Non-executive director Ho Sheng recorded his first on-market trade in commercial and residential property developer Ying Li International Real Estate since the stock was listed in July 2003 on SGX Sesdaq and in October 2008 on SGX Mainboard with an initial 300,000 shares (direct interest) purchased on March 14 at 31.5 cents each. The shares bought represented 0.01 per cent of the issued capital.
The acquisition was made on the back of the 40 per cent drop in the share price since February 2013 from 52.5 cents. Despite the fall, the counter is still up since October 2011 from 20 cents.
Ying Li announced on Feb 26 a 29.7 per cent drop in fourth-quarter profit to 227.085 million yuan while earnings for the full year fell by 45.7 per cent to 205.159 million yuan. The counter closed at 30 cents on Friday.
The Board wishes to update shareholders that it has recently made a report to the Commercial Affairs Department against Mr Chen Li Hui, the former chief executive officer and a former director of the Company, based on the Findings, and on certain financial improprieties involving Mr Chen Li Hui in relation to the Company’s principal subsidiary, Fujian Aton Advanced Material Science and Technology Co., Ltd, that the
Company has recently discovered. The Company is also taking necessary steps in respect of this matter in China.
The Company will provide further updates to shareholders via SGXNET as and when
there are any material developments.
By Order of the Board
Dr Pu Weidong
Chief Executive Office / Executive Director
Sinopipe Holdings Limited
CHINA YONGSHENG: 4th update. Is delisting offer going to happen soon?
The board of Directors (“Board”) of China Yongsheng Limited (the “Company”) refers to the announcements
released by the Company on 23 October 2014, 30 November 2014 and 24 December 2014,in relation to the Board’s receipt of a formal proposal (the “Proposal”)from an entity related to certain executive directors of the Company that may result in the delisting of the Company.
The Board wishes to inform shareholders of the Company that discussions are still on going and there is no certainty whether a transaction will take place pursuant to the Proposal.