XINQUAN
XINQUAN 星泉 - My Complaint to Bursa Malaysia
Market Surveillence Unit
Bursa Malaysia
Dear Sir/Madam,
COMPLAINT ABOUT XINGQUAN INTERNATIONAL SPORTS HOLDINGS LIMITED
The article appearing in the Business News section of Nanyang Siang Pau today that Xingquan Sports Holdings International Limited (“the Company” or “XINQUAN”) is planning for a privatization refers.
However, XINQUAN through an official announcement to Bursa Malaysia has said that "The Company wishes to clarify that Xingquan has no such plan and the Board of the Company has never discussed on this subject."
I read with interest the clarification made by Xingquan to Bursa as above. For your information, I have attended the AGM on December 8, 2016 but was not allowed to attend the press conference immediately following the voting announcement. The Company Secretary declared that the AGM is concluded, nonetheless.
I do not know what the Board has told the media and reporters but I am hoping that the Nanyang Siang Pau's reporter will come forward to produce the recording on their web site to at least clarify that the CEO of XINQUAN Dato’ Wu did say such thing. This is to protect the integrity of the media, if not the press can be accused of faux reporting which in turn has the inclination to influence the shares price of XINQUAN, especially since the article was published.
I was denied the opportunity of debating with the CFO Mr. Teo wherein I have asked him to write in the white board the Revenue over cash reserve ratio of the past few years and explain to the shareholders why this year with a seemingly big cash reserve and falling revenue the company is not using this purported cash reserve to pay out dividend. (instead he kept showing us the prepared slides of planned usage of the purported heap of cash reserve and the comparison of cash reserve on similar industry players whom are listed in Hong Kong Stock Exchange.)
I think taking private XINQUAN is a good idea and a win-win solution for all. Since XINQUAN has repeatedly confirmed that the cash in the company is real and deposited in the four largest banks in China.
I propose :
1. Special dividend of 60 sen per share.
2. With this dividend of 60 sen a shares, the present major shareholder, Mr. Lao Leok Chon will have enough cash to do a General Offer.
3. General offer of 40 cents per share for mother share 60 cents per share for Warrant B and 12 cents per share for warrant A for the share you don’t owned.
Is my calculation and mathematic make good business proposal? (Feel free to correct me if my math is wrong?) This is a win-win solution we can find the common ground on, wherein the major shareholder take the company private and still have enough cash reserve in the company to make a relisting in China Market.
To CEO Dato’ Wu, why are you keep denying the undeniable, explain the unexplainable and defend the undefendable? Why keep saying the share price is unbelievably under value and blaming the Malaysia public for not knowing how business is run in China and feel unappreciated for your sincere efforts to expand the company and make the company a great company in the mould of ALIBABA.
Please go ahead and take it private. Relist it in China where the China public will know your business well and will appreciate your efforts and will give you a high valuation.
My humble advice to the CFO Mr. Teo, you are a Malaysian and a signatory to the Statutory Declaration which is under oath. I will pray for you that whatever befalls MultiSports will not happen to you.
Wishing you continued success in your career. Remember I always say whatever action or inaction we take today will have a consequences in the future. It is called karma. The choice is yours.
I will see you guys again next year. I will write in before hand to ask you to give a detailed breakdown on the intending usage of the cash reserve. I will bring a scissor and go through one by one and see where I can cut cost and save some money for the dividend payout. I will find some rules from our Capital Market and Securities Act 2007 to go through all the items in the accounts before I will allow for the shareholders voting to proceed.
Thank you
Yours sincerely,
LEE SOON SHENG
December 8, 2016
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5 people like this. Showing 22 of 22 comments
CEO Wu is like Arul. I think CEO Wu will be good replacement to helm 1MDB after Arul retires.
2016-12-09 14:09
1) How to give 60sen special dividend when the cash in bank is all fake? HALLO....everybody knows that!
2) Privatisation???? Now, why would major shareholders want to privatise a company whose accounts are all fake? Delisting is more likely, not privatisation!
3) Relist in China???? You must be kidding! In China, they execute you for financial fraud! In Malaysia, "semua boleh selesai" coz "CASH IS KING".
2016-12-09 14:13
Speakup, your name is speakup but do not speak up. Support the writer, not hentam
2016-12-09 16:07
Author may consider to ask the following question also:
1. http://www.cnxz.cn/ordinary/index/64309.html
Look at this page, sales is 50-100m RMB. Why so low?
Note that the address in the above link is 福建晋江奄上工业区。
2. http://qz.fjsen.com/2011-11/02/content_6628132.htm
There was a fire at the factory in 2011.
Why only 100+ workers?
The deputy mayor's name is 吳清濱, is him related to 吳清泉？
(The China news report has repeatedly speculated Corrupted officers in China has been using these companies to laundry their money. )
3. http://www.csrc.gov.cn/pub/fujian/xxfw/fjjtbxx/200806/t20080619_87372.htm
This 吳清濱 is the deputy mayor of JinJiang, should be one of the pusher for listing JinJiang companies overseas.
4. Xingquan is supposed to have hundreds of self-operated shop, where are there? Could they list all of their locations?
5. Xingquan said they had entered Parkson, where are those?
2016-12-09 23:28
this latuk woo is more terror than General Lee n Ayatollah Shah COMBINED :( all already lost long time de :( Mr Lee will be lucky if next AGM still around - maybe I can suggest him n the other shareholders to throw their slippers at Woo n gang juz like how one of the Iraqis did it and hope they have better aim.
2016-12-10 07:40
Dear all the other top 29 shareholder of Xinquan,
We can pool our voting right to put in a request to Bursa to force Xinquan BOD for A Special General Shareholder Meeting.
Agenda:
1. Forensic audit on tailored make shoe.
2. Forensic audit on 157.5 million RMB doubtful debts.
3. Forensic audit of cash in bank account. Are these accounts really belonging to the company and with whose authorities this money can be withdraw?
Thank you.
Dear Mr. Koon Yew Yin,
The part, “remorseful because of me my relative and good friends also become victim, I am sorry; no word can express how sorry I am.” I am trying to put myself on your shoe and say it loud to all your supporters that got hurt in this share.
I have done my part and now it is your responsibility to request for such Special General Meeting.
Thank you.
2016-12-10 12:04
Forensic audit should be conducted by all companies listed in Bursa regularly. If the cost to do yearly forensic audit is prohibitive, then every three years there should be one.
2016-12-10 12:49
The cash at end of financial year is real but this is how it works.
The syndicate borrow huge amount of money underground with high interest and transfer the money into respective company bank accounts just few days before audit cut-off date. The banks did not lie when they confirm such huge amount in the bank to the auditors as at the date. Syndicate will withdraw all the money soonest possible after the financial year-end and pay back underground financiers.
2016-12-10 13:10
China company dt ever touch la. It burn u die like what i got frm cap. Bought at abt 9 cent n lucky manage to cut loss at 6 cent.
2016-12-10 20:24
china share market so big and why come to list in Malaysia? Are those china company list in bursa that they show the integrity to the share holder? if yes, can anyone name one or two to me?
2016-12-10 21:18
the cream of the crop, best of the best China companies list in USA
the 2nd best ones list in Hong Kong & China
the 3rd best ones list in Singapore
the PARIAH ones list in Malaysia
2016-12-11 11:08
our BN govt soooo desperate for China money, that they willing to bend backwards just to please the China man (but not the local Malaysia Chinese). So that's why u see a lot of lousy pariah china companies listing here. thanks to kiss-a*s BN policy.
2016-12-11 11:10
why want to complaint? if you want to invest,just to let it go. visa pay wave ,just wave and go ..easy..
2016-12-11 11:13
It is good that someone make complaints to SC, so that the all world know what is happening to xinquan in Malaysia....we can't just keep silent when financial criminal activities involving stock market in Malaysia... in Singapore the SC laws is much stricter than Malaysia...
2016-12-11 20:42
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