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Sino-Enviro

There is a trend already. China stocks go from halt to suspend. That means terrible news.

 

I am wondering those experts calling it cheap at 1.30 and been accumulating like no tomorrow. Didnt hear any noise from them now. having been waiting to see them talk in blog and interview discussion how beautiful they invest in SinoEnv

 

sigh...just like beauty china.. Pocket not so deep, own so many shares, now cannot pay. Shares kenna forced sale....sigh

Maybe should buy only those co. where no individual shareholder own a substantial %.

 

have to ask Jim Roger,how he selects china stocks, maybe he only buys china blue chips?

soloman      ( Date: 07-Mar-2009 18:05) Posted: Never trust China stocks ..........

 

Never trust China stocks ..........

 

It's time to short..................

 

The Board of Directors of Sino-Environment Technology Group Limited (the
“Company”) wishes to announce that it has received an immediate notice from Thumb (China) Holdings Group Limited (“TCH”, formerly known as Sino Fortune Union Investment Limited), the Controlling Shareholder holding 190,788,000 shares (56.29%) (the “Shares”) in the capital of the Company.
TCH is an investment holding company wholly and beneficially owned by Mr Sun Jiangrong, the Company’s Chairman and Chief Executive Officer.
The Company is notified that TCH is in default of certain financing obligations owing to hedge funds, managed by Stark Investments (Hong Kong) Ltd., Singapore Branch Asia. In connection with the financing obligations, the Board is informed that certain assets including real estate assets valued by Jones Lang LaSalle Sallmanns as at 30 April 2008 of estimated value close to RMB 10 billion, and the Shares have been provided to the hedge funds as securities. The financing obligations are in respect of the original notes
issued by the hedge funds for an amount of SGD120,000,000, of which approximately SGD55,000,000 have been prepaid well before the maturity of the notes. The balance outstanding falling due as from 16 February 2009 is approximately SGD65,000,000.
The Board is advised that, it was and remains TCH’s intention at all times, to meet its obligations on or as and when they fall due. However, due to the current prevailing global financial crisis, TCH was unable to raise sufficient liquidity in order to discharge its payment obligations to the hedge funds. Negotiations between the parties have also failed because the parties are unable to reach agreement on the hedge funds’ demands for
additional collateral.
Various attempts at refinancing and rescheduling of TCH’s obligations were and will continue to be pursued, but such efforts have not been successful as at to date, largely due to the current prevailing global credit squeeze.

The Board is informed that the hedge funds have given notice to TCH that they intend to enforce their security interests including possible forced sale of part of or all of the Shares. Offers to bid for the Shares had been solicited by the hedge funds. Material deterioration in the trading price and unusual trading volume of the Shares may occur as a result.

THE BOARD DRAWS THE NOTICE OF THE SHAREHOLDERS AND PUBLIC
INVESTORS TO THE FOLLOWING IMPORTANT IMPLICATIONS:
The enforcement action, if taken, will have material adverse consequences on the Company due to the uncertainties that TCH may cease to be a Controlling
Shareholder of the Company. In which event, there is no certainty that the
Company may be able to continue to retain the services of the Chairman and the Chief Executive Officer.
In addition, the current business contracts of the Company may be adversely
affected. The Company cannot rule out the possibility of cancellation of contracts by the Group’s customers due to these uncertainties.

MORE IMPORTANTLY, the Board notes with serious concern that
notwithstanding the Group’s current business activities and positive cash position, any actions taken by the parties that result in change in control in the Company will place the Group’s ability to continue to operate as a going concern into doubt, because such action will trigger the bondholders’ rights to request for conversion and/or redemption of the outstanding SGD149,000,000 bonds as well as crystalising defaults on the corresponding swaps arrangement with the bondholders.

The Board is assured by TCH that the Chairman will use his best endeavours to protect the interest of the shareholders by exploring other refinancing options including but not limited to sale of part of or all of his other assets in order to meet the financial obligations.
Due to current adverse market conditions and general climate of credit difficulties, in the short term there is no certainty that such efforts will be successful


The Board intends to obtain expert advice and will take all necessary steps to ensure that interests of the shareholders are protected in and during this process. If so advised, the Board will not hesitate to take all appropriate and necessary pre emptive protective steps to protect and preserve the assets of the Group, in the interest of the Company and particularly, its minority shareholders The Board will continue to monitor the situation and make prompt further announcement,if any.


IN THE MEANTIME, THE BOARD WOULD ADVISE THE SHAREHOLDERS
AND THE INVESTING PUBLIC TO EXERCISE EXTREME CAUTION IN THE
TRADING OF THE SHARES OF THE COMPANY

 

Luckily to hve sold tis counter completely at $1.77....worried when the Chairman keeps buying the shares and pledged more to buy back more and held AGM to ask shareholders to buy >..worst thing is their issuing of convertible bonds...same theory thet plague Biotreat ,Unitedfibre,,Jade ,etc into similar problem

 

this market changes so fast ...way too fast...1 moment hailed as one of the best that u can invest...but the next moment it just crumple

i remembered Sino-Env had donated quite some bits of money to SiChuan earthquake in China last year...tt was quite a gd PR back then...and saw the contracts it got last year not bad too..quite good..

haiz..wad's happening to this stock now

rabbitfoot      ( Date: 06-Mar-2009 08:57) Posted: This episode in Sino-Envi has really opened my eyes to the perils of stock investing. This stock, touted as one of the best, by so many including an ex-prof where I spent 50 to hear him ...has finally perished.

 

U need to understand its business model and balance sheet in recession before investing in China company! Those directors are liar!! Risng dragon?? May not favour small investors. However, COSCO is considerly the best in SG.

 

that is why , not u see alllllllll the china shares, china hongx, synear, sinotech, celestrial, liheng, every single shits....  all heading to <10 cents... and some are already dropping below 10 cents..

china china.. how to make business with you guys...

 

Avoid all PRC stocks

 

 

sino once a $4 plus stock...now kana bash like no tomolo! ppl working in this coy must be damn worried...

 

this is crazy.... another s-share kena suspend... don't even know who is the next one... haiih.. cham...

 

This episode in Sino-Envi has really opened my eyes to the perils of stock investing. This stock, touted as one of the best, by so many including an ex-prof where I spent 50 to hear him ...has finally perished. 

 

sino may be the next to join ferro and fiber...

 

Bad news out will dent China stocks tomorrow again. Stick to local blue chips the best bet...