Pan United Corporation

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#71
(24-04-2018, 03:20 PM)Retired@52 Wrote: Hi Valerene,

I sold my Xing Hua Shares through Pan United Corp.

I got my cheque on 12th April 2018

The price per share was SGD $0.205

April 2018: S$0.205 (approx. HK$1.22) per share
30 July 2020: HK$2.597 (S$0.461) for each offer share

The two dividends paid HK$0.095 per share.

. Wink
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#71
(24-04-2018, 03:20 PM)Retired@52 Wrote: Hi Valerene,

I sold my Xing Hua Shares through Pan United Corp.

I got my cheque on 12th April 2018

The price per share was SGD $0.205

April 2018: S$0.205 (approx. HK$1.22) per share
30 July 2020: HK$2.597 (S$0.461) for each offer share

The two dividends paid HK$0.095 per share.

. Wink
Reply
#72
(30-07-2020, 01:32 PM)pianist Wrote: Just listed a while ago so fast wanna delist it, the listing fees are become kapok not well spent

Here is a rough estimate of how CXP (or Xinghua when it accquired CCIP in 2014) over the years:

2005: MIIF purchases a 38% effective interest in CXP for 106.4mil (implied valuation of whole of CXP: 280mil sgd)
2013: MIIF sells 38% stake back to PanUnited for 112.2mil (implied valuation of whole of CXP: 295mil sgd)
2017: Splits into Xinghua (CXP + CCIP) and Xinghua Management subscribed for 35650k shares (4.5%) at 1.45HKD/0.259sgd at HKEX listing (implied valuation of whole of CXP: 205mil sgd)
2020: Receives buy out offer of 2.11bil (or 377mil sgd)

For the record, Xinghua spent 20mil RMB (or ~5mil sgd) to list on HKEX by way of introduction. If we could argue that this 5mil sgd allowed Xinghua Group's profile to be elevated and accounts published in the open for suitors, then we could probably argue that it was well spent since the valuation of Xinghua increased ~30% from 295mil sgd (2013) to 377mil sgd (2020)?
Reply
#72
(30-07-2020, 01:32 PM)pianist Wrote: Just listed a while ago so fast wanna delist it, the listing fees are become kapok not well spent

Here is a rough estimate of how CXP (or Xinghua when it accquired CCIP in 2014) over the years:

2005: MIIF purchases a 38% effective interest in CXP for 106.4mil (implied valuation of whole of CXP: 280mil sgd)
2013: MIIF sells 38% stake back to PanUnited for 112.2mil (implied valuation of whole of CXP: 295mil sgd)
2017: Splits into Xinghua (CXP + CCIP) and Xinghua Management subscribed for 35650k shares (4.5%) at 1.45HKD/0.259sgd at HKEX listing (implied valuation of whole of CXP: 205mil sgd)
2020: Receives buy out offer of 2.11bil (or 377mil sgd)

For the record, Xinghua spent 20mil RMB (or ~5mil sgd) to list on HKEX by way of introduction. If we could argue that this 5mil sgd allowed Xinghua Group's profile to be elevated and accounts published in the open for suitors, then we could probably argue that it was well spent since the valuation of Xinghua increased ~30% from 295mil sgd (2013) to 377mil sgd (2020)?
Reply


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