Posted by Sslee > 2017-07-25 21:36 | Report Abuse

Dear all,
Update sharing: The latest email to the relevant parties.
Dear Mr. Angus Kwan Chun Jut (Executive Director)
My warm regards to you and with regret was not able to meet you (Because you are absent from the AGM) during the CSL 2017 AGM held in Langkawi Room, Bukit Jalil Golf and Country Resort, Kuala Lumpur on 26 May 2017.
During the AGM I had raise the question to your father why he keep selling down his shareholding in CSL with such a ridiculer low price. His action had cause panic sale on CSL and until now CSL market price is still unable to recover from its record low. He did give some explanation that nobody can understand his logic on selling at so low price. After the AGM I was surprised to read the announcement in Bursa date: 21/6/2017.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5467133
Your father did it again selling 80,400,000 CSL share at Rm0.07 for a petty sum of Rm5, 628,000. Why is your father so illogical when CSL had enough cash and bank balance to pay an interim dividend of Rm 0.07. Can you please give a proper explanation on why your family is readily selling down your holding in CSL at this dirt cheap price and what is your family trying to do?

Dear BOD,
I believe in August you will hold your BOD meeting to discuss on the Q2 (April-June 2017) un-audit financial result. As I had said during the AGM, If you can spend such a huge sum on advertisement last year than please have a thought for the suffering of minority shareholders for faithfully holding to CSL share and currently incurring big book loss. Please give an interim Dividend (CSL surely can afford it as it have so much cash and bank balance) and with interim dividend I am sure the share price will also recover to a reasonable price. It is a win-win solution for all.

Dear Independent Director Bp. Herman Widjaja,
I am holding you to your words that you will bring out the request of Forensic Audit on bank balance, proposed to company to give Dividend and formulated Dividend policy on your next BOD meeting on August 2017.

Finally I would like to draw the entire BOD attention to below link: Speech by Chairman of China Securities Regulatory Commission (CSRC).
http://www.csrc.gov.cn/pub/newsite/zjhxwfb/xwdd/201704/t20170408_314862.html
http://www.csrc.gov.cn/pub/csrc_en/Informations/phgall/201706/t20170608_318016.html.
”Listed companies are allowed to withhold dividend payments if it is for long-term considerations and with approval by the shareholders' meeting. However, indefinite and unjustified withholding is not acceptable. In international practices, steady and stable cash dividend payout often signals financial health and operational soundness of a listed company. In other words, sustained failure to pay dividends for no reason could be signals of accounting fraud or internal mismanagement. There are listed companies who generously pay out dividends. We commend the practice. However, there are also "iron roosters" who haven't plucked a single feature for many years. The CSRC has been noted of this problem. We won't fail to ensure accountability and will respond with firm measures as warranted.”

“Capital markets operate by rules. There are regulatory red line and bottom line. The CSRC will steadfastly carry the sacred responsibility of investor protection, especially to small and medium investors. Tough measures will be taken to correct market aberrations, punishing the culpable, delisting the failing companies, and cleaning out the riffraff. Whoever breaks the rules will pay a heavy price.”

Dear Mr. Samsunahar Adnan,
Consumer and Investor Office Securities Commission Malaysia
Dear Mr. Eddie Yeo Kia Loke and Ms. Chong Siew Yeen
Bursa Corporate Surveillance and Governance

Thank you for arranging a joint meeting and I am looking forward to a fruitful discussion with Bursa and SC. I am eagerly awaiting your confirmed date of the meeting.

Thanks and Best Regards
SS LEE
(25/7/2017)

Posted by teo44 > 2017-07-26 16:29 | Report Abuse

Dear Sslee, well done, once again,thank you very much for update us .

Posted by Mioxi > 2017-07-26 17:15 | Report Abuse

The arranged meeting should be held on this week...I.e. last week of this month...keen to know its outcome!

Posted by BIGAPETITE > 2017-07-27 10:53 | Report Abuse

good work done Sslee, now its the ripe time to question the rationing of proposed dividend since the co have recovered from the fire accident 3 year ago

Posted by Sslee > 2017-07-27 19:53 | Report Abuse

Dear all,
Sorry to inform that the tentatively schedule joint meeting on last week of July had been postponed to Aug. I am still waiting for their new schedule. What I can hope to achieve with the meeting is for SC or Bursa to use their authorities to comply CSL to redo a comprehensive re-audit and verification of Bank Balance to prove beyond any doubt that the money is real and rightfully belong with the company.
Dear Johnny,
Will ask SC and Bursa what will happen to CSL if the MD continuing sells all his shares?
Thank you
Below is my latest email to SC.

Dear Mr. Samsunahar Adnan,
I am a little bit disappointed that our tentatively schedule Joint meeting with Bursa and SC for the final week of July had to be rescheduled to next month. Anyhow I remain thankful to you, SC and Bursa for readily attending to my complaints and arranging a joint meeting with Bursa.
I am looking forward to the meeting with great eagerness to meet all in person and personally thanks all for working toward finding an end on many problems be-failing the RED CHIPs Companies Listed in Bursa.
Many people had fall victims to this RED CHIPs Companies, this include retirees with their whole life saving, investing public with their hard earned money and even multi-millions from prominent investor. These China Con man had pocketed Billion in IPO/Private/Right issue money and they are now even selling down their holding just to squeeze out the last bit of the penny from Malaysian investors. I had tried my best to seek help from China Embassy and urging them to investigate and take action on their citizen to no avail. As they keep a dignified silent and told me since the company is listed in Malaysia then only Malaysia authorities have the power to investigate and take actions if there were crimes committed.
I have a very high hope that SC and Bursa will use the full force of the laws upon these Con Men and find a way on how to force these Con Men to pay back what they had stolen from the investing public.
Once again thank you
Yours Sincerely
Lee Soon Sheng
(27/7/2018)

Posted by Mioxi > 2017-07-31 10:26 | Report Abuse

The best case scenario for them is to delist the company from bursa. This serve well for the con man.

The lessons learnt eventually for investors are....acknowledged own self mistake and waste no time on clinging something that not recoverable!

This is bolehland..

Posted by Mioxi > 2017-07-31 10:26 | Report Abuse

Sayonara

Posted by MakingLove > 2017-08-02 09:47 | Report Abuse

SS Lee,

Good morning. What made you so confident that the cash reported in the quarterly financial report was not with the company ?

Posted by MakingLove > 2017-08-02 09:49 | Report Abuse

So far..any update on your meeting appointment with SC & BURSA?

Posted by Sslee > 2017-08-02 20:21 | Report Abuse

Dear MakingLove,
The CSL auditor is very confident that he had complied with all the standard accounting procedure in auditing and verified the bank balance with personally visit to the bank branch and obtained confirmation by print out the bank balance statement on the spot. He is also very confident that the huge advertisement expense is real as he had verified the account and had proved of the said bill board advertisement.
The market perception on RED CHIPs companies is bank balance is unreal, an accounting fraud. Thus if I can get the BOD to do a voluntary more comprehensive audit on bank balance or SC/Bursa giving directive to Auditor with more comprehensive guidelines on verification of Bank balance than half the problems facing all the RED CHIPs companies are solved and their share market price will recover.
But if indeed the bank balance is fraud then the Chinese owner better quickly buy out the entire share from the open market and take it private to save his and collaborators own skin as forging bank statement is a criminal act and many people may be implicated and end up in jail.
As of the joint meeting appointment, I am still waiting for the new date. Anyhow I am glad to hear from the person arranging the meeting that his boss just back from oversea and would like to join in the meeting hence the reschedule.
I will keep the pressure on with follow up email. I attended the first AGM with the aim of getting to know the relevant persons. The next year AGM will be a no hold barred showdown as I will put the Auditor, CEO, CFO and independent directors on trial and hold them accountable.

Thank you.

Blow is my latest email to the relevant parties on Xingquan:
Dear Mr. Eddie Yeo and Ms. Chong Siew Yeen,
Bursa Malaysia Corporate Surveillance and Governance Division
Dear Mr. Samsunahar Adnan,
Consumer and Investor Office Securities Commission Malaysia

I refer below announcement dated 31/7/2017
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5502057
A month had passed since my last email on the Xingquan delay in submitting Q3 un-audit financial report. Today is 1st Aug 2017, Xingquan is supposed to prepare for Q4 report and engage external Auditor to audit its financial report for year end June 2017. And yet again a convenient excuse is used to delay such reporting in total disregard to the rule and regulation of SC and Bursa.
Will SC and Bursa please use all the available rule and regulation to compiled Xingquan to behave and show respect to Malaysia SC and Bursa Rules and Regulations. Please summon external Auditors, independent directors and company secretaries to see how to move forward in preparing the audited financial report end June 2017. Please take action on the CEO for breach of any SC or Bursa regulation. (Please impose maximum fine of USD/day for each day of delay till complied)
SC and Bursa need to shown to all the RED CHIPs Companies listed in Bursa that capital markets operate by rules. There are regulatory red line and bottom line. Malaysia Bursa and SC will steadfastly carry the sacred responsibility of investor protection, especially to small and medium investors. Tough measures will be taken to correct market aberrations, punishing the culpables, delisting the failing companies, and cleaning out the riffraff. Whoever breaks the rules will pay a heavy price.
If needed to, please force the owner of all these RED CHIPs companies to take their companies private. (Or court petition winding up order) Just give us Malaysian investors an offer. The RED CHIPs companies have misused our welcome and our capital market to raise fund not to expand their business but a convenient vehicle to cheat and enrich themselves. Shame on them, they are such a shameless lot and in fact they had brought dishonest to their own government good name. I can only hope the China government will take action on them too.
Investing public and capital market are watching what action can and will Bursa and SC take to address the mess/riffraff created by the RED CHIPs companies. Please do not let us down.

Thank you

Yours Sincerely,
Lee Soon Sheng
1-8-2017.

Posted by Paultanandrew > 2017-08-08 19:32 | Report Abuse

I believe the Chinese nationals are selling the price down so as not to attract attention to their true wealth. The selling must be to their own people. If dividend is declared, more investors will be attracted to support the shares and break the China manipulation of market price. Really fishy. As long as the China management gets their wages what do they care for others.

Posted by Loan > 2017-08-09 16:10 | Report Abuse

Look like gone already ...

Posted by Mioxi > 2017-08-10 09:13 | Report Abuse

Wayang kulit? No meeting?

Posted by leno > 2017-08-10 15:19 | Report Abuse

http://www.theedgemarkets.com/article/china-stationery-aware-unable-confirm-litigation-against-subsidiaries

Posted by Mioxi > 2017-08-10 16:37 | Report Abuse

坏消息一日比一日新! 不能度过下季了

Posted by Mioxi > 2017-08-10 16:38 | Report Abuse

Heading to 3 cents...before...

Posted by celaka > 2017-08-10 17:19 | Report Abuse

this company talk TUA LAN No 1

Posted by celaka > 2017-08-10 17:19 | Report Abuse

Better close lah

Posted by Sslee > 2017-08-10 20:26 | Report Abuse

Dear leno,
Thanks for the web link on CSL litigation. How is your intensive marathon training?
I will attend the next INSAS AGM and will ask for a reasonable dividend of at least 4 cents same as INSAS-PA. Hope to meet you at the AGM. All for one and one for all. Cheers.

Dear all,
I had a cordially and interesting meeting with SC and BURSA. BURSA and SC are concern about many alleged wrong committed by the RED CHIPs companies. SC and BURSA are committed to work with many foreign government enforcement agencies to safeguard the integrity of Bursa Market. Many of the ongoing investigation works been carried out in the past, now or in future cannot be shared with me as this involve confidentiality and the sensitivity of information. However once the investigation is completed and offenders punished an announcement will be make in SC and BURSA Website.
Anyhow they do listen patiently on my complaints, on what had happen during the AGM, my follow up actions and etc. I handed over to them the filled up questionnaires I collected from the AGM. They encourage me to continue email to the BOD and relevant parties to seek clarification on issues related to affair/management of the company with CC to Bursa and SC.
They advice me in future any questions or seeking advices from BURSA or SC, the email has to direct to them without any CC to any parties. And any replied from SC or BURSA shall be strictly confidential.
I reminded SC and BURSA, that they have the sacred duty of protecting the minority shareholders interest and owe the investing public to at least make sure the bank balance is real. As for me I will attend the Next AGM and will do my best to demand for reasonable dividend, transparency, good corporate governance and hold the CFO and BOD accountable.
I will wait for the CSL Q2 result due this month and will email a follow up letter with the relevant parties.
Thank you.

Posted by Mioxi > 2017-08-11 05:40 | Report Abuse

As expected, the outcome of the meeting ended with no concrete action taken to protect the interest of public investors. It's tantamount to no meeting at all.

An attempts to be hero in the bolehland would ended with this outcome was inevitable. This itself is a shameful and worst than losing money in the investment. This is an act of losing self praise and demonstrated useless self arrogance!

Posted by Mioxi > 2017-08-11 05:49 | Report Abuse

Is it still relevant to wait for the coming quarterly result??? Will the "good result" if any will boost up the share price and enable dividend to be announced? ??

Let me tell you the chance is slimmer than to strike a lottery! Choosing to be stupid itself proved no cured and deserved blames no others!

Dispose at 5 cents is still a smarter act than to continue self indulging in own no value illusion! SELL NOW!

Posted by BIGAPETITE > 2017-08-11 10:09 | Report Abuse

yummy, the price are in distress

Posted by Mioxi > 2017-08-11 12:17 | Report Abuse

It's an act of committing suicide even buy at 4 cents....

Posted by BIGAPETITE > 2017-08-11 12:48 | Report Abuse

no need to think of commit suicide be invest at your risk level

Posted by AyamGoreng > 2017-08-11 12:57 | Report Abuse

kikikiki..... sindiket dari Fujian Jinjiang, bank akaun dan persembahan report dimanipulasikan sebelum memohom ke Bursa.. manyat budoh la SC kita ni!

Posted by AyamGoreng > 2017-08-11 12:58 | Report Abuse

MCA bawa syarikat masok ke Bursa la..... kikikiki

Posted by Mioxi > 2017-08-11 15:30 | Report Abuse

Final count down..after next week..no more trading...

Posted by Mioxi > 2017-08-11 15:30 | Report Abuse

Toilet paper ....hehehe

Posted by Mioxi > 2017-08-11 15:32 | Report Abuse

At 4.5 cents...still can buy Ayam goreng ...better than toilet paper...hehehe

Posted by firehawk > 2017-08-16 16:09 | Report Abuse

so low alrdy ... worth to bet?

Posted by Shines > 2017-08-16 20:24 | Report Abuse

Get 1 kampung egg to exchange for 10 shares. Damn cheap

Posted by Mioxi > 2017-08-17 11:06 | Report Abuse

3.5 cents will be gone soon.

Posted by Mioxi > 2017-08-17 11:09 | Report Abuse

Fatty Chan is the smartest trader. He sold a lot at 7cent.....

Posted by Mioxi > 2017-08-17 11:09 | Report Abuse

Bungkus!

Posted by Undilah_DAP > 2017-08-17 22:05 | Report Abuse

GE 14 must vote DAP or other Pakatan members if your area don't have DAP. Even KYY said already.

Posted by AyamGoreng > Aug 11, 2017 12:58 PM | Report Abuse
MCA bawa syarikat masok ke Bursa la..... kikikiki

Posted by firehawk > 2017-08-18 10:51 | Report Abuse

Fatty already advised is his personal loan, probably it is!

Posted by AyamGoreng > 2017-08-18 15:18 | Report Abuse

kikikiki.... taukeh Chan Fung manyat2 untung!
http://keehuachee.blogspot.my/2012/02/china-stationery-prospectus-launch-by.html

Posted by AyamGoreng > 2017-08-18 15:28 | Report Abuse

kikikiki... manyat2 bodoh nya minister MCA, kenapa bawa masok penipu dari Fujian?

Posted by celaka > 2017-08-18 18:39 | Report Abuse

hahaha , MCA tipu lagi kuat mah

Posted by limch > 2017-08-18 18:47 | Report Abuse

Loss QR so CF sold?

Posted by Jeffreyteck > 2017-08-18 18:58 | Report Abuse

Luckily never suck by this bunch of Chinese firms. Good regulators encouraged all these to come over. Changed financial year to facilitate weakening disclosure. Next report I June 2018. Never support.

Posted by celaka > 2017-08-18 19:43 | Report Abuse

All buaya and hantu

Posted by celaka > 2017-08-18 19:44 | Report Abuse

1 sen soon

Posted by Jeffreyteck > 2017-08-19 08:40 | Report Abuse

Better delisted ASAP, don't Xia Sui Bursa. Extended reporting to 18 months, more things need longer time to hide? Unable to balance the books? Longer time needed to dig $ and transfer to elsewhere? I believe most of the players now are just speculating the price but not the company ability to turn around. Wish good luck to all of you. I will never support con man even though may make some along the way.

Posted by Sslee > 2017-08-19 12:25 | Report Abuse

Dear all,
As per my previous comment I will write in a follow up email when Q2 result is out.
Below is my email to the relevant parties. I had also made another two complaints to Bursa and SC object to change of date of financial report and on MATERIAL LITIGATION. (The full content of such complaints email will be strictly between me and SC/BURSA, my apology for not been able to share it with all)
Thank you

Dear all,
I am extremely disappointed with the Q2 result with selling and distribution expense of Rmb 63.783 million. Please give detail what is this expense. During May 2017 AGM I had put forth this question?
Advertisement expenses of RMB 58.5 millions and RMB 93 millions advertisement cost incur in May and November 2016. Did Management and BOD done a proper study of revenue increase/distributors increase after spending RMB 58.5 million in May 2016 and still felt justified to further spend another RMB 90 million on November 2016?
I had made know to the BOD, CEO cum Chairman and CFO that this kind of advertisement expenses which did not brought any revenue increase had to be stopped and channel this expense into rewarding share holders with Dividend. I expected this to be carried out. What a big letdown and unfulfilled promise make during the last AGM. If this dividend is carried out then my dear Chairman cum CEO Mr. Kwan Wing Yin did not had to sell his holding for Rm 7 cents, a prefect win – win solution.
Can any BOD (Bp. Herman Widjaja) please explained why with cash and bank balance of RMB 1,874,225,000 as of June 2017 the company still refuse to pay dividend to shareholder. Is the bank balance real or an accounting fraud?
Dear Mr. Lim You Jing,
On your previous email dated Jun 2 at 2:35 PM
For and on behalf of the Board of Directors of CSL, you may refer to the reply in brown below. Answer: The Board will consider the other options to improve shareholders’ returns. However, the advertisement expenses is part of the operating expenses to improve its revenue, to expand its market shares, to increase their sales, to enhance goodwill and to introduce CSL’s new products in the market, so that the distributors and the buyers can get to know the existence of CSL’s products.
Please explain now what is the other options to improve shareholders” returns? The share price is now only worth 4 cents.

In addition I will write in to Bursa and SC object to changing the financial year end from 31 DEC 2017 to 30 JUNE 2018, 18 months period. I propose just call in the auditor and did a financial year end 30 June 2017, 6 months period. I am very eager to meet all again at the next AGM.

Yours Sincerely,
Lee Soon Sheng
18-8-2017

Posted by Jeffreyteck > 2017-08-19 14:16 | Report Abuse

@sslee: I really salute you for your patient to deal with hopeless regulators. All the best to you and hopefully after factory burned, their office remains solid, otherwise all records will be gone, easy for them and auditors too. I am not the share holders of any local listed Chinese firms but enjoy watching them in actions but regulators inaction. Number of IPOs is the KPI for regulators but not the quality of companies to be listed. No action taken on Lotte Chemical and parties involved too.
Good luck to you, as minority, we always caught in surprise.

Posted by meistsk3134 > 2017-08-19 15:42 | Report Abuse

use to buy this counter. later it drop last few year due factory burn.... then no confident

Posted by Jeffreyteck > 2017-08-19 21:32 | Report Abuse

It only takes a quarter to wipe out profit made over the past few years as proven by this stock and some others too....The Sun....
China Stationery Ltd (CSL) said it is unable to confirm and clarify the accuracy of several litigation cases against its subsidiaries. Joke of century.
Anyway, wish my judgment is wrong but I have yet to find a good local listed Chinese firms here. Anyone can suggest one? TQ.

Posted by Jeffreyteck > 2017-08-21 07:18 | Report Abuse

Past worst experience of a local company.... became insolvent immediately after received dividend just a few months, company did not disclose loan due. Eventually NTA from close to 1 dropped to zero. CEO just fined very little. Good luck, never support company without credibility especially if it is known even though may make some $.

Posted by Jeffreyteck > 2017-08-21 12:37 | Report Abuse

1. Finally unwillingly disclosed the "beautiful" results.
2. Couple with going to be 18 months next report.
3. Inability to ascertain litigations.
Believe more to come. Suggest to delist or privatise and return the NTA equivalent to minority, wish the NTA remains valid then instead of negative value. Good luck to all.