Write a comment..Xingquan is another counter which Mr. Koon Yew Yin recklessly suggested to the investing public. Koon Yew Yin invested heavily into Pahang Consolidated many years ago and lost as much as he lost in Xingquan. He gave away all the certificates (Pahang Consolidated) to those who attended his party in 1990, if I can remember correctly. I sincerely believe that Mr. Koon got carried away with Xingquan's "account" which was then worth RM3.60, selling for RM1.60 in 2011.
Many have lost money in Xingquan by just listening to Koon Yew Yin. I know many who lost several hundred thousands just on this counter.
Always remember that the Chinese businessperson do not care two hoods whether you have lost millions as they are interested for their well-being only. They should be jailed or suffer the same fate as those officials in North Korea.
Xingquan is a cheat and we have all been conned by them. Malaysians are no match to these Chinese cheaters.
During Mao time those bring shame to country will be shoot at the head. Let see if President Xi had the gut to bring justice and redeem pride of chinese people. Once you loss the people heart you loss the world opinion. Your words are only worth your action.
Frankly i really pity these shareholders. I think you ppl should collectively make a police report. Its obvious the Bursa bayi in comatose state and likely not going to do much.
I don't think we should blame Mr. Koon Yew Yin for recommended this share, as he is also layman and not the god, he also can make mistake. Those only follow ppls advise , hard to earn money in share market. So it is important to have cut loss point, no matter how good of the company like Transmile. robert Kuok also kena con
SC should teach those China wolfs a leason. Since this is public company not such things as customer confidential and cannot release the name of the government related agency. Ask them to submit the contract. Or else ask them to privatise this rotten cheat company in order to prevent further shame and dishonest to chinese people and coumtry.
Last year because this company is cash rich and did not pay dividend so i brought WA. This year i do not know why SC approve right issue at Rm 0.3 this cause the WA become toilet paper. When this share drop below right issue price i start to buy the share thinking the major shareholder also paid right at Rm0.3. This quarter massive loss the china wolf need to clear thier fake cash from the account. Do not know how many landmine yet to explode soon become toilet paper again.SC where is the justice.
I do not believe any Malaysian tycoons should bail out these Malaysia listed China Companies unless they see value and can profit from it same as I do not expect China Companies to bail out 1MDB unless they see value(political or commercial) and can profit from it no free lunch in this world. What our SC can do is to work together with China counterpart and applied whatever applicable law to held MD accoutable to their book and charge them for fraud if it can be proof that they conspite to mislead the shareholder by cooking the book.
If bursa not agree the answer ,Xingquan may be will temporary suspension for few months or later go to PN 17.This will help the small investors to understand the risk for your investment.
the shoes were returned by secret customer, and then sell to another secret customers .. auditor also not allowed to know who are those secret customers. Like this can do audit or not ?
My reasons for buying Xingquan are as follows: 1. CIMB were the under writers for Xingquan IPO at Rm 1.80 per share about 6 years ago. 2. Xingquan has been making profit every year since it was first listed and its share price has been falling ever since. These 2 sentences do not make any logical sense. 3. In the latest annual report 2015, you can see that its net tangible asset is Rm 3.42 with about Rm 3.00 cash per share. Its EPS is 42 sen in financial year ending June 2015 and it is selling at about 60 sen, P/E less than 2. 4. Most of the investors do not believe the audited accounts is true because the company gave out very little dividend. 5. I believe the audited accounts because one of the founders of S J Grant Thornton is my cousin. 6. Xingquan is listed in Malaysia and I believe our Securities Commission can protect shareholders interest. 7. I also believe the legal system in China and the controlling shareholder of Xingquan cannot cheat the minority shareholders. 8. Many shareholders are tired of holding the shares because it gives out very little dividend and they sold to cut loss. That is why the price has been coming down ever since it was listed. 9. I visited Xingquan in Xiamen a few times and I know that it has utilized all the money it received from IPO to expand its existing factory and constructed hostels to accommodate 3000 workers. 10. Xingquan has reduced its shoes and shoe sole business because of competition. It is now selling high class casual wears under the brand name of “Gertop”. It is not giving out dividend because it needs all the cash to open up new outlets. It has open about 110 outlets in all the larger cities in China. Xingquan has to pay cash for all their purchases. 11. In Guru Benjamin Graham’s book “The Intelligent Investor” all the company assets cannot disappear in thin air. Eventually the controlling shareholder will want some cash out of the company by giving out dividend. 12. Although I am nearly 83 years old, I can wait patiently. When I die my Charity foundation can wait patiently. I think the risk in buying Xingquan is small. 13. I am not asking you to buy. If you buy, you are doing it at your own risk.
Price now 0.09! 5. I believe the audited accounts because one of the founders of S J Grant Thornton is my cousin
So, lesson learn, no one in the market is your friend! You've make assumption 100% is coming to take your money. Beaware, be sensitive!
Claiming millions of shoes rejected by secret customers, and then manage to sell cheaply to another secret customers are really troublesome. Fire is definitely the EASIEST. Tried and provened effective by CSL, Welli Multi and many many more ... No need come out with any customers, nor any receipt for expenses.
A sunken ship also worth it scraps. Can SC force the China owner to make a reasonable offer to take the company private? In this case at least some small share holder able to recover the losses.
If I were KYY I would cash out other stocks and all in here to take control and decide what to do with cash reported.
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Posted by cariyoyo > 2016-09-06 09:42 | Report Abuse
Write a comment..Xingquan is another counter which Mr. Koon Yew Yin recklessly suggested to the investing public. Koon Yew Yin invested heavily into Pahang Consolidated many years ago and lost as much as he lost in Xingquan. He gave away all the certificates (Pahang Consolidated) to those who attended his party in 1990, if I can remember correctly. I sincerely believe that Mr. Koon got carried away with Xingquan's "account" which was then worth RM3.60, selling for RM1.60 in 2011.
Many have lost money in Xingquan by just listening to Koon Yew Yin. I know many who lost several hundred thousands just on this counter.
Always remember that the Chinese businessperson do not care two hoods whether you have lost millions as they are interested for their well-being only. They should be jailed or suffer the same fate as those officials in North Korea.
Xingquan is a cheat and we have all been conned by them. Malaysians are no match to these Chinese cheaters.