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China Oilfield Technology Services Group
04-03-2015, 11:15 AM.
Post: #1
China Oilfield Technology Services Group
A delist due to prolong loss makings... Any one caught by this stock?

(not vested, and didn't know it before)

China Oilfield Technology Services Group to delist

SINGAPORE (March 4): China Oilfield Technology Services Group ( Financial Dashboard) will be delisted after the loss-making company failed to meet regulatory requirements for removal from the SGX watch-list.

According to listing rules, the company or its controlling shareholder must now provide a "reasonable" exit offer to investors.

It has one month to inform SGX of its proposal, it said in a regulatory filing.

Trading in its shares will continue until April 2. The stock will be suspended from April 6.
...
http://www.theedgemarkets.com/sg/article...oup-delist
=========== Signature ===========
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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04-03-2015, 12:24 PM.
Post: #2
RE: China Oilfield Technology Services Group
latest financial statement here
http://infopub.sgx.com/FileOpen/COT_FY20...eID=336905

zero net asset value, once trading at $1.16, outstanding share of 728.60M, another china stock where Singaporean lost hundreds of millions

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04-03-2015, 12:35 PM.
Post: #3
RE: China Oilfield Technology Services Group
Another classical case of Hsieh Fu Hua's Legacy.

Another classical S-CHIP "CON JOB" company brought in during the Hsieh Fu Hua era.

This one I got caught before.

I was having some festive mode while consuming lots of alcohol while reading thru the IPO prospectus of the company. Big Grin
It was so convincing !

So I subscribe to the IPO without giving much though.
Anyway, I wouldn't have found any problem even if I have scrutinize the IPO propectus very carefully. It was fool proof.

IIRC, the company was listed during 2008, after which the global stock market crash !
After the market recovered in end 2009, the stock price recovered to around $0.20, where I dumped it ASAP after reading the first post IPO annual report !

I will cut and paste some of my notes written back in 2010 regarding this counter, to show the agony which I have gone through ! Big Grin

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04-03-2015, 12:37 PM.
Post: #4
RE: China Oilfield Technology Services Group
Ridiculous company that has zero sales, zero payment from key customer since successful listing
of IPO.

They have raise S$127m through a listing of 212 million shares at 60¢ each at the peak of the
stock and oil market !
And guess what ? Immediately after the IPO, the first fiscal report state that there are very serious
technical problems, and the customer are withhelding hundred of millions of payment pending
for the technical problem to be resolved.

Did they sign a " If the machine don't work, you don't have to pay a single cent " contract with the key
customer PetroChina ? If not, what is happening there ?
( BTW, PetroChina is the state own company that buy over 45.5% SPC stake from Keppel for
S$1.47 billion. And they have proceed to delist SPC with a cash offer of S$6.25 per share, without
blinking an eye ! )

I personally believe that the so called "sales to PetroChina" are just some paper figures !
if there is no real deal, how could they retrieve any payment !

What are they up to ?
Plan A : Raise as much Ah Gong money as possible in carefully timed IPO.
Plan B : Come up with some cock and bull story to dishearten the investors.
Plan C : Rescue plan came in. To build the submissible motor to turnaround the company.
Plan D : Transfer the Ah Gong money from left pocket to his own pocket on the right through the
so called rescue plan.
Plan E : Declared that the rescue plan has failed and proceed to delist the company.
Let's see if my fortune telling is accurate or not ?


Important Update : 19-Apr-10
I guess this will be the last straw that kill this bullshit couter.
Mr Kuan Cheng Tuck has resigned as the independent director of this company, he held the role
as the Chairman of Audit Commitee, Member of Remuneration Commitee and Nominating
Committee. He is the third and the most important director to resign.
Consequences : The company has entered the no government state, so Gao Yanming can do
whatever he wants.

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04-03-2015, 12:46 PM.
Post: #5
RE: China Oilfield Technology Services Group
So the moral of the story is don't drink and invest at the same time Tongue

(04-03-2015, 12:35 PM)Layman A Wrote: Another classical case of Hsieh Fu Hua's Legacy.

Another classical S-CHIP "CON JOB" company brought in during the Hsieh Fu Hua era.

This one I got caught before.

I was having some festive mode while consuming lots of alcohol while reading thru the IPO prospectus of the company. Big Grin
It was so convincing !

So I subscribe to the IPO without giving much though.
Anyway, I wouldn't have found any problem even if I have scrutinize the IPO propectus very carefully. It was fool proof.

IIRC, the company was listed during 2008, after which the global stock market crash !
After the market recovered in end 2009, the stock price recovered to around $0.20, where I dumped it ASAP after reading the first post IPO annual report !

I will cut and paste some of my notes written back in 2010 regarding this counter, to show the agony which I have gone through ! Big Grin

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04-03-2015, 03:16 PM.
Post: #6
RE: China Oilfield Technology Services Group
Just be careful lah, try not to lose money... Smile
=========== Signature ===========
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 

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06-03-2015, 07:07 PM.
Post: #7
RE: China Oilfield Technology Services Group
Thank you guys.

I have in fact paid the price, learned a precious lesson , and put the whole episode behind me.
In fact I have forgotten about the company until CityFarmer brought it up... ,
in fact it surprise me that it take so long for the crook to delist the company.

Some questions to ask after so may S-Chip companies have came and gone, taking away billions of shareholder's money with them.

1. What has SGX learnt after the whole S-Chip saga ?

2. What has MAS learnt after the whole S-Chip Saga ?

3. Is there anything put in place , like a legal framework or something to prevent a similar scenario in the future ?

With that I rest my case here.

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09-03-2015, 12:02 PM.
Post: #8
RE: China Oilfield Technology Services Group
(06-03-2015, 07:07 PM)Layman A Wrote: Thank you guys.

I have in fact paid the price, learned a precious lesson , and put the whole episode behind me.
In fact I have forgotten about the company until CityFarmer brought it up... ,
in fact it surprise me that it take so long for the crook to delist the company.

Some questions to ask after so may S-Chip companies have came and gone, taking away billions of shareholder's money with them.

1. What has SGX learnt after the whole S-Chip saga ?

2. What has MAS learnt after the whole S-Chip Saga ?

3. Is there anything put in place , like a legal framework or something to prevent a similar scenario in the future ?

With that I rest my case here.

if there is any consolation, let me tell you even though i know how dangerous it is to invest in "S-Chips", i have gone into some of them. Some of them, i have manged to hit and run but overall i have been "pensoned" by them.
This remind me of :-
"If to do were as easy as to know what were good to do, chapels had been churches, and poor men's cottages princes' palaces. ."
So better stick to WB's rule No.1 and No.2 (aka i am not that smart to be a hit-man)
=========== Signature ===========
WB:-

1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.

Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.

NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.

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09-03-2015, 04:11 PM.
Post: #9
RE: China Oilfield Technology Services Group
Thank you uncle Temperament,
You are always the kind one with kind words, as usual.

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09-03-2015, 10:09 PM.
Post: #10
RE: China Oilfield Technology Services Group
I remember this was the one company for those whom had largely missed the oil rally and was itching to get some exposure to oil. For amateurs like me, it sold a good story that it had the technology/know-how to improve the residual life of oil wells and with oil prices zooming through the roof, such extensions were going to appeal to the big oil firms. On hindsight, this story was extremely lousy - It had to be fool's black gold if we had to drill residual wells and beg for crumbs from the oil rally. As the saying goes - What the wise man does in the beginning, the fool does in the end.

This was the one that got away. IIRC, I was once just as convinced, but thanks to a red HOT 10x over-subscribed IPO, i "missed the boat" and then it didnt wait for me.

http://us.fashionmag.com/news/Singapore-...P2oV_8cTIU

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