why china minzhong drop until 69 cts?

ethan999
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10 years 8 months ago - 10 years 8 months ago #15834 by ethan999

Replied by ethan999 on topic why china minzhong drop until 69 cts?

Hi Abb,

I sold this morning at 86 cents, but only as a stop loss (or preserve profit, with my average price at about just over 60 cents) measure, not because I believe the reports. I hope to be able to buy back at bargain prices once the company issues a response. From what I see, I don't think the report has much meat, and a lot of it seem to be conjectural and a case of trying to put 2 and 2 together to draw their own conclusions. I'm confident Minzhong's management will be able to clear this up, and if so, launch legal proceedings against Glaucus but let's wait and see for their response. Unfortunately this morning has shown how unpredictable life can be at times.

Last edit: 10 years 8 months ago by ethan999.

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relaxing
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10 years 8 months ago #15839 by relaxing

Replied by relaxing on topic why china minzhong drop until 69 cts?

I don’t follow Minzhong ( considered one of the better run S-Chips ? ), but I can’t believe it’s price can drop 50% within few hrs just because of a mass media report like this ? Either it’s a concerted effort to push price down or the full report is very damaging ? Hope Minzhong can rebuke the allegations quickly , and then sue them. Olam did that. This is a time when top flight CEOs / CFOs are appreciated for damage control. That’s what they are paid for. Not vested.

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yeng
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10 years 8 months ago #15841 by yeng

Replied by yeng on topic why china minzhong drop until 69 cts?

Singapore, 26 August 2013 – It has been brought to the attention of China Minzhong Food Corporation Limited ("the Company") that Glaucus Research Group (“Glaucus”) has released a report (“Report”) regarding certain affairs of the Company.

The Report has caused a substantial decrease in the share price of the Company this morning and Glaucus has openly stated that Glaucus and those acting in concert with it are short sellers who will profit from the decline of the
Company’s stock price.

The Company is in the process of reviewing the Report and will provide its response shortly. 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.

In the meantime, the Company has halted the trading of its stock and reserves all rights against the aforesaid parties.

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greenrookie
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10 years 8 months ago #15843 by greenrookie

Replied by greenrookie on topic why china minzhong drop until 69 cts?

Glaucusresearch made money by shorting counters, very much similar like what muddy waters do. There is a interview in the edge Singapore few weeks ago about them locking sight on 1 s-chip in Singapore. Didn't expect it to be CMZ. But they mention they have on target a few other s- chips from HK and Singapore, so do watch out

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1.618
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10 years 8 months ago #15844 by 1.618

Replied by 1.618 on topic why china minzhong drop until 69 cts?

greenrookie wrote: Glaucusresearch made money by shorting counters, very much similar like what muddy waters do. There is a interview in the edge Singapore few weeks ago about them locking sight on 1 s-chip in Singapore. Didn't expect it to be CMZ. But they mention they have on target a few other s- chips from HK and Singapore, so do watch out

Maybe the next one can be Eratat, lol

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g6everyday
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10 years 8 months ago - 10 years 8 months ago #15846 by g6everyday

Replied by g6everyday on topic why china minzhong drop until 69 cts?

My guess is some big cap active counters that got more meat to enjoy..

Last edit: 10 years 8 months ago by g6everyday.

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