Qingmei

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12 years 6 months ago #8714 by jameskuwe
Replied by jameskuwe on topic Re:Qingmei
I agree. Chinese govt won't just watch as their economy slows down. Policies are already in place to stimulate economy. Chinese funds are also entering Singapore to buy stocks of companies owned by ethnic Chinese. In 3-6 months' time, small businesses will find it easier to borrow money from banks. S chips wont stay cheap forever. Their intrinsic value will be realized eventually. As a matter of fact, I'm now 100% invested in S chips. But only in companies that are out of favor but with strong balance sheet, low Price-sale, P/B and PE ratios. Good hunting...

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12 years 6 months ago #8729 by sgmystique
Replied by sgmystique on topic Re:Re:Qingmei
Well Qingmei has come out with a Profit Guidance for the 3rd quater and the stock has tanked to an all time low of S$0.111. This is way below their reported net cash position. jameskuwe just wondering what makes you keep the faith...

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12 years 6 months ago #8730 by jameskuwe
Replied by jameskuwe on topic Re:Re:Re:Qingmei
the fact that the chairman still has 50% of the stock help me to keep the faith. Chairman is no longer selling. only Hunter Hall is selling. It has bounced back from 11 cents before in Dec 16 2010 to 19 cents in Feb 14 2012, all in 2 months. The steep drop in price is very unwarranted and irrational. It still has strong funfamentals. u can't keep a strong stock down for long. I am waiting for 3 q and 4 q results. If the fundaments are no longer there and i dont think their problems can be resolved, i will sell no matter what the price is.

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12 years 6 months ago #8732 by jameskuwe
Replied by jameskuwe on topic Re:Re:Re:Re:Qingmei
Can anyone translate this old artice about Qingmei? Looks interesting.清美收购喜伯登和速龙这事如何解决? 收购风波 2010年7月11日,清美(中国)有限公司(法人代表苏清远)与乙方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(法人代表为林金典之妻林裁治)签订了《公司并购重组协议书》。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。 但事与愿违,协议签订之后做资产清算才发现,原来喜伯登、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,与清美之前掌握的信息出入甚大。这本与协议书中”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“一条相矛盾,但不知为何,清美却认同了资产清算的结果,并且又签订了《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。 这个补充协议签订后,清美就派团队进住喜伯登和速龙,林氏家族被架空,但喜伯登的法人代表还是林氏家族。团队进住以后,所有的供应商欠条全部转盖速龙的公章。但在收购之前,欠条全部是加盖喜伯登的公章,因为速龙只是作为一个品牌在经营,没有实际的资金往来。这些盖了速龙公章的欠条,有相当大的风险收不回钱来。清美不可能不知道这一点。然而更阴险的还在后头。 收购之后,喜伯登和速龙的供应商找林家要不到钱,找清美也要不到钱。清美跟供应商说,只有2011年1月以后的欠条,清美才承认。可是为什么是1月之后的欠条才承认呢?这是因为,今年1月中旬,喜伯登、速龙的变更手续才开始办理,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。如此说来,清美想赖掉1月之前的债不还,让供应商与前债主去纠缠。可是这等招数岂能成功。 品牌陷落 清美收购喜伯登和速龙,本是看重了步之霸这个品牌。步之霸只能算个三四线品牌,经营情况也一般,在2009年之后推出“街头型格运动”的概念才稍有起色。收购之前,步之霸在全国有500家店,主要为代理商开办,直营店极少。但是清美收购步之霸后并没有按照步之霸之前的经营策略继续下去,而是招了新的团队,采用完全不同的方法动作步之霸品牌。新的团队在全国开了100家直营店,调研和选址都很草率,且使用了”步萨”这个新的品牌,把旧有的代理商晾在一边不管了。结果当然是害苦了各级代理商,找清美又退不了货,最终导致步之霸门店大量关闭。百度步之霸吧里,代理商骂声一片。 可是步萨的情况并不好,只三个月时间,就着关门大吉了。刚有起色的老品牌被搞死了,新的品牌又夭折,苏清远信誓旦旦的要搞品牌,他真的有这个能力吗? 经历了收购风波和步之霸、步萨品牌闹剧,清美不但毁了它在供应商和代理商心中的名声,还毁了它在客户心中的名声。并且,客户得知清美要自立门户创立品牌,有些客户就减少了给清美的订单,在本来就竞争激烈的运动品牌市场,客户当然是不想清美发展起来与自己竞争了。 债由谁来还? 搞出这么个烂摊子,欠的债到底由谁来还?林苏两家互相推诿是肯定的了,林家说没钱,而且协议签了就不该他们还。苏家认为烂摊的祸根不是自己,也不应该苏家还。有报道称一名接近苏氏家族的人称:“如果没有苏清远拉步之霸一把,去年底供应商催债那一关,林清洪就过不了,很多人追上门讨债”;尽管他自己对于收购的细节并不是太清楚,但他知道的一点 是,苏清远并没有打算逃避,对于目前的困境尤其是债务,也有偿还计划,但这需要时间,尤其是里面可能潜藏了部分需要甄别的债务。还有传言说林家欠了苏家的钱,拿步之霸来抵债。看来这桩收购案里的内幕是外人难以了解的了。 记者追问怎么收拾烂摊子的时候,苏清远称“是非自有公论”,“事情最后会由法律主持公道,我不想没根据乱下结论”。看来短时间是解决不了这个问题了。 如果真如清算结果所显示的,欠款为5000万RMB,那么对于2010财年净利润2.5亿的清美来说,还算可以承受的范围。但是否真的只有5000万欠款也是局外人很难知道的了。 欠的债由谁来还?师母已呆!

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12 years 6 months ago #8733 by greenrookie
Replied by greenrookie on topic Re:Qingmei
James, in short Qingmei CEO enter into a restructuring exercise to buy xibodeng and shulong, only to discover the net assets of xibodeng is not what qingmei I initially thought. The chairman went ahead nonetheless because of the brand buzhiba of xibodeng. But instead of turning around the buzhiba brand, it was closed down and the suppliers and customers of buzhiba before Jan 2011 was left high and dry because both xibodeng and qingmei refused to recognized the liability. Trust and reputation are affected and some customers reduce orders for qingmei as they do not their supplier to become a direct competitor (that doesn't show in qingmei revenue no. *own thoughts) (I already guess that the heavy selling by chairman Su might be to settle the buzhiba problem, but why can't he find a more decent investor to place out his shares but instead choose the open market o offload his shares? Watching qingmei but remain apprehensive abt jumping in, if the matter get settled, qingmei should be a multi- bagger, if not there might be more blood letting. I used to own qingmei shares. I still prefer foreland)

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12 years 6 months ago #8734 by jameskuwe
Replied by jameskuwe on topic Re:Re:Qingmei
interesting.....let's hope chairman sold shares really to settle his personal biz. thanks for translation

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