). Boohoo, no big surprises here?
2. Which brings me back a full circle to this ' magic price' . Obviously if your share is cannot exceed a certain price for the whole year, then the 6 month VWAP will also end up at the same certain price yes?

josh3923      ( Date: 30-Mar-2021 21:29) Posted:

In fact on March 29, they just annouced in Shanghai Stock exchange the transaction price is amended to RMB15.39 and not RMB14.88.  RMB15.39 is the price the holding company, TPG, sold to the new investor. This price should be the basis that triggered mandatory offer, both in SGX and Shangai SE. I have written to SIAS on this and hope they can escalate the matter further to SGX and SIC. 
中 新 药 业 (600329)_公 司 公 告 _中 新 药 业 ： 中 新 药 业 关 于 《 收 购 报 告 书 摘 要 》 的 更 正 公 告 新 浪 财 经 _新 浪 网 (sina.com.cn)
 


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bamboo300306
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31-Mar-2021 00:54     
 
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 Alert Admin 		The question should be " do you think based on VWAP, the offer is fair and reasonable?"

sleet66      ( Date: 31-Mar-2021 00:45) Posted:

Actually I must give it to them, they have thought this through. If you look at the notes to 14.3 Consideration of MAS code of takeovers & mergers:

Calculation of the price
The minimum offer price should be the highest of:- (a) the highest price paid by the offeror and its concert parties for outright purchase of shares in the offeree company within 6 months of the offer and during the offer period. If voting rights have been acquired in exchange for listed securities, the price will normally be established by reference to the volume weighted average traded price of the listed securities on the date of the acquisition. However, the Council reserves the right to set aside any inexplicably high or low traded prices  

1. In this case, the Council has agreed with them to use the VWAP method despite the big difference between USD 0.894 and USD2.3 (RMB 15.39). Boohoo, no big surprises here?
2. Which brings me back a full circle to this ' magic price' . Obviously if your share is cannot exceed a certain price for the whole year, then the 6 month VWAP will also end up at the same certain price yes?

josh3923      ( Date: 30-Mar-2021 21:29) Posted:

In fact on March 29, they just annouced in Shanghai Stock exchange the transaction price is amended to RMB15.39 and not RMB14.88.  RMB15.39 is the price the holding company, TPG, sold to the new investor. This price should be the basis that triggered mandatory offer, both in SGX and Shangai SE. I have written to SIAS on this and hope they can escalate the matter further to SGX and SIC. 
中 新 药 业 (600329)_公 司 公 告 _中 新 药 业 ： 中 新 药 业 关 于 《 收 购 报 告 书 摘 要 》 的 更 正 公 告 新 浪 财 经 _新 浪 网 (sina.com.cn)
 


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