Results announced this morning which is quite good. Pity the uptrend will be affected cos......
The Hongwei Group says: Going forward, notwithstanding that the business environment has recovered somewhat the
Group may not be in a position to take full advantage of the recovery. Since the announcement of
audit issues, the Group has came under tremendous pressure from various sources. For instance,
a financial institution has negotiated for accelerated installment repayments. Other suppliers are
also pressing for payment and some new service providers are asking for upfront payment. The
Group has suffered material adverse impact on its business since the announcement and the
trading suspension of shares in the Company on 28 February 2011.
21, Tan Quee Lan St, #02-08 Heritage Place, Singapore 188108
on Wednesday, 13 July at 2.00pm.
How can it hold AGM? Does it mean that the accounts have been ok-ed >? Stock will trade soon?
At AGM, the major shareholder is due for re-election. If enough shareholders are unhappy, they can kick him out if he is a big party to the accounting woes.What do you all think?
There is yet hope for Hongwei but the lights have dimmed for China Gaoxian.
Hongwei shares were suspended in late Feb.
I think nothing seriously wrong with its accounts. Nothing announced on any missing money.
Which is why Company could produced annual report and sent it to shareholders. Announced AGM for this month (13 July). Former Chinaman CEO deserves to be grilled + roasted, nonetheless.
China Gaoxian shares were suspended in late Mar.
At least 2 announcements already on missing $. Big time cooking of the books.
1) key figure such as CEO and CFO in hongwei are not stepping down
2) still appoint E&Y as external auditor
3) conduct AGM and face to face meet with shareholder
4) appoint interm ceo (contract ceo) to reslove the issue
5) company Towkay buy his company share during this year jan
[hr]
[Joes 02-07-2011]:
There is yet hope for Hongwei but the lights have dimmed for China Gaoxian.
Hongwei shares were suspended in late Feb.
I think nothing seriously wrong with its accounts. Nothing announced on any missing money.
Which is why Company could produced annual report and sent it to shareholders. Announced AGM for this month (13 July). Former Chinaman CEO deserves to be grilled + roasted, nonetheless.
China Gaoxian shares were suspended in late Mar.
At least 2 announcements already on missing $. Big time cooking of the books.
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