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China Minzhong Food forum

I'm not an active forumer i know.. forgive me.

and i lost 40% of my investment in mz

but sincerely,

the answer they give sounds just like olam's. 

also using the exact term " issues raised are nothing new" and " complete lack of understanding of the company's business model"

haha

 

 

 

Monday will be a showdown between the professional shortists and the big shareholders.

 

I am eager to see how CMZ going to fight back the allegation with even stronger evidence to defend their reputation and gain back investor confidence / trust. Most importantly is at what price their shares will be once and after the halt is lifted because it's our money in there !!!

 

Will Glaucus fight back tonight? like what Muddy Carson did for Olam? Interesting....

 

CMZ has clarified it's position .. Short covering to happen when CMZ re-opens for trading

this should shed light on other S chips.. time for those affected to return to normal e.g Sino & Yamada

China Minzhong Food Corporation Limited (i) Refutes Allegations in Reports Released by Glaucus Research Group and Extends Trading Halt, and (ii) Changes Timing for Release of Full Year Results to this Evening
(A) RESPONSE TO GLAUCUS REPORT AND EXTENSION OF TRADING HALT

China Minzhong Food Corporation Limited (the " Company" ) refers to the report released by Glaucus Research Group (" Glaucus" ) on 26 August 2013 regarding certain affairs of the Company and its subsidiaries (the ?Group?) (?Report?). The Company notes that the Report had caused a substantial decrease in the share price of the Company in the morning of 26 August 2013 and Glaucus had openly stated that Glaucus and those acting in concert with it are short sellers who would profit from the decline of the Company?s stock price.

The Company has done a preliminary review of the Report and notes that most of the issues raised by Glaucus with regard to the financials of the Company were nothing new and arose out of a complete lack of understanding of the Company's business model as well as the operating environment in China. They have also failed to analyse the Company's growth path over the years and have chosen to take snapshots of the Company's results at specific times.

The Company would seek to substantiate in its detailed response to the Report (" Response" ) that its financials are sound and that there were no fabricated sales or alleged cover up by the Company. In particular, the Company wishes to highlight that its accounts have been prepared in accordance with Singapore Financial Reporting Standards and audited by external auditors Crowe Horwath First Trust LLP, and there has been no qualification in their reports over the years.

The Company's stock is also well covered by analysts such as Macquarie Bank, Standard Chartered Bank, Maybank Kim Eng Securities, and UOB Kayhian and many of the issues raised by Glaucus regarding the Company's business model and financial performance have been discussed in the past by these analysts and shareholders are well aware of the same.

The Company is in the process of collating relevant supporting documents and preparing its Response, and expects to release the same before the end of this week. In this connection, the Company has obtained an extension from the SGX-ST to extend its trading halt to 5:00 p.m., 30 August 2013 (Friday).

The Company views the Report as damaging the value that the Company has created for shareholders over the years and is in the process of consulting its legal advisers on its possible recourse. The Company will not hesitate to take legal action to defend its rights and reputation, including reporting any party to the authorities for possible breach of securities legislation.


(B) TIMING FOR RELEASE OF FULL YEAR RESULTS

In view of the above, the Company is changing its timing for the release of its Full Year Results for the financial year ended 30 June 2013 (" Full Year Results" ) from this morning to later this evening. This is to facilitate the verification and confirmation of certain issues referred to in the Report, details of which will be set out in the Company's Response.
The Company expects Glaucus to pay close attention to the Full Year Results and is therefore providing for more time to ensure the consistency of information to be set out in the Response and the Full Year Results.

With regard to the original scheduled results briefing this afternoon, we will inform shareholders of the new date and venue for the briefing after the Full Year Results and Response are announced.


By Order of the Board
Lin Guo Rong
Executive Chairman and Chief Executive Officer
29 August 2013

 

Trading halt should be lifted next monday.

 

China Minzhong says short-seller misunderstands its business model

SINGAPORE, Aug 29 (Reuters) - Food producer China Minzhong 
Food Corp Ltd  said on Thursday that the accounting 
issues raised by a short seller this week are not new and are 
based on a misunderstanding of its business model. 
On Monday Glaucus Research published a 49 page report 
alleging Singapore-listed China Minzhong fabricated details 
about two of its biggest customers and overstated its revenues 
in its listing prospectus. 
Shares in the food producer fell as much as 50.7 percent 
after the report was released on Monday before trading in the 
stock was suspended two hours later. 
China Minzhong said it plans to issue a detailed response to 
the allegations. 
" The company would seek to substantiate in its detailed 
response to the report that its financials are sound and that 
there were no fabricated sales or alleged cover up by the 
company," China Minzhong said in a statement. 
The company said it has also delayed the publication of its 
full year results from Thursday morning to Thursday evening so 
that it has more time to address the issues raised by Glaucus. 
California-based Glaucus disclosed that it had a short or 
indirect short position in the company.

 

 

 

I notice that there are so many listed company on SGX including Singapore company but the also irregularities alway happen on s chip

 

Dunno which one is it sia.

First is $1000 or  second is 5% of trade whichever is higher, 3rd is $5000, 4th is $50000, 5th is just disbarment from participating in the buying-in market.

teeth53      ( Date: 28-Aug-2013 22:39) Posted: Thk, thk, very one.  Just promoting as it  concern matter regard to shoting...so after 3, 4...7 days. Players will pay penalty of $5,000. Sept  22, 2008, SGX issued a circular imposing a penalty on non-delivery of share. The penalty will be S$1000 or 5% of the value of the failed trade, whichever is higher. This is in addition to the processing fee of S$30 per contract imposed on all failed trades. Penalty will take effect for trades executed from Thursday, 25 Sept 2008 onwards. Failed trade in the buying-in market, non-delivery of shares may be subject to penalty of S$50,000 and/or disbarment from participating in the buying-In market. This measure will take effect from Thursday, 25 September 2008. To enhance transparency in the market and to deter failed deliveries, SGX is publishing the list of buying-in securities and the volume of shares sought, at 11am every day from 23 September 2008 onwards. Publication will be done via SGXNET and SGX website. After completion of buying-in, SGX will publish the list of securities bought-in (which includes individual counters), the volume and dollar-value at 8:30 am the following business day. More details is available on SGX website. Peter_Pan      ( Date: 28-Aug-2013 18:04) Posted: Can any experienced bros/siss enlightened bro teeth53

 

Be very weary of all these Cheena S-Cheats who declare huge profits and huge cash hoards, but never pay any dividends to shareholders.

hyruga      ( Date: 28-Aug-2013 21:38) Posted: Tmr they reporting FY result, right?   Maybe they can just come up with a simple 'We deny all these allegations and will not hesitate to sue other companies for slander if this continues' letter and then come up with a super financial report, profit +235%!!!

 

maybe now they haf to earn back by playing up still cheap stocks that are giving more than 10 percent dividends...stocks that haf not been played up.... for eg....ahemmm.... hafary????

dont say i neber say one..... 

Peter_Pan      ( Date: 28-Aug-2013 22:26) Posted: As this CMZ is covered by quite a number of brokerages, many of their clients must have bought, those big hands one might even have a few hundred or thousands lots. FearValueGreed      ( Date: 28-Aug-2013 22:16) Posted: The only reason the management takes so long to reply is that they can't find the old documents or their auditors back in 2010 or they are still looking for their passport to flee the country. I think we really need to find out why GIC divests out before this tragic happen?

 

You mean S-Cheats?

height00      ( Date: 28-Aug-2013 20:25) Posted: This really a sad story as s chip trying to make a comeback when CMZ news dampen the market

 

http://rulebook.sgx.com/net_file_store/new_rulebooks/s/g/SGX-ST_May_16_2011.PDF

Happi reading, if interested....total 107 pages (think so)

 

One of the rule to play shoting...Penalties will be levied for settlement failures under the CDP Clearing Rules.

Abusive short-selling, such as selling accompanied by false rumours designed to encourage others to sell, may also be construed as intent to deceive or manipulate mkt  & is an offence under the Securities Futures Act (SFA) and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.

The requirement to mark Short Sell Orders will apply to all securities traded on SGX, including structured warrants and Exchange Traded Funds (?ETFs?). Extended settlement contracts are not included.

Marking of sell orders? - when new measures be implemented? 
New measures will be effective from 11 March 2013.

 

Thk, thk, very one.  Just promoting as it  concern matter regard to shoting...so after 3, 4...7 days. Players will pay penalty of $5,000.

Sept  22, 2008, SGX issued a circular imposing a penalty on non-delivery of share. The penalty will be S$1000 or 5% of the value of the failed trade, whichever is higher. This is in addition to the processing fee of S$30 per contract imposed on all failed trades.

Penalty will take effect for trades executed from Thursday, 25 Sept 2008 onwards.

Failed trade in the buying-in market, non-delivery of shares may be subject to penalty of S$50,000 and/or disbarment from participating in the buying-In market. This measure will take effect from Thursday, 25 September 2008.

To enhance transparency in the market and to deter failed deliveries, SGX is publishing the list of buying-in securities and the volume of shares sought, at 11am every day from 23 September 2008 onwards. Publication will be done via SGXNET and SGX website. After completion of buying-in, SGX will publish the list of securities bought-in (which includes individual counters), the volume and dollar-value at 8:30 am the following business day.

More details is available on SGX website.

Peter_Pan      ( Date: 28-Aug-2013 18:04) Posted: Can any experienced bros/siss enlightened bro teeth53? teeth53      ( Date: 28-Aug-2013 17:24) Posted: Suspended...? Then BBs shoted...how???

 

As this CMZ is covered by quite a number of brokerages, many of their clients must have bought, those big hands one might even have a few hundred or thousands lots.

FearValueGreed      ( Date: 28-Aug-2013 22:16) Posted: The only reason the management takes so long to reply is that they can't find the old documents or their auditors back in 2010 or they are still looking for their passport to flee the country. I think we really need to find out why GIC divests out before this tragic happen?

 

The only reason the management takes so long to reply is that they can't find the old documents or their auditors back in 2010 or they are still looking for their passport to flee the country.

I think we really need to find out why GIC divests out before this tragic happen?

 

I have 10 lots (10,000 shares) bought at $0.855 price.

Who want to buy it from me? hahaha Using Phillips Poems to trade.

Can it be done like this? Two stranger buying over from each other (married deal??) off the market to cover one's short? hahaa

This issue can go both ways. Either I lose a little, or lose all 8k+ .

Mind body soul, well prepare for worse case scenario already, but secretly still hoping for a miracle to happen. Nobody knows....

 

OSPL means?

KepoChicken      ( Date: 28-Aug-2013 21:23) Posted:   What happens if SGX is unable to complete the buying-in and       (Embed   requires Lim & Tan to procure the shares?     In the event that CDP requires OSPL to procure the requisite securitiesarising from its unsuccessful buying-in by Trade Date +7 or by the stipulated procurement period (whichever is earlier), a penalty of $5,000 for each day (after the procurement period) a sell contract is overdue, shall be borne by the client. KepoChicken      ( Date: 28-Aug-2013 21:22) Posted: I managed to find the details from the info sent by my remiser previously   What is the penalty imposed by SGX for failed delivery?   Effective Settlement Date: 14 December 2009If the buying-in is completed by SGX at the end of Trade Date +3, no penalty will be imposed. However, if the buying-in by SGX is unsuccessful on Trade Date +3, SGX will continue on Trade Date +4 and Trade Date +5. A penalty, of the higher of S$1000 or 5% of the value of the failed trade not bought in will be imposed.