Fujian Zhenyun

[Behappyalways]

UPDATE ANNOUNCEMENT

http://infopub.sgx.com/FileOpen/Fujian%2...eID=335608

[touzi]

Chairman and GM not contactable for more than a month, law suit, unauthorized fund withdrawal, cashflow problem....everything you can think of and more! Looks like have to totally write off this.

[level13]

Always the same outcome for S-cheats!!!
Just that the methodology and actors are different.
I must admit their creativity score is very high..........

[Behappyalways]

APPOINTMENT OF SPECIAL REVIEWERS
http://infopub.sgx.com/FileOpen/Fujian%2...eID=344692

[butcher]

Actually noted their auditors have always been Mazars which I am still certain Mazars are still their auditors but got to know from SGX announcement they changed to Foo Kon Tan. Just my layman opinion, think perhaps Mazars somehow or another during their interim audit knows what is happening at FJZY and resigned. Now the mess landed on Foo Kon Tans lap

[Curiousparty]

Tks for the very interesting analogy

We just have to be more careful with S-chips..

I am bit skeptical of FJZY's financial and worried when i saw the news. Thoughts of a "Foreland" struck me but fortunately the refund amount is relatively small. This company makes it to my list on "how to be the top 50 richest in Singapore".*

On the balance sheet it has 437m RMB or s$91.3M of cash with about 29.5m RMB or s$6.2M of ST-debts; and FJZY market cap is s$15.5M. Even the company's level of cash & equivalent is higher than current mkt cap.

*For those interested in joining Singapore's top 50 richest, let me elaborate; please bear with my repeat boring remarks if you have read my Qingmei thread:
1) Convince a bank to loan you 20M, use it to buy over FJZY (current mkt cap 15M) and you will have s$91.3M cash

2) Now use 10M to buy over Qingmei (current mkt cap 8m);

3) Now use another 22M to launch a hostile takeover of China fibretech (current mkt cap 19m). So now you have spent 52M but have obtained a total of s$236.1M in cash from these 3 takeovers. Now pay back the 20M you initially borrowed from the bank. At this juncture, you are in a net cash position of $184.1M

4) Offer $40M to buy over China Sports Intl (current mkt cap 33.7m); then use its RMB849M of cash pay off its RMB202M trade payable and RMB108.5M debt; to be left with RMB 538.5M or s$112.5M. So you gain $72.5M from this takeover

5) Now offer $34M to takeover Universal Resources (current mkt cap 30.1M) to get the $63.6M present in its B/S.

6) Lastly, use 34M to takeover Changtian plastics (current mkt cap 29.7m) who has reported s$202 M cash at its group level

In 6 simple steps, you are now $454.2M “richer in cash” with an additional few hundred Mil worth of PPE and receivables. The 50th Richest men in Singapore only has a net worth of $450M!