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ChinaGaoxian
hpong5
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24-Mar-2011 12:03     
 
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 Alert Admin 		Even BT's article mentioned possibilities of insider trading.

krisluke      ( Date: 24-Mar-2011 10:45) Posted:



ChinaGaoxian: Co is in 3rd day of trading halt and will have to issue a statement explaining reason for halt by end of today or convert the halt to a trading suspension. BT has an article which highlights that it would be surprising if there were accounting irregularities due to:

1) co only listed in Sept 2009

2) co has recently went through a round of scrutiny from its KDR listing. However, it still does not rule out any possibilities.

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knightrider
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24-Mar-2011 11:12     
 
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Published March 24, 2011

Gaoxian trading halts: a poser


 

By LYNETTE KHOO

 

CHINA Gaoxian has joined the string of S-chips that have seen trading of their shares either halted or suspended. While investors are still anxiously awaiting news from the company, speculation is rife on what could have possibly happened. Investor fears stem from accounting irregularities at some China-based firms listed in Singapore.

 

Being able to pass muster under a different regulatory regime doesn't necessarily mean that all's well for a company, except to say that things look okay on paper.



In the absence of full information, a trading halt is justifiable to ensure a level playing field. But a pertinent question to ask is why the textile firm has chosen to halt trading of its Korean Depository Receipts (KDRs) one day after the start of its share trading halt in Singapore on Tuesday.

In fact, it had to take a query from the Singapore Exchange (SGX) to China Gaoxian on the unusual trading activities of its shares on Monday to prod the company into requesting a trading halt here for the purpose of 'investigating the matters prompting SGX's queries'. By then, the Singapore counter had already fallen by a staggering 24 per cent on that day alone to 19 cents, after some 140 million shares changed hands.

Whether the drastic stock movement suggests that some punters were trading on information not yet made public is anyone's guess. But in the meantime, China Gaoxian's KDRs in Korea, which fell only 1.1 per cent to 4,895 won on Monday, slipped a further 14.9 per cent to their lowest level at 4,165 won on Tuesday. This translates to 23 cents since one KDR represents 20 shares.

This raises the question of why the trading halts were not carried out simultaneously on both exchanges. Pending the release of potentially material information, some shareholders trading KDRs on Tuesday could be acting on incomplete or inaccurate information or worse, some could be trading on insider information.

While no notices have surfaced yet of changes in substantial shareholdings, it would be interesting to await news of whether such transactions took place this week. Such disclosures, if any, will likely be subject to scrutiny.

Understandably, investors haunted by memories of troubled S-chips with accounting irregularities might harbour worries over China Gaoxian pending the release of information.

Earlier this month, SGX queried the group on its unaudited financial results for the year ended Dec 31, seeking clarity on the significant decrease in trade and other receivables and the rise in bank loans despite a significant jump in cash balances. In response, China Gaoxian explained that cash sales made up a larger proportion of total sales in fiscal 2010 than in fiscal 2009.

Receivable turnover days also decreased significantly as exceptionally strong demand in the fourth quarter prompted customers to pay on cash terms to secure the price and supply of products, and the group has tightened credit terms to strengthen cash position, it said.

Justifying the rise of short-term loans amid abundant cash balances, China Gaoxian said it converted bills payable balance to short-term loans to support banks in meeting their loan quota as 'it is in the interest of the group to maintain close and mutually beneficial relationship with its PRC banks'.

For shareholders not satisfied with the group's responses to the SGX queries, they had ample time to act on their shareholdings before the Tuesday trading halt. Those who have chosen not to make an exit will just have to bite the bullet and hope that investor fears will prove unfounded.

As the trading halt cannot exceed three market days unless it is converted to a trading suspension, China Gaoxian probably has to shed some light on material developments by today.

It would be surprising if the disclosure throws up any accounting issues at China Gaoxian, which was listed in September 2009 and has recently gone through another round of scrutiny by the Korean Exchange in its dual-listing undertaking. But should the news turn out to be negative, it would perhaps serve as a wake-up call for shareholders that they should not take dual-listing as a guarantee of a company's health.

After all, being able to pass muster under a different regulatory regime doesn't necessarily mean that all's well for a company, except to say that things look okay on paper.

Hopefully, the S-chips cluster will not have to cope with yet another shock, as that would mean that the uphill battle to regain confidence and trust will only get tougher.
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krisluke
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24-Mar-2011 10:45     
 
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ChinaGaoxian: Co is in 3rd day of trading halt and will have to issue a statement explaining reason for halt by end of today or convert the halt to a trading suspension. BT has an article which highlights that it would be surprising if there were accounting irregularities due to:

1) co only listed in Sept 2009

2) co has recently went through a round of scrutiny from its KDR listing. However, it still does not rule out any possibilities.
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warrenbegger
Elite
24-Mar-2011 09:58     
 
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 Alert Admin 		Sell if can, try not to hold any S-cheat now. All S-cheat now not very stable. Sgx  start playing eagle catch Sour-chick game now.
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spkcheong
Member
24-Mar-2011 09:05     
 
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 Alert Admin 		Holders of CGX stocks must by now be prepared for the inevitable suspension. Even assuming there is an investigation and that the truth be brought to light, would there be recourse for the investors? Maybe if evidence can show criminal-wrong doing by some people, is it  possible for a ahareholder to lodge a report of commercial fraud with our CAD and hope that justice be done and punishment be appropriately meted out in accordance with Singapore laws? Apart from that, there is no chance of monetary compensation.
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epliew
Supreme
24-Mar-2011 08:52     
 
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who is master lim ?

 

p lim ?

niuyear      ( Date: 23-Mar-2011 16:28) Posted:



We cant view, must be member then can.

You post the pic here .  but, better be him,if not,  you kenna sue ............lol!

warrenbegger      ( Date: 23-Mar-2011 15:41) Posted:

Quick take a look at sharesinv headline photo, S-chip Woes. Is that Master Lim? Look like him leh... Like very stress... He sure load lorry GX like siao, dont know he got cut or not?
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niuyear
Supreme
24-Mar-2011 08:44     
 
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it has to  cheong arhhhhhh., No fear head or tail.
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zhixuen
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24-Mar-2011 08:25     
 
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I speculate that Gaoxian may under investigation of market manipulation?

Before listing the stock price at SGX gained almost 200 percent.

Is look like stockist push up the price to enable Gaoxian asking for higher listing price.

Just simply guess ~~

stan19      ( Date: 24-Mar-2011 07:15) Posted:

looks uglier now......

hpong5      ( Date: 24-Mar-2011 06:06) Posted:

Business Times Being able to pass muster under a different regulatory regime doesn't necessarily mean that all's well for a company, except to say that things look okay on paper. In the absence of full information, a trading halt is justifiable to ensure a level playing field. But a pertinent question to ask is why the textile firm has chosen to halt trading of its Korean Depository Receipts (KDRs) one day after the start of its share trading halt in Singapore on Tuesday. In fact, it had to take a query from the Singapore Exchange (SGX) to China Gaoxian on the unusual trading activities of its shares on Monday to prod the company into requesting a trading halt here for the purpose of 'investigating the matters prompting SGX's queries'. By then, the Singapore counter had already fallen by a staggering 24 per cent on that day alone to 19 cents, after some 140 million shares changed hands. Whether the drastic stock movement suggests that some punters were trading on information not yet made public is anyone's guess. But in the meantime, China Gaoxian's KDRs in Korea, which fell only 1.1 per cent to 4,895 won on Monday, slipped a further 14.9 per cent to their lowest level at 4,165 won on Tuesday. This translates to 23 cents since one KDR represents 20 shares. This raises the question of why the trading halts were not carried out simultaneously on both exchanges. Pending the release of potentially material information, some shareholders trading KDRs on Tuesday could be acting on incomplete or inaccurate information or worse, some could be trading on insider information. While no notices have surfaced yet of changes in substantial shareholdings, it would be interesting to await news of whether such transactions took place this week. Such disclosures, if any, will likely be subject to scrutiny. Understandably, investors haunted by memories of troubled S-chips with accounting irregularities might harbour worries over China Gaoxian pending the release of information. Earlier this month, SGX queried the group on its unaudited financial results for the year ended Dec 31, seeking clarity on the significant decrease in trade and other receivables and the rise in bank loans despite a significant jump in cash balances. In response, China Gaoxian explained that cash sales made up a larger proportion of total sales in fiscal 2010 than in fiscal 2009. Receivable turnover days also decreased significantly as exceptionally strong demand in the fourth quarter prompted customers to pay on cash terms to secure the price and supply of products, and the group has tightened credit terms to strengthen cash position, it said. Justifying the rise of short-term loans amid abundant cash balances, China Gaoxian said it converted bills payable balance to short-term loans to support banks in meeting their loan quota as 'it is in the interest of the group to maintain close and mutually beneficial relationship with its PRC banks'. For shareholders not satisfied with the group's responses to the SGX queries, they had ample time to act on their shareholdings before the Tuesday trading halt. Those who have chosen not to make an exit will just have to bite the bullet and hope that investor fears will prove unfounded. As the trading halt cannot exceed three market days unless it is converted to a trading suspension, China Gaoxian probably has to shed some light on material developments by today. It would be surprising if the disclosure throws up any accounting issues at China Gaoxian, which was listed in September 2009 and has recently gone through another round of scrutiny by the Korean Exchange in its dual-listing undertaking. But should the news turn out to be negative, it would perhaps serve as a wake-up call for shareholders that they should not take dual-listing as a guarantee of a company's health. After all, being able to pass muster under a different regulatory regime doesn't necessarily mean that all's well for a company, except to say that things look okay on paper. Hopefully, the S-chips cluster will not have to cope with yet another shock, as that would mean that the uphill battle to regain confidence and trust will only get tougher.


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stan19
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24-Mar-2011 07:15     
 
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 Alert Admin 		looks uglier now......

hpong5      ( Date: 24-Mar-2011 06:06) Posted:

Business Times Being able to pass muster under a different regulatory regime doesn't necessarily mean that all's well for a company, except to say that things look okay on paper. In the absence of full information, a trading halt is justifiable to ensure a level playing field. But a pertinent question to ask is why the textile firm has chosen to halt trading of its Korean Depository Receipts (KDRs) one day after the start of its share trading halt in Singapore on Tuesday. In fact, it had to take a query from the Singapore Exchange (SGX) to China Gaoxian on the unusual trading activities of its shares on Monday to prod the company into requesting a trading halt here for the purpose of 'investigating the matters prompting SGX's queries'. By then, the Singapore counter had already fallen by a staggering 24 per cent on that day alone to 19 cents, after some 140 million shares changed hands. Whether the drastic stock movement suggests that some punters were trading on information not yet made public is anyone's guess. But in the meantime, China Gaoxian's KDRs in Korea, which fell only 1.1 per cent to 4,895 won on Monday, slipped a further 14.9 per cent to their lowest level at 4,165 won on Tuesday. This translates to 23 cents since one KDR represents 20 shares. This raises the question of why the trading halts were not carried out simultaneously on both exchanges. Pending the release of potentially material information, some shareholders trading KDRs on Tuesday could be acting on incomplete or inaccurate information or worse, some could be trading on insider information. While no notices have surfaced yet of changes in substantial shareholdings, it would be interesting to await news of whether such transactions took place this week. Such disclosures, if any, will likely be subject to scrutiny. Understandably, investors haunted by memories of troubled S-chips with accounting irregularities might harbour worries over China Gaoxian pending the release of information. Earlier this month, SGX queried the group on its unaudited financial results for the year ended Dec 31, seeking clarity on the significant decrease in trade and other receivables and the rise in bank loans despite a significant jump in cash balances. In response, China Gaoxian explained that cash sales made up a larger proportion of total sales in fiscal 2010 than in fiscal 2009. Receivable turnover days also decreased significantly as exceptionally strong demand in the fourth quarter prompted customers to pay on cash terms to secure the price and supply of products, and the group has tightened credit terms to strengthen cash position, it said. Justifying the rise of short-term loans amid abundant cash balances, China Gaoxian said it converted bills payable balance to short-term loans to support banks in meeting their loan quota as 'it is in the interest of the group to maintain close and mutually beneficial relationship with its PRC banks'. For shareholders not satisfied with the group's responses to the SGX queries, they had ample time to act on their shareholdings before the Tuesday trading halt. Those who have chosen not to make an exit will just have to bite the bullet and hope that investor fears will prove unfounded. As the trading halt cannot exceed three market days unless it is converted to a trading suspension, China Gaoxian probably has to shed some light on material developments by today. It would be surprising if the disclosure throws up any accounting issues at China Gaoxian, which was listed in September 2009 and has recently gone through another round of scrutiny by the Korean Exchange in its dual-listing undertaking. But should the news turn out to be negative, it would perhaps serve as a wake-up call for shareholders that they should not take dual-listing as a guarantee of a company's health. After all, being able to pass muster under a different regulatory regime doesn't necessarily mean that all's well for a company, except to say that things look okay on paper. Hopefully, the S-chips cluster will not have to cope with yet another shock, as that would mean that the uphill battle to regain confidence and trust will only get tougher.

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hpong5
Master
24-Mar-2011 06:06     
 
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 Alert Admin 		Business Times Being able to pass muster under a different regulatory regime doesn't necessarily mean that all's well for a company, except to say that things look okay on paper. In the absence of full information, a trading halt is justifiable to ensure a level playing field. But a pertinent question to ask is why the textile firm has chosen to halt trading of its Korean Depository Receipts (KDRs) one day after the start of its share trading halt in Singapore on Tuesday. In fact, it had to take a query from the Singapore Exchange (SGX) to China Gaoxian on the unusual trading activities of its shares on Monday to prod the company into requesting a trading halt here for the purpose of 'investigating the matters prompting SGX's queries'. By then, the Singapore counter had already fallen by a staggering 24 per cent on that day alone to 19 cents, after some 140 million shares changed hands. Whether the drastic stock movement suggests that some punters were trading on information not yet made public is anyone's guess. But in the meantime, China Gaoxian's KDRs in Korea, which fell only 1.1 per cent to 4,895 won on Monday, slipped a further 14.9 per cent to their lowest level at 4,165 won on Tuesday. This translates to 23 cents since one KDR represents 20 shares. This raises the question of why the trading halts were not carried out simultaneously on both exchanges. Pending the release of potentially material information, some shareholders trading KDRs on Tuesday could be acting on incomplete or inaccurate information or worse, some could be trading on insider information. While no notices have surfaced yet of changes in substantial shareholdings, it would be interesting to await news of whether such transactions took place this week. Such disclosures, if any, will likely be subject to scrutiny. Understandably, investors haunted by memories of troubled S-chips with accounting irregularities might harbour worries over China Gaoxian pending the release of information. Earlier this month, SGX queried the group on its unaudited financial results for the year ended Dec 31, seeking clarity on the significant decrease in trade and other receivables and the rise in bank loans despite a significant jump in cash balances. In response, China Gaoxian explained that cash sales made up a larger proportion of total sales in fiscal 2010 than in fiscal 2009. Receivable turnover days also decreased significantly as exceptionally strong demand in the fourth quarter prompted customers to pay on cash terms to secure the price and supply of products, and the group has tightened credit terms to strengthen cash position, it said. Justifying the rise of short-term loans amid abundant cash balances, China Gaoxian said it converted bills payable balance to short-term loans to support banks in meeting their loan quota as 'it is in the interest of the group to maintain close and mutually beneficial relationship with its PRC banks'. For shareholders not satisfied with the group's responses to the SGX queries, they had ample time to act on their shareholdings before the Tuesday trading halt. Those who have chosen not to make an exit will just have to bite the bullet and hope that investor fears will prove unfounded. As the trading halt cannot exceed three market days unless it is converted to a trading suspension, China Gaoxian probably has to shed some light on material developments by today. It would be surprising if the disclosure throws up any accounting issues at China Gaoxian, which was listed in September 2009 and has recently gone through another round of scrutiny by the Korean Exchange in its dual-listing undertaking. But should the news turn out to be negative, it would perhaps serve as a wake-up call for shareholders that they should not take dual-listing as a guarantee of a company's health. After all, being able to pass muster under a different regulatory regime doesn't necessarily mean that all's well for a company, except to say that things look okay on paper. Hopefully, the S-chips cluster will not have to cope with yet another shock, as that would mean that the uphill battle to regain confidence and trust will only get tougher.
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rotijai
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24-Mar-2011 00:10     
 
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dont worry too much. so far there's no news yet. may be wont be suspended.

just hope for the best

stan19      ( Date: 24-Mar-2011 00:01) Posted:

or u meant confirmed suspended?
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stan19
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24-Mar-2011 00:01     
 
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 Alert Admin 		or u meant confirmed suspended?
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stan19
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24-Mar-2011 00:00     
 
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thats if suspended, u think theres no chance lifted halt?

limah03      ( Date: 23-Mar-2011 23:52) Posted:



no need to wait.If suspend indefinitely need to pay as i bought some on Monday?

 

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rotijai
Supreme
23-Mar-2011 23:57     
 
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 Alert Admin 		if u are using cash acc, yes

limah03      ( Date: 23-Mar-2011 23:52) Posted:



no need to wait.If suspend indefinitely need to pay as i bought some on Monday?

 

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limah03
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23-Mar-2011 23:52     
 
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no need to wait.If suspend indefinitely need to pay as i bought some on Monday?

 
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stan19
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23-Mar-2011 23:41     
 
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 Alert Admin 		still nothing til now
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rabbitfoot
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23-Mar-2011 22:48     
 
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 Alert Admin 		The last time it made an announcement after halted   was around 11 plus pm
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wishbone
Master
23-Mar-2011 22:25     
 
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Tomorrow is the last day. If it can not resume trading by then it will have to suspend it.

S(ilan) Chips - Si Bei Jia Lat man!!!!

Smiley


hpong5      ( Date: 23-Mar-2011 22:11) Posted:

Halt can last 3 days.

rotijai      ( Date: 23-Mar-2011 22:08) Posted:



tmr if there's no suspension trading should resume?

halt can only last for 2 days right
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teeth53
Supreme
23-Mar-2011 22:12     
 
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" Si Mi Hosay liao" ...Bo Hosay lohh.... =ly very jialat, like what rotijai said.

teeth53 thot--with margin call off, may not get better, gambling more on un-solid ground.

rotijai      ( Date: 23-Mar-2011 22:01) Posted:

which means those who are still on margin will either have to pay up or forced sell?

hpong5      ( Date: 23-Mar-2011 21:48) Posted:

Just found out that cgx was removed from the marginable list. Hosay liao.
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hpong5
Master
23-Mar-2011 22:11     
 
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 Alert Admin 		Halt can last 3 days.

rotijai      ( Date: 23-Mar-2011 22:08) Posted:



tmr if there's no suspension trading should resume?

halt can only last for 2 days right?

hpong5      ( Date: 23-Mar-2011 22:04) Posted:

Yup
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