"Things Gained Through Unjust Fraud Are Never Secure”
lol...they bslap themselves by doing exactly what they preach...short selling the targeted coy.
will chinese folkstales or geek mythology emerge as the eventual winner?
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China Minzhong hit by shortseller. Bear Empire affected and lost 11k
- Thread starter BEAR DYNASTY
- Start date
"Things Gained Through Unjust Fraud Are Never Secure”
lol...they bslap themselves by doing exactly what they preach...short selling the targeted coy.
will chinese folkstales or geek mythology emerge as the eventual winner?
Dividends Warrior
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CMZ explanations are out!!!
Time to dig out my Chinese dictionary.
Time to dig out my Chinese dictionary.
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Sinkie
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CMZ explanations are out!!!
Time to dig out my Chinese dictionary.
English version
http://www.chinaminzhong.com.sg/attachment/2013090118553417_en.pdf
Sinkie
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Conclusion
While we respect the right of our shareholders and the public to raise their concerns and queries regarding the published results and performance of the Group, what Glaucus (as a short seller) did in their report has gone beyond fair comment. It is apparent from the above as well as other similar allegations made in their Report that their sole and main objective was to benefit from the decline in the Company's stock prices brought about by their Report. While they claimed to have acted on information obtained from public sources, they have drawn conclusions which are reckless, and selectively used facts for that purpose.
We wish to reiterate that our accounts have been prepared in accordance with FRS and audited by external auditors Crowe Horwath First Trust LLP, and whose reports and opinions for the material period are without qualification. The external auditors have not withdrawn their unqualified audit opinions with regard to our financial results for the material periods after reviewing the Report and this Response.
We view the Report as damaging the value that we have created for shareholders over the years and are consulting our legal advisers on possible recourse. We will not hesitate to take legal action to defend our rights and reputation, including reporting any party to the authorities for possible breach of securities legislation.
By Order of the Board
Lin Guo Rong
Executive Chairman and Chief Executive Officer 1 September 2013
While we respect the right of our shareholders and the public to raise their concerns and queries regarding the published results and performance of the Group, what Glaucus (as a short seller) did in their report has gone beyond fair comment. It is apparent from the above as well as other similar allegations made in their Report that their sole and main objective was to benefit from the decline in the Company's stock prices brought about by their Report. While they claimed to have acted on information obtained from public sources, they have drawn conclusions which are reckless, and selectively used facts for that purpose.
We wish to reiterate that our accounts have been prepared in accordance with FRS and audited by external auditors Crowe Horwath First Trust LLP, and whose reports and opinions for the material period are without qualification. The external auditors have not withdrawn their unqualified audit opinions with regard to our financial results for the material periods after reviewing the Report and this Response.
We view the Report as damaging the value that we have created for shareholders over the years and are consulting our legal advisers on possible recourse. We will not hesitate to take legal action to defend our rights and reputation, including reporting any party to the authorities for possible breach of securities legislation.
By Order of the Board
Lin Guo Rong
Executive Chairman and Chief Executive Officer 1 September 2013
Danger21
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AceyourMaths
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S-chips very good now.
China minzhong clear and good news. Oceanus and china gaoxian lifting suspension soon.
China minzhong clear and good news. Oceanus and china gaoxian lifting suspension soon.
Sinkie
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China Minzhong gives detailed rebuttal, says short seller was "mischievous"
Published on Sep 01, 2013
By Jonathan Kwok
CHINA Minzhong Food Corporation has given a detailed rebuttal to short-seller Glaucus Research Group's allegations of fraudulent disclosures, saying they were "mischievous and calculated to cause panic and impose maximum damage on the price of the company's securities for their own benefit".
It was the third response by the China vegetable seller since highly damaging allegations from Glaucus on Aug 26 sent its share price down as much as 51 per cent.
United States-based Glaucus had claimed that China Minzhong had fabricated sales and other figures for the years leading up to its 2010 listing, doctored its capital expenditures and boasted growth that was too good to be true.
The two responses from China Minzhong last week denied the Glaucus allegations, but were generally lacking in specifics. In the firm's latest salvo on Sept 1, every allegation was highlighted and rebutted in a 19-page response.
Published on Sep 01, 2013
By Jonathan Kwok
CHINA Minzhong Food Corporation has given a detailed rebuttal to short-seller Glaucus Research Group's allegations of fraudulent disclosures, saying they were "mischievous and calculated to cause panic and impose maximum damage on the price of the company's securities for their own benefit".
It was the third response by the China vegetable seller since highly damaging allegations from Glaucus on Aug 26 sent its share price down as much as 51 per cent.
United States-based Glaucus had claimed that China Minzhong had fabricated sales and other figures for the years leading up to its 2010 listing, doctored its capital expenditures and boasted growth that was too good to be true.
The two responses from China Minzhong last week denied the Glaucus allegations, but were generally lacking in specifics. In the firm's latest salvo on Sept 1, every allegation was highlighted and rebutted in a 19-page response.
The report got 3 parts needs more clarification. As what the defendant has said is quite vague and also need to explain more in detail. Example, mr lin's non supervisory role in the customer coy was it declared to public?
And also what is the type of accounting practices the company currently uses as it is investment holding in singapore but main ops in china.
---------------------------------------------------------------
(2) Genuine Purchases from Top Supplier
Glaucus claimed that the Company's largest supplier for the pre-IPO track record period had its business licence revoked in February 2010 and cast doubts on the sales made by it to the Company.
Our Response:
Dealings with top supplier continued after IPO: We were neither informed nor aware of the revocation of our supplier’s business licence and continued trading with them till October 2010 when the quality of their mushroom spores failed to meet our requirements. We have the relevant purchase related documents to show our purchases from Chengdu Shufeng for the period in question. During that period, we had also started obtaining mushroom spores from other suppliers, one of whom remains our top supplier today.
(3) No Undisclosed Interested Person Transactions or Related Party Sales
Glaucus alleged that our Chairman and Chief Executive Officer Mr. Lin Guo Rong (“Chairman Lin”) and former legal representative of Sichuan Minzhong Mr. Lin Guo Ping, are interested in one of our customers and there was no disclosure of any related party transactions with this customer.
Our Response:
Chairman Lin and Mr. Lin Guo Ping had no direct or indirect shareholding interest in Putian Vegetables during the period in question. Save for Mr. Lin Guo Ping who held a non-executive supervisory role for a brief period of 1 year, both Chairman Lin and Mr. Lin Guo Ping were never involved in day-to-day management and operations of Putian Vegetables and also did not directly or indirectly control Putian Vegetables. The legal representative of Putian Vegetables has also confirmed this fact. Transactions with Putian Vegetables were on normal commercial terms and were neither interested person transactions nor related party transactions.
Operating Environment in China
We are an investment holding company incorporated in Singapore but our operating subsidiaries are all located in the PRC. Any filings by these subsidiaries with the PRC authorities are made on a calendar year basis based on PRC Generally Accepted Accounting Principles (“PRC GAAP”). On the other hand, the financial year end for our Company for our accounts prepared under Singapore Financial Reporting Standards (“FRS”) is 30 June.
In addition, there are differences in accounting practices between our PRC GAAP financial reporting and our FRS financial reporting. For example, in our PRC GAAP financial statements, we would classify payments relating to our capital expenditure as property, plant and equipment (“PP&E”) or construction in progress (“CIP”) only upon receipt of relevant tax invoices. In our FRS financial statements, we would classify such payments as PP&E or CIP even before receipt of the relevant invoices (as long as risks and rewards for the asset have been transferred).
Thus, a simple comparison between our PRC GAAP financial statements and FRS financial statements without considering the differences between the accounting practices and performing the relevant reconciliations would lead to misleading conclusions.
And also what is the type of accounting practices the company currently uses as it is investment holding in singapore but main ops in china.
---------------------------------------------------------------
(2) Genuine Purchases from Top Supplier
Glaucus claimed that the Company's largest supplier for the pre-IPO track record period had its business licence revoked in February 2010 and cast doubts on the sales made by it to the Company.
Our Response:
Dealings with top supplier continued after IPO: We were neither informed nor aware of the revocation of our supplier’s business licence and continued trading with them till October 2010 when the quality of their mushroom spores failed to meet our requirements. We have the relevant purchase related documents to show our purchases from Chengdu Shufeng for the period in question. During that period, we had also started obtaining mushroom spores from other suppliers, one of whom remains our top supplier today.
(3) No Undisclosed Interested Person Transactions or Related Party Sales
Glaucus alleged that our Chairman and Chief Executive Officer Mr. Lin Guo Rong (“Chairman Lin”) and former legal representative of Sichuan Minzhong Mr. Lin Guo Ping, are interested in one of our customers and there was no disclosure of any related party transactions with this customer.
Our Response:
Chairman Lin and Mr. Lin Guo Ping had no direct or indirect shareholding interest in Putian Vegetables during the period in question. Save for Mr. Lin Guo Ping who held a non-executive supervisory role for a brief period of 1 year, both Chairman Lin and Mr. Lin Guo Ping were never involved in day-to-day management and operations of Putian Vegetables and also did not directly or indirectly control Putian Vegetables. The legal representative of Putian Vegetables has also confirmed this fact. Transactions with Putian Vegetables were on normal commercial terms and were neither interested person transactions nor related party transactions.
Operating Environment in China
We are an investment holding company incorporated in Singapore but our operating subsidiaries are all located in the PRC. Any filings by these subsidiaries with the PRC authorities are made on a calendar year basis based on PRC Generally Accepted Accounting Principles (“PRC GAAP”). On the other hand, the financial year end for our Company for our accounts prepared under Singapore Financial Reporting Standards (“FRS”) is 30 June.
In addition, there are differences in accounting practices between our PRC GAAP financial reporting and our FRS financial reporting. For example, in our PRC GAAP financial statements, we would classify payments relating to our capital expenditure as property, plant and equipment (“PP&E”) or construction in progress (“CIP”) only upon receipt of relevant tax invoices. In our FRS financial statements, we would classify such payments as PP&E or CIP even before receipt of the relevant invoices (as long as risks and rewards for the asset have been transferred).
Thus, a simple comparison between our PRC GAAP financial statements and FRS financial statements without considering the differences between the accounting practices and performing the relevant reconciliations would lead to misleading conclusions.
Nakedtoes
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offer 1.12.. hor say liaoz shorties die cock stand
UOB Kay Hian Private Limited ("UOBKH") wishes to announce, for and on behalf of PT
Indofood Sukses Makmur Tbk (the "Offeror"), that the Offeror has today agreed to acquire
pursuant to married deals an aggregate of 25,590,000 issued and paid-up ordinary shares
(the "Shares") in the capital of China Minzhong Food Corporation Limited (the "Company"),
representing approximately 3.90% of the total number of issued Shares1
(the "Acquisition"),
at the price of S$1.12 per Share.
Following the Acquisition, the Offeror owns, controls or has agreed to acquire an aggregate of
219,525,382 Shares, representing approximately 33.49% of the total issued Shares.
As a result of the Acquisition and in accordance with Rule 14.1 of the Singapore Code on
Take-overs and Mergers (the "Code"), the Offeror will make a mandatory conditional cash
offer (the "Offer") for all the remaining Shares, other than those Shares held by the Company
as treasury shares and those Shares owned, controlled or agreed to be acquired, directly or
indirectly, by the Offeror as at the date of the Offer (the "Offer Shares").
UOB Kay Hian Private Limited ("UOBKH") wishes to announce, for and on behalf of PT
Indofood Sukses Makmur Tbk (the "Offeror"), that the Offeror has today agreed to acquire
pursuant to married deals an aggregate of 25,590,000 issued and paid-up ordinary shares
(the "Shares") in the capital of China Minzhong Food Corporation Limited (the "Company"),
representing approximately 3.90% of the total number of issued Shares1
(the "Acquisition"),
at the price of S$1.12 per Share.
Following the Acquisition, the Offeror owns, controls or has agreed to acquire an aggregate of
219,525,382 Shares, representing approximately 33.49% of the total issued Shares.
As a result of the Acquisition and in accordance with Rule 14.1 of the Singapore Code on
Take-overs and Mergers (the "Code"), the Offeror will make a mandatory conditional cash
offer (the "Offer") for all the remaining Shares, other than those Shares held by the Company
as treasury shares and those Shares owned, controlled or agreed to be acquired, directly or
indirectly, by the Offeror as at the date of the Offer (the "Offer Shares").
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Sinkie
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sinkie u got wack CMZ during that day at 50c ++ right.. congrats
yeah, but just plain lucky..
Nakedtoes
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really got ball of steel... but u in this line u roughly know this can gamble.. but too bad i no ball of steel on that day..
hellfire88
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wha this saga damn power.
what will happen now? when will trading halt be lifted?
when will the offer be valid until?
means the shares will trade above $1.12 on open?
what will happen now? when will trading halt be lifted?
when will the offer be valid until?
means the shares will trade above $1.12 on open?
Nakedtoes
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yes now ppl already Q at 113... really kill all the shorties... i so happy
Nakedtoes
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