Another singapore listed china company bites the dust...Eratat Lifestyle makes soles, shoes and clothing. On it's financial records it state that it has 577 million RMB in in's bank accounts. This amount was verified by the auditors & board of directors on January 2014 via the following. 1. Personal visit to Agriculture Bank of China and get print out from the bank system from the Branch Manager 2. Login and checking of the amount in the online banking system 3. Letter of confirmation of the amount in the accounts from the bank Due to the missing workers and the CEO. The interim CEO makes further probes into the bank account found that the cash reported is not in existence. The share is currently suspended and awaiting special audit. Fair warning to high cash holding, super profitable, super cheap PE 1-2x, china based small caps...
Only one explanation why the company can't share the cash reserves with the shareholders. Because they are deposited in Bank of Hell,the management ask you to q-up there.
All china counters drop into super penny zone. This company is going to join them for sure. Why can substain $0.90+?? Because uncle Koon is supporting the prices, he is the senior value sifu. Cut the losses while he is supporting,otherwise it is too late.
Not bad for this counter. As expected, the management have today confirmed the issuance of free warrants for shareholders on the 24-06-2014. What more exciting was that the striking price for its warrant is RM1.00. RHB portrayed the value of its warrant at RM0.290! What a good news for those that have been holding this counter for years!
Look like Mr Koon's advise fell flat on China stock... No dividend .. warrants will do .. this principle does not work with all the companies. For this company.... it not only adjusted itself but also due to lots of pent-up sellers...waiting to sell with the notion that our Malaysian investors are fools. Hence after adjustment, the price is worse............
China countera are rubbish bin. Throw it before Mr Koon.He now havw full hand of shits. Especially the new warrant he received. He definitely going to sell off to top up his margins.
Those warrant will be selling all the way to doom. Especially Mr Koon .He now full hand of shits to off loading to market to top his margins. So beware..
Say an investor purchased 10k shares of xinquan at RM0.960 pre-free-warrant periods. After the ex-date, he will receive 5k free shares of xinquan-wa. Let's see how his investment has performed:
Pre Ex-date for free warrants 10k shares Xinquan @ 0.96, i.e. RM9,600.00 Investment Cost: RM9,600.00
Post Ex-date for free warrants (based on today values) 10k shares Xinquan @ 0.760, i.e. RM7,600.00 5k shares Xinquan-wa @ 0.17, i.e. RM850.00 Net value for his investment in Xinquan now is at RM8,450.00
Hence, the losses resulted is RM1,150.00 or 12%.
cpng, I need to correct your sentence. It is not LPPL, it is clearly worse than that. But I refuse to blame anyone for the losses I have incurred. Take the above as a paid lesson.
the good China companies all list in USA. the bad China companies list in Malaysia. that's how desperate Malaysia is for China money. Just look at how Malaysia bend backwards to China in Iskandar Johor just for China money.
Major shareholders such as Mr Koon are off loading s hits into market. Not ever try touching the shits..
They have professional dealers to monitoring and placing buy and sell trading to cheat you.
Don buy their tricks, step away watching the falling knife.
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Posted by Funtrade > 2014-02-10 12:07 | Report Abuse
Next time just hentam stocks promoted by Newspaper. Brem by Nanyang, Xinquan, Keladi by Sinchew. hahaha