08/12/2016 09:35
Sslee I had written another letter to Bursa as follow:
Dear Customer services, Re: Xingquan Financial Report 2016. I had attended the AGM and pose my questions. I am not satisfied with Board replied as follow: 1. No forensic audit was done on the tailored make shoe. The auditor only do financial audit where prepared document by management was given to them for audit and they found all the paper work is in order. They are not given asses to interview the government agency that order the shoe nor see the defectives shoe. It seems only the independent Director can request for a forensic audit if they see fit. (I do not have high hope that the independent director will do so) My question is can Bursa or SC complied the company to do a forensic audit on the tailored make shoe and the doubtful debt of 157.5 million RMB? 2. I object strongly on Agenda 4. I ask the board to explain why during the 2014, 10% private placement at RM 1.00 per share with free warrant A to Mr. Xie Zhidong and this guy within month sold off all his holding from RM0.7 to RM0.4. What had happen? I urge the entire attendant to vote against agenda No 4. When voting count come in the agenda was passed. My conclusion: No way cans us out vote the major share holder. Because Mr. Lao Leok Chon proxy will vote for any agenda prepared by BOD. My only hope now is can SC or Bursa put in the conditions private placement price cannot be solely base of market price it had to be only a certain discount to the NTA and the holder cannot sell the share in Bursa for at least 3 or 5 year. 3. I ask the board why Mr. Xie Zhidong now holds 6,880,450 (14.03%) Warrant B when he is not even in top 30 list of mother share. Where does he get his Warrant B from? The board replied may be from share market. Can Bursa and SC please investigate this because as far as I know the cumulative trade volume of warrant B from listing till now had not even come close to 6 million shares? Yours Sincerely, Lee Soon Sheng 8-12-2016
08/12/2016 09:38
Sslee Bursa latest replied
To Soon Sheng Lee Today at 9:06 AM Dear Sir/Madam, Reference is made to your email on the above matter. We have escalated your numerous complaints to our line department concerned for assessment and investigation. Rest assured, we will take the necessary action if there is any breach of Listing Requirements as well as making the necessary referral to other relevant authorities should we come across any potential breaches of other regulations/acts (other than the Listing Requirements). In the meantime, should you have any queries, please do not hesitate to contact us at +603-2732 0067. Thank you. Customer Care and Complaint Bureau Bursa Malaysia Berhad Our Ref: CC/215/16
08/12/2016 17:03
Kris Wong Excellent & TQ Sslee, show those crooks from China that Malaysian Investors can't be easily cheated and bullied. Hope Bursa/ SC will act quickly to protect investors and punish those crooks severely
09/12/2016 00:13
PureBear Yes, there is most likely no cash. However, the most important thing is the spirit of fighting for the rights of minority shareholders. We need more people like SSLee in Bursa.
09/12/2016 10:30
Kris Wong Do you mean the External Auditors are also lying about the cash in the Audited Accounts or there is some other fishy matters the public don't know or the 'cash' is like 1MDB units in Singapore ?
09/12/2016 10:41
yktay1 isn't it obvious? Sslee should be commended for his efforts. But sadly, all will be in vain..very sad but true..
09/12/2016 10:53
Kris Wong May be in vain but no harm trying. Investors 'People' power, Hope Bursa/SC punished those conmen if can
09/12/2016 11:06
Sslee I had just email this letter to xingquaninternational@yahoo.com
Dear Sir/Madam The article appearing in the Business News section of Nanyang Siang Pou today reporting that Xingquan Sports Holdings International Limited (“Company” or “Xingquan”) is planning for privatization refers. The Company wish to clarify that Xingquan has no such plan and the Board of the Company has never discussed on this subject. I read with interest the clarification makes by Xingquan to Bursa as above. I attended the AGM but was not allowed to attend the press conference immediately follow the voting announcement and company secretary declared herby the AGM is concluded. I do not know what actually the board told the press but I hope the Nanyang Siang Pou reporter will produce the recording on their web site to at least prove that the CEO Dato’ Wu do said such thing to protect the integrity of the press least the press be accused of fault reporting to influence the share price? I was denied the opportunity of debating with the CFO Mr. Teo where I ask him to write in the white board the Revenue over cash reserve ratio of the past few years and explain to me why this year with big cash reserve and failing revenue the company is not using this cash reserve to pay dividend. (Note: he keeps showing me the prepared slide of plan usage of cash reserve and the comparison of cash reserve of similar industry listing in Hong Kong.) Now Mr. Teo it is your chance to take out your computer and start to do the math and calculation. I thinks taking private is a good ideal a win-win solution for all. Since you confirm the cash is real and is deposited in China big 4 bank. I propose. 1. Special dividend of 60 cents per Share. 2. With this dividend the major share holder, Mr. Lao Leok Chon will have enough cash to do a general offer. 3. General offer of 40 cents per share for mother share 60 cents per share for Warrant B and 12 cents per share for warrant A for the share you don’t owned. Is my calculation and mathematic make good business proposal? (Feel free to correct me if my math is wrong?) This is the win- win solution we can found the common ground on, where the major share holder take the company private and still have enough cash reserve in the company to make a relisting in China Market. Dear CEO Dato’ Wu why keep denied the un-denied able, explain the unexplainable and defend the un-defendable. Why keeps saying the share price is unbelievable under value and blaming the Malaysia public of not knowing how business is run in China and feel unappreciated for you sincere efforts to expand the company and make the company a great company in the mould of ALIBABA. Please take it private and relist in China where the China public will know your business well and appreciate your efforts and will give you a high value on the IPO. My humble advice to the CFO Mr. Teo you are Malaysian and signature to this Statutory Declaration under Commissioner of Oaths. I will pray for you that whatever befalls Msport will not happen here. Wishing you continues success in your career. Remember I always say whatever action or inaction we take today will have a consequent in the future. The choice is yours. I will see you again next year. I will write in before hand to ask you to give a detail breakdown of intends usage of the cash reserve. I will bring a scissor and go through one by one and see where I can cut cost and save some money for the dividend payout. I will take a page out from our parliament to stop the clock at midnight continues go through all the items and debate before I allow for the voting to proceed. Thank you Yours Sincerely, LEE SOON SHENG
09/12/2016 11:06
rainbowyen Sslee, that's good you make some efforts..... most minority shareholders will keep silent unless get support form majority shareholder for privatization.....china companies when listed overseas some be trusted but most not reliable....in fact, the figure for cash reserve also can be manipulated by those crooked chinese companies....
09/12/2016 12:11
Sslee I was force to make another complaint to bursa as below.
Dear Customer services, Re: Xingquan Financial Report 2016. , we were unable to deliver your message to the following address. <xingquaninternational@yahoo.com>: Remote host said: 554 delivery error: dd This user doesn't have a yahoo.com account (xingquaninternational@yahoo.com) [-5] - mta1524.mail.bf1.yahoo.com [BODY] I had email the below letter to email address given in Annual report Page31 Item 8.3. The returned massage as above. Can bursa make investigation why this is so and also please forward my letter to the corresponding Xinquan email address keep by Bursa. Dear Sir/Madam The article appearing in the Business News section of Nanyang Siang Pou today reporting that Xingquan Sports Holdings International Limited (“Company” or “Xingquan”) is planning for privatization refers. The Company wish to clarify that Xingquan has no such plan and the Board of the Company has never discussed on this subject. I read with interest the clarification makes by Xingquan to Bursa as above. I attended the AGM but was not allowed to attend the press conference immediately follow the voting announcement and company secretary declared herby the AGM is concluded. I do not know what actually the board told the press but I hope the Nanyang Siang Pou reporter will produce the recording on their web site to at least prove that the CEO Dato’ Wu do said such thing to protect the integrity of the press least the press be accused of fault reporting to influence the share price? I was denied the opportunity of debating with the CFO Mr. Teo where I ask him to write in the white board the Revenue over cash reserve ratio of the past few years and explain to me why this year with big cash reserve and failing revenue the company is not using this cash reserve to pay dividend. (Note: he keeps showing me the prepared slide of plan usage of cash reserve and the comparison of cash reserve of similar industry listing in Hong Kong.) Now Mr. Teo it is your chance to take out your computer and start to do the math and calculation. I thinks taking private is a good ideal a win-win solution for all. Since you confirm the cash is real and is deposited in China big 4 bank. I propose. 1. Special dividend of 60 cents per Share. 2. With this dividend the major share holder, Mr. Lao Leok Chon will have enough cash to do a general offer. 3. General offer of 40 cents per share for mother share 60 cents per share for Warrant B and 12 cents per share for warrant A for the share you don’t owned. Is my calculation and mathematic make good business proposal? (Feel free to correct me if my math is wrong?) This is the win- win solution we can found the common ground on, where the major share holder take the company private and still have enough cash reserve in the company to make a relisting in China Market. Dear CEO Dato’ Wu why keep denied the un-denied able, explain the unexplainable and defend the un-defendable. Why keeps saying the share price is unbelievable under value and blaming the Malaysia public of not knowing how business is run in China and feel unappreciated for you sincere efforts to expand the company and make the company a great company in the mould of ALIBABA. Please take it private and relist in China where the China public will know your business well and appreciate your efforts and will give you a high value on the IPO. My humble advice to the CFO Mr. Teo you are Malaysian and signature to this Statutory Declaration under Commissioner of Oaths. I will pray for you that whatever befalls Msport will not happen here. Wishing you continues success in your career. Remember I always say whatever action or inaction we take today will have a consequent in the future. The choice is yours. I will see you again next year. I will write in before hand to ask you to give a detail breakdown of intends usage of the cash reserve. I will bring a scissor and go through one by one and see where I can cut cost and save some money for the dividend payout. I will take a page out from our parliament to stop the clock at midnight continues go through all the items and debate before I allow for the voting to proceed. Thank you Yours Sincerely, LEE SOON SHENG
09/12/2016 12:17
2016v shareholders pains will disappeared in 2.5 yrs
total equity 1.4 b if losses 500m++ a year x 2.5 yrs all finished in 2.5 yrs, no more pains
09/12/2016 12:21
steveooikp I tell you.
after few months, nobody bother.... SC also can't be bothered. See 1 Mdb .... slowly ppl will forget....
09/12/2016 13:07
rainbowyen Sslee, "554 delivery error" mean this account has been temporarily suspended….please try again, later....In most cases this error is generated because of the amount of emails being sent per hour/day from the account. We usually see this when the account is being used as a business email address....
09/12/2016 13:08
Sslee Dear all,
My intention of posting in i3 is for believing that action I am taking today will bring a better consequent in the future. I am not doing this to encourage you to buy the share. I would like to thanks i3 for providing me with this platform as I need to fight this fight in the court of opinion and the court of law if possible. Thank you
09/12/2016 13:31
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Thursday, December 8, 2016
股友大骂中国红筹股星泉，证券委员会将展开调查。。。。
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