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China Paper Holdings
18-12-2012, 04:09 PM.
Post: #21
RE: China Paper Holdings Limited
Thanks Ben for the sharing and I do admire you for having the courage to cut losses and admit mistakes.

I think as investors, we are all continually learning and it is important that in future, we do not repeat the same mistakes. I am working towards that as well. Smile

All the best for 2013. Big Grin
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18-12-2012, 04:25 PM.
Post: #22
RE: China Paper Holdings Limited
anyone ever fly to linyi shandong to check on them?

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18-12-2012, 04:46 PM.
Post: #23
RE: China Paper Holdings Limited
(18-12-2012, 03:52 PM)Ben Wrote: ... I attended every AGM and follow every announcement. I was bought over by all the promises the company gave and truly believes that the BODs are honest and hardworking people. ...

Sometimes, i think it is activities like attending the AGM that give us a false sense of confidence. Many people, me inclusive, would think that when attending AGM, we can observe the management, bods, CEO, CFO then judge whether they are honest and hardworking people... but some of them are really the best actors in the world

if they are out to con money, they would have perfected their skills of acting. We cant see and observe their characters from a simple AGM.

There's no perfect solution. Personally, i would let cash do the talking. When looking at the cashflow statement, I focus more on the cash that is/can be returned to shareholders. I tend to look down on companies that do a rights issue (although some turn out fine, eg. first reit)

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18-12-2012, 05:26 PM. (This post was last modified: 19-12-2012, 07:17 AM by yeokiwi.)
Post: #24
RE: China Paper Holdings Limited
http://info.sgx.com/webcoranncatth.nsf/V...penelement

Quote:Further thereto, the Executive Directors of the Company, comprising Mr Chen Yong (Executive Chairman), Mr Li
Hanpu (Managing Director) and Mr Li Pengju (Executive Director), have confirmed to the Board of Directors
("Board") that:
(a) save for the damage caused by the fire, they are not aware, after making due and careful enquiry, that
there are any irregularities whatsoever in the Group's accounting records; and
(b) all facts and circumstances known to-date relating to the fire have been disclosed in the earlier
announcement,

此地无银三百两,隔壁王二不曾偷。

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18-12-2012, 07:39 PM. (This post was last modified: 18-12-2012, 07:40 PM by cyclone.)
Post: #25
RE: China Paper Holdings Limited
此地无银三百两 (Three Hundred Pieces of Silver Not Buried Here)

In ancient times, a man called Zhang San had accumulated three hundred pieces of silver after a year of hard work. He was worried that his money would be stolen, so he put it in a wooden box and buried it in his back yard at the corner of his house. This did not completely ease his mind, so he posted a note on the wall saying: "Three hundred pieces of silver are not buried here."
His neighbour, Wang Er, had noticed the activity in the yard. At midnight he took all the silver. In order to deceive Zhang San, he added a note to the one on the wall saying: "Your neighbour, Wang Er, did not steal the money. (隔壁王二不曾偷)"

Chinese idiom: 此地无银三百两 (cǐdì wú yín sānbǎi liǎng - literally "this place no silver three hundred money") Three hundred pieces of Silver aren't buried here.
Meaning: A clumsy denial resulting in self-exposure.

Source : http://www.themaninchina.com/chineseidiomstories.htm
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18-12-2012, 11:04 PM.
Post: #26
RE: China Paper Holdings Limited
Thanks Cyclone for the lesson on Chinese idiom. Very appropriate in this instance!

Ben's story sounds like me. Except I'm too lazy to even attend the AGMs. However my decision to cut China Paper from my portfolio was not due to some wonderful insight or inklings of accounting irregularities (I would like to point out that all claims to such irregularities are still speculation at the moment) I took the decision to do a portfolio balancing and decided to divest shares that were chronic underperformers and CP just happen to be one of them. I count myself lucky I only loss 40% of my investment in CP.

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19-12-2012, 09:51 AM.
Post: #27
RE: China Paper Holdings Limited
The STB should capitalize on all this to promote Singapore's newest aquarium. No, not the one at RWS, this one is the S-chip section of the SGX: Underwater World Raffles Place.
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19-12-2012, 09:59 AM.
Post: #28
RE: China Paper Holdings Limited
(19-12-2012, 09:51 AM)d.o.g. Wrote: The STB should capitalize on all this to promote Singapore's newest aquarium. No, not the one at RWS, this one is the S-chip section of the SGX: Underwater World Raffles Place.

Haha, more like a circus with so many clowns around. Tongue
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19-12-2012, 11:16 AM.
Post: #29
RE: China Paper Holdings Limited
(19-12-2012, 09:59 AM)Musicwhiz Wrote:
(19-12-2012, 09:51 AM)d.o.g. Wrote: The STB should capitalize on all this to promote Singapore's newest aquarium. No, not the one at RWS, this one is the S-chip section of the SGX: Underwater World Raffles Place.

Haha, more like a circus with so many clowns around. Tongue

Cirque du SGX!
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16-05-2013, 11:33 AM. (This post was last modified: 16-05-2013, 11:34 AM by Ben.)
Post: #30
RE: China Paper Holdings Limited
Here it come again. Few days after an ID (who is also the chairman of the audit committee) announced his resignation, CP is requesting for trading halt. The last time when an ID resigned, the company announced a massive right issues the next day, follow by another announcement few months later that its financial records were destroyed by fire. So whats up this time? Let me guess? Private placement to some PRC investors to raise cash for expansion?

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