S-chips make a comeback in Singapore

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#51
There has been some recent developments with Eratat.

The placement has been rejected by SGX citing that the discount was more than 10% of the weighted average price on that day.

Did someone screw up somewhere?

Looking at the price history, Eratat was bumping along resistance @ 26c before a sudden selldown to 23.5c followed by a halt.

A placement was then announced at around 21.5c.

Share price then rose after trading resumed to bump around resistance again.

After the announcement of the rejected placement, the share price was then pushed down to 23.5c again.

Is CMIA trying to secure placement again at a lower price or is the stock being manipulated?

Still vested and curious to see how events will turn out. Results announcement is due soon and generally expected to be a positive one.
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#52
(29-01-2011, 01:28 PM)sgxstockpicker Wrote: There is another website that has been actively promoting S-Chips either by dressing up as news, or through forummers who seem to be very partial towards investing in S-Chips.

One of the co-founders of that site is a kind of public relations company for s-chips.Dodgy

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#53
(10-02-2011, 09:52 PM)starbugs Wrote: One of the co-founders of that site is a kind of public relations company for s-chips.Dodgy

NextInsight?
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#54
(10-02-2011, 02:43 PM)iisterry Wrote: There has been some recent developments with Eratat.

The placement has been rejected by SGX citing that the discount was more than 10% of the weighted average price on that day.

Did someone screw up somewhere?

Looking at the price history, Eratat was bumping along resistance @ 26c before a sudden selldown to 23.5c followed by a halt.

A placement was then announced at around 21.5c.

Share price then rose after trading resumed to bump around resistance again.

After the announcement of the rejected placement, the share price was then pushed down to 23.5c again.

Is CMIA trying to secure placement again at a lower price or is the stock being manipulated?

Still vested and curious to see how events will turn out. Results announcement is due soon and generally expected to be a positive one.

I just looked at its financial statement. I think it is in a net cash position. Why are they seeking to raise funds ? New capex ?
Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.
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#55
(10-02-2011, 11:35 PM)Nick Wrote: I just looked at its financial statement. I think it is in a net cash position. Why are they seeking to raise funds ? New capex ?

Purely guessing offhand, longer receivables extended to distributors to assist them in setting up specialty stores instead of mere shelf display as well as to bring a PE firm into its shareholder list.
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#56
From the reason given by SGX-ST for its unable to agree to the Company's application for the placement, does it mean that the placement agent's fee is considered as part of the discount?
I wonder what is the amount of the placement agent fee. Is it common for remiser to be offered such lobang?
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#57
check if fund raising is due to tax reasons?
rem reading tat new funds injected r subjected to lower china taxes
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#58


http://info.sgx.com/webcoranncatth.nsf/V...200471E1F/$file/CHX_final.pdf?openelement

(A) APPOINTMENT OF SPECIAL ACCOUNTANT AND OTHER MATTERS
(B) REQUEST FOR SUSPENSION OF TRADING IN SHARES


Further to the request for trading halt on 22 February 2011, the Board of Directors (the
“Board”) of China Hongxing Sports Limited (the “Company”) wishes to announce that the
Company and its Auditors (Ernst & Young LLP (the “Auditors”) face certain difficulties in
respect of the finalisation of the audit of the Group’s financial statements for the year ended
31 December 2010.

The Audit Committee has been informed by its Auditors on 22 February 2011 that they have
noted irregularities in the cash and bank balances, accounts receivables, accounts payables,
and other expenses during the course of their audits of its subsidiary companies in the
People’s Republic of China (“PRC”). These subsidiaries are Fujian Hongxing Erke Sports
Goods Co., Ltd and Quanzhou Hongrong Light Industry Co., Ltd. (“PRC Subsidiaries”). As
such, the Auditors will not be able to give audit clearance in respect of the financial results
for year ended 31 Dec 2010 without performing additional procedures and tests relating to
these account balances. The Auditors also recommend that the Audit Committee
immediately commence a fact-finding process to verify such irregularities. The Auditors were
appointed auditors of the Company effective from the financial year ended 31 December
2010.

In view of the above, the Board has resolved to appoint an Independent Special Auditor
(“SA”) to the Company to carry out a thorough investigation into the matters raised and
thereafter to announce the report of the SA. The appointment will be made by 1 March 2011.

The Board has also authorised that the Audit Committee to oversee the investigation and
take any further actions as they deem fit. The SA will report to the Audit Committee and the
Singapore Exchange Securities Trading Limited (“SGX-ST”). In the meantime, the AC will
take steps to safeguard the assets of the Company and continue the operations smoothly.

In view of the above, the Company will apply to convert its trading halt into a trading
suspension.

The Company will apply to SGX-ST for an extension of time in relation to Rule 705(1) of the
Listing Manual for the Company to announce its full financial year statements for the year
ended 31 December 2010 (“FY2010”) as the Company will not be able to make the
announcement of its FY2010 financial year statements by 1 March 2011.

The Company has appointed KhattarWong as the Company’s legal advisers in the matter on
Singapore laws. The Company will appoint a Bermuda legal adviser to advise on Bermuda
Law and a PRC law firm to advise in the matter in relation to the PRC Subsidiaries on the
PRC laws, if necessary.

The Company will make further announcements as and when there are material
developments or more information becomes available.

By Order of the Board
Chew Kok Liang
Company Secretary
Date 25 February 2011
Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.
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#59
another going to bite the dust?
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#60
Not surprising yet another China counter listed in SGX got hit again.
And this has been going on for few years already. When will people learn.

No one can 100% be sure they will win in Stock Investment not even Buffett. We invest to Win by Probability.
And the probability of S-Chip failure is Very HIGH no matter how good they are. The story has to be there to attract U.

And Someone will always come in and counter it is not all of them. My view is, why need to be all ? Investment is all about probability.

Cory

Just my Diary
corylogics.blogspot.com/


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