Sino Grandness

[Oldman9]

Maybe Specuvestor mixed up the roles of auditors and reporting accountants.

Reporting accountants are not expected to conduct audits.


http://www.bdo.co.uk/capital-markets/act...ransaction

Hi Specuvestor,

Are you confused with the roles ?
Your comments earlier gave me some unnecessary jitters. I believe other investors also felt jittery. So what now?

I went to take a look at the draft prospectus of Qiniqin Foodstuff as suggested by Portuser. Same thing... So can you comment please?

Thanks and cheers
oldman9

[butcher]

Just relax oldman, the so called big brothers here belongs to one camp while we belongs to the other. No point debating. Just let the results speak for itself. I remember I have pointed out biased criticism one year ago and gave my noobish reasoning even with my noobish understanding of FRS. One year later the share price almost doubled. The critics camp remained silent but is back again. The best is to let Sino G continue to do well, share price rising. Good bye.

[dzwm87]

Just relax oldman, the so called big brothers here belongs to one camp while we belongs to the other. No point debating. Just let the results speak for itself. I remember I have pointed out biased criticism one year ago and gave my noobish reasoning even with my noobish understanding of FRS. One year later the share price almost doubled. The critics camp remained silent but is back again. The best is to let Sino G continue to do well, share price rising. Good bye.

You only get hit by what you can't see. I think it's only meaningful that there are always both side of opinions and one should always question their thesis from different perspective at all times. Sure, no investments can be perfect and there can be uncertainties but that can be negated when there is a comfortable margin of safety or when one's risk-reward payoff is extremely favorable.

I don't know the details behind the auditors but you can't argue it's not a possible red flag. And I think it's a weak conviction for one to depend on another for answer when the investment thesis gets questioned.

I think it's really a waste of time to keep saying the bulls or bears remained silent and where are they when the price doubled or tanked. There will always be bulls and bears in every argument.

Let's be objective and keep an open mind. Anyway, Sino G is an interesting case and I will be curious to see how it unfold.

[Oldman9]

Just relax oldman, the so called big brothers here belongs to one camp while we belongs to the other.  No point debating.  Just let the results speak for itself.  I remember I have pointed out biased criticism one year ago and gave my noobish reasoning even with my noobish understanding of FRS.  One year later the share price almost doubled.  The critics camp remained silent but is back again.  The best is to let Sino G continue to do well, share price rising.  Good bye.

Hi Butcher

Thanks.

I am an oldman and I cannot relax. hahaha . Specuvestor pointed out that BDO did not audit the account and that gave me some jitters.
Specuvestor is very seasoned and comments regularly on many campanies. Therefore I take his comments seriously.

Now Piao piao has released some materials that reporting accountant is not an auditor and that this why I am urging Specuvestor to clarify.

cheers
oldman9

[CityFarmer]

I urge to avoid using "haha..." in your post, to promote a healthy flow of discussion.

Thank you

Regards
Moderator

[Oldman9]

I urge to avoid using "haha..." in your post, to promote a healthy flow of discussion.

Thank you

Regards
Moderator

Hi CF,

I am seriously disappointed with  you. As the moderator you have to be fair but I find that you are bias.

What is so wrong with me using haha when I am making fun of myself. I am not targeting anyone.

When Boon and other seniors posted with haha why there is no comment from you? Why are you so bias?

Sorry for my ugly post, but please reflect on yourself.

if you cannot take my criticism, you may remove me from the forum. Thank you and have a nice day.

Oldman9

[CityFarmer]

I urge to avoid using "haha..." in your post, to promote a healthy flow of discussion.

Thank you

Regards
Moderator

Hi CF,

I am seriously disappointed with  you. As the moderator you have to be fair but I find that you are bias.

What is so wrong with me using haha when I am making fun of myself. I am not targeting anyone.

When Boon and other seniors posted with haha why there is no comment from you? Why are you so bias?

Sorry for my ugly post, but please reflect on yourself.

if you cannot take my criticism, you may remove me from the forum. Thank you and have a nice day.

Oldman9

If you have read the previous moderating post, you should aware that, I have put up similar moderating post on Boon's "haha..." as well as all VB members.

http://www.valuebuddies.com/thread-3371-...#pid126327

You have to aware that our VB is a public forum. There is no private message in public forum. Sensitivity should be observed on posts in public forum.

Do I deserve an apology from you?

Regards
Moderator

[Oldman9]

I urge to avoid using "haha..." in your post, to promote a healthy flow of discussion.

Thank you

Regards
Moderator

Hi CF,

I am seriously disappointed with  you. As the moderator you have to be fair but I find that you are bias.

What is so wrong with me using haha when I am making fun of myself. I am not targeting anyone.

When Boon and other seniors posted with haha why there is no comment from you? Why are you so bias?

Sorry for my ugly post, but please reflect on yourself.

if you cannot take my criticism, you may remove me from the forum. Thank you and have a nice day.

Oldman9

If you have read the previous moderating post, you should aware that, I have put up similar moderating post on Boon's "haha..." as well as all VB members.

http://www.valuebuddies.com/thread-3371-...#pid126327

You have to aware that our VB is a public forum. There is no private message in public forum. Sensitivity should be observed on posts in public forum.

Do I deserve an apology from you?

Regards
Moderator

Hi CF

There is a difference. Mine was poking/making fun of myself not ego-boosting haha's like theirs..

Can't you differentiate? or are you saying that all haha is prohibited? Then I apologize if i have broken any forum rules.

cheers
oldman9

[CityFarmer]

Hi CF

There is a difference. Mine was poking/making fun of myself not ego-boosting haha's like theirs..

Can't you differentiate? or are you saying that all haha is prohibited? Then I apologize if i have broken any forum rules.

cheers
oldman9

What I concern, is the "haha..." will trigger unnecessary negative emotion here. The sensitivity is the key word and the key concern here. I reckon, the "haha..." will not value-add into your post. Moderating for a smooth flow of discussion, is my job here, and this is what I am doing now. It is consistent so far and applies to all VB members.

You will not be punished due to your previous posts, but not after this moderating post.

I am still waiting for an apology.

No further moderating post on this topic. I will act on it after this post.

Regards
Moderator

[specuvestor]

Maybe Specuvestor mixed up the roles of auditors and reporting accountants.

Reporting accountants are not expected to conduct audits.


http://www.bdo.co.uk/capital-markets/act...ransaction

Hi Specuvestor,

Are you confused with the roles ?
Your comments earlier gave me some unnecessary jitters. I believe other investors also felt jittery. So what now?

I went to take a look at the draft prospectus of Qiniqin Foodstuff as suggested by Portuser. Same thing... So can you comment please?

Thanks and cheers
oldman9

Hi oldman9

The context was PiaoPiao stated "As reporting accountant, bdo would have reviewed the work of qual-mark hk, yida shenzhen, tiancheng hubei, sanhe sichuan and wanbang sichuan and form an opinion. If bdo is uncomfortable, it would not have accepted the appointment as reporting accountant."

BDO in their Accountant's Report has already stated "no audited financial statements have been prepared" and "The Financial Information has been prepared from the Underlying Financial Statements, with no adjustments made thereon" and "The directors of the Company are responsible for the preparation and the true and fair presentation of the Financial Information" ie the accuracy is not BDO's problem. There is no reason for BDO to be uncomfortable if the Board agrees to this basis. I didn't want to write all these down in my previous post cause I think better for forumers to read the whole context.

This type of creating a new entity for listing is also not new. Neither are S-chips new. But it's not common to create BVI entity on top of Cayman for listing. I'm not familiar with the details but we have auditors and accountants in this forum that might be able to advise us on what is the incentive.

The context is also that you and I know the chairman said the auditor will be a big 4 for the IPO in the last AGM. People specifically asked this for a reason. That's why we have been asking who is the auditor and who is the sponsor. Qinqin foodstuff is a spinoff from parent which is well known Hengan, whose auditor is PWC.

The fact is also that with 1/2 Huiyuan's sales and likely less than half Huiyuan's geographical coverage, they have double Huiyuan's income, and have also defaulted on the CB not once but twice (2nd time being June/ July last year), even after Chairman say during AGM categorically that they will pay back all. That is when I decided this looks too familiar and it is not my game. It is amazing to me that some forumers think the CB owners are philanthropic or that the power of negotiation still lies with SinoGrand after they defaulted.

The fact is also that if they manage to IPO GardenFresh then all the analysis is moot, at least for a few years. Their cashflow issue would have been resolved and none wiser. Management is hosting a luncheon next Tuesday to institutions on their results, but likely focus will still be on the IPO... so let's see how they come out of it.

What I am concern is what people learn from this episode, which is my incentive for taking lunchtime to post. VB has been a great place for me and others to browse, and I think many people take it as a serious and insightful forum, though it has less post in a day than some other forums in an hour. And I think VB has a great track record in fundamentally analyzing key events and identifying issues before they become apparent, which I hope the track record can continue.

So that's my way of paying forward by giving whatever facts I know. AGM is 25 April and I think their accounting numbers in 1Q should be good as previously posted.