Sino Grandness

[[DY]]

Why do we need to debate on who is correct and who is not? Specuvestor might be wrong in his views but if he's not vested, he lose nothing (maybe his ego). On the other hand, if the vested investors assumed something is correct and held on but the company ended up not as promised, then they will lose more than their ego.

The warnings and red flags around Sino Grandness can't be confirmed (if not they won't be warnings, they will be real fraud), but why not step back and evaluate both sides, rather than just rejecting/debating about the warnings.

Specuvestor

Some investors said that incorporation of companies in the Cayman Islands and Hong Kong points to IPO process being in an advanced stage.

They also said that the appointment Euromonitor suggests that verification of sales etc has been completed.

Do you think they are correct.

I have actually said that incorporating company is a good incremental sign. I take facts as it is. But incremental is not the same as advanced stage. Advanced stage is when red herring or road show are coming out.

what specuvestor said above is correct. If you look at the HKEX page, you can't find an application proof (i.e redacted prospectus) for the sinograndness spin-off. This suggests that the listing application has not been submitted to the HKEX.

Typically, the timeline between listing application and actual listing is about 2 months (and this is considered fast). Most companies will take about 3 months here.

Incorporation of companies that will make up the listco structure is typically done ahead of the actual restructuring, and the restructuring won't take place until there is some degree of confidence from all parties that the IPO can take place. There is good reason for this - if you restructure ahead of time and the IPO fails, you will need to unwind everything.

Until you see a red herring, i wouldn't consider any IPO to be at a fairly advanced stage. In fact, many IPOs still die after the red herring is published.

On SGX, at least 2 companies in previous years have pulled the plug after the final prospectus was issued. But investors have short term memory and only want to believe what they want to believe.

Note: For some reason, my previous post was not accepted after moderation. I only wanted to share my experience (having worked in the IPO industry before). Having had the benefit of working in the IPO industry, I can only say this - don't place too much reliance on the fact that auditors, lawyers, underwriters and regulators have vetted a company for IPO. I won't go into the details why, but I think it should be sufficient to point out that numerous companies have blown up after successfully doing an IPO, and in some instances, very shortly after the IPO.

[specuvestor]

The window is very short till June for many vested parties, from banks to SinoG shareholders to 2 tranche CB holders to the achors you mentioned, to say in unison "show me the money"... there are alot of catalysts and events that have to happen in next 3 months. In value investing term, the MOS is shrinking to a binary call option

[brattzz]

i am excited by this counter and is keen to see how far it can go b4 it KABOOM or HUAT HAR!! ...

Not vested, but just excited!

[leeeta]

The window is very short till June for many vested parties, from banks to SinoG shareholders to 2 tranche CB holders to the achors you mentioned, to say in unison "show me the money"... there are alot of catalysts and events that have to happen in next 3 months. In value investing term, the MOS is shrinking to a binary call option

It may not turn out to be a binary event. The company is taking steps to have enough cash to pay of the CB when they become due. Important milestone is the submission of the A1 form. With A1 form ,the financial penalty is reduced by rmb100m.
Bondholders are likely to wait beyond the maturity date if they know there is more money to be made.

[butcher]

Anyone knows who are the major holders of the convertible bonds?

[getrich]

what specuvestor said above is correct. If you look at the HKEX page, you can't find an application proof (i.e redacted prospectus) for the sinograndness spin-off. This suggests that the listing application has not been submitted to the HKEX.

Typically, the timeline between listing application and actual listing is about 2 months (and this is considered fast). Most companies will take about 3 months here.

Incorporation of companies that will make up the listco structure is typically done ahead of the actual restructuring, and the restructuring won't take place until there is some degree of confidence from all parties that the IPO can take place. There is good reason for this - if you restructure ahead of time and the IPO fails, you will need to unwind everything.

Until you see a red herring, i wouldn't consider any IPO to be at a fairly advanced stage. In fact, many IPOs still die after the red herring is published.

On SGX, at least 2 companies in previous years have pulled the plug after the final prospectus was issued. But investors have short term memory and only want to believe what they want to believe.

Note: For some reason, my previous post was not accepted after moderation. I only wanted to share my experience (having worked in the IPO industry before). Having had the benefit of working in the IPO industry, I can only say this - don't place too much reliance on the fact that auditors, lawyers, underwriters and regulators have vetted a company for IPO. I won't go into the details why, but I think it should be sufficient to point out that numerous companies have blown up after successfully doing an IPO, and in some instances, very shortly after the IPO.

Any idea why the Garden Fresh IPO is taking so long? Normally, it takes about 6-12 months to IPO after starting the IPO process. Garden Fresh started its IPO process in Jan 2014, so it has been more than 12 months and the IPO is not yet in sight.

[portuser]

Anyone knows who are the major holders of the convertible bonds?

Shareholders have been told that a substantial portion of the 2011 RMB 100m bonds had been sold by Sang Hung Kai to other investors.

Bonds amounting to RMB 19.5m were redeemed in Oct 2014, on maturity, and the remaining RMB 80.5m rolled over to a new maturity date of 30 June 2015.

Goldman Sachs is holding on to the bulk of the RMB 270m bonds issued in July 2012.

Goldman Sachs is represented on the board of directors of Garden Fresh, based on page 2 of the announcement dated 10 May 2012.

[Value only]

Mr Market is usually a pretty good indicator.
It has actually Spoken, whether it is real or not.

[CY09]

And the plot thickens with the Chairman/CEO buying 1.15M of shares with his money over the past week. This is really a "white and gold or blue and black" company

[greengiraffe]

http://www.theedgemarkets.com/sg/article...raise-more

One of this week's The Edge feature... no united voice in interview... read liao got more confused by all the vested interests...

Little wonder why price continues to sink and remain sickie...

No Vested Interests
GG