【ChinaMinzhong K2N 交流专区】中国闽中食品 CHINA MINZHONG FOOD CORP LTD

kxbszleo

海洋Rachel 发表于 23-12-2012 01:28 PM
如果它继续跌，我也是会收票。。我在 0.795 的时候买很少罢了，因为那个时候怕它一下子冲上来，第二我也是 ...

0.745是这近期的支撑点。。价位掉到这里才考虑收票吧。。。

fbb05

S-Chips 的名声不好
希望这个例外。。

海洋Rachel

kxbszleo 发表于 25-12-2012 12:29 PM
0.745是这近期的支撑点。。价位掉到这里才考虑收票吧。。。

呵呵，真的 filled-up gap 了 (从我买到卖，差不多两个星期 =P)。。。我昨天在 0.850 一开市就卖了。小赚了些

等它跌了，我再来进场

icy97

中国闽中有机食品的2Q13净利提高23.6%
http://www.sharesinv.com/zh/articles/37287/

2013年02月15日
中国综合蔬菜加工商中国闽中有机食品(China Minzhong Food Corp)宣布，其截至2012年12月31日的2Q13净利提高23.6%至2亿1,581万人民币，或相等于每股0.39人民币。公司在昨天表示，其营业额增加32.3%至8亿6,090万人民币，由于加工及耕种部门的销售额均提高，但部份增幅因蘑菇孢子贸易收入跌至2,040万人民币而被抵消。1H13的净利提高26%至3亿3,743万人民币，或相等于每股0.61人民币。营业额从10亿1,000万人民币上升45.7%至14亿7,000万人民币。1H13表现最佳的是其他加工产品，相关收入从4,790万人民币激增至1亿6,910万人民币。1H13的总体毛利率从38.1%下降4.2个百分点至33.9%。

启示：市场对蔬菜的整体需求依旧殷切，由于许多地方日益城市化及人们更注重健康的饮食习惯。与此同时，市场不断趋向高值产品也让公司能从中国人民日益富裕的趋势中受惠。

icy97

China Minzhong +14.2%; Indofood Sukses buys stake
http://www.theedgesingapore.com/the-daily-edge/business/42780-china-minzhong-142-indofood-sukses-buys-stake.html

Mon, 18 Feb 16:05
GIC-linked China Minzhong (K2N.SG) is up 14.2% at $1.16, tapping its highest levels in nearly a year after Indonesian packaged-food maker Indofood Sukses Makmur (INDF.JK) acquired a 14.98% stake via a placement of 98 million new shares at $0.915 each.

"Despite the dilution in EPS due to the enlarged share base, we believe China Minzhong can leverage on Indofood's strength and experiences to accelerate its growth," says Maybank-Kim Eng in a note. "With the support from this strategic shareholder, Minzhong could not only expand its revenue by supplying raw materials to Indofood, but also leverage on Indofood's distribution network to march into a fast-growing Southeast Asia market."

Based on Indofood Sukses' track record of preferring majority control, it also expects the Indonesian company is likely to acquire more shares in the open market or from other big shareholders, such as GIC, which owns 14.4% of Minzhong post-placement.

It raises Minzhong's target to $1.36 from $1.16 after increasing its revenue forecasts for the next three years by an average 14%. It keeps a Buy call, citing undemanding valuation, "prosperous" growth outlook and possible dividends. The stock's $1.175 peak, touched Feb 20, 2012, likely offers a near-term cap.

icy97

Minzhong stake buy eases governance concern: Analyst
http://www.theedgesingapore.com/the-daily-edge/business/42807-minzhong-stake-buy-eases-governance-concern-analyst.html

Tue, 19 Feb 12:17   
Indofood Sukses' (INDF.JK) purchase of an around 15% China Minzhong (K2N.SG) stake will help dispel corporate governance concerns, an analyst says, noting 2011 allegations against China fruit and vegetable producer Chaoda Modern.

Last year, Chaoda's auditor, BDO, resigned because it wasn't able to complete its audit of the annual results; at the time, Chaoda said the auditor confirmed there are no matters that needed to be brought to shareholders' attention.

"It was a huge overhang on other China farm plays," the analyst says. "It's kind of validating the business... These guys are the suppliers for Indofood; it's getting control of the supply source."

Minzhong's shares are down 3.3% at $1.16.

mapler傻瓜

fbb05 发表于 18-12-2012 09:17 PM
就像巴菲特喜欢喝可口可乐
所以他去买可口可乐的股票
所以我也应该买闽中

我也喜欢吃。。。 鲍鱼菇。。。
所以看来我也要买。。。

icy97

http://www.sharesinv.com/zh/articles/37340/

文： 陈挚文 （译：麦美莹） 2013年02月22日

股价 – $1.02
目标 – $1.36

公司宣布发行9,800万新股给大型印尼包装食品生产商 Indofood Sukses Makmur Tbk，每股售价为0.915元。 在完成配股后，新股占公司总股权的14.95%，让Indofood超越GIC(政府投资公司)成为公司的最大股东。我们认为这个联盟对公司有利，尽管盈利受到稀释，但供应原材料给Indofood可以令公司的收入提高，并且可以利用Indofood的分销网络来打进快速增长的东南亚市场。Indofood的收购行动可能不会就此止步，它可能会在公开市场或其他大股东，像GIC买入更多股票。我们甚至不排除Indofood在未来的日子可能会把公司私有化。我们仍然看好公司，因为它拥有蓬勃的增长前景及不苛求的估值，而如果 公司能善用其从配股而来的净收益，它可能会进一步走高，维持买入评级。 – 马来亚银行金英 (2月18日 )

fbb05

我还没买
错过了一段很好的行情

icy97

Indofood raises stake in China Minzhong to 29.33%
http://www.theedgesingapore.com/the-daily-edge/business/42979-indofood-raises-stake-in-china-minzhong-to-2933.html

Mon, 4 Mar 21:45
China Minzhong Food Corporation said that PT Indofood Sukses Makmur had purchased 94.25 million Minzhong shares from Tetrad Venture at $1.12 apiece.

The acquisition increases PT Indofood's shareholdings from 14.95% to 29.33% of China Minzhong total issued share capital.

Earlier on Feb 15, China Minzhong had placed out 98 million shares to PT Indofood.

Lin Guo Rong, CEO of China Minzhong, said, “Indofood and China Minzhong have identified many potential synergies between our businesses such as strategic cooperation in supply chain and product distribution in the fast moving markets of China and Indonesia.”

Anthoni Salim, President Director and CEO of Indofood, said: “China Minzhong’s integrated cultivation and processing capabilities provides a strategic fit to our business development. We could leverage on their business model, technology and expertise to  strengthen our supply chain and expand our product portfolios.”

China Minzhong recently announced its 2QFY2013 financial results, reporting a 23.6% rise in net profit to RMB215.8 million ($43.2 million), on the back of a 32.3% increase in revenue to RMB860.9 million.

This was underpinned by improved performances across both the group’s Cultivation and Processed business segments. As part of its growth strategies, the company will be increasing its focus on industrialized farming in major cities and regions across China.

icy97

印尼Indofood把在中国闽中有机食品的股权翻倍
http://www.sharesinv.com/zh/articles/37653/

2013年03月05日
正如市场所预期，印尼PT Indofood Sukses Makmur(Indofood)增持其在中国闽中有机食品(China Minzhong Food Corp)的股权。Indofood是以约1亿零560万元(每股1.12元)收购公司的14.38%股权(9,425万股)，从而把其在公司的股权从14.95%增至29.33%。公司的执行主席兼总裁林国荣在昨天表示：“Indofood与我们之间具备许多潜在的协同效益，例如在供应链合作及在快速增长的中国和印尼市场中的产品分销方面。”

启示：马来亚银行金英(Maybank Kin Eng)表示，从Indofood以往通过收购来成为大股东的记录来看，即使它目前在公司的股权已达到29.33%，它仍有可能再增持公司股权，以至取得控股股权为止。马来亚银行金英也不排除公司日后会私有化的可能性。

icy97

China Minzhong posts 5.9% rise in net profit to $51.4mil for Q3
http://www.theedgesingapore.com/the-daily-edge/business/43853-china-minzhong-posts-59-rise-in-net-profit-to-514mil-for-q3.html

Mon, 13 May 12:45  
China Minzhong Food Corporation said it recorded a 5.9% rise in net profit to RMB255 million ($51.4 million) for the third quarter ended 31 March 2013 (3Q FY2013).

In 3Q, group revenue increased by 27.7% to RMB962.2 million, underpinned by better performances in both the cultivation (comprising of fresh vegetables produce) and processed (comprising of processed vegetables and other processed products) business segments.

On the back of increasing urbanisation and rising affluence in the China market, the cultivation business segment continues to account for an increasing proportion of the group’s business, with its percentage contribution of group's revenue raised from 31.9% in 3QFY12 to 33.9% in 3QFY13.

Revenue from cultivation business segment rose 36% y-o-y on the back of improved yield and maiden contributions from new farmland that had yet to turn productive last year.

Within the processed business segment, revenue from processed vegetables improved 22.1% on the back of strong demand from the export markets. Revenue from other processed products also increased 51.5% to RMB48.2 million, on the back of strong domestic demand for the group’s branded products such as vegetables and fruits beverages.

icy97

Name of Announcer *	CHINA MINZHONG FOOD CORP LTD
Company Registration No.	200402715N
Announcement submitted on behalf of	CHINA MINZHONG FOOD CORP LTD
Announcement is submitted with respect to *	CHINA MINZHONG FOOD CORP LTD
Announcement is submitted by *	Lin Guo Rong
Designation *	Executive Chairman and Chief Executive Officer
Date & Time of Broadcast	06-Aug-2013 17:43:05
Announcement No.	00106

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

BANKING FACILITIES AND DISCLOSURE PURSUANT TO RULE 704(31) OF THE SGX-ST LISTING MANUAL

Description

Please refer to the attached.

Attachments

CMZ_Annc_FacilityAgreement.pdf

icy97

Name of Announcer *	CHINA MINZHONG FOOD CORP LTD
Company Registration No.	200402715N
Announcement submitted on behalf of	CHINA MINZHONG FOOD CORP LTD
Announcement is submitted with respect to *	CHINA MINZHONG FOOD CORP LTD
Announcement is submitted by *	Lin Guo Rong
Designation *	Executive Chairman and Chief Executive Officer
Date & Time of Broadcast	15-Aug-2013 17:39:30
Announcement No.	00076

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description	Please refer to the attached.

Attachments

CMZ_DateOfReleaseOfFY2013Results.pdf

icy97

中国闽中有机食品步奥兰国际后尘，大跌47.8%
http://www.sharesinv.com/zh/articles/41114/

2013年08月27日
中国闽中有机食品(China Minzhong Food Corp)的股价急跌大半，由于做空商格劳克斯研究(Glaucus Research Group)发布了一份长达49页的报告，指控它涉及欺诈及不寻常的财务状况。公司在昨天上午11时15分暂停交易前的股价从1.015元重挫至0.50元新低。其最后交易价为0.53元，跌幅为47.8%，令其市值大幅度贬值超过3亿元。格劳克斯对公司的资产负债表置疑，并指公司通过可疑的资本开支和提高应收账额来假造良好的销售额，但另一方面，其利润率异常及流动现金额却呈负数。格劳克斯也指出，中国闽中在2010年挂牌上市时，伪造来自两大客户的订单及付款给其主要供应商的账目。

启示：公司正在审阅格劳克斯的报告，并表示将尽全力维护其声誉。虽然格劳克斯对一些企业的指控有成有败，但中国闽中还是有必要作出澄清。


Minzhong drop renews China overseas listing woes
http://sgx.i3investor.com/servlets/fdnews/44320.jsp

Publish date: Tue, 27 Aug 09:15  
ChinaMinzhong China Minzhong Food Corp. lost half its market value in less than two hours after short-seller Glaucus Research Group questioned the vegetable processor’s accounts, reviving investor concern about Chinese companies traded overseas.

Glaucus said in a report the Putian, China-based company had been “significantly deceiving” regulators and investors, sending the stock 48% lower in Singapore trading yesterday and wiping $318 million off its market value before it was suspended. Minzhong said it’s seeking legal opinion and will comment as soon as possible.

Minzhong is the latest target of short sellers betting against Chinese companies trading in markets such as Hong Kong, Singapore and New York, even as five of the six analysts covering the stock recommend buying it. Minzhong is among the 143 China-based firms listed on Singapore’s $967.4 billion stock market at the end of July, according to the exchange.

“The reputation of Chinese companies in Singapore has now rock-bottomed,” said Mou Hua Lee, Singapore-based analyst at CIMB Group Holdings Bhd. “With these new allegations, it’s going to be a very long while before anyone trusts Chinese companies here.”

Minzhong shares were halted at 53 cents, after tumbling the most since the company’s listing in April 2010. Short interest in the vegetable processor rose to a record 7.2% of the outstanding stock on Aug. 19 from this year’s low of 3.8% in March, according to the most recent data from research company Markit Group.

FABRICATED SALES
Singapore Exchange queried Minzhong on the share price decline and will continue to closely monitor developments, according to an e-mailed statement.

The company said late yesterday it's reviewing the Glaucus report and will respond "shortly." It's also taking steps to defend its reputation and won't hesitate to take legal action, it said in an e-mailed statement.

Minzhong may have fabricated sales and payments to its largest supplier, doctored historical accounts and overstated capital spending, Glaucus said in the report. It also questioned the food processor’s reported receivables and cash balance.

“Evidence indicates that Minzhong fabricated sales to its top two customers, suggesting that the Company overstated revenues in its IPO prospectus by at least a third during the track record period,” Glaucus said, citing corporate registry records.

icy97

Short-seller hits China food firm in rare Singapore attack
http://www.theedgesingapore.com/the-daily-edge/business/45211-short-seller-hits-china-food-firm-in-rare-singapore-attack.html

Publish date: Mon, 26 Aug 15:50
Food producer China Minzhong Food Corp on Monday became the first Singapore-listed Chinese firm to come under attack by a short-seller, which wiped off more than 50% of its market value in two hours and triggered a trading halt.

Short-sellers have in recent years targeted Chinese companies listed in Hong Kong, Canada and the United States, citing irregularities, but they have so far avoided any of the 143 China-based firms listed on the Singapore Exchange.

China Minzhong, which until Monday’s share price slump had a market value of around US$520 million ($666 million), was hit after California-based Glaucus Research Group issued a report alleging the company misled investors about sales to its biggest customers.

The report also raised questions over the credibility of China Minzhong’s financial performance compared to its peers. Glaucus said they and their associates have a direct or indirect short position in the company.

Travis Seet, China Minzhong’s financial controller, told Reuters the company was taking legal advice on how to respond to the report. He declined to make any further comment and trading was halted pending an announcement from the company.

China Minzhong listed in Singapore in 2010 and has attracted several big-name investors, including Singapore sovereign wealth fund GIC which sold its 14.4% stake in February to Indofood Sukses Makmur Tbk PT . Indofood had no immediate response to the queries on China Minzhong.

Other large investors include Franklin Templeton Investments Corp, which holds just under 11% of the food producer, according to Thomson Reuters data.

BIG BLOW
Analysts said China Minzhong will struggle to recover from its share price plunge regardless of the veracity of the short-seller’s allegations.

“Given the huge damage done already, we believe it will be an up-hill task (especially without GIC’s backing now) for the company to re-build confidence,” Lim & Tan Securities wrote in a note.

Shares in China Minzhong fell 47.8% in two hours of trade before the company requested a trading halt. Nearly 24 million shares were traded, almost ten times the average full day volume 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.

A number of Chinese companies listed in Singapore ran into accounting problems in 2008 and 2010, denting investor confidence in the stocks, known as S-chips.

The Singapore Exchange has since then taken steps to improve corporate governance of listed companies and after the trading halt, the regulator said it had asked China Minzhong to confirm the company was in compliance with the rules.

China Minzhong is not the only China-based stock targeted by Glaucus this year.

The group, whose research is overseen by former lawyer Soren Aandahl, accused Hong Kong-listed China Metal Recycling Group of fraud in January this year. Hong Kong’s securities regulators has since applied to the courts to have China Metal Recycling liquidated.

Last year, high-profile short seller Muddy Waters attacked Singapore commodity trading firm Olam prompting the company to raise cash as its stock and bond prices tumbled.

Singapore state investor Temasek, stepped in to prop the company, raising its stake to 24% from 16%.


市值蒸發50%‧閩中食品：商業模式遭誤解

2013-08-29 17:23      
（新加坡29日訊）《彭博社》報導，食品加工企業中國閩中食品有限公司表示，質疑其賬目的賣空機構Glaucus完全誤解了該公司的商業模式。

在新加坡上市的閩中食品週四在公告中表示，Glaucus針對閩中財務狀況提出的多數問題毫無新意，是完全不瞭解閩中的商業模式和中國的經營環境造成的。

Glaucus公佈其報告後，閩中食品本週喪失一半市值。

閩中食品表示，正準備全面的回應報告，證明其財務狀況良好。在大馬時間8月30日下午5時前，閩中食品仍將保持停牌。

Glaucus在報告中稱，這家總部在中國莆田的公司嚴重欺騙監管機構和投資者，導致閩中食品股價重挫48%，在停牌前市值被抹掉3億1千800萬新元。

閩中食品停牌前股價報0.53新元，創出2010年4月上市以來的最大跌幅。根據研究機構Markit最新數據，8月19日該股被做空數量達到發行在外股票數量的7.2%，創下歷史最高，今年的年內低點是3月時的3.8%。（星洲日報／財經）


Minzhong says Glaucus report misunderstands business model
http://www.theedgesingapore.com/the-daily-edge/business/45266-minzhong-says-glaucus-report-misunderstands-business-model.html

Publish date: Thu, 29 Aug 10:17
China Minzhong Food Corp. said a report by short-seller Glaucus Research Group that questioned its accounts misunderstood the food processor’s business and it delayed the release of its financial results until this evening.

Minzhong, which this week lost half its market value after Glaucus published the report, is preparing a detailed response that will show its financials are sound and address specific issues raised by the short-seller, the company said. Its shares will remain suspended until the end of the trading day tomorrow.

“Most of the issues raised by Glaucus with regard to the financials of the company were nothing new and arose out of a complete lack of understanding of the company’s business model as well as the operating environment in China,” Minzhong said today in a statement to the Singapore Exchange.

Minzhong is seeking to allay concerns as more Chinese companies trading in Hong Kong, Singapore and New York become targets of short sellers. Minzhong is among 143 China-based firms listed on Singapore’s S$967.4 billion stock market, according to the latest data from the exchange.

The full-year financial report was delayed from this morning to “facilitate the verification and confirmation of certain issues referred to in the report,” Minzhong said in the statement.

Glaucus’s report said that the Putian, China-based company had been “significantly deceiving” regulators and investors, sending the stock 48% lower and wiping off $318 million in market value in less than two hours on Aug. 26 before trading was suspended.

MANAGEMENT’s QUALITY
“The main issue here is they’re unable to refute the claims in a very clear and strong manner, which investors are expecting,” said Kelly Teoh, Singapore-based market strategist at IG Markets. “That reflects the quality of management. For the time being, I don’t think it is giving investors any confidence at all in the company’s stock.”

Minzhong shares were halted at 53 cents, after tumbling the most since the company’s listing in April 2010. Short interest in the vegetable processor rose to a record 7.2% of the outstanding stock on Aug. 19 from this year’s low of 3.8% in March, according to the most recent data from research company Markit Group.

Glaucus was set up to probe companies that appear “too good to be true,” using experiences ranging from accounting, law and capital markets, according to its website. The company didn’t respond to an e-mail seeking comment.

The firm, which has an office in Newport Beach, California, has also issued reports on China Metal Recycling Holdings, China Medical Technologies Inc. and SouFun Holdings.

INDOFOOD’S BACKING
Provisional liquidators were appointed to China Metal in July and its Hong Kong-traded stock has been suspended since January. China Medical filed for Chapter 15 foreign-firm bankruptcy protection in New York last year. SouFun, China’s biggest real estate website owner, has surged 70% since the April report by Glaucus, compared with the 6.1% gain in the Bloomberg China-US Equity index.

Kenneth Ng, an analyst at CIMB Group Holdings Bhd., which rated Minzhong outperform, said in a report this week it’s ceasing coverage of the company.

“We share Glaucus Research’s concerns about Minzhong’s reliance on capital markets for cash generation and ballooning receivable days,” said Ng, who co-wrote the report with Mou Hua Lee.

DOUBLED STAKE
Minzhong’s biggest investor PT Indofood Sukses Makmur, the parent of Indonesia’s biggest instant-noodle maker, said earlier this week it’s comfortable with its investment.

Indofood, which doubled its stake in Minzhong to 29.3% in March, conducted due diligence on the company before it made its investment, Director Thomas Tjhie said Aug. 26, adding that he has spoken to Minzhong’s chief financial officer about the Glaucus report. Indofood lost 8% in the past three years and closed yesterday at an eight-month low.

Minzhong reiterated its comment on Aug. 26 that it’s seeking legal advice to defend its reputation.

The company said its accounts were prepared according to Singapore’s financial standards and audited by Crowe Horwath First Trust LLP, which hasn’t raised issues with its accounts.

icy97

印尼食企擬全購閩中食品

2013-09-02 17:23      
（中國‧北京2日訊）《彭博社》報導，印尼麵條生產企業印多福蘇克斯（PT Indofood　Sukses Makmur）或將收購蔬菜加工企業中國閩中食品的剩餘股份。在此之前，賣空機構Glaucus的研究報告導致閩中食品股價重挫。

總部設在中國莆田的閩中食品在公告中表示，該公司收到印多福蘇克斯的函件，稱可能在週一提出收購要約。《彭博社》資料顯示，印多福蘇克斯今年對閩中食品的持股提高了一倍至29%。

Glaucus在研究報告中對閩中食品的賬目提出質疑後，閩中食品股價上週一（26日）重挫48%，創2010年4月在新加坡上市以來的最大跌幅，市值縮減至3億4千700萬新元。

閩中食品週日晚間否認了Glaucus的指責，認為這些評論不公正，Glaucus針對該公司的論述，唯一目的就是推低公司股價以從中牟利。

總部設在雅加達的印多福蘇克斯上週表示，對投資感到滿意。董事Thomas Tjhie上週一表示，該公司對閩中食品進行投資前對其做了精密審核，並補充，他已經與閩中食品首席財務員就Glaucus的研究報告進行了交談。（星洲日報／財經）



Indofood offers $488 mil cash for rest of China Minzhong
http://www.theedgesingapore.com/the-daily-edge/business/45323-indofood-offers-488-mil-cash-for-rest-of-china-minzhong-update.html

Publish date: Mon, 2 Sep 19:56  
PT Indofood Sukses Makmur, controlled by Indonesian billionaire Anthoni Salim’s investment company, offered $488 million cash for the rest of China Minzhong Food Corp., the vegetable processor that slumped after a short-seller’s allegations.

Indofood bid $1.12 apiece for Putian, China-based Minzhong, the Jakarta-based company said today in a statement, giving the stock its biggest gain since its debut in 2010. The price is more than double the 53 cents that Minzhong fell to on Aug. 26 before the stock was suspended from trading.

Buying Minzhong will give Indonesia’s largest noodle maker control of a company that grows and exports vegetables from China to 26 nations whose market value plunged to $347 million last week. Minzhong yesterday rebutted Glaucus Research Group’s questioning of its accounts, saying the allegations were calculated to cause panic and drive down its shares.

“Minzhong shareholders should sell their shares to Indofood because at $1.12 most of the investors are in the money,” said Wei Bin, an analyst at Maybank Kim Eng Holdings Ltd. in Singapore. “If you look at the announcements from Indofood and Glaucus, both of them give quite strong evidence. At this point in time, it’s very hard to judge who’s right and who’s wrong.”

SHARES GAIN
Minzhong jumped to $1.12 at the close in Singapore, as it resumed trading for the first time since Aug. 26. The bid is priced at 6.9% more than Minzhong’s weighted average price for the previous three months, according to the statement.

Indofood slumped 9.2%, the most in almost two years, to 5,900 rupiah at the close in Jakarta. First Pacific Co, which controls Indofood, was halted from trading in Hong Kong at HK$8.30 today. The Asian utilities and resources group had a 50.1% stake in Indofood as of March 19, according to the company’s 2012 annual report.

Indofood said today it agreed to buy 25.6 million shares, bringing its stake in Minzhong to 33.5%, triggering an offer for the balance, according to the statement. United Overseas Bank, Indofood’s banker, confirmed the Indonesian company has sufficient resources for the offer, it said.

Indofood, which said last week it’s comfortable with its investment, paid an average of $1.02 a share for its stake in Minzhong, Herman Koeswanto, an analyst at PT Mandiri Sekuritas, said in a note before today’s announcement.

The maker of noodle brands including Indomie, Supermi and Sarimi also controls palm oil producers PT Salim Ivomas Pratama and PT Perusahaan Perkebunan London Sumatra Indonesia as well as Bogasari, Indonesia’s largest flour miller.

DOCTORED ACCOUNTS
“The last one week has been a harrowing experience,” Siek Wei Ting, Minzhong’s chief financial officer, said today at a briefing in Singapore. “As far as operations are concerned, it’s business as usual.”

Minzhong may have fabricated sales and payments to its largest supplier, doctored accounts and overstated capital spending, Glaucus said in its report. It also questioned the food processor’s reported receivables and cash balances.

The statements by Glaucus, which has an office in Newport Beach, California, were “mischievous and calculated to cause panic and impose maximum damage on the price of the company’s securities for their own benefit,” Minzhong said in a 19-page statement yesterday, that was accompanied by invoices and pictures of its factory lines and warehouses.

Glaucus today said in a statement on its website that its comments were fair and stands by its belief that Minzhong made false and misleading statements when it sought to raise funds from public markets.

The company is currently consulting legal advisers and will make a decision after that on whether it will take action against Glaucus, Lim Yeow Hua, Minzhong’s independent director, said at the briefing today.


中国闽中食品获印尼PT Indofood Sukses Makmur提出全面收购献议
http://www.sharesinv.com/zh/articles/41294/

2013年09月03日
以福建为据点的食品加工商中国闽中食品(China Minzhong Food Corp)的最大股东印尼印多福食品(PT Indofood Sukses Makmur)向它提出全面收购献议。印多福食品在这之前增持了公司的3.9%股权，进而把其股权增至33.49%，也因而必须提出强制性的全面收购献议。印多福食品以每股1.12元献购公司的其余股权，这意味着公司的市值为7亿3,400万元。印多福食品全面收购公司的前提是，成功取得超过50%的收购献议接受率。公司的股价在遭做空商格劳克斯研究(Glaucus Research Group)抨击后急跌近一半，但在公司于刚过去的星期日作出反驳后，其股价已逐渐恢复过来。公司在审阅格劳克斯的报告后，提供了证据来证明其销售额或账目并没有造假，并且表示格劳克斯的报告是“毫无根据的揣测”。

启示：鑫道投资分析(Voyage Research)指出，收购中国闽中食品将为印多福食品的上游业务带来一些协同效益，但收购是否能落实还不得而知，因为中国闽中食品的主席及首席财务官已表示将坚持拒绝接受献议。两人合共持有中国闽中食品的6.64%股权。

icy97

中国闽中有机食品的FY13净利增加11.1%至7亿5,510万人民币
http://www.sharesinv.com/zh/articles/41251/

2013年08月30日
虽然刚刚遭做空商格劳克斯研究(Glaucus Research Group)攻击，中国闽中有机食品(China Minzhong Food Corp)在截至今年6月30日的FY13录得净利提高11.1%至7亿5,510万人民币新高，FY12则是录得6亿7,960万人民币。净利提高是因收入提高26.4%，源于培殖及加工部门的收入分别增长23.1%和24.3%。资产负债比例健康，营运净现金流增加164.4%至9亿4,940万人民币，现金等值物为8亿2,640万人民币。不容忽视的是，毛利率及净利率分别下跌34.4%和23.2%。公司拟采取工业化的务农方法来培殖其他种类的食用菇菌和高值农作物。

启示：公司一直以来通过参加贸易展、营销活动及在世界各地设立销售办事处来积极地扩大市场地位。除了在亚洲、欧洲和美国建立起了地位外，公司也正在南非和加拿大等新市场发展业务，以进一步加强其作为食品方案的国际领头羊的实力。公司建议派发每股0.01元的末期股息。另外，公司的股票仍旧暂停交易，直至它在今天下午5点过后公布其对格劳克斯研究的指控作出回应为止。


China Minzhong posts profit gain before filing Glaucus response
http://www.theedgesingapore.com/the-daily-edge/business/45277--china-minzhong-posts-profit-gain-before-filing-glaucus-response.html

Publish date: Fri, 30 Aug 02:39  
China Minzhong Food Corp., the vegetable processor whose accounts were questioned by short-seller Glaucus Research Group this week, said full-year profit rose 11%.

Net income advanced to 755.1 million yuan ($157.3 million) in the 12 months through June from 679.6 million yuan a year earlier, the Putian, China-based company said yesterday in a statement. It has reported higher profit every year since fiscal 2007, according to data compiled by Bloomberg.

Minzhong is preparing a response to Glaucus’s claim that it has deceived regulators and investors. The company will seek to allay concerns as more Chinese businesses trading in Singapore, Hong Kong and New York become short-seller targets. It’s among 143 China-based firms listed on Singapore’s $967.4 billion stock market, the latest exchange data show.

Glaucus’s Aug 26 report sent Minzhong stock 48% lower in Singapore in less than two hours before trading was suspended. Minzhong, a grower and processor of vegetables in China for local and international customers, said yesterday that the short-seller misunderstood its business and it expects to release a response by the end of this week.

Glaucus was set up to probe companies that appear “too good to be true” using experiences from accounting, law and capital markets, according to its website.

Glaucus Report

Minzhong may have fabricated sales and payments to its largest supplier, doctored historical accounts and overstated capital spending, Glaucus said in the report. It also questioned the vegetable processor’s reported receivables and cash balance. Minzhong said it will show its financials are sound and address specific issues raised by the short seller.

Glaucus, which has an office in Newport Beach, California, has also issued reports on China Metal Recycling Holdings, China Medical Technologies Inc. and SouFun Holdings.

Provisional liquidators were appointed to China Metal in July and its Hong Kong-traded stock has been suspended since January. China Medical filed for Chapter 15 foreign-firm bankruptcy protection in New York last year. SouFun, China’s biggest real-estate website owner, has surged 70% since the April report by Glaucus, compared with the 6.1% gain in the Bloomberg China-US Equity index.

Stock Suspended

Shares of Minzhong were halted at 53 cents after tumbling the most since the company’s listing in April 2010. The stock will remain suspended until the end of trading today. Short interest in the vegetable processor rose to a record 7.2% of the outstanding stock on Aug. 19 from this year’s low of 3.8% in March, according to the most recent data from research company Markit Group.

Minzhong’s biggest investor, PT Indofood Sukses Makmur, the parent of Indonesia’s largest instant-noodle maker, said this week it’s comfortable with its investment.

Indofood, which doubled its stake in Minzhong to 29.3% in March, conducted due diligence on the company before making its investment, Director Thomas Tjhie said Aug. 26, adding that he had spoken to Minzhong’s chief financial officer about the Glaucus report.

icy97

中国闽中食品 – 谁是谁非？
http://www.sharesinv.com/zh/articles/41331/

文： 汪文龙 （译：麦美莹） 2013年09月04日 Tradeable, 主编观点

《金融时报》称新加坡似乎成为了做空者及公司管理层之间的战场。

新一轮战役的主角是大型龙筹股中国闽中食品(China Minzhong Food Corp)及美国研究公司格劳克斯研究(Glaucus Research)。为方便读者知道整个事件的来龙去脉，我们把重点整理好后以列表方式呈现给大家。


资料来源:格劳克斯研究报告及中国闽中食品的新闻发布

在中国闽中食品对格劳克斯研究作出回应后不久，它宣布其最大股东印多福食品(PT Indofood Sukses Makmur)对公司作出无条件现金收购。之后，闽中食品的股价显著回弹，从0.50元升至1.12元(印多福食品提出的收购价)。

投资者可能还记得，类似事件在去年底也发生在商品股翱兰国际(Olam International)身上。同样地，翱兰在获得主权财富基金淡马锡控股(Temasek Holdings)的支持下，股价回弹。

我们把浑水公司(Muddy Waters)及翱兰国际之间的争执重点放出在以下列表供大家参考比较。


资料来源: 浑水公司报告及翱兰的新闻发布

翱兰国际及中国闽中食品有很多相似的地方

从上述的两个列表可以看到，受攻击的两家公司出现类似令人困扰的问题，包括历来财务报告可能被窜改、业务模式面临失败及无能力偿债等。

自从受到浑水攻击后，翱兰似乎已经改变其运作方式。它已经削减一半的资本开支计划，并承诺把多个项目的股权出售。

尽管其股价起初取得回弹，但翱兰的股价表现依然比同行逊色。

谁是谁非?

我们最终得面对的问题是有谁还值得我们信任？我们可以相信公司的财务报告符合标准吗？我们可以相信核数师吗？

基于上述两个例子，很明显，谁也不可以相信，甚至乎追踪这些股、立场看似中立的分析师也不可以信任。

为什么？因为不久前(大概是在6月)，两家本地研究机构的分析师均给予中国闽中食品“买入”评级。或许，格劳克斯研究漏掉了一些我们本地分析师认为可以吸引投资者的资料？

那么，我们的监管机构可以相信吧？可惜的是，本地股市的监管机构新加坡交易所在截稿前没有就我们提出的问题作出回应。我们只好假设新交所只是会就股价下跌而对公司提出询问。

怎样才可以赢得投资者的信任?

我们认为，尽管双方发表了不同的意见，但依然有很多地方难以令人理解。中国闽中食品的一些反驳也没有和盘托出 ，而且没有针对格劳克斯的指控而发言。

或许，唯一可以赢得公众信任的方法是提高透明度，而唯一可以逼使上市公司提高透明度的方法是监管机构推出有关的架构。

你有没有受到中国闽中食品及奥兰国际的纷扰所影响？你对改善公司的透明度有何意见？有关当局可以采取什么步骤？请与我么们分享你的意见。

icy97

PT Indofood to maintain China Minzhong listing
Publish date: Mon, 21 Oct 22:56
http://www.theedgesingapore.com/the-daily-edge/business/45931-pt-indofood-to-maintain-china-minzhong-listing.html

PT Indofood Sukses Makmur said it plans to maintain the listing status of China Minzhong Food Corporation on the Singapore Exchange.

This is despite China Minzhong's public float dropping to 4.3% which is below the 10% minimum requirement to maintain a listing status.

In a filing with the SGX, China Minzhong said Indofood had acquired 89.03% of its total issued shares as at the close of its offer last Friday.
Indofood Sukses Makmur said it is "evaluating various options to restore the free float of the company".

Earlier this year, China Minzhong was the target of US short-seller Glaucus Research. The stock almost half its market value before its largest shareholder, Indonesia's Indofood Sukses Makmur, launched a takeover for the company valued at $734 million.