Xinquan, Is The Cash Pile Real?
XINQUAN, Koon Yew Yin Walks Out of the AGM
After getting impatient and uneasy, maestro Koon Yew Yin finally stood up and asked the Board of Xinquan at this morning's AGM.
Koon : ....this AGM's turnout is even better than IJM......I see so many frustrated shareholders here....why keep talking about how you want to build the brand as an outdoor leisure garments player?.......and why the continuous bombardment of questions from the shareholders here talking about the accounting? Because we are all very frustrated looking at the shares price now.....despite the mountainous cash that the company proclaimed to have, why don't you pay us dividend?.........After long six years of pitiful dividends received......why don't you try not paying salary to all of you for six years......? I invested in Xinquan because my cousin was the founder of Xinquan's auditor......if you all check the annual report, you can see that my name appeared in the substantial shareholders list...............if you have the cash then pay us the dividend.......even if you can't use the cash that you said you have got, then go and borrow the money from the banks and pay us our dividend!..........we have so many big companies in Malaysia that have big cash pile but they also borrow big monies......nobody do business without bank loans......either you don't know how to do business or you can't borrow.........
There were thunderous applauses from all the uncles and aunties shareholders after he confronted the Board. Then there was at least 5 minutes of silence, only to see all the board members feeling uneasy and deliberating how to react next. The Executive Chairman Dato' Wu then picked up the mic to try to defuse the tensed atmosphere.....But he talked 3 talked 4 again, about the macro economy in China and why he needed to keep the supposedly there cash pile of one over billion RMB.......
Then.......
Uncle Koon also beh tahan liao, he stood up with his wife........
and walked out of the AGM, right infront of the Board that manages his substantial shareholdings in Xinquan.......
Lastly, all the shareholders were grossly disappointed, as Xinquan this year no longer hands out AGM door gift (Gertop shirts) like it used to previously...........(that coincided with a shareholder's question : how come Xinquan inventory is literally negligible despite the common believe that apparel and garment companies tend to have very high level of stocks in their inventory).
Your imagination can run wild now.....no cash to distribute.....not even Gertop shirts to give also now.....
Good luck to all......
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7 people like this. Showing 50 of 112 comments
Why blame them(China-based stocks) only? Do all other stocks(cash rich and profitable) give dividend as well eg Comcorp, Frontkn, etc?
Posted by Ben Gan > Jan 1, 2016 12:29 PM | Report Abuse
China-based stocks are scary!!! Don't look at XinQuan alone, look at all those listed not only in Bursa, but in Singapore and US as well.
2016-01-01 12:46
Some are privatised and relist back in home country since oversea investors don't appreciate them.
Posted by Ben Gan > Jan 1, 2016 12:29 PM | Report Abuse
China-based stocks are scary!!! Don't look at XinQuan alone, look at all those listed not only in Bursa, but in Singapore and US as well.
2016-01-01 12:48
Doom day for Xinguan is coming after KYY left frustratedly. Good luck to all holders
2016-01-01 15:02
most of these china companies are pariyah ones....they have a history of deceit....
2016-01-01 15:10
Ask KYY to employ a biz scandal Detective & legal adviser to invest quietly. China has very good detective . Rather than sitting by not known what yhey try to do with the money , why not spend another few mil. Ti dig in their motives.
2016-01-01 15:48
Can't Our Bursa stand out in corncerning the most Malaysian shareholders ? They should hv measured every necessary pro & con before this so call listed on klse and start receiving $$$ rite? Got to go to Bursa protest, otherwise this makan gaji buta fellow will ignoring the minor shareholders benefit. Bring it to another level KYY. Its hard but rather than dying without an answer.
2016-01-01 15:54
Its times for those uncle & unties unite together lar to protect their 官财本。
2016-01-01 15:58
i think all the money arealy in Executive Chairman pocket , like 26b case
2016-01-02 00:40
Since the stock still trading at 60+ sen level, time to cut loss rather than left with nothing later is any fraud been exposed.
2016-01-02 09:14
For retailers they can just cut loss and left easily...but Uncle has stuck too deep into the mud (15% or more shareholdings). He even increased his shareholdings recently.
Unlike VS, Latitude, LiiHen and others, funds (fund managers as well) are following as they do agreed and believed with their fundamentals... thus u see the prices are breaking new high...Unfortunately Koon Koon thought that's due to his personal influence and he again tried to do it on Xinquan.
Now the Co is proposing for a rights issues...Shall Koon Koon follow? If follow then he has to put more fund into it (and stuck more), if dont follow then will see dillution in his shareholdings and also in share price...
2016-01-02 09:22
such scam is not the work of the CEO alone, one team of crooks from directors level to finance team to operations
all work hand-in-hand, all benefited
good job
2016-01-02 10:03
uncle kyy will take the RI, b'cos he still believe the cash pile is real...........
2016-01-02 12:17
if you are small shareholders, just cut losses and walk away
for big stake, hard to walk away, easy to buy but hard to exit as the volume is small, few buyers around
just pray and pray it wont end in PN17 once the real cash dry up
meanwhile continue to grief as long as you are still holding....
miracle .....as good as nil
2016-01-02 12:37
XINQUAN SO MANY CASH WHY STILL NEED INVESTOR MONEY AGAIN....???CHINA STOCK..BOLEH KE..?JGN KENA TIPU LAGI........AWAK DAH LUPA ＣＳＬ KE？??/?
2016-01-02 12:40
Actually ks55 already hinted. Your trade payables at all time low ... inventory at record low ... and still want to buy knitting machines kah ? Ask any factory, they will tell u they will only buy if they cannot keep up with demand. Here the opposite is happening with absurd EPS for the Quarter to boot.
Go back to my original question ... how liquid is the cash hoard (assuming it is real ?). That money put in FD would have generated funds to pay dividend but ... wait come back and slap investors with RI some more.
I think the cash hoard has been used as collateral for their misadventures in china stock market. Probably up to their ears in debt. Local china bank also dont want to lend them money.
Strange part of all is that they have been at this game f
or last 5 years going into 6th year. Malaysians are not only senile but patient and forgiving ... but i am not like my countryman.
2016-01-02 12:40
after RI RM50 cash and the real cash dry up in a year or 2
the scammers already planned by now, what is their next move, do some fake loans with 3 parties and then their factories suddenly burnt down...
massive write down of assets, impairments and cash in banks, the cash RM900M become negative ...
company went into PN17, delisted
bye bye shareholders, thanks for your money......
2016-01-02 12:44
first thing in the monday morning... would you cut lose ??? or take profit ??? or still hope ???
2016-01-02 13:23
I have no idea what MrKoon will do.....but the stock will fall minimum 10 % next few days.
2016-01-02 13:26
May is a probability.
May says nothing until we see the money.
A lot of shares fall after AGM.....this will also be in line.
2016-01-02 13:39
Koon koon sell nobody buy...if he push up some people will follow..unless china con con sells
2016-01-02 13:42
Its now a battle between koon koon n con con...plus some small flies trying to cari makan..
2016-01-02 13:44
Those machines value no body will know, not even koon's spy the auditor. 99mln for knitting machine??
2016-01-02 15:12
yes but not willing to get conned buyer and willing to con seller. see the different?
2016-01-04 09:31
and a day b4, KYY release an article on bragging why he buy XinQuan. the very next day walk out disappointed at the AGM. looks like its his typical modus operandi at work again.
2016-01-04 13:31
may be he about to sell off then need to goreng so that got others to buy his portion. when everybody bought, he dump. After dump a lot, he not scare to shoot in AGM. Aiya, this is how he made money from small fishes lo
2016-01-04 20:52
His profits from just latitud alone can cover 500% times of his investment in Xinkalun. he no need to exit, just use his 5% profits to cover his losses in xinkalun. Diversification is a good insurance policy for all investors mah.
2016-01-04 20:56
Koon shld not just walk out
He shld get few dozens of rotten eggs and pass to all the angry shareholders - who I suspect they know how to aim at the board of directors
2016-01-04 20:57
at least Stock God dare to voice out, now a lot people aware the fake china stock how sucking ppl hard earn money
2016-01-05 12:29
KYY shouldn't just walk out, at least throw his shoe to the director head first!!!!!!!!!!!
2016-01-07 13:07
Most public listed companies always take their minority shareholders (like us retailers) for a ride. Even though the companies can be making losses but their useless directors can still get their perks and fat directors' fees. There is no accountability and responsibilities of these directors; as when things don't seem right, they just resigned and "washed their hands" as no law here can convict them of their negligence and wrongdoings. Who are the losers ...... we retailers... trying to make some misery income via dividends payout and capital appreciation of the shares.
2017-05-06 15:35
Bro U have to ask him not me....he sapu not I sapu...lol
His PLPman did mention several times that the biz indeed is very good so the China Boss purposely wanna delist it so can makan alone...maybe Koon knew his plan...maybe...
2017-06-23 08:47
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Ben Gan
China-based stocks are scary!!! Don't look at XinQuan alone, look at all those listed not only in Bursa, but in Singapore and US as well.
2016-01-01 12:29