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Haha. You are still stuck here. Align with Khoo to TOTM!
LoudShout ( Date: 04-Aug-2025 16:16) Posted:
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cannot bring the company forward whatever khoo also no use.. u see Popiah king and OHL also invested in MM2.. end up?? they r big boys with small change to lose
Kilatkilat ( Date: 30-Jul-2025 08:09) Posted:
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Support 32 break,next support 28,don't pick fall durian lo
Who want to buy a basket of sweet potatoes and throw to management at agm today? Got chance to see and hear Thormas Khoo today.
Kilatkilat ( Date: 29-Jul-2025 16:19) Posted:
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With this big trading volume today, it can be sure that top 20 shareholders were also trading. Whether they bought or sold, it is everyone guess.
Kilatkilat ( Date: 29-Jul-2025 09:36) Posted:
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No choice lah. But have to be align with Thormas Khoo. He now comes in liao.
TraderBen ( Date: 29-Jul-2025 09:29) Posted:
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Good that u choose prata.. smart move..
Kilatkilat ( Date: 28-Jul-2025 10:22) Posted:
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Despite having sufficient cash on hand, the company keeps raising funds through equity issuance, which is puzzling. At the same time, Thomas Khoo continues to accumulate shares ? it?s unclear whether he?s signaling confidence or pursuing another agenda.
sklong138 ( Date: 29-Jul-2025 09:07) Posted:
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Market reacted negativity arising from SIAS' s queries and Zixin' s responses which is in line with my impartial assessment
sklong138 ( Date: 26-Jul-2025 10:04) Posted:
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Non executive director resigned. SIAS raised its query on governance. Good luck for those who continue to hold it!
Kilatkilat ( Date: 28-Jul-2025 10:22) Posted:
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It's really bad enough that the stock price has not even risen and it's being questioned.
Kilatkilat ( Date: 28-Jul-2025 10:22) Posted:
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SIAS queries made me change my mind totally. Hence, good luck for those who continue to hold it.
Kilatkilat ( Date: 28-Jul-2025 09:43) Posted:
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Ya ya. This company is not good for investment.
TraderBen ( Date: 28-Jul-2025 09:32) Posted:
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waste time staying in this counter where u see others flying without wings..
Kilatkilat ( Date: 26-Jul-2025 15:45) Posted:
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https://www.google.com/amp/s/www.potatopro.com/news/2025/zixin-group-achieves-breakthrough-sweet-potato-crisps-and-fries-snack-products
Kilatkilat ( Date: 26-Jul-2025 14:55) Posted:
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Wah today weekend no trading yet so many talking about Zixin..next week big gain, is it? Why Thormas Khoo can met CEIO but bro Wesley cannot visit them? Let me raise this in the coming agm. Any other questions you want me to ask? Status of functional food production? Ptofit margin of higher margin products?
| spursfan ( Date: 26-Jul-2025 13:17) Posted: |
Good summary and analysis. Thanks
No market sizing? Really?
Right issue = justification and steep discounts and use of proceeds
Grant awards - independent directors. Renumeration Committee - not there or not robust
Planting and reaping sweet potatoes in the dark..
No market sizing? Really?
Right issue = justification and steep discounts and use of proceeds
Grant awards - independent directors. Renumeration Committee - not there or not robust
Planting and reaping sweet potatoes in the dark..
My overall impartial assessment of Zixin' s responses to SIAS' s queries as follows:'
Based on a thorough review of Zixin Group' s responses to SIAS, my impartial assessment identifies **significant strengths in operational disclosures but material weaknesses in governance justification**, particularly regarding shareholder equity and information parity. Key observations with reasons:
Based on a thorough review of Zixin Group' s responses to SIAS, my impartial assessment identifies **significant strengths in operational disclosures but material weaknesses in governance justification**, particularly regarding shareholder equity and information parity. Key observations with reasons:
### **Strengths**
1. **Operational Clarity (Q1):**
- Provided precise manufacturing data (13,700-tonne capacity, 76% utilization).
- Detailed Hainan expansion milestones (land development progress, JV structure, 3% stake) with clear capital commitments (RMB 3.6M funded internally).
*&rarr Demonstrates transparency on tangible projects.*
2. **Forward-Looking Risk Management:**
- Explicitly linked recycling segment potential to China&rsquo s soy-reduction policy (April 2023 action plan).
- Highlighted cash reserves (RMB 183M) and liquidity as buffers against geopolitical/economic risks.
*&rarr Contextualizes strategic decisions amid uncertainty.*
---
### **Weaknesses & Concerns**
1. **Inadequate Fundraising Justification (Q1iv):**
- **Critical Issue:** Failed to reconcile the *dilutive* rights issue (44% discount to TERP) with pre-existing cash reserves (RMB 156M).
- Independent directors cited generic " expansion" needs but omitted:
- Cost-benefit analysis for choosing dilution over internal funding.
- Specific thresholds for warrant exercise proceeds.
*&rarr Raises questions about capital allocation prudence.*
2. **PSP Grant Deficiencies (Q2):**
- **No Performance Link:** Admitted grants were retention tools, not tied to KPIs or sector benchmarks.
- **Disproportionate Awards:**
- " Administration Manager" received 30M shares (49% of total PSP) vs. CFO&rsquo s 1M shares.
- No rationale for skew toward non-C-suite roles.
- **Accounting Ambiguity:** Classified CFO&rsquo s shares as " Other Benefits" &ndash obscures true compensation.
*&rarr Undermines remuneration governance suggests ad hoc rewards.*
3. **Selective Disclosure Risks (Q3):**
- Contradicted IR Policy by confirming:
- Substantial shareholder received private updates on " near-term expansion targets."
- Shareholder increased stakes *after* meetings where targets were discussed.
- Training disclosure (" directors informed of policy" ) lacks evidence of enforcement.
*&rarr Fails to dispel information asymmetry concerns.*
4. **Market-Sizing Evasion (Q1ii):**
- Dismissed addressable market quantification for the recycling segment as " unable to gauge."
- No substitute metrics (e.g., regional demand studies) provided despite citing regulatory tailwinds.
*&rarr Weakens growth narrative credibility.*
---
### **Overall Assessment**
| **Area** | **Rating** | **Reason** |
|------------------------|------------|----------------------------------------------------------------------------|
| **Operational Transparency** | Good | Concrete data on capacity, projects, and cash flow. |
| **Governance Rigor** | Poor | Unjustified dilution, non-aligned PSP grants, IR policy breaches. |
| **Risk Communication** | Moderate | Acknowledged external uncertainties but omitted key financial rationales. |
**Conclusion:** Zixin&rsquo s responses adequately address *factual* queries (e.g., project status, capacity) but **expose material governance gaps** in capital raising, executive compensation, and fair disclosure. The lack of performance linkages for PSP grants and failure to justify dilution amid strong liquidity are particularly concerning for minority shareholders. SIAS/SGX may require follow-up on these points.
Here is a concise summary of SIAS' queries and Zixin Group' s responses:
---
### **Q1: Financial Performance & Strategy**
**Query (i):**
- *Capacity & Utilization:* Installed capacity (13,700 tonnes) and FY2025 utilization rate (76%).
- *Growth Capability:* Threshold for new capital expenditure.
**Response:**
- Utilization at **76%** no fixed capacity trigger for capex &ndash expansions assessed based on strategic needs and market dynamics.
**Query (ii):**
- *Recovery & Recycling Market Size:* Addressable market for the new segment (RMB 445k revenue in 2H FY2025).
**Response:**
- Market size " unable to be gauged" currently optimistic due to China&rsquo s policy shift away from traditional feedstock (e.g., soymeal reduction in animal feed).
**Query (iii):**
- *Hainan Expansion Timeline/Costs:* Milestones, capital requirements, funding, and Group&rsquo s influence.
**Response:**
- **Timeline:** Primary land development (3-year phased plan) 3/12 villages completed.
- **Funding:** JV (Hainan Xinwei) with RMB 120M capital Zixin holds **3% stake** (RMB 3.6M via internal funds).
- **Influence:** Limited (minority JV stake) updates at key milestones.
**Query (iv):**
- *Rights Issue Justification:* Independent directors&rsquo role in pricing/dilutive terms necessity despite strong cash reserves (RMB 156M pre-issue).
**Response:**
- Independent directors involved in pricing/warrant terms.
- Funds for expansion (PRC/Singapore) and working capital warrants add future liquidity. " Stronger capital base" needed for economic uncertainties.
---
### **Q2: Governance & Remuneration**
**Query (i):**
- *PSP Share Breakdown:* Recipient details (shares, seniority).
**Response:**
1. Admin Manager (12 yrs): **30M shares**
2. CEO Office Manager (15 yrs): **20M shares**
3. Manager (13 yrs): **10M shares**
4. Financial Controller (6 yrs): **1M shares** (recorded as " Other Benefits" ).
**Query (ii):**
- *PSP Selection Criteria:* Basis for choosing recipients.
**Response:**
- Based on tenure, contributions (e.g., building facilities, securing partnerships), and expertise critical for expansion.
**Query (iii):**
- *Performance Conditions:* Benchmarks for 61M share grant (4.4% dilution) alignment with sector standards/shareholder value.
**Response:**
- **No performance conditions** grants aimed at retaining " pivotal personnel." No reference to sector benchmarks or shareholder returns.
---
### **Q3: Investor Relations & Disclosure**
**Query (i):**
- *Selective Disclosure Risk:* Policies to prevent unequal information access after CEO&rsquo s private meetings with a substantial shareholder (who raised stake to 13.5%).
**Response:**
- Investor Relations Policy ensures compliance with SGX rules all material news via SGXNet/website. " No new information" shared privately.
- CEO&rsquo s discussions were " non-selective" shareholder invested due to " passion and vision."
**Query (ii):**
- *Management Training:* Steps to prevent information asymmetry.
**Response:**
- All directors/managers informed of IR Policy directors trained under Catalist Rules.
---
### **Key Themes**
- **Growth Strategy:** Capacity flexibility Hainan JV minimizes financial exposure.
- **Governance Gaps:** PSP grants lack performance links high dilution for retention.
- **Transparency:** Defends selective engagement but offers no new safeguards.
- **Cash Use:** Rights issue funded expansion despite liquidity warrants add future dilution risk.