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641-660 of 2490
From now on, avoid China play. This " virus" may spread to other S chips counters. Be careful.
GONE CASE....
Very short time frame until suspension is compulsory. Brokerages are very likely to remove CMZ from the margin list very soon. Margin and contra players
Hope the management gives the shareholders a reasonable explanations on the allegations by this week. Otherwise something is really very amissed..
Their report focused alot of pre IPO activities?
They got it all wrong. I will buy first and let you know why.
S-chip is very risky unless backed by strong organization!!
That angmo sea slug got it all wrong!
If not true, today 4pm sure will resume trade and the company will do a share buy back.....to gain the investors confidence....
NOW....no news.....so should be really have the issue being CHU MAI.....
C LIAO
FOR EVER HALT till Bankrupt.
Integrity ( Date: 26-Aug-2013 15:57) Posted:
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Those clients who hooted big early in the morning on their report sure pui at them..4D also not so zhun. Wonder whether the TRs quickly get their clients to cut loss?
ozone2002 ( Date: 26-Aug-2013 10:47) Posted:
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Pray if it can resume trading first.
When will the halt be lifted? Sensing strong rebound ahead!
Target price is ZERO. https://glaucusresearch.com/wp-content/uploads/downloads/2013/08/GlaucusResearch-China_Minzhong_Food_Corp_Ltd-SGX_K2N-BBerg_MINZ_SP-Strong_Sell_August_26_2013.pdf
Be careful!!!!
Think That Ang mo com had short big big..
Short-seller hits China food firm in rare Singapore attack
* Short-seller says China Minzhong misled investors about
sales
* China Minzhong: taking legal advice, halts trading in
shares
* Shares plunge 50 percent
(Updates with details of suspension, comment from China
Minzhong)
By Rachel Armstrong and Anshuman Daga
SINGAPORE, Aug 26 (Reuters) - Food producer China Minzhong
Food Corp Ltdon Monday became the first
Singapore-listed Chinese firm to come under attack by a
short-seller, which wiped off more than 50 percent of its market
value in two hours and triggered a trading halt.
Short-sellers have in recent years targeted Chinese
companies listed in Hong Kong, Canada and the United States,
citing irregularities, but they have so far avoided any of the
143 China-based firms listed on the Singapore Exchange Ltd
.
China Minzhong, which until Monday's share price slump had a
market value of around $520 million, was hit after
California-based Glaucus Research Group issued a report alleging
the company misled investors about sales to its biggest
customers.
The report also raised questions over the credibility of
China Minzhong's financial performance compared to its peers.
Glaucus said they and their associates have a direct or indirect
short position in the company.
Travis Seet, China Minzhong's financial controller, told
Reuters the company was taking legal advice on how to respond to
the report. He declined to make any further comment and trading
was halted pending an announcement from the company.
China Minzhong listed in Singapore in 2010 and has attracted
several big-name investors, including Singapore sovereign wealth
fund GIC which sold its 14.4 percent stake in February to
Indofood Sukses Makmur Tbk PT. Indofood had no
immediate response to the queries on China Minzhong.
Other large investors include Franklin Templeton Investments
Corp, which holds just under 11 percent of the food producer,
according to Thomson Reuters data.
BIG BLOW
Analysts said China Minzhong will struggle to recover from
its share price plunge regardless of the veracity of the
short-seller's allegations.
" Given the huge damage done already, we believe it will be
an up-hill task (especially without GIC's backing now) for the
company to re-build confidence," Lim & Tan Securities wrote in a
note.
Shares in China Minzhong fell 47.8 percent in two hours of
trade before the company requested a trading halt. Nearly 24
million shares were traded, almost ten times the average full
day volume traded over the past month.
Four analysts have a 'buy' or 'strong buy' on the stock,
Thomson Reuters data shows. China Minzhong is due to release
full-year results on Aug. 29.
A number of Chinese companies listed in Singapore ran into
accounting problems in 2008 and 2010, denting investor
confidence in the stocks, known as S-chips.
The Singapore Exchange has since then taken steps to improve
corporate governance of listed companies and after the trading
halt, the regulator said it had asked China Minzhong to confirm
the company was in compliance with the rules.
China Minzhong is not the only China-based stock targeted by
Glaucus this year.
The group, whose research is overseen by former lawyer Soren
Aandahl, accused Hong Kong-listed China Metal Recycling Group of
fraud in January this year. Hong Kong's securities regulators
has since applied to the courts to have China Metal Recycling
liquidated. [ID:nL4N0G02IW]
Last year, high-profile short seller Muddy Waters attacked
Singapore commodity trading firm Olamprompting the
company to raise cash as its stock and bond prices tumbled.
Singapore state investor Temasek, stepped in to prop the
company, raising its stake to 24 percent from 16 percent.
* Short-seller says China Minzhong misled investors about
sales
* China Minzhong: taking legal advice, halts trading in
shares
* Shares plunge 50 percent
(Updates with details of suspension, comment from China
Minzhong)
By Rachel Armstrong and Anshuman Daga
SINGAPORE, Aug 26 (Reuters) - Food producer China Minzhong
Food Corp Ltd
Singapore-listed Chinese firm to come under attack by a
short-seller, which wiped off more than 50 percent of its market
value in two hours and triggered a trading halt.
Short-sellers have in recent years targeted Chinese
companies listed in Hong Kong, Canada and the United States,
citing irregularities, but they have so far avoided any of the
143 China-based firms listed on the Singapore Exchange Ltd
China Minzhong, which until Monday's share price slump had a
market value of around $520 million, was hit after
California-based Glaucus Research Group issued a report alleging
the company misled investors about sales to its biggest
customers.
The report also raised questions over the credibility of
China Minzhong's financial performance compared to its peers.
Glaucus said they and their associates have a direct or indirect
short position in the company.
Travis Seet, China Minzhong's financial controller, told
Reuters the company was taking legal advice on how to respond to
the report. He declined to make any further comment and trading
was halted pending an announcement from the company.
China Minzhong listed in Singapore in 2010 and has attracted
several big-name investors, including Singapore sovereign wealth
fund GIC which sold its 14.4 percent stake in February to
Indofood Sukses Makmur Tbk PT
immediate response to the queries on China Minzhong.
Other large investors include Franklin Templeton Investments
Corp, which holds just under 11 percent of the food producer,
according to Thomson Reuters data.
BIG BLOW
Analysts said China Minzhong will struggle to recover from
its share price plunge regardless of the veracity of the
short-seller's allegations.
" Given the huge damage done already, we believe it will be
an up-hill task (especially without GIC's backing now) for the
company to re-build confidence," Lim & Tan Securities wrote in a
note.
Shares in China Minzhong fell 47.8 percent in two hours of
trade before the company requested a trading halt. Nearly 24
million shares were traded, almost ten times the average full
day volume traded over the past month.
Four analysts have a 'buy' or 'strong buy' on the stock,
Thomson Reuters data shows. China Minzhong is due to release
full-year results on Aug. 29.
A number of Chinese companies listed in Singapore ran into
accounting problems in 2008 and 2010, denting investor
confidence in the stocks, known as S-chips.
The Singapore Exchange has since then taken steps to improve
corporate governance of listed companies and after the trading
halt, the regulator said it had asked China Minzhong to confirm
the company was in compliance with the rules.
China Minzhong is not the only China-based stock targeted by
Glaucus this year.
The group, whose research is overseen by former lawyer Soren
Aandahl, accused Hong Kong-listed China Metal Recycling Group of
fraud in January this year. Hong Kong's securities regulators
has since applied to the courts to have China Metal Recycling
liquidated. [ID:nL4N0G02IW]
Last year, high-profile short seller Muddy Waters attacked
Singapore commodity trading firm Olam
company to raise cash as its stock and bond prices tumbled.
Singapore state investor Temasek, stepped in to prop the
company, raising its stake to 24 percent from 16 percent.
told our sgxswingers chatroom China minzhong is on inexorable downward trajectory to unrecognizable muddy levels
since it hit our recent peak tgt of 115... now 46.5c and halted
for more details see my CMZ chart in http://sgxswinger.blogspot.sg/
hello123 ( Date: 22-Aug-2013 05:38) Posted:
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Now can get at 0.53. Upside potential is 83cent.
China Minzhong Strong buy
guoyanyunyan ( Date: 26-Aug-2013 13:56) Posted:
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Bro you right. China stock cannot trust, my boat sunk because of china till now stay far far away from them Liao .
wait4opp ( Date: 26-Aug-2013 12:42) Posted:
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