Highlights
SGX: China Minzhong (K2N)       CHINA MINZHONG FOOD CORP LTD
Last Price Today's Change   Day's Range   Trading Volume
0.00   0.00 (0.00%)  0.00 - 0.00  0

Overview

Avg Volume (4 weeks):0
Average Price Target: 1.27
Price Target Upside/Downside: +1.27

Headlines



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Business Background

China Minzhong Food Corporation Limited (China Minzhong) is an integrated vegetables processor. Its principal activities are those of investment holding and wholesale of health food. As of June 30, 2011, the Company had a customer base over 26 countries across four continents and had a network of suppliers of fresh and semi-processed vegetables in 14 provinces of People's Republic of China.It operates in Singapore, where it is primarily involved in investment holding, and the People's Republic of China, where it is engaged in sales of processed products and fresh produce. The Company produces more than 20 species of vegetables, which include champignon mushrooms, black fungus, German chives, capsicums, king oyster mushrooms and Shanghai greens.

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teobl9 Buy China Minchong as Macquarie said it still has 30% upside based on its TP of S$1.40. China Minchong will be very much benefited from seasonal increased grocery demand especially CNY
30/01/2013 3:07 PM
ivan3 wHY DOES THE STOCK GO DOWN SO MUCH IF THE FUNDAMENTAL IS STRONG?
31/01/2013 4:39 PM
michelle zheng LOSS OF CONFIDENCE IN CHINA CHIPS.....SO MANY BUSTED BECAUSE OF PROBLEMS WITH ACCOUNTS. ONE DAY TOUTED AS PROMISING N GROWING, NEXT DAY -----ROLL DOWNHILL N ZIP.
12/02/2013 11:53 AM
interface China stocks full of wayang because of creative accounting. Better get out of it before it burns you. Go for non-China stocks with strong fundamentals.

When DJIA crosses 10040 be prepared for a market crash of 30 to 45%.
Only non-China stocks with strong fundamentals will survive.
13/02/2013 10:31 PM
andyngm8 I agree with your view, i have bought chinaminhong at 1.12 last year and its now getting out with some profit. it gone as low as $0.50 at one stage and i thought all my investment will become zero. Thank god, i dared not touch all these china counter by listening to all these so called share expert especially with so call CREATIVE ACCOUNTING AND private arrangement with all these fund managers ( I presumed)
25/02/2013 6:48 PM
LearningInvestor Temasek - the sovereign fund (GLC) and other famous funds like Templeton and J.P. Morgan etc are shareholders of ChinaMinZhong (CMZ)
Furthermore Indofood aka Salim group has owned 15 % of CMZ shares recently. Indofood will probably have their people on the CMZ board seats. http://sbr.com.sg/food-beverage/more-news/heres-how-china-minzhong-will-benefit-indofood-deal

The above top three shareholders in the aggregate account for 40.4% of total shares outstanding of CMZ. See the "New vs old shareholding structure" section under this link
http://www.google.com.my/url?sa=t&rct=j&q=templeton%20fund%20in%20in%20china%20minzhong&source=web&cd=1&ved=0CDcQFjAA&url=http%3A%2F%2Fwww.maybank-keresearch.com.sg%2FDownload.aspx%3FrPID%3D10%26rN%3DChina%2520Minzhong%2520placement%2520180213.pdf&ei=ynsrUa_8Nqm3iQfrzIFI&usg=AFQjCNH06DbJX7OJAAjBIzqCfPoiNc9zrA

These top three shareholders and other major shareholders must have already done their due diligence before investing in CMZ.

Other forum discussion on CMZ http://www.sharejunction.com/sharejunction/listMessage.htm?topicId=8335&searchString=&msgbdName=ChinaMinzhong&topicTitle=China Minzhong Food forum
25/02/2013 11:09 PM
sgx_swinger those who bought China Minzhong at 101-102 recently may wanna take profit as CMZ may well execute its next down leg to 91
22/04/2013 1:00 AM
donaldallan made some money on CMZ before, and i am now waiting to go again ...
03/07/2013 11:24 AM
inphyy OMG! China Minzhong shares fall 13% after report by shortseller Glaucus....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.(Written by Reuters
Monday, 26 August 2013 11:00)
26/08/2013 8:08 PM
inphyy Update.
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.
26/08/2013 8:39 PM
inphyy China Minzhong pledges to defend reputation

Aug. 26, 2013, 9:39 p.m. EDT

By MarketWatch
SINGAPORE--China Minzhong Food Corp. , the latest Singapore-traded target of short sellers, said it will take "all necessary steps' to defend its reputation, including potential legal action against parties it believes to have disseminated "false" information.

China Minzhong's comments, made late Monday in a statement, came after California-based short seller Glaucus Research Group accused the China-based company of irregularities, causing its shares to plunge 48% and prompted a trading halt.

"The company is in the process of reviewing the [Glaucus] report and will provide its response shortly," China Minzhong said.

"The company will take all necessary steps to defend its reputation and will not hesitate to take legal action against those who put up and disseminate false or misleading statements without due regard to their truth and for the purpose of inducing others to deal in securities," it said.

China Minzhong's share price dropped Monday to 53 Singapore cents (41 U.S. cents), from $1.01 on Friday, before the supplier of fresh and processed vegetables requested a halt pending an announcement. The price drop followed a report from Glaucus Research Group that China Minzhong "fabricated" sales figures to its top two customers.

Glaucus has a short position on the company's shares, which means it stands to gain from a price decline. It issued a "strong sell" recommendation, with a price target of zero for the company's shares.

Glaucus's website says it was founded "to help investors navigate treacherous financial waters in search of great investment opportunities." It cites the Greek sea god Glaucus, a legendary rescuer of sailors and fishermen who also possessed of the power of prophecy; "glaucus' is also the name of a tiny sea slug with a painful sting.

According to Glaucus, China Minzhong said in the prospectus for its initial public offering that its biggest customer for the period June 2006 to September 2009 was Taiwan-based food distributor Hong Kong Yifenli -- though registry records, Glaucus said, show Hong Kong Yifenli was incorporated in November 2009.

Glaucus also claimed that filings by China's State Administration for Industry and Commerce show China Minzhong's second-biggest customer had zero revenue in 2009. The customer, Putian Daziran Vegetables Produce Co., also had zero "cost of goods sold," indicating it hadn't purchased goods from China Minzhong or anyone else that year, Glaucus said in its 49-page report.
27/08/2013 9:44 AM
foresight i have learned my lesson years ago on red chip..my advise:avoid
27/08/2013 9:48 AM
inphyy S-Chips Scandals
S-Chips Scandals relates to corporate scandals surrounding Chinese companies listed on the Singapore Exchange. Embezzlement, forgery, accounting fraud had been the order of the day. Frauds were perpetrated by Chinese citizens and facilitated by mostly Singaporean and Malaysian securities promoters. Receivership processes have been stalled by uncooperative management and employees of mainland China subsidiaries. In addition, local Chinese authorities have made it difficult for the receiver to take possession of and manage the mainland China subsidiaries, including the sell off of their assets. Since all of these Chinese companies have their business operations in mainland China, prosecution by Singaporean authorities of Chinese perpetrators will be difficult since there is not extradition treaty between China and Singapore.

There are striking similarities between the S-Chips Scandals, the series of bankruptcy failures of P-Chips in Hong Kong, and the China Stock Frauds in the United States.(From Wikipedia)
27/08/2013 10:27 AM
inphyy Minzhong drop renews China overseas listing woes

Written by Bloomberg
Tuesday, 27 August 2013 09:15

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.

AVOID S-CHIPS
At least 29 Chinese firms on Singapore’s exchange, where one in five stocks are China-based companies, have been halted or ordered to delist since 2008. The FTSE ST China Index of 37 Chinese stocks traded in Singapore, commonly known as S-chips, has lost 14% in the past six months, more than twice the 5.2% slide in the benchmark Straits Times Index.

“We typically avoid S-chips,” Daphne Roth, head of Asia equity research at ABN Amro Private Bank, which oversees about US$207 billion ($266 billion), said from Singapore. “There is room for Chinese companies to improve corporate governance. That will help improve investor confidence.”

Minzhong’s biggest investor isn’t concerned. PT Indofood Sukses Makmur, the parent of Indonesia’s biggest instant-noodle maker and Minzhong’s largest shareholder, is comfortable with its investment, director Thomas Tjhie said yesterday by telephone from Jakarta.

Indofood, which doubled its stake in Minzhong to 29.3% in March, conducted due diligence on the company before it made its investment, Tjhie said, adding that he has spoken to Minzhong’s chief financial officer about the Glaucus report.

RESPONSE NEEDED
Minzhong needs to respond to the claims made by the Glaucus report, said Wei Bin, an analyst at Maybank Kim Eng Holdings in Singapore.

“There’s still some value in the S-chips but we need to be conservative in ours views,” he said. “I don’t have enough facts to prove the report right or wrong at this point.”

Other companies that have been the focus of reports by Glaucus include China Metal Recycling Holdings and China Medical Technologies Inc. The short-seller claims to “help investors navigate treacherous financial waters in search of great investment opportunities,” according to its website.

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.
27/08/2013 1:01 PM
inphyy Continue last article...

OLAM BETS
The claims against Minzhong come less than a year after short-seller Carson Block said he was betting against Olam International, the Singapore-based commodity trader, sparking a slump in the stock. Block’s research firm Muddy Waters LLC later said Olam was likely to fail in a report. The commodity traded rejected the allegations.

Olam had recovered from the 7.5% slump after the report, rising as much as 9.2% as of May 22. Since the peak in the past year, the stock has dropped 20%, compared with the 5.7% decline in the MSCI AC Asia Pacific Commodity Producers index.

Muddy Waters has also targeted Chinese firms including Sino-Forest Corp., which plunged 74% before eventually filing for bankruptcy protection. Shares of New Oriental Education & Technology Group Inc. and Focus Media Holding, rebounded after initial slumps when Block questioned their accounting. Both companies have denied wrongdoing.
27/08/2013 1:02 PM
Alex Gray SINGAPORE share prices fell by noon on Tuesday with the Straits Times Index down 21.38 points to 3,063.03.
Volume was 1.9 billion shares worth S$489.1 million.
Losers outnumbered gainers 270 to 89.
stock recommendation for tomorrow at http://goo.gl/jOzjfo
27/08/2013 2:02 PM
clarence_yeo2003 china Minzhong could drop to 0.235 - 0.475
28/08/2013 8:46 PM
inphyy (I) REFUTES ALLEGATIONS IN REPORTS RELEASED BY GLAUCUS RESEARCH GROUP AND EXTENDS TRADING HALT, AND

(II) CHANGES TIMING FOR RELEASE OF FULL YEAR RESULTS TO THIS EVENING
29/08/2013 8:37 AM
inphyy Frist let me go enjoy my dinner. Later take a look at the full year results release.....
29/08/2013 5:15 PM
inphyy PRESS RELEASE - CHINA MINZHONG ACHIEVES RECORD PROFIT OF RMB755 MILLION * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT
29/08/2013 11:29 PM
inphyy Glaucus Research Group, released a damning report

https://glaucusresearch.com/wp-content/uploads/downloads/2013/08/GlaucusResearch-China_Minzhong_Food_Corp_Ltd-SGX_K2N-BBerg_MINZ_SP-Strong_Sell_August_26_2013.pdf
31/08/2013 2:21 PM
inphyy CHINA MINZHONG FOOD CORPORATION LIMITED (THE "COMPANY") STRONGLY REFUTES ALLEGATIONS IN REPORT RELEASED BY GLAUCUS RESEARCH GROUP ("GLAUCUS")

http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=908866&fileId=CMZ_CompanyResponse_1Sep2013.pdf
http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=908867&fileId=CMZ_Response_AnnexA_to_D.pdf
http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=908868&fileId=CMZ_Response_AnnexE_to_F.pdf
http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=908869&fileId=CMZ_Response_AnnexG.pdf
http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=908870&fileId=CMZ_Response_AnnexH_to_K.pdf
01/09/2013 8:11 PM
inphyy REQUEST FOR LIFTING OF TRADING HALT

Date of Lifting of Trading Halt * 02/09/2013

Time of Lifting of Trading Halt * 0830 hours
01/09/2013 8:12 PM
inphyy REQUEST FOR TRADING HALT

Date of Trading Halt * 02/09/2013
Time of Trading Halt * 0830 hours
Reasons for Trading Halt *Pending release of material announcement.
02/09/2013 7:54 AM
inphyy MANDATORY CONDITIONAL CASH OFFER BY UOB KAY HIAN PRIVATE LIMITED FOR AND ON BEHALF OF PT INDOFOOD SUKSES MAKMUR TBK FOR CHINA MINZHONG FOOD CORPORATION LIMITED

http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=908906&fileId=Offer_Announcement.pdf
02/09/2013 3:28 PM
inphyy MANDATORY CONDITIONAL CASH OFFER FOR CHINA MINZHONG FOOD CORPORATION LIMITED

http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=908907&fileId=CMZ_OffereeAnnouncement_2Sep13.pdf

http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=908907&fileId=CMZ_Offer_Announcement_2Sep13.pdf
02/09/2013 3:29 PM
inphyy REQUEST FOR LIFTING OF TRADING HALT

Date of Lifting of Trading Halt * 02/09/2013
Time of Lifting of Trading Halt * 1530 hours
02/09/2013 3:30 PM
inphyy Indofood offers $488 mil cash for rest of China Minzhong

Written by Bloomberg
Monday, 02 September 2013 16:22

PT Indofood Sukses Makmur, the largest shareholder of China Minzhong Food Corp., offered $488 million cash for the rest of the vegetable processor that had slumped after a short-seller’s allegations.

Indofood bid $1.12 a share 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 countries after its market value plunged to $347 million last week. Minzhong yesterday rebutted Glaucus Research Group questioning of its accounts, saying the allegations were calculated to cause panic and drive down its shares.

“This is a big vote of confidence from Indofood and should assuage investors holding Minzhong stock somewhat, given that the offer is more than the last trading price and above what investors expected,” Kelly Teoh, a Singapore-based market strategist at IG Markets, said by e-mail.

Minzhong jumped to $1.135 as of 3:32 p.m. 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 as of 2:31 p.m. in Jakarta.

INCREASED STAKE
Indofood said today it agreed to buy 25.6 million shares, bringing its stake in Minzhong to 33.5%, triggering the offer for the balance, according to the statement. United Overseas Bank Ltd., 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.

GLAUCUS CLAIMS
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.
02/09/2013 5:31 PM
inphyy Singapore regulators called on to punish "unscrupulous" short-sellers
Singapore Business Review – 7 hours ago

SIAS demands tightening of short-selling rules.

The Securities Investors Assocation (Singapore) said it is "seriously concerned" that the "unscrupulous actions" of certain short sellers have caused the investing public to suffer and challenge the integrity of the Singapore capital market.

"We call on The Singapore Exchange and the Monetary Authority of Singapore to look into tightening short-selling rules to prevent and punish these shortsellers, especially those who stand to gain from their unfounded and unscrupulous acts. Left unchecked, this can have a negative effect on our capital markets development. The heavy weight of the law must be felt by these mischievous perpetrators," it added.

The call came as SIAS finished meeting up with representatives of the Board and management of China Minzhong Food Corporation (CMFC) with regards to the allegations made by Glaucus Research (Glaucus) against the company.

From the company’s presentation to SIAS and its detailed rebuttals and the extensive supporting documents the company had posted on SGX in the past three days, we are satisfied that CMFC had vindicated itself, said SIAS.

SIAS added that the company’s largest shareholder, PT Indofood Sukses Makmur Tbk (Indofood) has stated that it “is satisfied with CMFC’s rebuttals of the allegations and finds the rebuttals to be consistent with Indofood’s due diligence findings and analysis” and accordingly, “is confident that the due diligence that it conducted was sufficient to provide comfort over its investment”.

In the light of the strong rebuttals put up by the company, Glaucus’ unwarranted attack on CMFC with reckless and unsubstantiated allegations, resulting in panic selling was an attempt to serve its own ends of selfish gains.

The Glaucus report on August 26, 2013 had not only wiped out half of CMFC’s value then, it caused many of its shareholders who sold their shares that day to lose money. The report also threatened the livelihood of thousands of workers and farmers who depend on the Company and its subsidiaries.

"Two of our SGX-listed companies have already come under attack and many investors have been hurt by these short-sellers. How many more of such reckless, unfounded assaults on honest companies does the Singapore market need to see before such unethical practices are stopped?" said SIAS.
05/09/2013 12:17 PM


 

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