China Minzhong Food Corporation

[cmeng_chan]

Short Seller's research report.

https://glaucusresearch.com/wp-content/u...6_2013.pdf

[CityFarmer]

Nice work by Glaucus. Looks like game over for Minzhong. Hope no forum members got caught in this.

The Glaucus, is the short-seller brought down a listed company in HKEx, the China Metal Recycling Holding (CMR). The CMR was liquidated by Hong Kong's Securities and Future Commission (SFC), and the founders were arrested for fraud.

I am reading and learning from his report now...

The Glaucus is targeting SGX listed companies, but I didn't expect it to be China Minzhong...

(not vested)

[Jacmar]

I can just see it now. There will be a petition at Hong Lim park asking how come govt(GIC) can bring in this kind of company and deceived them as safe investment. They will want govt to prosecute these people and help them recover their money. Good luck to them.

[AlphaQuant]

Tks for the report, it was a good read.

to me, the most important part on Pg 34:

Investors in Singapore capital markets are already sadly familiar with the difficulty of recovering anything from Chinese-based companies whose shares are halted under investigation for fraud (e.g. FerroChina). Singapore lacks an extradition treaty with China, leaving management beyond the reach of local authorities and creditors alike.


SGX, unfortunately is also lppl.

[CityFarmer]

A short report on the incident...

China Minzhong shares fall 13% after report by shortseller Glaucus

Shares in Singapore-listed China Minzhong Food fell more than 13% on Monday after a research house with a short position in the company accused the vegetable producer of irregularities in its sales figures.

Glaucus Research Group issued a report that said the irregularities involved sales to China Minzhong’s top two customers, according to “corporate registry records”.

A spokesman for China Minzhong said the company had no immediate comment to make.

Shares in China Minzhong fell as much as 13.3% with more than 9.4 million shares traded, more than three times the average full-day trading volume of 2.5 million traded over the past month.

Four analysts have a ‘buy’ or ‘strong buy’ on the stock, Thomson Reuters data shows. China Minzhong is due to release full-year results on Aug. 29.

Glaucus Research, which is based in California, said they and their associates have a direct or indirect short position in the company so stand to make money if its share price declines.

http://www.theedgesingapore.com/the-dail...aucus.html

[Greenrookie]

Temasek has a stake in it right? Problematic

[evilbdboi]

05 Mar 2013 05 Mar 2013 GIC SPECIAL INVESTMENTS PTE. LTD. SSH S/U (94,245) - 1.230
05 Mar 2013 05 Mar 2013 GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION (VENTURES) PTE. LTD. SSH S/U (94,245) - 1.230
05 Mar 2013 05 Mar 2013 GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE. LTD. SSH S/U (94,245) - 1.230

Seems like they have offloaded a substantial amount in March.

[Nick]

GIC has sold their shares to Indofood earlier this year. They are no longer vested in this Company.

AS EXPECTED by market watchers, PT Indofood Sukses Makmur has raised its stake in China Minzhong Food Corporation.

China Minzhong, a Singapore-listed Chinese vegetable processor, said that Indofood has doubled its shareholding interests from 14.95 per cent to 29.33 per cent.

The additional 14.38 per cent stake came from the acquisition of 94.25 million shares from Tetrad Ventures for about $105.6 million, or $1.12 a share.

Tetrad, an investment company of the Government of Singapore Investment Corporation, sold its equity stake on Feb 28.

Indofood, an Indonesian-listed packaged food producer whose offshoot is Singapore-listed Indofood Agri Resources, acquired its first 98 million shares, or a stake of 14.95 per cent, in China Minzhong through a placement earlier last month at a subscription price of 91.5 cents apiece, or $89.67 million in total.

http://www.agri-biz.com/SingleNews.aspx?...ode=866432 [Full Article]

[desmondxyz]

GIC has sold their shares to Indofood earlier this year. They are no longer vested in this Company.

AS EXPECTED by market watchers, PT Indofood Sukses Makmur has raised its stake in China Minzhong Food Corporation.

China Minzhong, a Singapore-listed Chinese vegetable processor, said that Indofood has doubled its shareholding interests from 14.95 per cent to 29.33 per cent.

The additional 14.38 per cent stake came from the acquisition of 94.25 million shares from Tetrad Ventures for about $105.6 million, or $1.12 a share.

Tetrad, an investment company of the Government of Singapore Investment Corporation, sold its equity stake on Feb 28.

Indofood, an Indonesian-listed packaged food producer whose offshoot is Singapore-listed Indofood Agri Resources, acquired its first 98 million shares, or a stake of 14.95 per cent, in China Minzhong through a placement earlier last month at a subscription price of 91.5 cents apiece, or $89.67 million in total.

http://www.agri-biz.com/SingleNews.aspx?...ode=866432 [Full Article]

Yes...our smart garment already run road....now left with the poor Indofood with 29% stake....sorb sorb

[gutman]

A short report on the incident...

China Minzhong shares fall 13% after report by shortseller Glaucus

Shares in Singapore-listed China Minzhong Food fell more than 13% on Monday after a research house with a short position in the company accused the vegetable producer of irregularities in its sales figures.

Glaucus Research Group issued a report that said the irregularities involved sales to China Minzhong’s top two customers, according to “corporate registry records”.

A spokesman for China Minzhong said the company had no immediate comment to make.

Shares in China Minzhong fell as much as 13.3% with more than 9.4 million shares traded, more than three times the average full-day trading volume of 2.5 million traded over the past month.

Four analysts have a ‘buy’ or ‘strong buy’ on the stock, Thomson Reuters data shows. China Minzhong is due to release full-year results on Aug. 29.

Glaucus Research, which is based in California, said they and their associates have a direct or indirect short position in the company so stand to make money if its share price declines.

http://www.theedgesingapore.com/the-dail...aucus.html

Share price already down 47.8% this morning, from $1.015 to $0.53 before trading halt.

Target price by Glaucus Research is 0 .