just a thought now they are pretending they are very cash rich just cant transfer out of china den does it mean that if someone go china and collect they can get their money??
Most of the time I can only see SGX questioning the company when the share price of any counter went up unexpectedly. The best part of it, the STANDARD QUESTIONS are asked every time without fail and most of the company replied with also the STANDARD ANSWERS (Most probably they already prepared this well before hand anticipating the questions which are SO SO SO STANDARD).
Besides this, I hardly see SGX doing more than this.
iwonder ( Date: 18-Mar-2010 00:10) Posted:
I agree with wishbone and beruangface. By right SGX has a responsibility to fulfill.
But then things always go left.....SGX is only good at imposing hefty fines to law abiding ppl like us who sometimes forget and over sell.
Even the Singapore law cannot bring a Romanian criminal to justice what more can SGX do to China companies who flaunt the listing rules.....haha
Most of the time I can only see SGX questioning the company when the share price of any counter went up unexpectedly. The best part of it, the STANDARD QUESTIONS are asked every time without fail and most of the company replied with also the STANDARD ANSWERS (Most probably they already prepared this well before hand anticipating the questions which are SO SO SO STANDARD).
Besides this, I hardly see SGX doing more than this.
iwonder ( Date: 18-Mar-2010 00:10) Posted:
I agree with wishbone and beruangface. By right SGX has a responsibility to fulfill.
But then things always go left.....SGX is only good at imposing hefty fines to law abiding ppl like us who sometimes forget and over sell.
Even the Singapore law cannot bring a Romanian criminal to justice what more can SGX do to China companies who flaunt the listing rules.....haha
Bank statements means nothing. The Management can easily borrow cash and place it in the bank to make it seem that the cash exist. Any company can fall into fraud even blue chips like Enron and the Madoff Fund. Whenever you invest in a company which you have no control or say in, you are already taking a massive leap of faith. What do you expect SGX to do ? Do you want her to vet through each of the 700 listed firms financials ? Do you have any idea how long that will take ? And the cost ?
Even auditors are not paid to certify accounts and now you expect SGX to do it LOL ...
beruangface ( Date: 17-Mar-2010 14:04) Posted:
As shareholders, we are relying on the company BODs and management to manage the company with integrity, we choose to buy after relying on the financial statements and the auditors report, if the figures are accurately presented, we have no one to blame but ourselves if the company falls into financial difficulty. However in this case, it's clearly the cash is overstated, that's the reason why CM can't pay its bondholders. If the external auditors signed off the financial statements for the past few years without getting any external bank confirmation, isn't they are not performing their duty according to the professional standards? As I said, SGX can pretend nothing has happened, as their main objective is to get as many companies to list on SGX and earn the best listing fees in the region, they are just another private company, maybe it's time for the government to relook into this issue seriously and question whether a private company can be a watchdog and protect the innocent shareholders like us..
alanalanlee ( Date: 16-Mar-2010 21:05) Posted:
well..guys,no point saying who and who at fault..
It alway took 2 hands to clap.
sgx list them but we are the one who choose to buy.
just hope they can come out with some news..gd or bad also gd..at least we know they are still alive or at least someone bother to make the news :S
I second your view. SGX should do something about it.
However, after the financial crises, many authourities have a way to put some clauses to fan off their responsibility...sigh!!
beruangface ( Date: 17-Mar-2010 14:04) Posted:
As shareholders, we are relying on the company BODs and management to manage the company with integrity, we choose to buy after relying on the financial statements and the auditors report, if the figures are accurately presented, we have no one to blame but ourselves if the company falls into financial difficulty. However in this case, it's clearly the cash is overstated, that's the reason why CM can't pay its bondholders. If the external auditors signed off the financial statements for the past few years without getting any external bank confirmation, isn't they are not performing their duty according to the professional standards? As I said, SGX can pretend nothing has happened, as their main objective is to get as many companies to list on SGX and earn the best listing fees in the region, they are just another private company, maybe it's time for the government to relook into this issue seriously and question whether a private company can be a watchdog and protect the innocent shareholders like us..
I second your view. SGX should do something about it.
However, after the financial crises, many authourities have a way to put some clauses to fan off their responsibility...sigh!!
beruangface ( Date: 17-Mar-2010 14:04) Posted:
As shareholders, we are relying on the company BODs and management to manage the company with integrity, we choose to buy after relying on the financial statements and the auditors report, if the figures are accurately presented, we have no one to blame but ourselves if the company falls into financial difficulty. However in this case, it's clearly the cash is overstated, that's the reason why CM can't pay its bondholders. If the external auditors signed off the financial statements for the past few years without getting any external bank confirmation, isn't they are not performing their duty according to the professional standards? As I said, SGX can pretend nothing has happened, as their main objective is to get as many companies to list on SGX and earn the best listing fees in the region, they are just another private company, maybe it's time for the government to relook into this issue seriously and question whether a private company can be a watchdog and protect the innocent shareholders like us..
alanalanlee ( Date: 16-Mar-2010 21:05) Posted:
well..guys,no point saying who and who at fault..
It alway took 2 hands to clap.
sgx list them but we are the one who choose to buy.
just hope they can come out with some news..gd or bad also gd..at least we know they are still alive or at least someone bother to make the news :S
As shareholders, we are relying on the company BODs and management to manage the company with integrity, we choose to buy after relying on the financial statements and the auditors report, if the figures are accurately presented, we have no one to blame but ourselves if the company falls into financial difficulty. However in this case, it's clearly the cash is overstated, that's the reason why CM can't pay its bondholders. If the external auditors signed off the financial statements for the past few years without getting any external bank confirmation, isn't they are not performing their duty according to the professional standards? As I said, SGX can pretend nothing has happened, as their main objective is to get as many companies to list on SGX and earn the best listing fees in the region, they are just another private company, maybe it's time for the government to relook into this issue seriously and question whether a private company can be a watchdog and protect the innocent shareholders like us..
alanalanlee ( Date: 16-Mar-2010 21:05) Posted:
well..guys,no point saying who and who at fault..
It alway took 2 hands to clap.
sgx list them but we are the one who choose to buy.
just hope they can come out with some news..gd or bad also gd..at least we know they are still alive or at least someone bother to make the news :S
". The primary reason for the delay was that the Company’s external auditors have not completed their review of the Q3 Financial Statements."
It is more likely that the auditor could not complete than have not completed. I heard (first hand) from an auditor who was involved in one of the now suspended SChip (sorry can't say which one cos it will get my auditor friend into trouble) that they couldn't get bank confirmation on the cash balance. They had to physically present themselves at the bank and demand but still to no avail.
From the development of Ch Milk so far, it is very likely to be the same. The owner claimed that they have cash but have problem remitting to pay creditors overseas cos they need permission from the state etc etc? All these are full of craps!
In cases like this, investors can't even cut loss cos they suddenly suspended trading. G knows when it will resume or it will not like FerroChina. FC has been delisted! and unlikely investors will get anything at all.
For those who are interested, CEnersave actually has appointed Corporate Restructuring services of TSSA to restructure their debts. At least they are doing something.
FURTHER EXTENSION OF TIME FOR THE RELEASE OF THE UNAUDITED THIRD QUARTER AND NINE MONTHS FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE YEAR ENDING 31 MARCH 2010 (“Q3 FINANCIAL STATEMENTS”) OF CHINA MILK PRODUCTS LIMITED (“CHINA MILK” OR THE “COMPANY”) We refer to our announcement released on 19 February 2010 in relation to extension of time granted by the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the release of the Company’s Q3 Financial Statements. We wish to update shareholders that pursuant to an application for a further extension of time for the release of the Q3 Financial Statements submitted by the Company to the SGX-ST on 15 February 2010, the SGX-ST has today granted the Company an additional three weeks until 5 April 2010 for the release of the Q3 Financial Statements. The primary reason for the delay was that the Company’s external auditors have not completed their review of the Q3 Financial Statements. When the Board becomes aware of any information that will have a material bearing on investors' decision which has yet to be announced by the Company, the Board will announce the same to the Shareholders as soon as practicable and appropriate. Announcements will be made from time to time where appropriate,
I do not get you, who should be responsible for all of these?
wishbone ( Date: 17-Mar-2010 09:06) Posted:
I do agree with your points but just wonder with now so many S-chips being suspended (quite similar happening leading to their suspension one after another), does this give an indication that something is terribly wrong somewhere in which more efforts should be put in place to safeguard the investors.
I think many investors or traders are fully aware of the risk in trading shares. Losing money is part of the game when you are on the wrong side, but total capital lost due to suspension is something many are frustrated with. Surely something must be done to minimise this if total elimination is impossible.
grandmaster89 ( Date: 16-Mar-2010 20:01) Posted:
Nothing lor. There is no such thing as capital guaranteed. You took risk to buy the company so now pay the price. External auditors don't vet through every single transaction nor do they provide complete assurance. They merely express an opinion to prevent any legal challenges if they are wrong. It is not SGX job to vet through the finances of the 700 companies listed here.
I do agree with your points but just wonder with now so many S-chips being suspended (quite similar happening leading to their suspension one after another), does this give an indication that something is terribly wrong somewhere in which more efforts should be put in place to safeguard the investors.
I think many investors or traders are fully aware of the risk in trading shares. Losing money is part of the game when you are on the wrong side, but total capital lost due to suspension is something many are frustrated with. Surely something must be done to minimise this if total elimination is impossible.
grandmaster89 ( Date: 16-Mar-2010 20:01) Posted:
Nothing lor. There is no such thing as capital guaranteed. You took risk to buy the company so now pay the price. External auditors don't vet through every single transaction nor do they provide complete assurance. They merely express an opinion to prevent any legal challenges if they are wrong. It is not SGX job to vet through the finances of the 700 companies listed here.
beruangface ( Date: 15-Mar-2010 22:57) Posted:
anything shareholders can do here? securities class action? sue the external auditors? sgx ? what's their role in protecting shareholders?
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