China Minzhong Food Corporation

[desmondxyz]

Minzhong updated their Chinese website:

1)http://www.chinaminzhong.com/newsinfo.asp?id=91
(evidence of Glaucous forgery (?) of official documents, with more expository)

2)http://www.chinaminzhong.com/newsinfo.asp?id=92
尤权赴福建省闽中有机食品有限公司参观调研
(You Quan, Communist Party Chief of Fujian province and Chairman of Fujian People's Congress, site visit 28th August 2013)

3)http://www.chinaminzhong.com/newsinfo.asp?id=90
莆田市工商局，您可以做点什么的！——由电影《入侵华尔街》想到的
(A commentary by a Chinese blogger)

Why a listed company put all these forum and blogger stuff on their website? Isn't that better to get proof from the authorities and show the official clarification that Glaucus report is forgery?

[Wildreamz]

Why a listed company put all these forum and blogger stuff on their website? Isn't that better to get proof from the authorities and show the official clarification that Glaucus report is forgery?

I agree. A much more helpful gesture would be to post their own official reply, independent auditor checks etc.

That said the documents in Glaucus report appears to be fake as you can see from the link I posted.

[yeokiwi]

I remember Wen JiaBao also visited Celestial Nutrifood plant before.

2006年8月10日，中共中央政治局常委、国务院总理温家宝同志与国家六部委领导到大庆市工作检查期间，在黑龙江省委书记、省长，大庆市市委书记、市长等领导的陪同下专程到大庆日月星大豆高新工业园视察。温家宝总理一行在天圜营养集团董事局主席明德泉先生及公司各老总的陪同下参观了工业园，了解大豆蛋白的生产情况。

　　温家宝总理对我公司生产状况及产品非常感兴趣，明总为温总理提出的问题进行了详细的讲解。温总理对大庆日月星大豆高新工业园的建设及我公司在大豆蛋白事业中所做的工作给予了高度的肯定和赞赏，并给公司产品及公司今后的发展规划提出了希望，要求我们要狠抓产品质量关，让大豆蛋白事业更上一个新台阶。

[Wildreamz]

I remember Wen JiaBao also visited Celestial Nutrifood plant before.

2006年8月10日，中共中央政治局常委、国务院总理温家宝同志与国家六部委领导到大庆市工作检查期间，在黑龙江省委书记、省长，大庆市市委书记、市长等领导的陪同下专程到大庆日月星大豆高新工业园视察。温家宝总理一行在天圜营养集团董事局主席明德泉先生及公司各老总的陪同下参观了工业园，了解大豆蛋白的生产情况。

　　温家宝总理对我公司生产状况及产品非常感兴趣，明总为温总理提出的问题进行了详细的讲解。温总理对大庆日月星大豆高新工业园的建设及我公司在大豆蛋白事业中所做的工作给予了高度的肯定和赞赏，并给公司产品及公司今后的发展规划提出了希望，要求我们要狠抓产品质量关，让大豆蛋白事业更上一个新台阶。

Well, I think the significance of the visit here is that he visited a few days after the damning report has been release and CMZ made headlines.

There were also no major institutional shareholders, at least, from what I can find in their 2008 annual report.

[CY09]

Retail investors should just wait for CMZ rebuttal to the short sellers report via SGXnet. Looking for rebuttals through blogs and unofficial sites in my view will not be a strong boost to investor confidence to the coy.

[shanrui_91]

Why a listed company put all these forum and blogger stuff on their website? Isn't that better to get proof from the authorities and show the official clarification that Glaucus report is forgery?

I agree. A much more helpful gesture would be to post their own official reply, independent auditor checks etc.

That said the documents in Glaucus report appears to be fake as you can see from the link I posted.

the document is not necessarily fake, it only proves that it is not obtained through the legal official method. In fact, it is so easy for minzhong to prove that the document is fake by producing the real document or an official source that spells out the name of the management and ownership of the company in question.

Neither will glaucus produce a fake document unless they have been conned too. Maintaining their reputation is of utmost importance to glaucus and other short sellers whose main job is to expose frauds. If glaucus wishes to profit by producing a fake document, it will have been better for them to post it anonymously instead of using the name of glaucus.

As for the Chinese articles, I can sense that these are smear articles reak of nationalism. Even goes as far as saying that this is a plot by to undermine the agricultural industry when activity of the capital market does not have much impact on the operating activity unless the company requires frequent funding from the capital market. Short seller has never been a favourite of the market and is always subjected to the usual cry of profiting by issuing fake report and e.t.c.

Minzhong's rebuttal is made of fallacious arguments that talk about how analysts and auditors have verified the truth of the financial statement. Hopefully, minzhong will produce a more robust argument which the market and concerned parties are still waiting for.

(no vested interest)

[corydorus]

CMZ can just show the top two customers incorporation information from Chinese Authority.
Would have set things straight immediately.

(Not Vested)

[Wildreamz]

Yes, they are taking far too long. I obtained these information from the cmz Chinese Website as it is the closest thing I have to an official announcement. A GO by Indofood will be great to spur investors confidence at this point, as well as a lifting of trading halt and open market share buyback.

[sgd]

maybe indo hoping for it to tank further before having a GO, The media has stoked the market negativity toward cmz everybody is panic dumping and running If you are indofood isn't this a chance to increase shareholding or even buy it all out for cheap? after all what's the point in trying to prove to people that the investment is sound what would the gain be for that?

[desmondxyz]

maybe indo hoping for it to tank further before having a GO, The media has stoked the market negativity toward cmz everybody is panic dumping and running If you are indofood isn't this a chance to increase shareholding or even buy it all out for cheap? after all what's the point in trying to prove to people that the investment is sound what would the gain be for that?

Indo cannot GO with price less than 1.1x which they paid for GIC stake...with current situation, do u think Indo going to be 菜头?