I don't subscribe to the notion that Koon sold and bought back those shares, simply because : 1) his net position in Xinquan diminished by 2.5m+ shares 2) price keep falling 3) if you look carefully in the 2013 and 2014 Annual Report, Tan Kit Pheng's shares were free shares in 2013 but it is now pledged to TA instead, meaning Koon is stretched in holding Xinquan
While the shares price continue to be under selling pressure, it would only be reasonable to conclude that the big boys ie Koon, BNY and Kaz Bank is still unwinding their positions in Xinquan
I concur with TanSri that the one that have been buying these big boys' disposal shares are the retail investors, judging from the spike of 10.9% in the total number of shareholders of Xinquan
To know the true value of Xinquan, best way and simplest way is to propose in AGM to appoint an independent auditor (of big name like Price waterhouse) with the sole purpose to validate the cash holdings in bank. It won't cost much as only job is to double triple check its bank balance, and it will do great help to the share price. Think majority of shareholders shd support it
The cash holdings alone make up more than half of Xinquan assets and is way way above its current price @ 41cts. So by just checking this item alone, just this one item is enough for all shareholders to continue to support this counter. Is a very small price to boost up the image of Xinquan and its value
As a shareholder, you have the right to request the appointment of an independent auditor for Xinquan and you may do so by proposing a motion to deliberate this matter at the forthcoming AGM. But you must hand in this motion 2 weeks before the AGM
I don't mind to do this if we can all group up to vote for it. Leave your comment here and we figure out the communication method later
It seems weird that BNYM as a substantial shareholder who holds 7.29% since 2013 has never disclosed of its disposal of Xinquan shares to the Bursa on a continuous basis. Isn't that against Bursa requirements? We should highlight it during the AGM.
Looks like the disposal was taking place before the issuance of free warrants (% of shares and warrants are the same).
And now its position is only 5.12% and by disposing another 0.12% will definitely get himself out from any disclosure requirements.
I would think that the massive sell down in the past few months was caused by other investors and not BNYM and you should now who is pressing the price down.
Why follow KCC to spread the fear. Anta recent price drop due to its chairman close connection with fallen ex-tax chief. There r hundreds china shoe companies in fujian besides Anta and recent event (last wednesday) only afftected Anta and not others listed. There r hundreds of high rank officers being investigated. If follow KCC logic, then china shanghai composite should have collapsed by now. But it shoot up 500pts in 3 weeks and is going to challenge the important 3000 pts very soon.
Anta is huge shoe company in china. Xinquan, Msports, Maxwell are small fries in comparison. Where got so free for china officials to investigate the little fries, there r hundred thousands of them in china. There are no news whatsoever that bosses of Xinquan, Msports, Csl,.. also got connection with the ex-tax chief.
The ex-tax chief was being investigated in Nov for fraud in a local property purchase. Whether Anta ceo is involved or not (of course he denied involvement) will not affect the operation of Anta, which is a financially strong company with PE ratio of > 20x (compared to say Xinquan < 2x), though Anta share price will be affected if its ceo is later found to be involved in the land purchase fraud case. It will not be logical to link this land fraud case to all other shoe companies in Fujian, and there is no news involving others as well. So Don't frighten yourself unnecessary.
I understand that many shareholders of Xingquan are aghast with the performance of this counter in terms of share price. Some investors whom I personally know have lost 60 to 80% of their investments in Xingquan. I pity them. I have lost considerable as well and I am not sitting tight doing nothing. I urge all shareholders of Xingquan to vote against on all resolutions and send the forms back to them registering your dissatisfactions on its inability to provide dividends to shareholders. Just write and attach a simple note of protest along with the proxy form. Spend RM0.60 and post it back to them.
Mr. Koon has confirmed his dissatisfaction and will do the same thing at the board meeting on 29.12.2014.
I hope all of you who has Xingquan shares to do likewise.
I have faxed a proxy form to the registrar of Xinquan today at 03-78428151, authorizing 2 of my lawyer and accountant to attend the AGM and to raise a lot of questions and queries come this 29/12
We Malaysians are a lazy lot. There is an AGM coming where we can question the board about dividend, among other things, but yet someone had suggested to write a note instead of going to AGM and ask for the dividend, sigh!
talkrealreal, you are moving in a right step forward. I hope more and more shareholders will join you and demand from those Chinese what that owe us. Demand for our rights.
KYY will be very happy if many shareholders attend to fry that Dato Wu and Ooi Guan Hoe.
Some insider told me soon there will be margin call on KYY...he suffered significant loss in all his counters (Xinquan-70%=,PJD-WC -40%+,Jtiasa -20%+, Mudajaya - 40% etc). Most of these counters are under his margin ac. If this is true we will see further drops in all these counters soon. Just be careful.
He owns ard 30M (10%) shares of Xinquan at RM1+, ard 5.5M PJD-WC (ard 0.80-1.00) N 13.57M (ard RM2.20-2.40). At today's closing price, his paper loss could be in the region of RM30M...
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talkrealreal
834 posts
Posted by talkrealreal > 2014-12-06 09:29 | Report Abuse
I don't subscribe to the notion that Koon sold and bought back those shares, simply because :
1) his net position in Xinquan diminished by 2.5m+ shares
2) price keep falling
3) if you look carefully in the 2013 and 2014 Annual Report, Tan Kit Pheng's shares were free shares in 2013 but it is now pledged to TA instead, meaning Koon is stretched in holding Xinquan