Qingmei Group Holdings

[Stockerman]

Tks for the euphemism

Good luck to punters of Qingmei...

There was this analogy being presented...

The creature quakes but it may not be a duck
The creature has webbed feet but it may not be a duck.
The creature waddles but it may not be a duck.

So, in aspects, it does look like a duck.
But, if you are a bird expert and able to discern that this is in fact a golden goose, the gains will be tremendous.
But.. under normal circumstances, I would not want to put my $$$ against the common consensus of VB forum members.

[Underdogger]

it is dropping back down to 7 cents or even lower...not a good sign definitely...

People are just throwing down to the bidders desperately....hope they don’t trip over each other and cause a mad stampede.

Each share is backed by 12.5 cents of "solid cash" but yet Mr Market is valuing it at abt half the value...something is amiss??

I may throw in $100 bucks to buy 2 lots if it drops to 5 cents it is exciting like going to a casino

[Stockerman]

does anyone have the softcopy of the company last 2 years of AR?

Tks.

[sgpunter]

Stockerman, you can find soft copies of annual reports in SGX website.

Why are people so suspicious of an S Chip in a net cash position? I can name you half a dozen S Chips with net cash. The most ridiculous one is China Fibretech net cash $0.17 but trading at $0.036. Can we immediately assume all the cash is faked and the auditors were duped simply becasue of this just because its so grossly undervalued?

My take on this? I believe out of the many S Chips that are trading below net cash levels, there are one or two rotten eggs out there still. Its a high risk high return thing. If you pick the right one, the rewards will be tremendous.

[Underdogger]

Has anyone wondered why the company does not want to buy itself out with all the cash that it has? Doesn't the company have share buyback mandate?

If I am the major equity owner and the company is so cash rich, I will take it private cheaply...

[yeokiwi]

Stockerman, you can find soft copies of annual reports in SGX website.

Why are people so suspicious of an S Chip in a net cash position? I can name you half a dozen S Chips with net cash. The most ridiculous one is China Fibretech net cash $0.17 but trading at $0.036. Can we immediately assume all the cash is faked and the auditors were duped simply becasue of this just because its so grossly undervalued?

My take on this? I believe out of the many S Chips that are trading below net cash levels, there are one or two rotten eggs out there still. Its a high risk high return thing. If you pick the right one, the rewards will be tremendous.

There is an interesting case study of United Food Holdings Ltd on how the cash position can dwindle yearly.
In 2006, Ufood had RMB316 million.
http://info.sgx.com/listprosp.nsf/07aed3...2002d5934/$FILE/UnitedFood2007%20%28SGX%29.pdf
In 2011, Ufood only had 27million left.
http://info.sgx.com/listprosp.nsf/07aed3...6002b5109/$FILE/United%20Food%20AR2011%20-%20SGX.pdf

I think the cash level was even higher before 2006 but I could not find the ARs.
The money was there but was slowly depleted over the years.
Lousy business?? maybe. But, if you looked at the IPO, the profit was going higher and higher yearly before it was listed.

I think there used to be a United Fools Club in WS.
I was one of the members too.

[Curiousparty]

Sorry my chinese was not good...but the article seems to say that company is embroiled in some dispute??


*****

清美鞋材"身陷"并购债务纠葛(2011-07-21)
核心提示
　　在一桩遮遮掩掩的并购之后，晋江喜伯登体育用品有限公司旗下的品牌"步之霸"门店突然大量关闭，生存遭遇创办以来最大的危机，引起了业界极大关注.近日，一份并购协议书的曝光，让这一并购事件渐渐地浮出水面.

　　"现在很多供应商手上都有这份并购协议书，我实在没办法了，只能用它证明自己的清白."一年来，供应商一次又一次的催款，让晋江喜伯登体育用品有限公司的原老板林金典再也坐不住了，他只能向前来催款的供应商出具一份去年7月11日签订的并购协议书.

　　根据这份协议书，喜伯登体育用品有限公司、速龙体育用品有限公司，被清美(中国)有限公司并购，喜伯登、速龙出让全部公司财产(包括品牌、专卖网络、土地、设备及应收货款)，债权债务归由清美承受.然而，其后产生的变故，让喜伯登、速龙、清美鞋材、供应商都始料未及.

债务纠葛　供应商催款遭推诿

　　"今年1月份之前的材料款，不属于清美公司所欠."

　　近日，一个名为"步之霸材供商"的网友在某网站论坛上"晒"自己的催款经历.根据这位网友的描述，清美鞋材并购喜伯登、速龙后，他去清美公司要求对方还材料款时，被告知2011年1月份的材料款，清美公司会全部付清，而在此之前的材料款则不属于公司所欠.

　　这一消息让他不解，以前和喜伯登往来账目所结材料款的欠条，都是盖喜伯登公司的公章，去年7月底，清美公司就将所有欠条转盖速龙公司公章.此后，他的材料款都无法按时排款，每次问清美财务人员，得到的答复都是要等老板的批示.

　　昨日，在陈埭经营鞋材20多年的丁先生告诉记者，在并购发生之后，一开始他还不知情，照样供货，不料，拿到的欠条都变成了速龙的，在今年1月份以后，以前的喜伯登欠条也都换成了速龙的."当时快过年了，都拿不到钱，一打听才知道，喜伯登、速龙被清美收购了，双方还闹得不可开交."丁先生苦笑，手里的10多万货款，这半年来只拿到1万块钱.

　　丁先生说，和他一样被拖欠货款的有200多人，"每天都有人到清美鞋材去要钱，我每次去都能碰到好几个."渐渐地，供货商们有了联系，相约一起去催要货款，张先生就是其中的一员，他被欠了100多万元的货款，"有时候能碰到老板，但还是拿不到钱"，如果实在没办法，只能考虑到法院起诉了.记者了解到，并购之初，喜伯登、速龙的应付欠款就已经将近5000万元.

并购迷局　并购协议曝光

　　"清美鞋材并购喜伯登、速龙，林金典的儿子林清洪获得清美的部分股权."

　　前日，记者联系上喜伯登的原老板林金典，他向记者提供了一份清美鞋材、喜伯登、速龙三家公司之间的重组并购协议及补充协议."现在很多供应商手上都有这份协议，我实在没办法了，只能用它证明自己的清白."

　　这份<<公司并购重组协议书>>签于去年7月11日，甲方为清美(中国)有限公司，法人代表苏清远;乙方为晋江喜伯登体育用品有限公司，法人代表为林金典;丙方为晋江速龙体育用品有限公司，法人代表为林裁治(林金典之妻).

　　协议书显示，清美鞋材并购喜伯登、速龙，但喜伯登名下的陈埭镇洋埭村陈泉路903号厂房及变压器不在并购范围内;林金典、林裁治的儿子林清洪获得清美(中国)有限公司20%的股权，但只能是隐名股东，同时补贴人民币900万元，并将苏清远名下的上市公司清美(控股)集团有限公司总股额5%(约合3200万股)的股票，转让至林清洪名下.

　　据此，林氏家族能够获得大约为价值7500万元的清美鞋材股权、现金900万元、总值约为3800万元的上市公司股票;喜伯登、速龙出让全部公司财产(包括品牌、专卖网络、土地、设备及应收货款)，经核算净资产不应低于3000万元，原则上仍以原公司名称正常运营，但法人代表需要变更为清美鞋材指定的，债权债务也归由清美鞋材承受.

并购迷局　并购后纠纷四起

　　"喜伯登、速龙的现金流之少和欠债数额之多，让清美始料未及."

　　但纠纷很快出现，其后产生的变故让喜伯登、速龙、清美鞋材、供应商都始料未及.

　　首先是资产核算，经过确认之后，清美鞋材发现喜伯登、速龙的净资产总额为700多万元，银行存款及现金为600多万元，应收账款为4460多万元，应付账款为4957多万元，这与清美鞋材之前掌握的信息相去甚远."最开始以为只有2000多万的欠款，没想到清算后翻了一倍，双方的矛盾就此埋下祸根."知情人士告诉记者，当时不知道出于什么原因，清美鞋材也认同了资产负债表，还签了<<重组并购补充协议(一)>>，承担了核算的债权债务.

　　根据补充协议，2010年8月1日以后产生的所有原始凭证，喜伯登和速龙应保证其真实、完整，若有出入，应以现金形式补足差额.让林金典没有想到的是，从去年8月份开始，在清美鞋材进驻团队的操作下，所有供应商货款的欠条，全部转盖速龙的公章，"以前实际的操作都是喜伯登在做，速龙只是作为一个品牌存在，没有实际资金往来的运营"，很快就把所有债务都转移到速龙的名下.此时，速龙的法人代表还是林金典的妻子林裁治.

　　今年1月中旬，喜伯登、速龙的变更手续开始办理，据说中间发生了一个小插曲."我们双方都去了，一个上午就把两家公司的变更手续都办好，但清美鞋材的人中午又去把速龙的材料抽走."林金典称自己被吓出一身冷汗，就去行政审批中心询问，材料被追了回来;但这种说法被工作人员否认，"从程序上来说，这是不可能的，只有材料不足才会通知企业补充"，并且喜伯登在1月18日、速龙在1月21日都完成了法人代表的变更.

各自回应

　　根据并购协议，林金典夫妻原本可以安心养老;林清洪将在新组建的服饰鞋帽产业部出任总经理，继续自己的事业;清美鞋材也从鞋材供应商变身品牌运营商.但这只能建立在并购顺利的基础上，眼下双方都成了热锅上的蚂蚁，更无辜的是材料供应商，他们几十万、上百万的货款，眼看着就要被遥遥无期地拖欠了.

　　林金典:"900万元现金，至今一毛钱没拿到"前日，在接受记者采访时，林金典连续好几次用到"一无所有"来形容自己的处境.

　　林金典告诉记者，本该收到的900万元现金，至今一毛钱都没拿到;协议约定的陈埭镇陈泉路903号房产，也还没有过户到自己名下;本该属于儿子林清洪的股权、股票，至今还捏在清美鞋材手里，"等于这几十年都白干了".

　　对于供应商的货款，林金典表示跟自己没有关系，一开始人家上门催，他还帮着挡一挡，但跟清美鞋材闹翻、眼看无法收场之后，他就拿出了并购协议，关于债权、债务写得很清楚.对于债务方面的出入，林金典也不认同，"我提出重新清算，但清美说赶时间，就算了，还签了协议，以后欠款由清美收，债务也由清美还".

　　现在，供应商也都不找林金典了."一方面不该我来还钱，另一方面我也没钱还，现在只能维持一下生活."林金典认为自己和供应商地位一样，只不过他是要从清美鞋材拿到协议的900万现金，还有那没过户的房产.

　　苏清远:"根据协议约定，三方都应保守机密"几经辗转，记者前日终于电话联系上了清美鞋材的法人代表苏清远.

　　对于目前流传到社会上的并购协议，苏清远显然是清楚的，他在电话里的语气愤愤不平，"我自己行得正，就不怕被人把影子说歪了."根据协议的约定，三方都应该保守合作机密，除非公司事务的必要，任何一方不得对外泄露有关事项及操作的任何细节，不得发布任何不利于对方的言论.而从目前的情形看，苏清远对协议书满天飞显然大感吃惊.

　　"现在事情都已经过去了，没必要再继续纠缠下去."对于三方的协议为何没有得到履行，苏清远选择了回避.而对于未来会如何处理并购产生的纠纷、与供应商之间的债务，他沉默一会儿后回答，"是非自有公论"，然后挂断电话.但后来给记者发来一条短信:"事情最后会由法律主持公道，我不想没根据乱下结论".

[potatolover]

Can someone write to Muddy Water Research to ask for some background checks?
Well, I heard that they have a solid team well versed in business practices in China. They have made many famous discovery of big time fraud Chinese companies ..

http://www.muddywatersresearch.com/

[Salty]

Hi guys, been reading on this forum for great insights to great company.
Personally have nothing much to contribute.
I have used windows live for translation of the above article.

*****Qing Mei shoe "in the" merger and acquisition debt disputes over (2011-07-21)Summary　　After the merger of a secretive, xibo in Jinjiang sports products under the brand "PA" stores all of a sudden a lot of close, life experience started since the crisis, has aroused great concern among the industry. recently, the exposure of a merger agreement, this merger and acquisition events gradually to emerge.

　　"Many vendors on hand the merger agreement, I have no solution, only used it to prove his innocence." Over the past year, vendor collection letter again, xibo in Jinjiang sports goods company boss forest Golden again sit, he had to come to collection letter issued by a supplier of a merger agreement signed on July 11 last year.　　

Under this copies agreement, xibo log sports supplies limited, and speed Dragon sports supplies limited, is Qing us (China) limited mergers and acquisitions, xibodeng, and speed Dragon transfer all company property (including brand, and monopoly network, and land, and device and the should received payment), claims debt to by Qing us bear. However, subsequently produced of changes, let xibodeng, and speed Dragon, and Qing us shoes material, and suppliers are unexpected not.Debt disputes over vendor collection letter is decline　　

"Material prior to January of this year, not belonging to us company owed."　　
Recently, a name for "step of PA material for commercial" of users in a website forum Shang "Sun" themselves of collection paragraph experience. under the users of description, Qing us shoes material mergers and acquisitions xibodeng, and speed Dragon Hou, he to Qing us company requirements each other also material paragraph Shi, is inform January 2011 of material paragraph, Qing us company will all paid, and this zhiqian of material paragraph is does not belonging to company by owes.　　

This a message let he puzzling, yiqian and xibo log between accounts by knot material paragraph of ious, are is gaixibo log company of seal, last year July end, Qing us company on will all ious go cover speed Dragon company seal. thereafter, he of material paragraph are cannot on time row paragraph, each asked Qing us financial personnel, are of reply are is to, boss of instructions.　　
Yesterday, chendai, Ting told reporters of the operating shoes for more than 20 years, after the merger, at first he did not know, so supply, but got ious are becoming Athlon, since January of this year, xibo ious are replaced before the Athlon 's. " Chinese new year, were unable to get the money, ask about just knowing, xibodeng, Athlon was Qing Mei acquisitions, both sides also make up. " Ting a wry smile, in the hands of more than 100,000 purchase price this half a year to get 10,000 dollars.　　
Ting said, and he was defaulted loans of more than 200 people, "someone to tell us every day shoe for money, every time I go to have hit several." Gradually to, suppliers were has has contact, meet together to collection to payment, Zhang Mr is which of a member, he is owes has more than 1 million yuan of payment, "has when can met boss, but also is took does not to money", if is no approach, only considered to court sued has. reporter understanding to, mergers and acquisitions of early, xibodeng, and speed Dragon of meet arrears on has nearly 50 million Yuan.Exposure of the merger puzzle merger agreement　　"Us xibodeng shoe material mergers and acquisitions clearance, Athlon, classic son of Lin Qing Lin Qinghong get stake in us."　　

Two days ago, contacted Heberden's boss on forest classic, told reporters he had provided a clear us shoe, xibodeng, three Athlon reorganization merger agreement and the supplementary agreement between the companies. " Vendors are on hand this agreement now, I have no solution, only used it to prove his innocence. "　　
The <&lt company merger agreement >> check on July 11 last year, party a to Qing Mei (China) limited, legal representative of Su Qingyuan; b to Jinjiang xibo sporting goods, legal representative for forest classic; c Jinjiang Athlon sports limited, legal representative for forest cutting treatment (classic Lin's wife).　　

Agreement displayed, Qing us shoes material mergers and acquisitions xibodeng, and speed Dragon, but xibodeng name of Chen Dai town Ocean Dai village Chen Quan road No. 903, workshop and the transformer is not mergers and acquisitions range within; forest gold code, and forest Conference treatment of son Lin Qinghong get Qing us (China) limited 20% of equity, but only is hidden name shareholders, while subsidies Yuan 9 million Yuan, and will Su Qingyuan name of listed company Qing us (holding) group limited total unit amount 5% (about-in 32 million unit) of stock, transfer to Lin Qinghong name.　　

Accordingly, forest's family to get about for value 75 million yuan of Qing us shoes material equity, and cash 9 million Yuan, and worth about for 38 million yuan of listed company stock; xibodeng, and speed Dragon transfer all company property (including brand, and monopoly network, and land, and device and the should received payment), by accounting net worth does not should below 30 million Yuan, in principle still to original company name normal operations, but corporate representative needs change for Qing us shoes material specified of, claims debt also to by Qing us shoes material bear.Merger puzzle merger dispute after four　　"Xibodeng Athlon, the cash flow of small amounts and indebtedness of many, was unforeseen by Qing Mei."　　

But disputes soon appeared, then distress let xibodeng, Athlon shoe materials, suppliers, and the United States are unintended.　　
First is the accounting of assets, after confirmation, found xibodeng shoes material clearance, Athlon's net assets amounted to more than 7 million Yuan, bank deposits and cash of more than 6 million Yuan, for more than 44.6 million of receivables, accounts payable more than 49.57 million Yuan, and the beautiful shoes information available far before. " The beginning thought that only the debts of more than 20 million, but 1 time after clearing times, the conflicts between the buried in the long run. " Informed sources told a press conference, did not know for what reason, us shoe would accept the balance sheet of the Qing dynasty, also check << reorganization merger and acquisition agreement (a) >>, took on account of debts.　　
Under added agreement, on August 1, 2010 yihou produced of all original voucher, xibodeng and speed Dragon should guarantee its real, and full, if event, should to cash form complement difference. let forest gold code no thought of is, from last year August began, in Qing us shoes material stationed in team of operation Xia, all suppliers payment of ious, all go gaisulong of seal, "yiqian actual of operation are is xibodeng in do, speed Dragon just as a brand exists, no actual funds between of operations", Soon all debts were transferred to the Athlon name. at this point, the legal representative is also the forest of the Athlon Classic wife rule of forest cutting.　　
In mid-January of this year, xibodeng, Athlon change procedure begins to handle, is said to have taken place in the middle of an episode. " We both went, a morning run all the procedures of alteration of the two companies, shoe people at noon but the United States and material pumped out of Athlon. " Lin Jindian said they were scared out of sweat, will go to the administrative examination and approval Center asks, the material is back; but that is staff deny that "from anywhere in the program, this is not possible, only the lack of material will inform the enterprise supplementary" and xibodeng on January 18, Athlon was completed in January 21, change of legal representative.Their response　　Under mergers and acquisitions agreement, forest gold code couples originally can mind pension; Lin Qinghong will in new formed of dress shoes Industry Department as General Manager, continues to themselves of cause; Qing us shoes material also from shoes material suppliers variable body brand operators. but this only established in mergers and acquisitions smooth of Foundation Shang, now both are into has a cat on hot bricks, more innocent of is material suppliers, they hundreds of thousands of, and Shang million of payment, seeing with is is sight to arrears has.　　
Forest classic: "$ 9 million in cash, a dime so far did not get" the day before yesterday, when in an interview with reporters, forest Golden several times in a row to "nothing" to describe their situation.　　Lin Jindian told reporters, should have received $ 9 million of cash, and still didn't get a dime; chendai town agreement No. 903 Chen Quan road, real estate, it's still hard to their own name; should have belong to the son of Lin Qinghong equity, stock, still pinching at the hands of Qing Mei shoe, "equal to that for decades were lost".　　
For suppliers of payment, forest gold code said with themselves no relationship, a began people door collection, he also help with retaining a retaining, but with Qing us shoes material fell out, and seeing cannot ended zhihou, he on took out has mergers and acquisitions agreement, on claims, and debt wrote was is clearly. for debt area of access, forest gold code also does not identity, "I made again liquidation, but Qing us said catch time, even has, also check has agreement, yihou arrears by Qing us received, debt also by Kiyomi also".　　
Now, vendors also do not find forest classic. " Shouldn't I pay on the one hand, on the other hand I have no money, now only maintain it. " Lin Jindian believe that they and their suppliers, except that he was from Qing Mei shoes you want to get the agreement of 9 million cash, there was no transfer of property.　　
Su Qingyuan: "according to the agreement, the three parties shall maintain the confidential" has made, reporters two days ago was on the phone to clear the United States shoe Corporation representative Su Qingyuan.　　
Current flows reached the agreement of mergers and acquisitions in the community, Su Qingyuan is clear, he's aggrieved tone over the phone, "I do right, not afraid of being that crooked shadow." According to the agreed terms of the agreement, tripartite cooperation should be to keep confidential, unless it is necessary for the transaction of the company, any party shall not disclosure of foreign-related matters and any details of the operation, shall not publish any comments against each other., from the perspective of current situation, Jet Su Qingyuan agreement apparently great sense of surprise.　　
"Now everything is over, no need to continue to struggle." For what the tripartite agreement has not been fulfilled, Su Qingyuan chose evaded. as for the future will be how to deal with disputes, mergers and acquisitions and debt between suppliers, was silent for a moment and answer questions, "is a judge", and then hang up the phone. but later sent a text message to reporters: "things will finally be justice by law, I do not want to not according to conclusions".

[Curiousparty]

Let me use an analogy...

I was on CTE going home last night. The billboard indicated that there was an accident on Lane 1, and this means that Lane 1 will be impassable at some stage.

But why are motorists still sticking to Lane 1? Why do they change over only during the last minute just before the accident location, causing undue congestion at that spot...

Well, people have to see the real thing before they believe it even though the sign has indicated so way before the accident. Lane 1 is usually faster and so they don’t bother until the very last minute, before the accident location, mad stampede to switch over to Lane 2...

The same can be said for stock market...