Tom

wrong title
should be “Why should you sell Xingquan? Koon Yew Yin”
xD 。。。。。

2016-01-01 00:30

KangYew

KYY fought a valiant fight in there. Pls show some respect. Time to sell off this bloody share and let the mgmt play themselves

2016-01-01 00:43

akuanakkampung30

mmmm

2016-01-01 01:09

Desa20201956

The ultimate contrarian proposition.
Fellow readers don't appreciate it as the ultimate contrarian proposition...and one of the attributes of a successful investor.

provided one has the patience and the extra cash.

2016-01-01 01:25

Y2016

For those who are investing in this stock, shld b quick to cut loss now

2016-01-01 01:26

Desa20201956

I. Proposed Capital Reorganisation (Including Par Value Reduction); And ii. Proposed Rights Issue With Warrants

BackSep 29, 2015
Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-28092015-00002
Subject I. PROPOSED CAPITAL REORGANISATION (INCLUDING PAR VALUE REDUCTION); ANDII. PROPOSED RIGHTS ISSUE WITH WARRANTS
Description XINGQUAN INTERNATIONAL SPORTS HOLDINGS LIMITED (XINGQUAN OR THE COMPANY)

(I) PROPOSED CAPITAL REORGANISATION (INCLUDING PAR VALUE REDUCTION); AND

(II) PROPOSED RIGHTS ISSUE WITH WARRANTS

(COLLECTIVELY REFERRED TO AS THE PROPOSALS)
Query Letter Contents
We refer to your Company’s announcement dated 25 September 2015, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1. Given that the par value reduction is to facilitate the issuance of Rights Issue shares and there is no accumulated losses by XINGQUAN INTERNATIONAL SPORTS HOLDINGS (“XINQUAN” or “Company”), please provide further justification for your Company to undertake a steep par value reduction from US$0.10 to US$0.01 each.



2. Your Company has represented that it has cash and cash equivalents of approximately RM886.55 million or equivalent to RMB1.457 billion ("CCE") as at 30 June 2015. In this respect, please further substantiate the needs to raise RM26.94 million (Minimum Scenario) or RM50.71 million (Maximum Scenario) via the Proposed Rights Issue with Warrants which represents only 3.04% (Minimum Scenario) or 5.72% (Maximum Scenario) of the CCE respectively.



3. Based on the CCE of RM886.55 million as at 30 June 2015, it is noted that the interest income received, based on the annual audited accounts as at 30 June 2015, is only RMB4,618,000. In this respect, please provide further clarity as to why the return on interest income is so low.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,





HENG TECK HENG
Vice President, Issuers
Listing Division

Regulation
TGG

Cc : Market Surveillance Dept. , Securities Commission (via fax)


the SC wants to know why a rights issue when they have $1 billion in the bank.

2016-01-01 01:46

zbaikitree2

has anyone incl the Genius KYY has ever thought that the rmb 1.3 billion deposited in bank is actually hell note? only recognised and useable in hell?

wakakakakaka. laugh9dieme liao.

2016-01-01 02:41

AyamTua

thank god i am genius - sell xinquan buy xinghe hihihihi
why xinghe? got dividend... an oil counter.. cooking oil
and everyday people cook using oil... minyak masak

hihihihihiiiiiì hahahahahaahahaaha

2016-01-01 02:50

AyamTua

xinghe - everyday people cook .. in china
xingquan - not everyday people buy tshirt..

good thing - xinghe pays divided and price so cheap
even my grandmother simply cant resist!

ayooo sama sama kita ubah .... to xing.. xingggg....

xinghe ! hahahahahhahahaha

2016-01-01 02:54

AyamTua

xinghe ... minyak masak baik untuk kesihatan jantung
dan kesihatan wallet (harga tak naik tak apa asal ada dividen)
at lelong price 0.065 ! ohhh laa laaaaa ...

lai lai uncle aunty lai! .... hahahahahaaa

2016-01-01 02:56

sense maker

What BOD of Xinquan replied to SC:

The Company wishes to clarify that the cash balance of RM886.55 million is mainly reserved for working capital, and as explained in the announcement dated 25 September 2015, Xinquan requires sufficient cash buffer and a high level of working capital to ensure minimal disruption to its operations in the event of a liquidity crisis or a sharp economic downturn. The purpose of the Proposed Rights Issue with Warrants is to raise funds for Xinquan’s capital expenditure requirements whilst maintaining a healthy level of cash balances at all times.

In addition, the available cash balance may also be used for future business expansion into related businesses, in particular, acquisition of foreign brand(s), if and when the opportunity arises.

The Group has placed its cash balances in savings accounts with licensed banks in China which carries an interest rate of approximately 0.35% per annum. The cash is placed in savings accounts as the cash is not idle and is required to fund Xinquan’s day-to-day operations.

Just my views:

The long-suffering shareholders should have lodged a police report against the BOD. SC not least should have taken actions against the directors back in late Sep 2015.

Xinquan paid to suppliers far less than what it collected from customers all these years, generating free cash flow quarter after quarter in that process. Its day-to-day operation brings new net cash in and do not AT ALL eat into any parts of its RM945m. This is shown in P/L, Statement of Financial Position and cash flow statements prepared by Xinquan and audited by Big 4. This is also how its cash balance has been piling up in the first place.

Put simply, Xinquan could run its biz perfectly well and its working capital turns over very comfortably even if the RM945m is locked away in high-yielding FD or better yet, distributed out as dividend to shareholders, if its working capital is managed evenly throughout each quarter which is like 99% of the cases in all companies. Even in the hypothetical 1% scenario where Xinquan paid 100% of its suppliers on the first day of each quarter and collected from its customers 100% on the last day of each quarter, it would need just Rm120m of the RM945m to fund this worst and unlikely scenario.

It is outrageous for SC to accept BOD's replies to queries that clearly were not borne out by what its audited financial statements tell the readers.

The BOD has the audacity to ask from shareholders RM50m more via rights issue for capex. This is clearly a day-light robbery of its shareholders.

To many, the RM945m cash balance seems a bait dangled out by the major shareholder to keep existing and potential shareholders interested. Therefore one cannot be faulted for concluding that BOD may be buying time and getting more money from shareholders before the worst happens one day- disappearance of the biz.

Against the major shareholders, minority shareholder has little chance though. Perhaps they can try to file a special application to SC, or relevant authorities, court, etc to allow minority shareholders to collectively pay for and conduct a special investigation audit to establish the veracity of this Rm945m cash balance. If it does exist, apply for statutory permission or injunction to lock it away in a designated bank account, and then fight for a mandatory takeover from its major shareholders on special ground of mismanagement misrepresentation, fraud, etc. On paper this company has a break up value of RM3.70. So, the battle is worth it to find out the truth.

2016-01-01 03:55

einvest88

feel very suspicious 1. revenue keep going down since listing until today yet the company still able to make profit 2. EPS was flat and down since 2011...The 2nd condition is critical as no growth in EPS no way the share price would go up. That exactly meet the investment criteria emphasized by Koon.

2016-01-01 09:19

MuttonCurry

Reminds me of Bon Jovi's "Livin on a prayer". Unfortunately religion is not my cup of tea. I respect KYY more so because he belongs to the generation of my fathers bred in honesty and integrity. Really do respect him ... but i as much as i hate to say it senility has been known to creep in at that upper tier in life

2016-01-01 09:35

alphajack

Jtiasa is a good pick at current levels, I loaded some at 1.29 yesterday

It is half timber and half palm oil biz, should be no issue going to above 1.50 levels again in a month or two.

2016-01-01 09:42

gnail

nvm, i think koon has a lot of money to lose

2016-01-01 12:37

i4investor

got 3 possibilities for this recommendation now:
1) Koon want to release its cash trapping on this stock
2) Koon kena con by this company boss
3) Both together want to con the public

Which one do u think? or u have other opinion?

2016-01-01 13:04

cpng

Post removed.Why?

2016-01-01 13:08

murali

Koon koon is good man...just suffering fm multiple personality disorder only....

2016-01-01 13:20

RichardD

can anyone tell me here who never make a mistake before in stock market?

2016-01-01 13:27

leno

me.

2016-01-01 13:29

RichardD

and this post is posted a day before the AGM, he did not coax u to buy and if he had waited after AGM only post this article maybe he will not do it anyway. Not that you guys are capable to push the price of the stock high so that he can get out. It is not so easy anyway. But all of us benefits from his stock pick's such as Geshen, Latitud, liihen and many more.

2016-01-01 13:31

einvest88

KYY stk pick if add with TA to determine the right timing of entry a wonderful tactic to make money....eg Jtiasa...a wonderful stk 2gether wit Subur Tiasa...just wait for right timing....

2016-01-01 13:32

Icon8888

I actually felt quite sorry for Uncle Koon after reading wikileaks' article about him walking out of the AGM

he must be very frustrated getting trapped with such huge position

By now, there is no doubt that it has been a mistake

But that is life, it is equivalent to a failed business venture

happens all the while in real world

just cross our fingers it doesn't happen to you and me

2016-01-01 13:41

Icon8888

ya, don't do that .....

2016-01-01 13:51

Icon8888

I don't do that lah... I where got so much money to buy 10% Xinquan...

2016-01-01 13:58

Icon8888

ha ha I see I see, what a relief... I thought you accuse me dump shares on you... phew...

I very scare make you angry. I like roti canai and teh tarik. Heard your roti canai is the best in town

2016-01-01 14:03

i4investor

anyway, I believed beside Koon trap in, still got many people trap in, so if Koon Stock God use the power of his Stock God Influence, push up the price, release all the trap fishes, is also a good karma. Anyway, will be new comer for the fish trap again...its go round and round

2016-01-01 15:08

einvest88

[3:39:09 PM] einvest88: mad total hold 101% stake in qinquan
[3:39:49 PM] einvest88: [3:33:49 PM] einvest88: PLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN (002)
4 CIMSEC NOMINEES (TEMPATAN) SDN BHD 7,580,000 2.24
CIMB BANK FOR KOon YEW YIN (MY0951)
5 HLIB NOMINEES (TEMPATAN) SDN BHD 7,464,900 2.21
[3:34:09 PM] einvest88: 5 HLIB NOMINEES (TEMPATAN) SDN BHD 7,464,900 2.21
PLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN (M)
6 TA NOMINEES (TEMPATAN) SDN BHD 4,560,200 1.35
[3:34:27 PM] einvest88: PLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN
10 MAYBANK SECURITIES NOMINEES (TEMPATAN) SDN BHD 3,164,500 0.94
[3:34:59 PM] einvest88: 5 MAYBANK NOMINEES (TEMPATAN) SDN BHD 2,422,900 0.72
PLEDGED SECURITIES ACCOUNT FOR KOON YEW YIN
[3:35:24 PM] einvest88: RHB NOMINEES (TEMPATAN) SDN BHD 1,469,400 0.43
PLEDGED SECURITIES ACCOUNT FOR koon yew y

2016-01-01 15:40

AyamTua

amen

happy new year 2016


Icon8888
9264 posts
Posted by Icon8888 > Jan 1, 2016 01:41 PM | Report Abuse

I actually felt quite sorry for Uncle Koon after reading wikileaks' article about him walking out of the AGM

he must be very frustrated getting trapped with such huge position

By now, there is no doubt that it has been a mistake

But that is life, it is equivalent to a failed business venture

happens all the while in real world

just cross our fingers it doesn't happen to you and me

2016-01-01 15:43

leno

in life ... we must always act good, do good, and curse a lot ... like tis baru can get good karma mar ... HAHAHAHAHAH ... pretending to be good, do bad things, and always tok kok sure get bad karma one ... Amitabha ... sinchoi sinchoi ...

2016-01-01 16:13

yewyin33

At Xingquan's AGM, I told the board of directors that they have been well paid since the company was listed more than 6 years ago but all the shareholders have lost money because the share price has been falling down from Rm 1.80 to about 63 sen. Unless you give out some dividend all investors will not believe your audited account is true. I walked out after I made my speech. I must admit that buying Xingquan is my worst investment. As I said when I die my charity foundation can wait.

2016-01-02 23:04

AyamTua

Uncle Koon,

while lamenting about xingquan .. dont stop there ... keep moving.. keep fighting.. there's something called XingHe.. fundamental everything cantekk.. it comes also with dividend .. a sleepy stock and only needs to be awaken by powerful force like you.. while waiting xingquan to go up .. park some lah at Xinghe ... 0.065 only cheap cheap.. dont worry about collapsing like xingquan from $1.00 to $0.60sen .. because rock bottom already hihihihi..

Thank You Uncle - see you on the other side.. hihihihiii

AyamTua

2016-01-03 05:43

Icon8888

Leno, I know of somebody who talk good but do a lot of fishy things

He works in Singapore

A property agent

2016-01-03 09:25

leno

err ... why u telling me this ? i alredi said i alredi married mar ...

2016-01-03 09:29

AyamTua

Leno now famous.. sure pmcorp shares moves higher tomorrow ... hihihiiiì

2016-01-03 09:42

fong7

Mr.Koon, can you sleep at night? Seriously, do you believe in Karma? This is so familiar...remember Mudajaya? I bet after a few months (or even few weeks!), you will post again and announce that you are too disappointed to the company, therefore you had already sold all your shares. I bet you won't post here to tell your fans at the beginning of selling shares, but will only post here AFTER YOU SOLD ALL YOUR SHARES. Am I correct on your strategy? God bless you, Karma exists. Your fans paid to listen to your talk show, and paid to buy your rubbish stocks. What a win win game.

2016-01-04 04:05

vinext

KKY wil get burn, despite of having 32yrs record of 26% compounded,pa, i m surprised by his overly simplified lazy way of analyzing a co
http://klse.i3investor.com/blogs/ncnscscn/89011.jsp

2016-01-04 05:40

ganasai

No charity man in stock market. Uncle koon wont tell u when he want sell his share. He will only tell u what his share he bought.

2016-01-04 09:54

greatful

true, no china stock even it can give you huge return. all EPS, PE are manipulated because you all love to see FA ma. TA also can con u. u expert, but they are expert-est.

2016-01-04 20:58

kk123

Xingquan- you got to be joking right ?
Is it a real company , real accounts and customer ?
If not it's a sinking ship ..

2016-01-04 21:05

yewyin33

fong7 and others who say that when I post or recommend any share, I want you to

buy so that I can sell to make money out of you; how can that be true when I own more than 100 million VS shares as you can see VS's latest annual report and I am a substantial shareholder in Latitude, Lii Hen, CanOne, Chin Well, Focus Lumber, T Guan, Favco and Xingquan. Why are you so stupid to sell all these good shares to make me so rich? As I said Xingquan does not look good now but my charity foundation can wait and I can afford to lose a little if it eventually gone rotten.

2016-01-05 03:39

sheep

china stocks very volatile at the moment

2016-01-05 08:47

paperplane2016

Xingquan is bad inv. But I can say you must have disciplines to cut lose .once down 30%, just cut lose mah. Like that you let winners run. But losers cup at 30%

2016-01-05 08:53

jutajuta1111

dont throw good $$ after bad investments

2016-01-05 09:00

i4investor

anyone kena? pls share...

2016-01-05 12:23

enning22

Stay away from china based companies,china traditional ethics were completely ruined buy Maoist propaganda educational system; as such, people are dishornest in general.

2016-01-06 10:47

timetokoon

Ah Koon loss 22.56% from Xinquan http://klse.i3investor.com/servlets/pfs/53120.jsp

2016-01-07 13:10

25023

Remember the first wave of s chips in spore stock exchange
All got burned big time
I see similarities here only
Huge cash holdings
Not only no dividends but cash call
That's real red flag

2016-01-10 10:57

25023

But I must say mr kroon is very sharp on the export counters
If u have followed him
Your investments would have multiplied many folds
Thumbs up mr koon

2016-01-10 10:58

914601117

Those red chips are an extension of Taiwanese stocks scam previously listed in Malaysia and SIngapore. Now, those guys are using the very same tactics for red chips.

Initially, profit will grow and with high cash level. After they goreng enough, something bad will happen like fire, thief, damage etc

After that, PN17 and delisted.

2016-03-10 16:03