Sslee blog
The Ugly Mainland Chinese: CSL, Xingquan and Maxwell.
Dear all,
Another comment I just posted at Tun Mahathir’s blog
Dear PM Tun Dr Mahathir,
Tun, I agreed with Robert Kuok that years of experimenting with extreme left-wing communism and lack of any religion guidance have had adverse effects on many Mainland Chinese as they grew up without a strong moral compass. There are the ugly Chinese “Corrupt, Fraudulent, Dishonest, Immoral, Untruthful, Greedy, Inconsiderate, Selfish, Shady, Liar and Uncouth” and they only fear a bullet into their heads. Thank to tough anti corruption campaign by Central Commission for Discipline Inspection (CCDI), China able to cleaned out the corrupt system and a new China emerged with new selfless leaders devotion to duty, complete willingness to dedicate their lives to the causes of nation-building and raising the peoples’ standard of living are now a norm rather than exception. When will new Malaysia going to have incorruptible, nation-building leaders?
https://en.wikipedia.org/wiki/Anti-corruption_campaign_under_Xi_Jinping
Upon taking office, Xi vowed to crack down on "tigers and flies", that is, high-level officials and local civil servants alike. The campaign 'netted' over 120 high-ranking officials, including about a dozen high-ranking military officers, several senior executives of state-owned companies, and five national leaders. More than 100,000 people have been indicted for corruption. The campaign is part of a much wider drive to clean up malfeasance within party ranks and shore up party unity.
I would like to add on to @Sri Sense, “Berita Atta dan Heng Huat suspended. Kes polis. Hubby jerit ITU MENIPU LA. Nasib baik I tiada shares dalam 2 company ini” by relating my bitter and sad experience in confronting Red Chips companies BOD listed in Bursa:
My reflection on the road I taken to seek the truth and I am now wondering whether did I make a different or is justices served? And what more can I do? The anxiety, desperation and sad face of minority shareholders I befriends during 2016 Xingquan AGM will forever haunt me.
It had been an uphill and a difficult long walk ever since I made my decision to seek the truth and nothing but the truth when I walk out from my first ever Xingquan 8th AGM (7th Dec 2016) dumbfounded that the BOD were lying thro’ their teeth, cheating and scamming the minority shareholders with impunity and getting away with it.
Refer Xingquan 8th AGM official minutes on BOD laughable explanation:
1. On the loss of RMB 415 million to supply 3.6 millions pair of custom make shoes to government agency: Only during full delivery of 3.6 million pair, the group was informed verbally that the shoes were found to fall short of the specification of antibacterial and absorbent ability.
2. On the write off of doubtful debt of RMB157.5 million: It was prudent to make provision for doubtful debt on those who had delayed in payment for trade receivable for more than 90 days.
3. On is the cash in bank real or fraud?: The cash in bank was verified by the external auditors who had obtained confirmation and printed bank balances statement directly from the various banks, the low interest income because of low interest rate and minimum placement of funds in fixed deposit accounts.
Not helping is the uncaring and gullible external auditors and independent directors dance to the BOD’s tune.
I make my first official complain to Bursa (Bursa Ref: CC/215/16) and I am thankful to Mr. Eddie Yeo and Ms. Chong Siew Yeen of Corporate Surveillance & Governance Division granted me a meeting on 19 December 2016 where I seek Bursa advice on Requisition an EGM for forensic audit. Before that I already send a petition letter to the then Ambassador of China His Excellency Dr. Huang and met China Economic and Commercial Counselor secretary Mr. Fang Tao who promised me to send a representative to the EGM as observer for the EGM and voting proceeding. I then approached a substantial shareholder (Holding more than 10% Xingquan share) Mr. Koon Yew Yin and met with his lawyer to finalize EGM REQUISITION.
Unfortunately before we can send in the EGM Requisition to the company secretary suddenly the CFO, Independents directors and company secretary resign en masse and the Xingquan BOD become elusive and did not responds to Bursa’s inquiries.
I make my official complaint to SC and was invited to a join SC and Bursa meeting at SC office on 8/8/2017. Many more email and meeting follow. I remember I end one of my emails to Bursa and SC with my boil over frustration on lack of information on action taken with harsh words: “Are we Malaysian surrendering our sovereign right to China? Are Red Chip companies allowed to cheat us with impunity? Is our government unable to stand up to China? If China can ask our government to send the Telephone-Cheat syndicate members (Taiwanese) back to mainland China for trial then why is it so difficult to ask China to extradite the Red Chips Companies CEO to stand trial in Malaysia? Is our government not protecting our right anymore? Are we nothing but a nation of thieves? If so, my only hope is on GE14.
Finally I am glad and breathed a great sigh of relief to read the below media releases by SC and Bursa on 29 March 2019 for taking administrative actions/reprimands action on CSL, Xingquan and Maxwell.
My recent follow up email with Bursa and SC and still waiting for SC and BURSA update
Dear Bursa and SC,
A new year 2020, a new decade and a new journey, “Since you have to do the things you have to do, be wish to do some of the things you want to do”- Malcolm Forbes.
Another year pass-by and please allow me to wish all a Happy and Prosperous New Year 2020. In the new year of 2020, we Malaysians have to kiss our vision 2020 good-bye. http://chedet.cc/?p=2982#comment-146576
But please welcome our new vision of Shared Prosperity 2030. Shared Prosperity has to come with Shared Responsibility and Shared Values as our destiny is interconnected. http://chedet.cc/?p=2982#comment-146596
I am writing this email to SC and Bursa as follow up on our last meeting on 9 August 2019 at SC office and since then whether any further actions had been taken against Xinquan?
Bursa own admission quote, “The Company and the directors did not respond to/provide any explanations to the numerous queries of Bursa Malaysia Securities on XINQUAN’s Breaches and/or the actions taken by the directors in the discharge of their duties to ensure compliance with the Main LR vis-à-vis XINQUAN’s Breaches, unquote”
My guess is CEO Dato’ Wu and his brother Wu Lianfu did not paid up their fine, continues thumbing their nose at Bursa. Is Bursa going to let these crooks laughing all the way to the bank with proceeds from IPO: RM 164,577,015 and proceeds from RI: RM 44,131,870?
So is the enforcement actions taken by Bursa against XINQUAN and its directors and delisting a fair closure for the long suffered minority shareholders? Is justices served? Should SC and Bursa take on the shared responsibility to take further actions to seek a fair closure for minority shareholder and brought on the full force of rule of law against those who broke the law?
My question as follow:
Question 1: In view of seriousness of offends/frauds committed by the fraudsters (CEO) and their total disregard/contempt shown against authorities of SC and BURSA with no respect for Malaysia Law. Has SC made an extradition request with China government to extradite CEO Dato’ Wu and his brother executive director Wu Lianfu to stand trial in Malaysia Court?
Question 2: I refer below link: https://gertop.world.tmall.com/
Xinquan brand product (Gertop) is still available for sale in China biggest online shopping website Taoboa. This mean Xinquan still have production lines and assets in China but the China owner and Management team just taken us Malaysian as fool and shown utmost contempt to SC and BURSA authorities/Malaysia law.
Will SC now invoke CMSA 2007 section 358 (1) in the public interest, taking legal action against Xingquan to recover loss on behalf of victims who suffers loss or damage by reason of, or by relying on, the conduct of another person who has contravened any provision of Part VI or any regulations made under this Act, the amount of the loss or damage by instituting civil proceedings against the other person whether or not that other person has been charged with an offence in respect of the contravention or whether or not a contravention has been proved in a prosecution?
Question 3: May SC and Bursa share with me some information of any further action SC or Bursa intend to take against Xinquan?
Thank you
Yours truly,
SSLEE
P/S: Perhaps PM Tun Dr Mahathir can assign someone to look into this case.
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Discussions
Be the first to like this. Showing 50 of 102 comments
國進民退 is the temporary measure to reduce unemployment rate
due to the trade war.more wars coming up including financial war,technological war. CHINA is doing anything to protect the jobs of his people.
2020-01-19 13:57
If this is the case, When recession happen in Malaysia, our government should imitate 國進民退 temporary measure to reinstall the economy... lol
2020-01-19 14:01
It is also meant that temporary no law rule but rule by government....better declare curfew.
2020-01-19 14:03
some private enterprises in China are no longer bankable .GLCs are acquiring those companies to protect jobs.
2020-01-19 14:15
@pjseow， trump had earlier repeatedly answered this question, he said he blames past US presidents, who thought that if China has bigger middle class,as people became more well off. the country can become more democratic, as suggested by Deng xiaoping, but this did not materialised, thus he has to reverse US policy , a cold war policy is in place.
2020-01-19 14:19
Weird!...China BAT are not profitable? CCP has stepped in the management through a tiny percentage of shareholding.
2020-01-19 14:20
enning22 ,are you a falun gong ? the media you mentioned are full of fake news.you should watch 寰宇全視界.
2020-01-19 14:23
就在刚刚！中国经济已经开始衰退！中国的银行，房地产企业 破产潮井喷，习近平叹息无可奈何！
https://www.youtube.com/watch?time_continue=155&v=0VeXDNtLSRM&feature=emb_logo
2020-01-19 14:25
falun gong，is just morning exercise, like Taiqi,or dances, help keep people healthy.舔共白痴，want to make an issue out of it, like爪夷文 , worthless ,irrelevent issue.
2020-01-19 14:48
enning22. Don't trust those fake medias. we should trust GDP data published by CCP. 6% GDP which is far higher than US. China economy is far better than US. 中國貿易戰大打大贏, 中打中贏，小打小贏。lolz
2020-01-19 14:57
用錯辭了。應該是'反鄉創業'.
Posted by enning22 > Jan 19, 2020 2:21 PM | Report Abuse
失业潮大爆发!中共急令防突发事件https://www.youtube.com/watch?v=8D6BsFdwduU
2020-01-19 15:07
Dear all,
https://klse.i3investor.com/blogs/Sslee_blog/2020-01-19-story-h1482841840-Kimanis_by_election_defeats_a_bitter_pill_for_Malaysians.jsp
Another comment I just posted at Tun Mahathir’s blog
Thank you
2020-01-19 15:11
Echo what Deng said about black cat or white cat,a government can create wealth and well beings foydgxddswr its people are good government. It is undeniable that the Chinese government has created wealth for its peoples in the last 40 years. Comparing this government.with the democratically elected government of India, the.Chinese government.has done a much better job in improving the livelihood of its peoples.In my opinion, the peoples of China has more freedom in the choice of properties, food ,travel,leisure,cars,clothing .
2020-01-19 16:51
what trump said was not wrong, reflecting the fact.that was what exactly happening.chinamen made some money from US consumer market,and now tarrif in place, China faced reccession and massive unemployment.
2020-01-19 17:17
Enning 22,have you ever wonder why US treat the DEMOCRATICALLY ELECTED government of Iran as ENEMY whereas the US is so FRIENDLY to the totally non democratic governments of Saudi Arabia, Kuwait and UAE? US is silent on these countries lack of human rights and freedom of expressions? Do you know that the hypocritic governments of US and UK orchestrated the removal of democratically elected prime minister of IRAN in 1953 and helped replacing him with the Monarchial prime minister ???
2020-01-19 17:25
Enning, Have you ever read those phamplets distributed by Falun Gong in Taiwan? Read that only then give your comment, please
2020-01-19 17:37
don't be silly ,giving fake account of Iran government was democractically elected, or exact story like saddam hussein , 金三肥 was 99% democractically voted in as president, please for god sake , don't be naive, and stupid. I am not interest to enlighten you, you can believe whatever you like, including the believe that the Iranian Ayahdolla is god himself.Obviously the american and british obviously were not saints, but at least they are more like human and not behave like animals or evil like ghosts.
2020-01-19 17:49
@ 五毛：： 舔共五毛只懂诈骗，再没其他。
年关难过了 失业大潮席卷中国大陆
https://www.youtube.com/watch?v=phJ3aI5ONdE
2020-01-19 17:53
Dear all,
Communism is a proven failed economy system and undeniably China was once a failed state with Mao’s extreme left-wing communism experimentation that starved millions of its people to death. Communism stripped people of human dignity and moral value in self determination and free will in working hard in achieving Maslow's Hierarchy of Needs.
Today China is everything except communism, thanks to Deng’s open economy policy that emphasis on result rather than dogma or doctrine. China has gone a long way to becoming a market – capitalist – economy with a nominally Communist government. It has opened up to foreign investment (much more than, say, India). Its firms compete internationally and invest overseas. Some Chinese entrepreneurs like Jack Ma have global recognition. Day to day economic life operates through markets and farmers have greater ownership rights. There is a sophisticated stock exchange and capital markets with large and highly efficient and competitive State enterprises dominate banking, power, energy, and telecoms, major genuinely private companies (like Huawei, Lenovo, Ali Baba, Tencent and etc) and flourishing small to medium sized private companies. https://en.wikipedia.org/wiki/List_of_largest_Chinese_companies
According to the American business magazines Fortune and Forbes, in 2019 Fortune's Global 500 list of the world's largest corporations included 119 Chinese companies, with combined revenues of US$ 8.2 trillion.
http://www.xinhuanet.com/english/2019-10/18/c_138480544.htm
Allowing market to play a bigger role in China's economy in the past few decades has led to a "dramatic development" that pulled hundreds of millions of people out of poverty, said World Bank President David Malpass on Thursday, which marks the International Day for the Eradication of Poverty.
Since its founding in 1949, the People's Republic of China has lifted more than 800 million people out of poverty, which represent over 70 percent of global poverty reduction. Beijing has also promised to wipe out extreme poverty by 2020, ten years earlier than the deadline set by the United Nations (UN) in its 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDG).
https://en.wikipedia.org/wiki/Anti-corruption_campaign_under_Xi_Jinping
Upon taking office, Xi vowed to crack down on "tigers and flies", that is, high-level officials and local civil servants alike. The campaign 'netted' over 120 high-ranking officials, including about a dozen high-ranking military officers, several senior executives of state-owned companies, and five national leaders. More than 100,000 people have been indicted for corruption. The campaign is part of a much wider drive to clean up malfeasance within party ranks and shore up party unity.
Thank to tough anti corruption campaign by Central Commission for Discipline Inspection (CCDI), China able to cleaned out the corrupt system and a new China emerged with new selfless leaders devotion to duty, complete willingness to dedicate their lives to the causes of nation-building and raising the peoples’ standard of living are now a norm rather than exception. When will new Malaysia going to have incorruptible, nation-building leaders?
Thank you
2020-01-19 17:55
Dear all,
https://en.wikipedia.org/wiki/Chinese_Civil_War
Qing dynasty comes to an end in 1911 by people uprising lead by Dr Sun Yat Sen. What follow is period of instability; the Beiyang Government, warlords era, KMT-CPC First United Front and KMT-CPC split and resulting Civil War fought between the Kuomintang (KMT)-led government of the Republic of China (ROC) and the Communist Party of China (CPC) lasting intermittently between 1927 and 1949 with in between second Sino-Japanese war 1937-1945. The Long March (October 1934 – October 1935) was a CPC military retreat from the brink of annihilation by KMT Chiang Kai-shek's troops in their stronghold in Jiangxi province. The Communists, under the eventual command of Mao Zedong and Zhou Enlai, escaped in a circling retreat to the west and north, which reportedly traversed over 9,000 kilometers (5600 miles) over 370 days. The route passed through some of the most difficult terrain of western China by traveling west, then north, to Shaanxi. From countryside CPC able to spread communism ideology against sharp inequalities in society (Landless poor peasant against landlord and poor working class against capitalist) and lead CPC to War of Liberation victory against corrupted KMT- led government of ROC.
On 1 October 1949, Mao Zedong proclaimed the founding of the People's Republic of China with its capital at Beijing. Chiang Kai-shek and approximately two million KMT Nationalist soldiers retreated from mainland China to the island of Taiwan in December. Taiwan ROC and PRC in mainland China both officially claiming to be the legitimate government of all China. No armistice or peace treaty was ever signed, and the debate continues as to whether the civil war has legally end. Is Taiwan unequivocally part of China, a renegade province waiting to be reunited with mainland China or a sovereign state?
Note: https://en.wikipedia.org/wiki/First_Sino-Japanese_War. The First Sino-Japanese War (25 July 1894 – 17 April 1895) end with Qing China defeat and the Treaty of Shimonoseki was signed on 17 April 1895. The Qing Empire recognized the total independence of Korea and ceded the Liaodong Peninsula, Taiwan and Penghu Islands to Japan "in perpetuity". In 1945, following the end of World War II, the nationalist government of the Republic of China (ROC), led by the Kuomintang (KMT), took control of Taiwan.
Thank you
2020-01-19 17:58
Dear all,
“From each according to his ability, to each according to his needs” the utopian of Marxist Communism perfect classless society in which all property/land/asset/natural resources/capital is publicly/state owned and each citizen works and is paid according to their abilities and needs. As oppose to capitalism “selfishness and greed is good” where market set price for the sole purpose of profit and those with capital and resource (capitalist/landlord) will become super-rich and those without (working class/landless peasant) become super-poor.
Let’s be honest, the western democratic government is slowly turning into Government of the 1% business elite, by the 1% business elite, for the 1% business elite. A democratic government with unbridled capitalism free market-based approach economy (sometimes described as market fundamentalism or neoliberalism) has given rise to oligopolistic and monopolistic economy where the rich will get richer and poor become poorer.
Thank you
2020-01-19 18:06
Dear all,
https://en.wikipedia.org/wiki/Unequal_treaty
China had endured century of humiliation (1849-1949) with unequal treaty forced upon China by foreign power. (Empire of Japan, Russian Empire, British Empire, United State, French Colonial Empire, German Empire, Kingdom of Italy, Austro-Hungarian Empire, Kingdom of Belgium, Kingdom of Spain, Kingdom of Netherlands). China is now an awakening new emerging economic and military super-power. Whether we like it or not, we need to live with this new reality and put our best interest forward by studying and understanding China in order to forge strategic alliance on the back of a Prosper-Thy-Neighbor policy that promotes the concept of shared security and prosperity based on mutual respect, for mutual gain.
Thank you
2020-01-19 18:11
this is not a place to discuss political philosophy, this is a place where people discuss "The Ugly Mainland Chinese: CSL, Xingquan and Maxwell", those corporate crooks should or should not be severely dealth with, and punish. CROOKS ALWAYS want to divert people attention, and try to fool people , blurring the Clear ,and Present Danger!
2020-01-19 18:14
SSLee, Good summary of history of modern China. The world is changing and so its China. The socialist system with Chinese character proposed by Deng seems to work well for China. When Deng proposed and experiment with this system, he is not sure whether it will work . Therefore he has another saying " Crossing the river by touching the stones " which means adjustments are needed along the implementation when faced with obstacles. In Chinese , it is 摸着石头过河.
2020-01-19 20:30
the future?
my prediction, by 2030 USA will be down on its knees, China will still be progressing.....................love to see the conversation then.
2020-01-19 20:55
even this history of China ( above), is a westernised version, not the official version .
the early years 50s, 60s 70s were difficult periods, but they survived the sanctions, the isolations, the poverty, but provided health care to the people, educated their people, held the country together, housing for all, they have to feed their people, over come natural disasters...restored dignity to the people, laid the foundations for future growth, and through it all, grew their economy ...........the organisation skill of the party never failed them....and the organisation skill of the party is still #1 today...............
2020-01-19 21:59
the mandate of heaven is earned by ethical and moral governance, competence, giving the people a bright future, happiness, pride, ..........
ethical and moral governance is very important. Trump America has zero ethical nor moral governance. Trump America is doomed to fail.
4 more Trump years will make China great again................
2020-01-19 22:04
ethical and moral governance....................if CCP claims #2.......who dares to claim #1?
2020-01-19 22:11
Ennning22, 我反共有時（是有一段時間了的意思），你誤會了我的意思了吧。我不單了解共產黨，也了解習近平，甚至比明教授更進一步了。再者，明教授的背景你也未必知道。
我估計未來中共會進行前所未有的改革，我的意思是如果中共如果真的改革了，那無論中國到時多麼困難、多麼窮困，都應該支持，因為這是符合正義原則的。
Up_down, I think the term is expropriation.
SSlee, by the way, I think Wu stop paying taxes, blah blah blah, should have fled China and changed name. Make sure you plan properly before you act. 謀定而後動！
2020-01-20 00:54
Anyway, 如果明澤公主真的「和番」了，那天下太平指日可待，呵呵！
「番」者，地位比中國人低。「洋」者，地位比中國人高。應作「和洋」了，嘿嘿。
I mean now CCP have signed the trade deal blah blah blah, signal major changed in direction. Xi JinPing's only daughter is dating an American, should she get married, that will be significant to world peace.
2020-01-20 01:04
These are history,
I) The successor of Xi JinPing has been arrested (for transferring relief fund to his mistress in Hong Kong.) The other successor Hu survived as he announced he doesn't want to be successor due to health problem.
ii) Xi's serving term has been amended to unlimited. (irony, Putin serves so long and now he wants to set up council to rule Russia, reverse of what Xi is doing)
iii) Xi assume the duty of the prime minister, as well as other ministers' work.
iv)
2020-01-20 01:15
Dear all,
The Mandate of Heaven is a Chinese political and religious doctrine used since ancient times to justify the rule of the King or Emperor of China. According to this belief, Heaven — which embodies the natural order and will of the universe bestows the mandate on a just ruler of China. If a ruler was overthrown, this was interpreted as an indication that the ruler was unworthy, and had lost the mandate. It was also a common belief that natural disasters such as famine and flood were divine retributions bearing signs of Heaven's displeasure with the ruler, so there would often be revolts following major disasters as the people saw these calamities as signs that the Mandate of Heaven had been withdrawn.
Communist party of China is very mindful of this Mandate of Heaven (Just ruler: Ruler or Government who wins the hearts and minds of people will earn Mandate of Heaven to rule China)
I meet with many Mainland Chinese they are supportive of CPC because they value stability and the mark improvement is stand of living and value of living (Better transportation, telecommunication, environment and remarkable reduction in corruption). Thank to advance in ICT with cashless society and CCTV everywhere with face recognition technology, anti corruption campaign by Central Commission for Discipline Inspection (CCDI) can easily catch all the corrupt officials (if they want). Moreover no way you can spend and enjoy your ill-gotten corrupt money without CCDI know about it. Hence many corrupt officials only can enjoy counting and ironing their all gotten corrupt money in their house.
Thank you
2020-01-20 07:44
Enning 22, Deng never promised democracy to US or to anybody.He knew that China was not ready for democracy. If he had turned China into democracy,it will be another USSR which will disintegrate and suffered economic meltdown .Today ,the US and western world are no friendier to Russia despite it had become a democracy. Had China become democracy ,it might be like India which is not capable to eradicate the poverty of its peoples. Deng is very clear in his mind. He wanted to emulate Singapore economic success. Before he died,he told his successors to learn from Singapore and do better. Singapore had never changed government .Although Singapore is a capitalist country ,its housing and a few other policies are very socialist in nature and in fact more socialist than China.In my opinion,Singapore HDB should be emulated in Hongkong so that the 20 % poorest can have a decent house to live in. Capitalist system can be ruthless to the disadvantage .A combination of both suit Singapore well and Deng seem to like it and name it socialist with Chinese character which he want China to emulate.
2020-01-20 07:51
Hahahaha,
They even tell me you just need to report any crime and the police is so efficient that before criminal reach his house police already waiting at his house. This is how frighten with the advance ICT and man cannot even visit any brothel without his wife knowing about it. I am sure, I don,t want to be Mainland Chinese.
2020-01-20 08:07
if u break trafic rules, your wechat account will be automatically debited within seconds without your permission. ....
using AI to promote good behavior is very popular in China, supported by the stakeholders.
singapore and malaysia will not be far behind...........no running away unless u die first.
2020-01-20 10:38
in China they call it socialism with Chinese characteristics, not capitalism with Chinese characteristics ....Because businessmen and capitalist will never be allowed to control the party............
The party will remain supreme.
2020-01-20 15:03
I do not think making wars to bring regime change is human. Mainland Chinese are free to study overseas, migrate overseas, marry foreigners .... I am sure this is the same "freedom" that the west is singing.
2020-01-20 15:19
China has earned trillions of dollars from the trade surplus over the past 40 years. It is so good if such massive of USD were kept in China. US would certainly dare not started the trade war. Unfortunately, China elites and millionaires have remitted most of the money and keep in US and Europe. How to fight since US is able to freeze the accounts anytime for investigation purposes? Not much $$$$ so how to fight with capitalism countries? eat grasses?
2020-01-20 22:32
It’s difficult for Chinese to migrate overseas now. The government has imposed strict measures in controlling in remittance overseas.
https://edition.cnn.com/2019/12/19/business/china-capital-flight-trade-war-us/index.html
2020-01-20 22:34
Extracted:
On top of the S$2.70 trillion in liabilities to foreigners captured in official data, mainland Chinese firms have around another S$876.14 billion in debts built up by subsidiaries overseas, according to Bloomberg calculations. About 70% of that debt is guaranteed by entities such as onshore parent companies and their subsidiaries, the data show. The amount of maturing debt will rise in coming quarters, with S$84.92 billion due in the first half of 2020 alone.
China’s debt servicing risks can be underestimated with this part of the debt staying outside the official gauge,” said Ji Tianhe, a strategist at BNP Paribas SA in Beijing, adding that the S$4.18 trillion in foreign-currency reserves is “just enough” to cover the risks.
https://www.bloomberg.com/news/articles/2019-08-25/china-s-companies-have-unseen-foreign-debt-that-s-maturing-fast
2020-01-20 22:58
for 70 years, they have been saying the sky will fall in China..........nothing new.
2020-01-21 00:51
China is exploiting the most advanced ICT surveying their people. They have implemented a social credit system (SCS) to monitor their folks movement. Low score SCS is not allowed to fly with plane, train....It sounds good in keeping a peaceful society at the expense of talking and disseminating negative news of CCP or leader is strictly prohibited. People are expecting to behave like a ‘Yes’ man.
2020-01-21 10:10
What have you learnt?
Counters with certain characters as major shareholders/ Directors by all means should avoid.
They have proven records of self-enrichment, not trustworthy, no integrity, and some to the extend of cheating with both eyes wide open!
Do your home work.
List down who are those in BOD that may delay your retirement planning.
Find out which one is grossly over promoted right now.
They will all exhibit herd behavior tomorrow under coronavirus tsunami.
2020-02-02 12:38
It doesn't matter who or where they come from. The biggest fraud affecting the Malaysian people is jho low, a Malaysian.
For me, in valuation, I keep a valuation metric that is simple and easy to use that it becomes subconscious. You should use it as well for every deal in life, not only in stocks, but general valuation of a proposal.
How to think like a crook.
1. Appeal to their greed.
2. Appeal to the fear.
3. Hide important info.
4. Make the business as complicated as possible.
For me, making money is usually a very straightforward deal that is easy to understand. So when one of those 4 criteria come up my subconscious gets worried, and if any combination come up or all 4? I just walk away, even if the business might actually be real.
Sometimes you have to just walk away.
The frauds usually have a recurrent theme.
1. Greed: a high assets base ( but low valuation), like buying a BMW for only 10,000. Or a business with 50% growing margins ( in an industry where the average is 15%), or high dividend or 10%, or a billion in cash in bank but entire company value is 200 million. Basically anything that sounds too good to be true.
2. Fear: stock had run up in price, and you fear losing out so chase further. If you don't buy now in the next ten minutes the offer disappears forever. Never be cornered to make immediate decisions. It's ok to make less, and buy in bunches after reading the quarterly report, trade journal, market review, instead of buying everything in one go. It is important to learn the difference between a temporary dip in profits and a permanent dip in profits.
3. Read the fine print. If a company promises 20% a month in gains but doesn't reveal exactly how they do it, stay away. If every company takes 50% deposit to build shoes, then collects the rest before delivery, you have to wonder why xinquan could have sold 3.6 million shoes without collecting full payment. Impairments. Risky deals. How Bernie Madoff could make 10+% growth consistently like clockwork for decades, even through crises and good years.
4. A company that has a lot of subsidiaries, where the accountants themselves get lost in the shuffle. Mark to market accounting, bizarre investments like wework ( long term lease from owner, short term lease to tenants), welife, wegrow which tried to brand everything as a tech company. Things that you don't understand but sounds amazing had nothing to do with making money.
Instead of complaining when you step on shit, it is usually more efficient to avoid stepping on shit in the first place.
>>>>>>>>>
pjseow Remember Transmile and Megan media ? The CEO s were from Malaysia and Singapore. What about ENRON , an American company who cheated on its shareholders life savings? What about the money game companies like JJPTR, MBI,GENEVA etc .These are Malaysian companies. While there are ugly Chinese, there are also ugly Americans and Ugly Malaysians.
19/01/2020 12:25 AM
2020-02-22 08:45
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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2020-01-19 13:48