Yangzijiang Shipbuilding (Holdings)

I just banned one more newbie "elements", due to "her" offensive post. Base on preliminary info, "she" might be related to the "HoHo" and "firepower".

These newbies have nothing to do, but create more chore for us. I believe there are lots of other suitable forum for them, one suggestion is CNA...

Regards
Moderator (CF)

(01-06-2014, 04:56 PM)CityFarmer Wrote:

(01-06-2014, 02:15 PM)Nick Wrote: Yangzijiang delivered third 10,000TEU containership

http://infopub.sgx.com/FileOpen/PressRel...eID=299647

Reply to SGX Queries

http://infopub.sgx.com/FileOpen/Reply%20...eID=299646

Seems business as usual ?

(Not Vested)

It seems the only link of YZJ with the allegation is Mr. Ren. It is likely that it is just his personal business conflict, as I previously assumed.

As other always said, We'll see...

(vested)

Yangzijiang is the 甲方, with Ren as the legal representative in the contract between Chengqingbo as 乙方， in the rights to repurchase shares agreement. yzJ is directly linked. YZJ assume the shares of Cheng qingbo from guolianxintuo, which have the shares as collateral. Qingbo promised to buy back the shares with interest and YZJ and taixingliyuan gave attorney of management to Chengqingbo in return with a host of conditions an terms. I think YZJ case is quite strong, as Qingbo breach the confidentiality clause first. It also didn't manage to fulfilled the various conditions and hence YZJ/ Ren has rights to withdraw the attorney of management rights. I see it as a desperate attempt by Qingbo to wriggle out of its problems.

(01-06-2014, 07:03 PM)Greenrookie Wrote:

(01-06-2014, 04:56 PM)CityFarmer Wrote:

(01-06-2014, 02:15 PM)Nick Wrote: Yangzijiang delivered third 10,000TEU containership

http://infopub.sgx.com/FileOpen/PressRel...eID=299647

Reply to SGX Queries

http://infopub.sgx.com/FileOpen/Reply%20...eID=299646

Seems business as usual ?

(Not Vested)

It seems the only link of YZJ with the allegation is Mr. Ren. It is likely that it is just his personal business conflict, as I previously assumed.

As other always said, We'll see...

(vested)

Yangzijiang is the 甲方, with Ren as the legal representative in the contract between Chengqingbo as 乙方， in the rights to repurchase shares agreement. yzJ is directly linked. YZJ assume the shares of Cheng qingbo from guolianxintuo, which have the shares as collateral. Qingbo promised to buy back the shares with interest and YZJ and taixingliyuan gave attorney of management to Chengqingbo in return with a host of conditions an terms. I think YZJ case is quite strong, as Qingbo breach the confidentiality clause first.

YZJ has indeed emerged as a hot discussion since Friday afternoon. I think given the enormous investment universe, one should not miss the green forest simply because of a sizable tree.

GG

Back in April when Olam and CMA was tipped to be delisted, I was considering including YZJ or Kepland to be included in my portfolio as potential STI- index play.. It is a pity that YZJ being a STI constituent reserve list can be embroil in such a predicament yet there is nothing our exchange can do nothing about it.

Luckily.. I tot the price ran up a little too fast for my liking and I have been underweight ship builders services since 2012. Hence, I gave it a total miss.

I don't think Eratat and YZJ is anywhere close to a similar comparison given the nature of the fraud incident. However, for any future potential S-chip investment opportunity; a deeper MOS should be applied. If the biggest S-chip can fail on our exchange.. what more to say about smaller ones.

to buy YZJ I would need at least 50% MOS
the fair value has to be $2 if I were to pay $1 for it
better safe than sorry

(01-06-2014, 07:03 PM)Greenrookie Wrote:

(01-06-2014, 04:56 PM)CityFarmer Wrote:

(01-06-2014, 02:15 PM)Nick Wrote: Yangzijiang delivered third 10,000TEU containership

http://infopub.sgx.com/FileOpen/PressRel...eID=299647

Reply to SGX Queries

http://infopub.sgx.com/FileOpen/Reply%20...eID=299646

Seems business as usual ?

(Not Vested)

It seems the only link of YZJ with the allegation is Mr. Ren. It is likely that it is just his personal business conflict, as I previously assumed.

As other always said, We'll see...

(vested)

Yangzijiang is the 甲方, with Ren as the legal representative in the contract between Chengqingbo as 乙方， in the rights to repurchase shares agreement. yzJ is directly linked. YZJ assume the shares of Cheng qingbo from guolianxintuo, which have the shares as collateral. Qingbo promised to buy back the shares with interest and YZJ and taixingliyuan gave attorney of management to Chengqingbo in return with a host of conditions an terms. I think YZJ case is quite strong, as Qingbo breach the confidentiality clause first. It also didn't manage to fulfilled the various conditions and hence YZJ/ Ren has rights to withdraw the attorney of management rights. I see it as a desperate attempt by Qingbo to wriggle out of its problems.

I am convinced that you understood the contract more than me. By my definition (again ), "a link" means part of the allegation.

I have no doubt YZJ HTM loan has been used for the financing, but it might not mean it is "linked". Otherwise the auditors, lawyers, brokers, banks (if any) and etc involved are also "linked" to the allegations.

What do you think?

(01-06-2014, 07:36 PM)DP28 Wrote: Back in April when Olam and CMA was tipped to be delisted, I was considering including YZJ or Kepland to be included in my portfolio as potential STI- index play.. It is a pity that YZJ being a STI constituent reserve list can be embroil in such a predicament yet there is nothing our exchange can do nothing about it.

In the same vein, when SPH SVP Peter Khoo pleaded guilty to corruption and criminal breach of trust, is it a pity SPH being part of STI, and exchange should do something on SPH listing?

The answer for SPH seems NO, right?

We should put YZJ into context, and bear in mind that it is still an allegation, not convicted case.

http://news.asiaone.com/News/Latest+News...67289.html

(vested)

(01-06-2014, 08:16 PM)CityFarmer Wrote:

(01-06-2014, 07:03 PM)Greenrookie Wrote:

(01-06-2014, 04:56 PM)CityFarmer Wrote:

(01-06-2014, 02:15 PM)Nick Wrote: Yangzijiang delivered third 10,000TEU containership

http://infopub.sgx.com/FileOpen/PressRel...eID=299647

Reply to SGX Queries

http://infopub.sgx.com/FileOpen/Reply%20...eID=299646

Seems business as usual ?

(Not Vested)

It seems the only link of YZJ with the allegation is Mr. Ren. It is likely that it is just his personal business conflict, as I previously assumed.

As other always said, We'll see...

(vested)

Yangzijiang is the 甲方, with Ren as the legal representative in the contract between Chengqingbo as 乙方， in the rights to repurchase shares agreement. yzJ is directly linked. YZJ assume the shares of Cheng qingbo from guolianxintuo, which have the shares as collateral. Qingbo promised to buy back the shares with interest and YZJ and taixingliyuan gave attorney of management to Chengqingbo in return with a host of conditions an terms. I think YZJ case is quite strong, as Qingbo breach the confidentiality clause first. It also didn't manage to fulfilled the various conditions and hence YZJ/ Ren has rights to withdraw the attorney of management rights. I see it as a desperate attempt by Qingbo to wriggle out of its problems.

I am convinced that you understood the contract more than me. By my definition (again ), "a link" means part of the allegation.

I have no doubt YZJ HTM loan has been used for the financing, but it might not mean it is "linked". Otherwise the auditors, lawyers, brokers, banks (if any) and etc involved are also "linked" to the allegations.

What do you think?

Hmm.. CF, finally understood where u are coming from.
Assume Ren lost the legal fight, he should be able to keep the buck at Taixingliyuan. Thank you for enlightening me.!!the write down if any would stop at that tier. It all make sense now, why taixingliyuan uses another subsidiary Fenghuang to buy shares and gain control of another company in a similar situation as Tainjin Railway.

I am glued to the fact that YZJ has the same obligations as Taixingliyuan, and both can be sued for compensation of breech of contract, but the allegation is not the breach of contract.

I won't be surprised if one of theses companies become its platform for reverse RTO

(01-06-2014, 05:11 PM)CityFarmer Wrote: For a company with about RMB 15 billion investment fund, CFO is a key person. She joined in 2008, when the HTM investment was just started. It is conceivable that she played a instrumental role for the success of the HTM investment to date.

I didn't manage to talk to her, but listened to her reply to shareholders queries. She can communicate well in English, focus, down to earth, and well verse on financial matter (of course ). She remind me of M1 CEO Karen Kooi...

So far, She is up to the task, in fact, I will say with flying colors.

Just to share view of the CFO

Hi CF, Thanks for sharing your views.

I was once vested with a S-chip that bombed and it had a young CFO too (similar age as YZJ CFO). On hindsight, i realized that having a young CFO for that particular case simply implied that the CEO wanted a 'yes man' who was only too glad to be elevated to such an important position at such a young age. Since he is well versed in english (much better than the Chinese CEO and Sporean IDs), that CFO was answering the bulk of the questions during AGM and he was as good and smooth as he could be.

I took a quick look at AR2013. The CFO is paid <250k per year and her remuneration is 100% in cash. In addition, the short description i could find is '...based in Spore office. She regularly meets investment analysts and fund managers for updates with investors' With this info, it is not too obvious that she is playing/has played an important role in the HTM business growth and current form.

(01-06-2014, 08:58 PM)Greenrookie Wrote:

(01-06-2014, 08:16 PM)CityFarmer Wrote: I am convinced that you understood the contract more than me. By my definition (again ), "a link" means part of the allegation.

I have no doubt YZJ HTM loan has been used for the financing, but it might not mean it is "linked". Otherwise the auditors, lawyers, brokers, banks (if any) and etc involved are also "linked" to the allegations.

What do you think?

Hmm.. CF, finally understood where u are coming from.
Assume Ren lost the legal fight, he should be able to keep the buck at Taixingliyuan. Thank you for enlightening me.!!the write down if any would stop at that tier. It all make sense now, why taixingliyuan uses another subsidiary Fenghuang to buy shares and gain control of another company in a similar situation as Tainjin Railway.

I am glued to the fact that YZJ has the same obligations as Taixingliyuan, and both can be sued for compensation of breech of contract, but the allegation is not the breach of contract.

I won't be surprised if one of theses companies become its platform for reverse RTO

Mr. Ren wouldn't and shouldn't exposing YZJ with his personal investment. YZJ HTM loan is a service, similarly as legal, brokering etc services needed to complete the deal, IMO.