Think you are right. Why no announcement was made for the sell down? Maybe the sell down was not done by any substantial shareholders?

Yes, So scary. Good companies become penny stocks. Good for people who are daring to buy in and keep. Wait for the truths to prevail. Either good or bad. Real or unreal very hard to determine. But based on their Accounting Reports, we are OK. Life is uncertain and same goes to companies too. Nothing is certain and Nothing is Permanent.

Really !! Need to check CAP too.

Fam Jenny. If the Annual Accounts are not real. Then the biggest culprits are the External Auditors, Directors and our SC. I personally think human beings are really very funny.

Simply do not understand why the group is so rich and yet cannot use the money to buy back its own shares. Last year they bought back only few hundred shares. WHY?

Suffering like Msports style. Will be suspensed soon. Trend the same like Msports.

Now 8 sen already very very cheap but because of panic or fear like Msports, CSL shareholders sure cannot tahan, Some will throw or maybe it needs the taiko from China to throw one big lot, then they will panic. Or follow Msports examples - sack the Co Sec, sack the Internal Auditors and throw away a few million shares.....CSL shares will become like Msports shares. Same same.

CSL China Stationeries Ltd - now 8 sen is another Msports in the making. Follow closely CSL. I will buy if drop to 3 to 4 sen like Msports. Wait and see. Why Chinese stocks react like this?

Yes. swingtrader2 is right. Either we get ton of money or we get nothing. Let's see. God bless. Good luck.

Good. Thanks show. Either Paramjit is acting on the company or Mr Lin is doing something. Either way. Big show ahead for us to see.

Maybe Mr Lin is appointing a Liquidator to dissolve the company. ???

I sense something very bad or BIG is happening. Time to standby for something BIG. Hahahaaa...

Exactly. show is right.

Agree 100% with Tintan. Now we are waiting for EGM and AGM. Cheers.

http://multisports.listedcompany.com/financials.html

http://multisports.listedcompany.com/news.html/id/530498

At least, we know Msports is not dead. Still alive and kicking albeit making losses due to China market depression for the last one year.

CORRECTION : Foo Kon Tan Grant Thornton LLP was their Auditors from 2009 to 2012. Effective 2013, Msports Auditors changed to RT LLP another well known International Auditors worldwide. Earlier auditors left Msports because Foo Kon Tan seperated from Grant Thornton in 2015. But RT LLP with 80 countries and 500 offices worldwide is a reowned International Auditors in Asean has being Multi Sports Holdings Ltd auditors since 2013 till now.

http://www.rt-ca.com/index.php?option=com_content&view=article&id=3&Itemid=109

From my observations on Mr Lin selling spree pattern, he could be suffering from severe setbacks started from Mr Kwek Leng Chan's families and Hong Leong's group from 2009 onwards immediately a year after IPO. Kwek's group walloped all his monies by selling all their shares above 50 sen. Then in 2012, CIM Dividends Ltd bought a lot at around 40 sen but disposed within a year at between 30-40 sen. Beginning 2014, Mr Lin and his Power Wide started to sell heavily the whole year at prices between 17 sen down to 8 sen. There were a lot of married deal between Power Wide and Mr Lin in 2014-2015 trying to say himself. Erwin bought in around Sep 2015 at price around 9 sen. But in Nov 2015, Mr Lin exercised his ESOS at 11 sen (even though the market price then was 9 sen) but sold them off at a loss of 5 sen in Jan 2016. How pitiful? In Feb 2016, Mr Paramjit saw this opportunity to buy at 5 - 6 sen. Again in 26 Apr, 2016 right before suspension, prices gone down to 3 sen. (Dont know who sold them).

From my observations above, Mr Lin could be suffering from severe headaches and set backs, thus making him re-act as such. But he can always use the company cash to pay dividends. Why didn't he do it? Is the company cash fake? Very unlikely as the Auditors RT LLP was certifying all the Audit Reports from 2008 till 2015.

Bad signs are Mr Lin selling and Internal Auditors resigning. These 2 are the only bad signs which can be man made.

No loan. No gearing. Low Debtors and creditors. Low stock inventories. Huge Cash Balance. Big Land and Buildings amount. All these are very good signs.

Agreed 100% with show. You have my 100% support. Support Mr Paramjit Singh Gill all the way.

Taiwan Msports shares never dropped to this low because Msports management has to deposit a Taiwan Depository Fund into the Taiwan bank as security. That could be the reason why Taiwan shares hardly go lower. We should also do the same like the Taiwan counterpart. Get Msports to keep compulsory FD (says 30 sen a share X Msian public shares) as security in Malaysia. Then, Msports and other Chinese stocks will not drop like shit again.

You are very lucky you escaped. Many Msports holders curse and curse like hell.

I mean both Apple plc and Msports refuse to pay any dividend but both are cash rich. Cash rich is good for the companies but the owner should not help to push the share prices so down. Mr Lin should be reprimanded.

This Msports share is now worth RM1.11 a share. Kena pushed down by negative perceptions of the Chinese Stocks here in our Malaysian market, coupled with the extreme bad and mischeaveous intention of Mr Lin (doing a lot of nonsentical moves to bring his counter to the minimum) made this share counter dropped to 3 sen before suspension. We shall now support Mr Paramjit Singh Gill to cut this nonsense out and let the real market forces determine the actual share prices. Apple PLC in USA is a cash rich corporation like Msports but Apple shares are priced so high whereas Msports shares are hammered so low. WHERE IS THE JUSTICE?

Initially I thought Paramjit and Erwin were Mr Lin's proxy. Looks like Mr Paramjit is not. And now the end is near for Mr Lin. He will soon draws his final curtain. Mr Paramjit Singh Gill has his ready set of people taking over Mr Lin's directorship. We shall now await our EGM to support Mr Paramjit's call to include Paramjit demand for directorship.

Once open, if still 3.5 sen, I will buy them as much as I possibly can. If Paramjit Singh Gill had announced his intention before suspension, prices would have gone up to 5 sen at least.

Malaysian Msports shareholders can now give their fullest support to Mr Paramjit Singh Gill to get Mr Lin toe the line and get back into proper business. By pressing the share prices to the bare minimum has its consequences. Let the show begins from now. Good. Mr Paramjit Singh Gill. Respect you. Salute.

Thanks Chinaboleh and Hamitouzhi for the links. At least we now know things are moving. Good News to Msports investors.

The Board of Directors of Multi Sports Holding Ltd (“Board”) wishes to announce that the Company has on 23 May 2016 received a letter dated 20 May 2016 (as attached) from a major shareholder, namely Mr Paramjit Singh Gill (“Requisitionist”) regarding a purported requisition for Multi Sports Holdings Ltd to convene a special general meeting of the Company to propose resolutions to seek to approve the following resolutions:

Resolution No. 1

THAT Mr Kasinathan a/l Tulasi (NRIC No. 580517-10-5539), a Malaysian Citizen who has duly consented, be and is hereby appointed to be a director of the Company with immediate effect.

Resolution No. 2

THAT Mr Naren Anand Gill (NRIC No. 740831-05-5293), a Malaysian Citizen who has duly consented, be and is hereby appointed to be a director of the Company with immediate effect.

Resolution No. 3

THAT Mr Clarence Yeow Kong Chew (NRIC No. 692927-12-5329), a Malaysian Citizen who has duly consented, be and is hereby appointed to be a director of the Company with immediate effect.

Resolution No. 4

THAT Mr Cheh Chee Mun (NRIC No. 540906-10-5907), a Malaysian Citizen who has duly consented, be and is hereby appointed to be a director of the Company with immediate effect.

Resolution No. 5

THAT Mr Guan Swee Kee (NRIC No. 591115-10-5281), a Malaysian Citizen who has duly consented, be and is hereby appointed to be a director of the Company with immediate effect.

Resolution No. 6

THAT the abovementioned directors to be appointed to the board also be added as the nominees appointed to become directors in the Company’s subsidiaries, namely Pak Sing Shoe Material (H.K.) Ltd, Jinjiang Baixing Shoe Material Co. Ltd, Fujian Qingte Investment Ltd, Fujian Evidoma Ltd and Quanzhou Sinte Tradind Ltd with immediate effect.

The Requisitionist in his letter further informed that he is the beneficial owner of not less than 10% of the paid-up share capital of the Company held through JF Apex Nominees (Tempatan) Sdn. Bhd. CDS Accounts no. 079-001-050441724.

The Board wishes to inform as follows:

1. Pursuant to Section 74(1) of the Bermuda Companies Act, 1981, the directors of a company, notwithstanding anything in its bye-laws shall, on the requisition of members of the company holding at the date of the deposit of the requisition not less than one-tenth of such of the paid-up capital of the company as at the date of the deposit carries the right of voting at general meetings of the company, or, in the case of a company not having a share capital, members of the company representing not less than one-tenth of the total voting rights of all the members having at the said date a right to vote at general meetings of the company, forthwith proceed duly to convene a special general meeting of the company.

2. Pursuant to Section 74(3) of the Bermuda Companies Act, 1981, if the directors do not within twenty-one days from the date of the deposit of the requisition proceed duly to convene a meeting, the requisitionists, or any of them representing more than one half of the total voting rights of all of them, may themselves convene a meeting, but any meeting so convened shall not be held after the expiration of three months from the said date.

The Company will make further announcement in respect of the above in due course.

This announcement is dated 23 May 2016.

KUALA LUMPUR: A major shareholder of Multi Sports Holdings Ltd, a China-based shoe manufacturer whose share trading on Bursa Malaysia has been suspended since two weeks ago, has requested for an EGM seeking to appoint five new directors.

Multi Sports told the stock exchange that Paramjit Singh Gill - who, according to Bloomberg data, owns a 11.9% stake and is the company’s single biggest shareholder - nominated Kasinathan Tulasi, Naren Anand Gill, Clarence Yeow Kong Chew, Cheh Chee Mun and Guan Swee Kee to the board.

Further, the abovementioned directors are also to be added as nominees to become directors in the company’s subsidiaries, namely Pak Sing Shoe Material (H.K.) Ltd, Jinjiang Baixing Shoe Material Co Ltd, Fujian Qingte Investment Ltd, Fujian Evidoma Ltd and Quanzhou Sinte Tradind Ltd with immediate effect.

Bursa Malaysia suspended the trading of Multi Sports securities from May 10 (until further notice) due to the company’s failure to submit on time its annual report, which includes the annual audited financial statements together with the auditors’ and directors’ reports for the financial year ended Dec 31, 2015.

Two of Multi Sports’ five board members resigned last month due to personal reasons.

Multi Sports said it would make further announcements to Bursa in due course on the notice to convene a special general meeting.

The similarities between CSL and Msports.
1. Same - Both from China
2. Same - Listed in Malaysia.
3. Same - External Auditors RT LLP
4. Same - Internal Auditor - Ang Wei Chuan
5. Same - Huge Profits and Big Amount of Cash Balances in the banks.
6. Same - Rock bottom share prices in the market.

Why? Can we discuss?

THIS NEWS WAS PUBLISHED BY STAR BIZ ON THE 10-APRIL-2014 REGARDING CSL'S CASE - SIMILAR CASE LIKE MSPORTS AND SAME AUDITOR RT LLP.

10-4-2014
PETALING JAYA: Despite slipping into PN17 category, China Stationery Ltd’s (CSL) share price has reacted positively, as the company escaped from being suspended at the eleventh hour.

The stock rose to an intra-day high of 10.5 sen before closing 1.5 sen, or 17.65%, higher than its reference price of 8.5 sen.

It is understood that the company is looking to appoint an investment bank to assist with its regularisation plan as soon as next week.

A technical analyst told StarBiz: “There is a technical rebound from a trading perspective.”

CSL’s market value declined significantly from 13 sen on June 27 to 7.5 sen on July 3.

On Monday, it closed at eight sen and climbed 25% to 10 sen yesterday, while buying volume increased.

A remisier said punters liked the penny stock because they could gain some 5% profit from each bid.

“This is similar to the case of Malaysia Airlines, whereby punters react very sensitively to news flows, causing its share price to be volatile,” he said. “But overall, sentiment on stocks from China is bad.”

CSL had announced last week that the trading of its shares could be suspended if it failed to submit its audited annual report to Bursa Malaysia by July 9.

On July 8, its auditor RT LLP issued a disclaimer opinion for its financial statements for the financial year ended Dec 31, 2013 (FY13), as it had not been able to provide a basis for an audit opinion due to a lack of audit evidence.

CSL’s management claimed that it was unable to quantify the extent of the financial losses resulting from the halting of its plastic folder business that was caused by a fire in April.

Following the issuance of the disclaimer of opinion, CSL triggered the PN17 criteria under Bursa Malaysia’s listing requirements.

The latest development has put China companies listed on Bursa Malaysia under the spotlight again.

CSL is the second China-based company listed on Bursa Malaysia that has lapsed into PN17 status after HB Global Ltd for the same reason – accounting woes.

Trading in convenient food manufacturer HB Global was suspended in May after it failed to submit its annual audited accounts for FY13.

HB Global said this was due to the change in its auditors. Its former auditor, Paul Wan & Co, raised the red flag in May 2013 for irregularities in HB Global’s books for FY12.

The external auditors of another firm, China Ouhua Winery Holdings Ltd, have also expressed a qualified opinion for the company’s accounts for FY13.

Ouhua Winery’s auditor, Helmi Talib & Co, said it was unable to verify the company’s trade and other receivables.

Due to the challenges in keeping tabs on China firms’ assets and cash that are kept in the mainland, investors’ confidence level has been dampened.

Share prices of most of the China companies listed on Bursa Malaysia are underwater compared to their initial public offering.

Another conman company?

Agree with TAH. Even if bearguy is correct, investors still may laugh to the bank because whoever delist the company has to use the company's fund to buy back all the existing shares in the market at a price to be announced.

You see. If Mr Lin genuinely holding on to his shares, he would not throw anymore at 3 sen now. He would accumulate back as much as he can before his announcement to his next action. I observed that no big players like Mr Lin throws anymore shares during the last few days before Msports suspension. Only you and me, small minorities are buying and selling them.

If no big players are throwing upon re-listing or opening, it is better we accumulate more when the prices are still the lowest. We don't want Mr Lin to accumulate as the more he accumulates, the richer he will be.

This Msports case is really an BIG eye opener to all Stocks existing out there in the market. Don't think that your stocks you are holding can always stay at the top. If you meet one person like Mr Lin or any plc bosses who practise like him, your stocks prices can reach to the rock bottom and yet no one authority can punish him or them. This teaches us how dangerous stock markets are. Maybe our authorities in Malaysia are not so strict like the States. In the States, if proven any directors do this kind of trick to amass wealth for himself at the expense of the investors, he can land himself in jail. Of course the authorities here (if serious) can help by compulsory closing the company and distributes all the company's wealth and assets back to all the shareholders. My 2 sen piece of opinion.

I also feel sympathy and empathy to all Msports investors in the past. No one really makes any money at all from Day 1. Losses all the way. At least, Mr Lin makes it private and he becomes super rich if he does. I am sorry to have offended all the past investors of Msports. Msports is really a lousy public listed company. Thousand APOLOGIES. Sorry for writing all the nonsenses above. SORRY. SORRY. SORRY.

I really feel sympathy and empathy for him and his hard work put in to Msports. He should not go public listed in the first place. Now it is time for him to go back to private and he shall get back all his pride and monies that he wants. Good Luck Mr Lin. Yours faithfully. Beststock.

From the above, I now feel how Mr Lin feels when he first stepped into the Malaysia Market with full of enthusiasm. With a company so beautiful with yearly huge profits, yet his share prices keep dropping and dropping until he is so mad at everyone today. Partly because of his own doing, he promised 20% dividend payout yearly but he failed to do so. He sulked since day one immediately after listing his Msports started from 85 sen dropped everyday down to 3 sen. That's why he got so cheesed off with the whole system. So I will wait what he would do next after suspension.

( ORIGINALLY MSPORTS STARTED IN MALAYSIA WITH A HIGH NOTE ) - This article was taken from the Star published on the 16th June 2009.

PLEASE READ.


MULTI SPORTS HOLDINGS LTD should be a good offer ... Read the article below:


http://biz.thestar.com.my/news/story.asp?file=/2009/6/16/business/4121538&sec=business

Tuesday June 16, 2009
Multi Sports to raise RM58mil from IPO
By LEE KIAN SEONG

Jinjang: Sports shoe sole designer, developer and manufacturer Multi Sports Holdings Ltd, en route to a listing on the Bursa Malaysia main board next month, is expected to raise total gross proceeds of RM57.6mil, mainly for business expansion plans.

This is the second China-based company to announce its listing on Bursa Malaysia through initial public offering (IPO).

Executive chairman and chief executive officer Lin Huo Zhi said the company planned to spend RM30mil of the proceeds to set up a new plant in Jinjiang, which is in the Quanzhou Municipality in Fujian Province, China.

“The RM30mil will cater to the cost of building construction and purchase of machinery. We plan to purchase additional shoe moulds for our new production and we may finance it through our internally-generated funds,” he told a press conference during a media visit to Jinjiang.

Of the balance, Lin said RM5mil would be for the expansion of the sales and marketing network in China, RM3mil for advertising and branding, RM4mil for enhancement of product development capabilities, RM8.6mil for working capital and RM7mil to defray the listing expenses.

He said construction work was expected to commence in the fourth quarter this year and production should start by the third or fourth quarter next year.

“The new plant will increase production by 50 million pairs of shoe soles when it reaches full capacity, adding to our current capacity of 24 million pairs per annum,” he said.

He pointed out that Jinjiang was currently China’s sports shoe manufacturing centre, accounting for about 20% of the total sports shoe production in the world.

Multi Sports is a vertically integrated company which possesses the ability to process raw materials, manufacture components required in shoe sole production, development and designing of in-house shoe soles.

It registered a net profit of RM46.8mil in the financial year ended Dec 31, 2008 on revenue of RM195.78mil.

Its net profit and revenue grew at a compounded annual growth rate of 37.8% and 34% respectively over the last three years.

It currently has about 1,900 employees and serves about 300 customers, including Guohui, 361° and Xdlong, the manufacturers of well-known China brands.

The company plans to launch its prospectus in the first half of July and be listed on Bursa at end-July or early August.

It proposed an IPO of up to 108.6 million ordinary shares of 5 US cents each. It has set a dividend payout policy of at least 20% of its pre-tax profit per year.

AmInvestment Bank is the advisor, sole underwriter and sole placement agent for the company’s listing.

From my observations, Mr Lin could have over indulged in the Accounting Affairs of the company by forcing the Accountants to do this and that without proper Accounting Treatments and Understandings. He should change his ways or be terminated in order to save the company.

Another reason is this. Auditors may not agree to Par Value Reduction exercise proposed by Mr Lin. Auditors may feel it was unnecessary to do such an exercise by reducing the Share Capital into half. Accounting treatment should be - Debiting Share Capital and Crediting Reserves. Very awkward isn't it?

On 25 August 2015, the board announced that the Par Value Reduction of USD 0.025 per share takes effect on 24 August 2015 as stated in their Quarterly Account dated 31-12-2015.

ESOS stated expires in year 2020 but here the company accounts say all ESOS exercised. Maybe Mr Lin was trying to force all staff to exercise immediately thus making the Audit Comittee to resign in protest, I think. This could be the reason why the Audited Account is delayed and not acceptable to the Auditors. My opinion.

Exercise of Employees' Share Option Scheme (" ESOS")

On 19 October 2015, 77,625,000 units of ESOS were granted to eligible employees of the Group. Accordingly, employees benefits associated with granf of ESOS, RMB5,211,994 were charged to profit or loss in accordance with the requirement of IFRS 2 Share Based Payment.

On 16 of November 2015, the board announced that 77,622,000 units of ESOS were exercised resulting 77,622,000 units of new shares being issued at the price of RM0.11 per share with the listing date on 17 November 2015. The total proceeds raised from the exercise of ESOS amounted to RMB12,681,751.

Remarks : The Quarterly Report says ESOS 77,625,000 units were exercised at 11 sen on the 16-11-2015, of which 7 sen for the same 77,625,000 units were charged to P&L account as ESOS benefits on the 19-10-2015 resulting in some of the losses incurred in the current year of 2015. Very strange here???

13-11-2015 Both directors bought ESOS at 11 sen.
2 Months later on 29-1-2016, both sold them off at 4.6 sen.

A loss of RM745,152.00 only. No sane person would do such a thing.

Funny, isn't it?

Name of Directors

Type of Securities

Date of Transaction

Price per share

No. of Share Disposed

Percentage (%)

Lin Huozhi

Ordinary shares of USD0.025

29 January 2016

RM0.046

7,762,000

1.304

Lin Liying

Ordinary shares of USD0.025

29 January 2016

RM0.046

3,881,000

0.652

This announcement is dated 29 January 2016.

Name of Directors

Type of Securities

Date of Transaction

Price per share

No. of Share Acquired*

Percentage (%)

Lin Huozhi

Ordinary shares of USD0.025

13 November 2015

RM0.11

7,762,000

1.304

Lin Liying

Ordinary shares of USD0.025

13 November 2015

RM0.11

3,881,000

0.652

* Allotment of shares to Mr Lin Huozhi and Ms Lin Liying arising from exercise of share options under Employees' Share Option Scheme.

Taiwan shares also suspended and last market price was Taiwan 2.40 that is equal to RM0.30

http://www.bloomberg.com/quote/911626:TT