Unravelling XINQUAN
XINQUAN, the Hollow Story (Second shot) 星泉空城计 (第二炮)
The building on the left is the main production base of Xinquan in Jinjang. This photo was taken around 5.40pm when all workers should start to leave but all you could see is dead quietness. Note the near redundancy of the buiding at the end of the road.
己屆傍晚下班时刻了，若在一般的大陸工厂，现在本当过江之鲫。请留意远处的厂房，即可从窗户看出厂内是空的。
The hostel buidings for the workers. At 6pm on a working day, we see no sign of human in these 4 hostels
四座不见人踪，也不见燈火的 Gertop 员工宿舍大楼。
Advantages of Made in China, glueing shoe soles by hand !!!
厂房是挺堂皇的，生产力却是靠人工一片片地黏！
Why would you need 7 workers to count shoe soles? Because there isn't much activity!
简直是在搬戏。一眼望尽的鞋底得用上七位员工去数吗？
More workers than the production of shoes.
Coming Soon :
The full mystery and real story behind :
1) Xinquan Private Placement (http://www.bursamalaysia.com/market/listed-companies/company-announcements/1130189)
2) Why Xie Zhidong bought the 30,733,000 shares of Xinquan at RM 1.00 on 15 May 2014 (http://www.bursamalaysia.com/market/listed-companies/company-announcements/1514745) and started dumping the shares on 7 August 2014 at $0.72, a loss of 28 sen per share (http://www.bursamalaysia.com/market/listed-companies/company-announcements/1521877). And continued to dump until he is no longer a substantial shareholder on 7 August 2015 (http://www.bursamalaysia.com/market/listed-companies/company-announcements/4845545) and lost more than RM9,000,000 (and counting....) over just a 15 months period.
No one sober will do what Xie Zhidong has done, unless ........
即将：
解秘幕后不为人知的：
（一）星泉的私下股票配售计划
（二）为什么谢志东剛在 15-5-2014 花了马币三千七百三十三万认购了 30,733,000 股每股 RM1.00 的星泉股票(http://www.bursamalaysia.com/market/listed-companies/company-announcements/1514745) ，却於 7-8-2014 开始低价亏本抛售星泉股票(http://www.bursamalaysia.com/market/listed-companies/company-announcements/1521877) ，并於 7-8-2015 起不再是星泉的大股东 (http://www.bursamalaysia.com/market/listed-companies/company-announcements/4845545)。这批大约 19,000,000 股己被抛售的星泉股票，录得短短 15 个月内累积马币九百万大亏损之谱！
天底下没有儍人会这么做，除非...........
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Discussions
10 people like this. Showing 50 of 85 comments
For me, Xie Zhidong never come out with money to subscribe the Private placement. It was Xinquan money!
2016-01-04 15:00
pictures can deceive our perception. the more we look the more question we ask.
2016-01-04 15:00
If xinquan really has the cash of RMB 1,200 million, why do you need to raise a RI for a paltry sum of RM 27-50m ?
2016-01-04 16:31
Even taking at the high end RI gross proceed of RM50m, it is only 4.2% of RMB1,200 m. Lol
2016-01-04 16:32
u sell also die, dt sell they can dilute ur shareholdings in few more years if they still exist in few more years...hai...pity u guys.
2016-01-04 17:04
Robert, thanks for the info. Very good report. I think SC should take action to protect minority shareholders.
2016-01-04 20:15
I like this type of report where actual site visit is done.. By right all the blog writer shld do this instead of relying on their imagination.. They shld conduct side visit and talk to people - then they will know true story of what this company is all about
2016-01-04 20:27
If this company is in Colombia - the "investor" will already go to their office with a gun and demand for "refund"..
2016-01-04 20:36
The workshop Building at Jinjiang has a built in area of 9k sq metre.
Did robertl also visit the workshop building at Huian that have a built in are of 100k sq metres.
2016-01-04 22:19
Koonbee9, thanks for sharing. I think KYY should just acknowledge that xinquan is his Waterloo
2016-01-04 22:49
This company balance sheet claim its has RM 800millions cash in hand !
KYY said his got relative who is auditor has audit it as well. But use your brain to think, if you have cash RM 800 millions, would you just make a right issue call for asking 50 millions only??!!
2016-01-05 14:44
Visit this webpage http://www.xingquan-international.com/business.html and see for yourself the new factory in Huian vs the old factory in Jingiang.
Any comment on this robertl
2016-01-05 18:40
Why did robertl not show us the new factory but instead showed us the old factory. Robertl, kindly provide your reason.
2016-01-05 19:45
Maybe he is the spy of the China Boss to scare u all (including Koon Koon) to sell cheap cheap to him so that he can sapu all the cash of RM3 per share??
2016-01-05 19:59
leadership, in the first place, xinquan already doing outsource of Gertop contract to other manufacturers (which now consist of >80% of Xinquan's revenue), why would it needs such a factory? The simple answer is : inflated PPE value to give you the pristine balance sheet !
2016-01-05 22:56
Rm3 cash in hand ?! Hahaha....very very funny...800 million cash in hand , but ask right issue call for 50 million, does it make sense ? Photoshop all fake, website fake, asking u money for donation is real !
2016-01-05 22:58
it's difficult to comprehend why the company with so much cash would want shareholders to take out more money to support the company's expansion? the rights issue does not equate well with shareholders. puzzling indeed???
2016-01-06 13:09
Then we wait for robertl to release more photos and stories. If he got nothing, he won't write
2016-01-06 13:46
His article stays in top chart after so many days. That's called traction!
2016-01-06 13:48
Visit http://www.xingquan-international.com/business.html and see for yourself an update of Xingquan factory taken on 7 Jan 2016. Robertl,Any comments.
2016-01-18 19:34
What I am trying to say is why Robertl did not do a write based on pictures of the new factory located at Huian but insteadd do a write up based on pictures of the old factory located at JIngiang.Isn't he try to fool us.
2016-01-18 20:11
I just want to know why did Robertl not do a write up based on the Huian factory. If really the factory in Huian is hollow then at least we are convinced the whole business is a hoax.
2016-01-18 20:26
The workers don't wear uniforms. Why? All factories must be fully operational for business optimization.
2016-01-18 20:34
Why did you also not ask the same questions for photos taken by Robertl. I am just trying to point out that Robertl should be visiting and writing about the Huian factory rather than the Jinjiang factory.
2016-01-18 20:53
What people said about China stocks absolutely lie. They have factories, workers and inventories just like any M'sian companies.
2016-01-19 16:45
I think picture of building by Robertl and picture on website is the same. But missing staff & stock.
2016-03-29 23:33
The tree height is also almost the same. So my conclusion is either robertl took the picture when they are on holiday (factory is close) or Xinquan hire actor & buy empty boxes for the pic on web
2016-03-29 23:37
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Looks like Malaysia Investors which are far away from its operation is easy to cheat.
2016-01-04 14:59