Yangzijiang Shipbuilding (Holdings)

(07-05-2014, 05:08 PM)Greenrookie Wrote: hmm... sorry CityFarmer, I always thought YZJ's property development is on the land that its old yard has vacant, and its near the sea and will be developed as an luxury residential project. I remembered reading it somewhere in some research report.

Where did you get info that YZJ is into social housing? can you point me to the info source?

Yes, the old yard should be developed as luxury residential project with its premium location. I am referring to property development on newly acquired Jiangsu Hengyuan. Mr. Ren has plans on the new subsidiary, base on conversation during the recent AGM. YZJ's close relationship with local gov and its strong financial status, YZJ will work with local gov on urbanization, which includes the social housing.

(vested)

1 more order:

Taipei: Taiwan bulker owner has gone to Yangzijiang Shipbuilding for an 82,000 dwt kamsarmax. The ship will be delivered in roughly one year’s time with the Taiwanese owner finding a valuable spare slot in Yangzijiang’s otherwise closed out 2015 construction schedule.
Sincere has also booked a pair of kamsarmaxes to be built at Shanghai Jiangnan Changxing Shipbuilding. Its orderbook also has two capesizes and two VLOCS under construction in China. [12/05/14]
Source: sinoshipping

(13-05-2014, 12:11 PM)Greenrookie Wrote: 1 more order:

Taipei: Taiwan bulker owner has gone to Yangzijiang Shipbuilding for an 82,000 dwt kamsarmax. The ship will be delivered in roughly one year’s time with the Taiwanese owner finding a valuable spare slot in Yangzijiang’s otherwise closed out 2015 construction schedule.
Sincere has also booked a pair of kamsarmaxes to be built at Shanghai Jiangnan Changxing Shipbuilding. Its orderbook also has two capesizes and two VLOCS under construction in China. [12/05/14]
Source: sinoshipping

"valuable spare slot"......good business....

(13-05-2014, 02:55 PM)desmondxyz Wrote:

(13-05-2014, 12:11 PM)Greenrookie Wrote: 1 more order:

Taipei: Taiwan bulker owner has gone to Yangzijiang Shipbuilding for an 82,000 dwt kamsarmax. The ship will be delivered in roughly one year’s time with the Taiwanese owner finding a valuable spare slot in Yangzijiang’s otherwise closed out 2015 construction schedule.
Sincere has also booked a pair of kamsarmaxes to be built at Shanghai Jiangnan Changxing Shipbuilding. Its orderbook also has two capesizes and two VLOCS under construction in China. [12/05/14]
Source: sinoshipping

"valuable spare slot"......good business....

The "normal" slots are fully utilized till 2016, the "spare" slots are slots "squeezed" out by optimizing the production process.

YZJ got itself featured in this week's Economist on China's shadow banking.

Battling the Darkness


IN THE town of Jingjiang, a few hours’ drive from Shanghai, Yangzijiang Shipbuilding is making 21 huge container ships for Seaspan, a Canadian shipping firm. An enormous sign declares, “We want to be the best shipyard in China.” It is certainly among the most profitable, earning 3 billion yuan ($481m) last year. But only two-thirds or so of that came from building ships. The rest came from lending money to other companies using a local financial instrument called an entrusted loan. This puts Yangzijiang at the forefront of another industry: shadow banking.

........

Over two-fifths of Yangzijiang’s loans go to property developers in smaller Chinese cities; land makes up nearly two-thirds of its collateral.

......

Entrusted loans are yet another fast-growing form of shadow banking. These involve cash-rich companies, often well-connected state-owned enterprises (SOEs), lending to less well-connected firms. There are so many SOEs now competing with Yangzijiang to offer loans, reports Liu Hua, the shipbuilder’s chief financial officer, that her firm has been forced to reduce the interest rates it charges from around 15% a year to closer to 10% a year

.......

How bad could things get? IHS, a consultancy, recently predicted that such a property crash could reduce China’s GDP from a forecast 7.5% this year to 6.6%, and to 4.8% next year. That may not sound like the end of the world, but by China’s standards, it would be an alarming slowdown

......

Calibrating this curtailment, however, will be tricky. Standard & Poor’s, a ratings agency, argues that reforms could lead to “a turbulent period in which funding could dry up as the domestic market struggles to re-price risk”. That is a polite way of saying that there is no easy way out of China’s shadow-banking mess.

Dalian: Tianjin Guoheng Railway Holding, a listed railway company in China, made an announcement to the stock exchange that it has reported several illegal activities of the company’s largest shareholder, Ren Yuanlin to authorities.

Ren Yuanlin, who controls several companies including Singapore-listed Yangzijiang Shipbuilding, made an acquisition of 12.11% equity in Tianjin Guoheng in January this year through one of his controlling companies and became the largest shareholder of Tianjin Guoheng.

Tianjin Guoheng accused Ren Yuanlin of several illegal activities including insider trading, misrepresentation, infringement of the independent operation of a listed company, illegal access to shares of listed company, manipulation of stock price and interference in the truthful disclosure of regular report.

Currently authorities have suspended the stock trading of Tianjin Guoheng, and are investigating the case. [27/05/14]

(29-05-2014, 09:55 AM)Ken123456 Wrote: Dalian: Tianjin Guoheng Railway Holding, a listed railway company in China, made an announcement to the stock exchange that it has reported several illegal activities of the company’s largest shareholder, Ren Yuanlin to authorities.

Ren Yuanlin, who controls several companies including Singapore-listed Yangzijiang Shipbuilding, made an acquisition of 12.11% equity in Tianjin Guoheng in January this year through one of his controlling companies and became the largest shareholder of Tianjin Guoheng.

Tianjin Guoheng accused Ren Yuanlin of several illegal activities including insider trading, misrepresentation, infringement of the independent operation of a listed company, illegal access to shares of listed company, manipulation of stock price and interference in the truthful disclosure of regular report.

Currently authorities have suspended the stock trading of Tianjin Guoheng, and are investigating the case. [27/05/14]

IIRC, YZJ didn't acquire any railway company, so it is Mr. Ren personal investment.

(29-05-2014, 10:31 AM)CityFarmer Wrote:

(29-05-2014, 09:55 AM)Ken123456 Wrote: Dalian: Tianjin Guoheng Railway Holding, a listed railway company in China, made an announcement to the stock exchange that it has reported several illegal activities of the company’s largest shareholder, Ren Yuanlin to authorities.

Ren Yuanlin, who controls several companies including Singapore-listed Yangzijiang Shipbuilding, made an acquisition of 12.11% equity in Tianjin Guoheng in January this year through one of his controlling companies and became the largest shareholder of Tianjin Guoheng.

Tianjin Guoheng accused Ren Yuanlin of several illegal activities including insider trading, misrepresentation, infringement of the independent operation of a listed company, illegal access to shares of listed company, manipulation of stock price and interference in the truthful disclosure of regular report.

Currently authorities have suspended the stock trading of Tianjin Guoheng, and are investigating the case. [27/05/14]

IIRC, YZJ didn't acquire any railway company, so it is Mr. Ren personal investment.

True but Mr Ren is still the CEO of YZJ. If the allegations are true, the integrity of this person is questionable. I wont park my money in a company whose CEO/Chairman have integrity problem.

(29-05-2014, 11:58 AM)Bibi Wrote:

(29-05-2014, 10:31 AM)CityFarmer Wrote:

(29-05-2014, 09:55 AM)Ken123456 Wrote: Dalian: Tianjin Guoheng Railway Holding, a listed railway company in China, made an announcement to the stock exchange that it has reported several illegal activities of the company’s largest shareholder, Ren Yuanlin to authorities.

Ren Yuanlin, who controls several companies including Singapore-listed Yangzijiang Shipbuilding, made an acquisition of 12.11% equity in Tianjin Guoheng in January this year through one of his controlling companies and became the largest shareholder of Tianjin Guoheng.

Tianjin Guoheng accused Ren Yuanlin of several illegal activities including insider trading, misrepresentation, infringement of the independent operation of a listed company, illegal access to shares of listed company, manipulation of stock price and interference in the truthful disclosure of regular report.

Currently authorities have suspended the stock trading of Tianjin Guoheng, and are investigating the case. [27/05/14]

IIRC, YZJ didn't acquire any railway company, so it is Mr. Ren personal investment.

True but Mr Ren is still the CEO of YZJ. If the allegations are true, the integrity of this person is questionable. I wont park my money in a company whose CEO/Chairman have integrity problem.

Mr. Ren donated his yearly entitlement of YZJ dividend to charity foundation.

YZJ dividend is close to RMB 1 bil yearly. Mr Ren entitlement is more than 25%, thus approx. RMB 250 mil.

Mr. Ren's remuneration as YZJ chairman is about S$50K yearly, which 77% as bonus. His pay is probably less than most people in this forum.

With that, I chose to believe that it may be just a business conflict

(vested)

We'll see soon enough It is china after all, Ren could be really innocent.

As for YZJ, HTM loans with 30+% exposure to property market is a BIG RED FLAG for me....