| Latest Forum Topics / China Hongxing |
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What Next ?
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wawa111
Member |
23-Mar-2018 11:05
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StopChinaHX
Member |
23-Mar-2018 11:00
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I think the company already appointed an IFA to do the valuation and report.  If we don' t accept, we need to have our own IFA and re-generate the valuation report. But that will be very expensive (maybe cost about 50k~100k according to SIAS), unless we have anyone in our minority shareholders group can help on this!!
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StopChinaHX
Member |
23-Mar-2018 10:36
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Just to clarify again, it' s  0.0016SGD =  0.16c !!
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lingua101
Veteran |
22-Mar-2018 22:32
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My question, should SGx impose that any take over like this must be supported by valuation report?   |
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Jamesbond007
Veteran |
22-Mar-2018 19:46
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Another of the s-chip stocks in trouble. Investors wake up.
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ysh2006
Supreme |
22-Mar-2018 19:22
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1.6c can't buy a decent coffee to drink.If don't go through than continue suspended await for next white knight...hopefully one day if shoe business is good we can get 30c dividend line Aztech ?
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StopChinaHX
Member |
22-Mar-2018 18:09
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All, Just for your information, there is a Post Statement released on SIAS website as below.  I believe most of us understand the proposal as it was written in the circul and also released on both English and Chinese media& rsquo s. No matter what solution they provide, what we (minority shareholders) want is just a fair valuation of the company assets (both tangible and intangible)and our shares! Nothing more, nothing less!! Seems there is some errors when I am trying to post the   SIAS link. Please refer to  here.     FAILUREThis is an error message. Please send an email to ADMIN at [email protected] to report this problem. |
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StopChinaHX
Member |
22-Mar-2018 17:19
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That&rsquo s what we need to plan also, who knows, maybe we can reach the &ldquo next step&rdquo ?!   And we can work with SIAS, or by ourselves (assuming we have the right resources and support from all our shareholders) to negotiate with the company (and the buyer?) to get a better deal!!
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whymee
Veteran |
22-Mar-2018 15:50
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Hi all, what px is considered better deal ? Before suspend px 0.11 ~ 0.12 ?   Doubt they will agreed to it . Anyway I have submitted and vote&rdquo against &ldquo !  What will happen if 0.0016 doesn&rsquo t go thru ? 
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StopChinaHX
Member |
22-Mar-2018 15:34
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For todays meeting with SIAS, we got four investors showed up, including myself. And we had a friendly discussion (or chat) with the senior officer and some of their staffs. We have raised a lot questions and also received some suggestions and advices from SIAS. As there was a lawyer aside, and also we agreed with SIAS that it would be a close discussion, so I can' t (I don' t know, but I better not, as I don' t have a lawyer.. :S) disclose any details outside the meeting room (actually nothing really sensitive or important I guess... :P  ). But anyway, here is a short summary for those who are interested: 1. SIAS is not a gov org so no power or resource to do the job as police or court...
2. For any acounting issues and auditing issues, we will have to hire our own auditor or lawyer, which is very expensive, to do the " things" ... 3. ...... 4. ...... 5. ...... 6. ...... ...... A lot of words omitted here... Btw, one suggestion we received is, if we want to negosiate a better deal, we may ask the chairman during the SGM on 28 March and see if they agree to postpone the meeting, and if possible, setup a face to face meeting between minority shareholders the company.  If we need SIAS to represent us, then we need to join SIAS as a member (apply here), so that they can (or may) help us to negotiate with the company.  If the chairman does not agree, then just go ahead and see the outcome of the vote. Plus, the Wu family which is holding more than 30% shares will not be join the vote, so by right if everyone of us join the vote and submit your Proxy Forms (LAST DAY IS TOMORROW, please hand in to the office directly!!), we still got a lot chance to vote against the deal and then negotiate a better deal with them. SIAS also highlighted the pros and cons of vote for or against this proposal. So everyone please consider and choose the best way, just follow your heart!! But to me, we shall unite and keep on fighting, nothing to loose anyway!! Btw, if anyone who is familiar with accounting/auditing/legal matters, please PM me or provide your suggestions.  We need to prepare for the next step, maybe there will be a next step, who knows!! :) Thanks, SC
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StopChinaHX
Member |
22-Mar-2018 15:02
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I think we can contact some media in China and provide the truth/fact, other than that, unless we really have some powerful shareholders or someone who got network in China can help to escalate this to their gov.  Otherwise...
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sbscap
Master |
22-Mar-2018 14:31
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Anyone has any idea how to launch an attack, oops, spread the truth I mean, on Mr Wu in his home ground, i.e., China? Contact some Chinese media, some website, someone who can spread the words around, launch a PR campaign. | |||||||||||||
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xerces
Member |
22-Mar-2018 10:00
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Guys, tomorrow is the last day to submit proxy. Please do so if you havent submit. Point to note, please cross and date the proxy. Section II is the proxy name, IC and address. | |||||||||||||
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StopChinaHX
Member |
21-Mar-2018 16:57
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Hi Berani, Thanks for offering the help. But I just got the reply from SIAS that only the shareholders of CHX can join the meeting. :( Please see the email below: ====================
 
Hi SC,
 
Shareholders are to bring along their IC and proof of shareholding (CDP/Broker&rsquo s statement). We are a membership association, as such, we can only represent members. Membership forms will be handed to those attending before the meeting. Only shareholders are allowed, thus the auditor will not be able to attend. ...
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lingua101
Veteran |
21-Mar-2018 11:43
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Hi Berani, You are CHX auditor before? I remember and saw from the report the submit to SGX that they appointed PWC to do special audit for them.    But I cannot see any filling about the result of the audit. Anyone know the result of PWC finding?    Did PWC also refuse to give their opinion?    StopChinaHX, should we ask SIAS why SGX never insist on this?  
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lingua101
Veteran |
21-Mar-2018 11:20
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i am not legal person or auditor, so my view is just based on my knowledge and common sense. Techncially Wu Family is not the same as the company, as the company is limited company.    But as they are major shareholder and probably controlling parties, they have some moral obligation I suppose. Also are they in management team?    My question why the cash was baloon up for years?    Do not tell me that Wu Family does not know about it? Also what happen about the the auditor commen that they cannot find " audit evidence" as mentioned on page 32 on the below link.    Definitly something is not right.    So no need to account for all of this ah? http://infopub.sgx.com/FileOpen/Announcement_on_modified_report_FY2011.ashx?App=Announcement& FileID=41517    
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StopChinaHX
Member |
21-Mar-2018 11:10
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Btw, I am not familiar with the company/finance/law, but what I feel is, when they (the Wu family) are talking about responsibility or any liability, they are able to make a clear cut between themselves and the company, which makes them able to run away when " BAD" things happened.  But when talking about profit/earnins/assets/cash balance, etc, the company become their piggy bank, and they can take away the money any time, any amount they want!! Then what' s the point of listing on SGX and doing auditing every year?!  It just like running a family business to me... > _<
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StopChinaHX
Member |
21-Mar-2018 11:02
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Oh, I see.  I believe we do need help on that. But I am not sure if they will ask/check for any personal info when enter the SIAS building or not. Maybe you can just come and try? Btw, as an auditor, did you find any solid proof that the company has done violate the regulation or law? Or anything we could use challange them during the meeting, so that maybe we could stop the SGM or their share dispose proposal, or could convince the SIAS/SGX to start further investigation on the company? Anyone else would like to join the meeting with SIAS?  Shall we meet up and have a short discussion before tomorrow' s meeting?
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Berani
Elite |
21-Mar-2018 10:50
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I am the auditor.. thought can help all of you in the meeting
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StopChinaHX
Member |
21-Mar-2018 10:47
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Sorry, I am afraid not. As the admin mentioned that need to be shareholders for China HongXing when I asked her. Btw, do you have any specific question like to ask SIAS?  Is it related to this SGM? If yes, we can help to take note and ask SIAS during the meeting. Thanks.
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