Qingmei Group Holdings

stockerman, your post is very misleading. Geoinvesting was NOT referring to Qingmei. It was actually referring to Chinese companies listed in US. My friend in Fujian has already confirmed that Qingmei is a real company, a solid shoe sole company. It is in operation.
Regarding QIngmei CEO Mr Su, how would u respong to these allegations if you were him?

how will shareholders feel when u know that the CEO is dividing his time over his own company which is NON-listed and the listed one...

it seems that CEO has been rather busy trying to settle the debt of his own companies...

Don't fret, chairman Su has long settled his debt over Xibodeng since he sold 16% of his shares. I agree with u that he shouldn't have involved himself with that mess. But let bygones be bygones. Let's hope u will refocus on Qingmei and reward shareholders who have stuck by him. By the way, he's already stated that Q3 results have reached bottom; the only way to go is up. I'm eagerly awaiting Q4 and year end results before deciding what to do- Sell or buy more?

there are 2 shoe sole manufacturers listed in Bursa Malaysia

Multi Sports

XingQuan

(03-06-2012, 09:43 AM)freedom Wrote: there are 2 shoe sole manufacturers listed in Bursa Malaysia

Multi Sports

XingQuan

I looked at them too. Their numbers are similarly incredible. Either making shoe soles is one of the most profitable businesses I have ever seen, or all 3 of them (Qingmei, Multi Sports and Xingquan) have material inaccuracies in their financial statements. Xinqquan also makes shoes and apparel, but they have a segmental breakdown so you can isolate the sole segment. Their shoe and apparel segments are also amazingly profitable by the way.

Anyone who believes Qingmei's books are accurate should logically also buy Multi Sports and Xingquan. According to Bloomberg, Multi Sports last traded at 2.4x PE and 0.4x PB, while Xingquan was at 2.2x PE and 0.6x PB.

(03-06-2012, 02:56 PM)d.o.g. Wrote:

(03-06-2012, 09:43 AM)freedom Wrote: there are 2 shoe sole manufacturers listed in Bursa Malaysia

Multi Sports

XingQuan

I looked at them too. Their numbers are similarly incredible. Either making shoe soles is one of the most profitable businesses I have ever seen, or all 3 of them (Qingmei, Multi Sports and Xingquan) have material inaccuracies in their financial statements. Xinqquan also makes shoes and apparel, but they have a segmental breakdown so you can isolate the sole segment. Their shoe and apparel segments are also amazingly profitable by the way.

Anyone who believes Qingmei's books are accurate should logically also buy Multi Sports and Xingquan. According to Bloomberg, Multi Sports last traded at 2.4x PE and 0.4x PB, while Xingquan was at 2.2x PE and 0.6x PB.

"Efficient market theory" (EMT) is not always true for stock market, but it is true most of the time.

IMO, if Mr Market gave all three (3) of them with similar valuation. The odd of under-valuation should be pretty slim, or close to impossible

with $94mil of solid cash in their account, why doesn't it just use some of the cash to buy back their shares?

(16-05-2012, 04:08 PM)sgmystique Wrote: Q: Considering that the net cash hoard with the company is now around S$94 million I wanted to know about their plans for dividend payouts in 2012. Also seeing turnover down so drastically their working capital needs should also have come down quiet a bit.
A: The board will take a decision on this at the right time. Jackson assured me that he will put forward shareholder views to the board.

Well that's all I had for the day. Will have to decide what to do with my holdings... Guess I will just wait and watch...

Do u think we can apply the learning points from China Hongxing to this counter?

A lot of cash but not willing to pay out more dividends and do share buy back?


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Red flags for China Hongxing
Sudden departure of its auditors last year an early sign
By Goh Eng Yeow, Senior Correspondent

A SIMPLE rule of thumb: It's time to get at least a little worried when a company's auditors are replaced.

Take the case of former market darling China Hongxing Sports, which last Friday appointed special auditors after uncovering irregularities.

Investors could have taken heed of warning signals even before the counter was forced to apply for trading suspension of its shares last week owing to possible accounting irregularities.

Chief among these red flags was the sudden resignation of its auditors in October last year, as well as a huge jump in the firm's trade receivables - money owed by customers for goods delivered to them.

The Singapore market is reeling from a fresh round of jitters over the reliability of mainland China firms listed here, known as S-chips, with a second firm - Hongwei Technologies - also raising accounting worries, this time last Saturday.

One key question over China Hongxing surrounds the departure of the company's former auditors, RSM Nelson Wheeler and Foo Kon Tan Grant Thornton LLP, in October. They had been the company's joint auditors since it was listed in 2005.

Only six months earlier, the company's annual report stated that they were willing to be reappointed.

'Should investors be satisfied with a one-line statement that the auditors had no disagreement with the board on accounting treatments for the financial year ended December 2009 and that there were no matters of concerns to be brought up to the audit committee?' trader James Chen asked.

NRA Capital executive chairman Kevin Scully noted that China Hongxing's board had issued a negative assurance which had accompanied the release of its third-quarter results in November, to say nothing had come to its attention which might render the nine-month results 'to be materially false or misleading'.

'Did the board try to probe more deeply before issuing the negative assurance, considering that there was a sudden change of auditors? Did they try to get a more detailed explanation on why the existing auditors resigned?' he asked.

As it turns out, there had been plenty of warnings flagged by other analysts over the very question of a sudden change of auditors in a listed firm.

In September 2008, just months before a string of accounting scandals hit the S-chip sector, JP Morgan warned that a rapid switch of auditors was a red flag that all might not be well with an S-chip.

'Based on our experience in Asia, most auditor replacements are related to unsettled disputes on accounting practices.'

In China Hongxing's case, newly appointed auditors Ernst & Young told the firm's audit committee on Feb 22 that it had uncovered irregularities at the company's units Fujian Hongxing Erke Sports Goods and Quanzhou Hongrong Light Industry.

The company has since appointed nTan Corporate Advisory as its independent special auditors to conduct a thorough probe on the issues raised by Ernst & Young.

Another key question raised by some traders is the near doubling in China Hongxing's trade receivables to 684.6 million yuan (S$132.5 million) at Sept 30 from 363.4 million yuan a year earlier.

The big jump in trade receivables came even as the company's payables - the money it owed to suppliers for goods it received - was only 174 million yuan.

In other words, plenty of goods were going out the factory door but not that much in the way of components and the like were coming in the door.

Question marks over trade receivables had also been a red flag at other S-chips such as China Sun Bio-chem and Sino-Environment, which had also faced accounting irregularities.

But some traders noted that China Hongxing's fall from grace could be traced to as far back as 2-1/2 years ago, when the company disclosed the sale of a big chunk of shares by then substantial shareholder JF Asset Management - a sloppy five months late.

Pressed for an explanation, the company said it had not received any fax notifications on the sales, even though JP Morgan Asset Management, which owned JF, released details which showed that it had notified China Hongxing by fax within two days of each sale.

The most serious issue is that the collateral damage all this inflicts on retail investors is very painful, considering that the counter was once a major favourite S-chip with a market value of almost $4 billion when it reached a record high of $1.42 a share in October 2007.

In the past two years, its share price had crashed to only 11.5 cents before trading of its shares was halted last Tuesday, with questions emerging over its reluctance to pay a big dividend to shareholders despite sitting on a huge cash hoard.

Qingmei fits the description in the article?

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http://www.nextinsight.com.sg/index.php/...anies-play

Where are the pictures with Superheros ? Tks.

(18-05-2012, 05:56 PM)peterlynch Wrote:

(17-05-2012, 11:38 PM)Stockerman Wrote: http://www.tremeritus.com/2012/05/17/fak...d-scandal/


every thing can be FAKED over there ....
money laundering via property investment, casino, .....stock listing??

qingmei is a well known shoe sole maker in Fujian. There are real factories and real workers. I will ask my friend to take a picture of the factory with himself and that day's newspaper. but it will be in 5-6 weeks' time.