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Starship Supreme	25-Apr-2019 16:54        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Operator81      ( Date: 25-Apr-2019 16:49) Posted: Let us know if you need step by step illustration. beng1102      ( Date: 25-Apr-2019 16:44) Posted: At least I know that it could be a death sentence in China.  If the committed fraud and death they deserved it
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WL123456 Supreme	25-Apr-2019 16:53        WL123456 About Contact  Quote this Post!
x 0   x 0  Alert Admin	A few ask me to post the article in Pm. For those who missed it : We believe that Best World is a fraud and that its Chinese sales are a fraction of what was reported to shareholders. On March 19, 2019, Best World International Ltd. (BB: BEST __ SGX: CGN) (?Best World? or the ?Company?) disclosed to its shareholders that it hired PricewaterhouseCoopers (?PwC?) to conduct a limited, one-year independent review of its 2018 China operations. We think Best World management purposely focused PwC?s investigation solely on 2018 in an attempt to both divert attention from, and ultimately further conceal, previously reported fake sales and profits from its China operations. PRC Filings suggest that Best World fabricated at least S$ 31 million of its reported 2017 sales to its ?one major customer? (?Changsha Best?), an entity Best World management secretly controlled and exclusively created to be Best World?s off-books China counterparty. Excluding fabricated sales to Changsha Best, we calculate that Best World overstated its 2017 net profits by at least 130%. Since January 2019 we have communicated with 24 separate Best World China member representatives (?Member Rep(s)?) and have conducted field visits to 12 BWL Lifestyle Centers (~36% of Best World?s listed franchisee locations) to better understand Best World?s sales model. Our findings suggest there exists very little end user consumer demand for DR?s Secret skin care products in China. In addition, evidence suggests that since the February 18, 2019 Singapore Business Times article (the ?BT Article?), online vendors on both JD.com and Taobao.com appear to have artificially inflated their online review counts and transaction history to give a false appearance of online sales activity. We found that 8 of the 12 BWL Lifestyle Centers we visited did not sell individual products to non-members. Our investigators commented that employees at BWL Lifestyle Centers disclosed and acted as though they were not accustomed to interacting with walk-in customers. We laugh at this, but we were told by on-site employees at one BWL Lifestyle Center that we were their very first walk-in customer despite their lifestyle center being open since October 2017! As reward for their fraudulent scheme, Best World?s founders (the ?Dora?s?) exponentially accelerated their combined annual take home pay by 20x in five years, earning less than S$ 2 million in 2013 to receiving S$ 40+ million in cash in 2018! In the three years since implementing the scheme, the Dora?s collectively took home S$ 85 million in cash, while Best World exited 2018 with its trade and payables balance at an all-time high of S$ 95 million and its receivables touching all-time lows at S$ 5.2 million.
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bwavep Senior	25-Apr-2019 16:52        bwavep About Contact  Quote this Post!
x 0   x 0  Alert Admin	depends who you cheat?    Operator81      ( Date: 25-Apr-2019 16:51) Posted: Ask Midas Holding. Qanghoo      ( Date: 25-Apr-2019 16:48) Posted: Is fraud punishable by death in China
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beng1102 Elite	25-Apr-2019 16:52        beng1102 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Don' t be fake expert!  I have worked in compliance and know more than u. Operator81      ( Date: 25-Apr-2019 16:49) Posted: Let us know if you need step by step illustration. beng1102      ( Date: 25-Apr-2019 16:44) Posted: At least I know that it could be a death sentence in China.  If the committed fraud and death they deserved it
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Starship Supreme	25-Apr-2019 16:51        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	destinykraze      ( Date: 25-Apr-2019 16:35) Posted: Just like retail investors at hyflux. They are deluded and will only wake up when they realise they stand 0% chance to get back 100% of their money and less than 1% chance to get back even 3% cash. If the earnings are genuine and not inflated why who bonitas publish fake news. The repercussion is bigger than the potential gains bonitas has. Huge price dips = funds pulling out.
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Operator81 Senior	25-Apr-2019 16:51        Operator81 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ask Midas Holding. Qanghoo      ( Date: 25-Apr-2019 16:48) Posted: Is fraud punishable by death in China? beng1102      ( Date: 25-Apr-2019 16:44) Posted: At least I know that it could be a death sentence in China.  If the committed fraud and death they deserved it
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Operator81 Senior	25-Apr-2019 16:49        Operator81 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Let us know if you need step by step illustration. beng1102      ( Date: 25-Apr-2019 16:44) Posted: At least I know that it could be a death sentence in China.  If the committed fraud and death they deserved it. destinykraze      ( Date: 25-Apr-2019 16:30) Posted: You obviously have no idea on how frauds work
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bwavep Senior	25-Apr-2019 16:49        bwavep About Contact  Quote this Post!
x 0   x 0  Alert Admin	whose cows?  no HK cows here as that was the suggestion given....  will also be impressive if such an ' investor' shows up now.  incidentally, most firms never need to submit any ' concrete reports' to SGX....only the potentially naughty ones than have been flagged.  and yes, they should indeed pay more divs in they can generate sufficient positive free cash flow.  the early investors made a killing, the late ones got killed and are wondering why. michaeltan      ( Date: 25-Apr-2019 16:39) Posted: You can talk until the cows come home. You could sit here and argue but it wouldn' t solve anything. The best is BW could pull in a big investor and submit a concrete report to SGX. The share price now of the valuation is pretty attractive now with 0.54 cents of dividend.  bwavep      ( Date: 25-Apr-2019 16:24) Posted: investors can dial down HKEX listing expectations.  my experience tells me HKEX would likely reject their listing.  in any case, the management should be aware the company would likely be unable to stand up to the pre-listing  scrutiny of their business model
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Qanghoo Supreme	25-Apr-2019 16:48        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	Is fraud punishable by death in China? beng1102      ( Date: 25-Apr-2019 16:44) Posted: At least I know that it could be a death sentence in China.  If the committed fraud and death they deserved it. destinykraze      ( Date: 25-Apr-2019 16:30) Posted: You obviously have no idea on how frauds work
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Starship Supreme	25-Apr-2019 16:46        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	michaeltan      ( Date: 25-Apr-2019 16:39) Posted: You can talk until the cows come home. You could sit here and argue but it wouldn' t solve anything. The best is BW could pull in a big investor and submit a concrete report to SGX. The share price now of the valuation is pretty attractive now with 0.54 cents of dividend.  bwavep      ( Date: 25-Apr-2019 16:24) Posted: investors can dial down HKEX listing expectations.  my experience tells me HKEX would likely reject their listing.  in any case, the management should be aware the company would likely be unable to stand up to the pre-listing  scrutiny of their business model
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beng1102 Elite	25-Apr-2019 16:44        beng1102 About Contact  Quote this Post!
x 0   x 0  Alert Admin	At least I know that it could be a death sentence in China.  If the committed fraud and death they deserved it. destinykraze      ( Date: 25-Apr-2019 16:30) Posted: You obviously have no idea on how frauds work. beng1102      ( Date: 25-Apr-2019 10:53) Posted: U mean someone would setup a fake company to buy from BW and paid so much money.  The money then pay to shareholders, pay to Tax authority, pay to buy back share, pay to directors?
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michaeltan Master	25-Apr-2019 16:39        michaeltan About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	You can talk until the cows come home. You could sit here and argue but it wouldn' t solve anything. The best is BW could pull in a big investor and submit a concrete report to SGX. The share price now of the valuation is pretty attractive now with 0.54 cents of dividend.  bwavep      ( Date: 25-Apr-2019 16:24) Posted: investors can dial down HKEX listing expectations.  my experience tells me HKEX would likely reject their listing.  in any case, the management should be aware the company would likely be unable to stand up to the pre-listing  scrutiny of their business model. beng1102      ( Date: 25-Apr-2019 15:44) Posted: I think no need big investor for privatization.  The directors combined deem stake is more than 41% and with cash of 200million, they could easily raise fund to delist and relist it in say HKEX and raise the money to repay.    Sometime delist and relist can make even more money
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bwavep Senior	25-Apr-2019 16:36        bwavep About Contact  Quote this Post!
x 0   x 0  Alert Admin	we are talking about a MLM-like business model here, no?  for > $80-100mil, some people will sell their souls, let alone their faces. at a minimum, let' s just say its a question of ethics and legality of the business models in its countries/cities of operations.  does its financial reporting stand up to scrutiny?  in any case, perhaps the market will eventually decide the stock is worth, say, more than $1 but less than $3?  Sen9999      ( Date: 25-Apr-2019 13:46) Posted: Hmm they are a 27years company, and which mum will put their daughters in the picture if they are running a scam? sbscap      ( Date: 25-Apr-2019 13:36) Posted: @beng1102, I think the illustration Operator91 used is just a simplistic example. I' m not referring specifically to BW. The real operation of a good scam is much more complex as it involves some real businesses (real customers, suppliers, products, etc) and a very clever way to get around auditors, regulators, bankers, investors, buy/sellside analysts, media, etc. Afterall, the best cheats would want to be around to enjoy thier ill-gotten gains instead of running away to some remote places and pretending to be poor
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alvin.lim.77 Member	25-Apr-2019 16:36        alvin.lim.77 About Contact  Quote this Post!
x 0   x 0  Alert Admin	how can sgx call a review based on a report which contains bad language, much ambiguity and a threat at most when the report claimed that it will short the stock. It dont look like a report to me. more like a coordinated assault and a threat.
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Operator81 Senior	25-Apr-2019 16:35        Operator81 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Minasan, please refrain from using the word scam or fraud because you have no proof. Shall we standardize and use the word Operation, example stock operation, their operation?
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destinykraze Elite	25-Apr-2019 16:35        destinykraze About Contact  Quote this Post!   Yells: "Reality is only a matter of perception"
x 0   x 0  Alert Admin	Just like retail investors at hyflux. They are deluded and will only wake up when they realise they stand 0% chance to get back 100% of their money and less than 1% chance to get back even 3% cash. If the earnings are genuine and not inflated why who bonitas publish fake news. The repercussion is bigger than the potential gains bonitas has. Huge price dips = funds pulling out.
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stockpicker Master	25-Apr-2019 16:33        stockpicker About Contact  Quote this Post!
x 0   x 0  Alert Admin	Singapore is such as small market compare to China.  It does not work in Singapore does not mean it won' t work in China moreover,  Singapore residents are mainly middle class whereas a big proportion in China is still struggling for a good living and many have good " dreams" This guy who was just caught for corruption has built himself a palace by doing direct selling http://www.zhixiao100.com/?p=45344 This guy in QuanJain claimed that he had only RMB$2/= when he was broke and built an empired on Direct selling before he was caught and put in jail this year http://www.sohu.com/a/284712169_100001551 What I wanted to say is these 2 guys will never survive in Singapore doing direct selling   Jamesbond007      ( Date: 25-Apr-2019 15:58) Posted: Ask yourself a simple question. would such means of business ops work in spore? it simply can' t. but, to say it works so well n profitable in china with nothing more than through their own opaque networks captures my imagination. would i buy even a single 1000 shares?  i won' t.
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destinykraze Elite	25-Apr-2019 16:30        destinykraze About Contact  Quote this Post!   Yells: "Reality is only a matter of perception"
x 0   x 0  Alert Admin	You obviously have no idea on how frauds work. beng1102      ( Date: 25-Apr-2019 10:53) Posted: U mean someone would setup a fake company to buy from BW and paid so much money.  The money then pay to shareholders, pay to Tax authority, pay to buy back share, pay to directors?    runaway      ( Date: 25-Apr-2019 10:43) Posted: 可 否 分 享 这 重 要 信 息 是 那 里 获 得 的 ？ 可 以 确 认 是 可 靠 的 报 道 吗 ？
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Operator81 Senior	25-Apr-2019 16:30        Operator81 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just for laugh: How about doing a backdoor listing in HKEX using Noble? bwavep      ( Date: 25-Apr-2019 16:24) Posted: investors can dial down HKEX listing expectations.  my experience tells me HKEX would likely reject their listing.  in any case, the management should be aware the company would likely be unable to stand up to the pre-listing  scrutiny of their business model. beng1102      ( Date: 25-Apr-2019 15:44) Posted: I think no need big investor for privatization.  The directors combined deem stake is more than 41% and with cash of 200million, they could easily raise fund to delist and relist it in say HKEX and raise the money to repay.    Sometime delist and relist can make even more money
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Qanghoo Supreme	25-Apr-2019 16:29        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	That' s y the ang mohs are so scared of China.  In time, China just might overtake america in more ways than one.    michaeltan      ( Date: 25-Apr-2019 16:19) Posted: Don' t under estimate China markets. One day who knows could be most powerful in the world. I have some friends who are doing business in China, their purchasing power here got no match at all. Jamesbond007      ( Date: 25-Apr-2019 15:58) Posted: Ask yourself a simple question. would such means of business ops work in spore? it simply can' t. but, to say it works so well n profitable in china with nothing more than through their own opaque networks captures my imagination. would i buy even a single 1000 shares?  i won' t.
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