PYE 0577.HK engineers entering film business

The board of Paul Y. Engineering are bored with pocket lining engineers and want to hang out with actresses. Now these engineers are intelligent and they intimately know actresses are attracted either with looks/charm, or money and promises of fame. The later options are decidedly easier so what better than to start your own film company!

Original company activities: building construction, civil engineering, development management, project management, facilities and asset management.

New actress attracting idea:

The Board, in its continuous efforts to explore new projects and

potential business developments that stand to benefit PYE and all Shareholders, has made the decision

to diversify PYE’s business through a series of transactions that would involve PYE undertaking a

substantial capital raising exercise, predominantly for the purpose of funding its involvement in a new

joint venture with market leaders, Legendary and the Huayi Group, to develop and produce films,

predominantly in the English language intended for a global audience, based on Chinese history,

mythology or culture.

Note: Third Avenue has a 10.72% holding in PYI. Given Marty Whitman's views on being an "Outside Passive Investor", and his reluctance to engage in any corporate activism, expect him to liquidate this position.

Asian Citrus abandons supplier

With the spotlights well and truly on Mr Ho, Chaoda and his nefarious fertilizer company, Asian Citrus hopes to slink into the shadows...

From the SCMP:

"Asian Citrus said it "decided not to renew the fertiliser supply agreement with Fujian Chaoda Group", a private company that is 95 per cent owned by Kwok, when it expires next June.

The orange grower, which is 13 per cent owned by Chaoda, said: "Sufficient organic fertilisers can readily be sourced from other independent suppliers at competitive prices.""

Expect Asian Citrus to go down with Chaoda.

One phone call. €982,000

c'est vrai, quoi!

On that day, Areva's then chief executive Yves Lapierre received a phone call from a man posing as a police inspector in France. The "inspector", who spoke perfect, accent-free French, told Lapierre he was investigating a credit card scam involving an Areva employee.

He said Lapierre needed to transfer €982,000 (HK$10.4 million) to Golden Longon to help the French police track down the credit card ring in Hong Kong. He gained the executive's trust by citing information about Lapierre's whereabouts and the first digit of his credit card.

Lapierre became suspicious only after he approved the fund transfer. He asked Areva's security department to verify the identity of the caller, which it was unable to do. Lapierre resigned in February last year, citing personal reasons.

Longon,.. long gone.

Anonymous on Chaoda

Besides issues highlighted here before (lies, incessant fund raising, insider trades, auditors). New stuff on the bogus branding company they use, more detail on Mr Ho's fertilizer company which turns out to be a heap of shit (over 3 BILLION RMB turnover using only $2k worth of fixed assets).

And the SFC/HKEX? Too little too late.

report here:

Chaoda Down 26%. Suspended

Awaiting "price sensitive information".

Considering the drastic crash before the suspension, some bad news has leaked. This will either be permanent or some announcement of a desperate buyback attempt by the management to prop up the sandcastle.

Update... bye bye Chaoda.

"Sept. 26 (Bloomberg) -- Chaoda Modern Agriculture Holdings Ltd. plunged the most in eight-and-a-half years after the Hong Kong government accused it of market misconduct amid allegations the Chinese food producer overstated its land holdings."

Chinese IPOs to hit record in Germany

Paraphrasing the laws of themodynamics: shit will sink to the lowest level of the toilet bowl (unless it floated in which case it will be on the HKEX).

Spot the dichotomy:

"The listing requirements in Europe are less stringent than other overseas markets such as the US, as they are trying to attract high-quality companies amid the current debt crisis," said WeiWei, an analyst at West China Securities Co in Shanghai. "That's why we see a number of companies have gone to Europe for listing."

Pan Sino 0502.HK

A coffee trader in Jarkarta listed on the HKex casino. Lots of cash, trading below book, increasing revs and profits. Last traded at 0.58 with 0.40 in cash/share.

Only problem is fraud resulting in suspension of the shares in 2007. Now the HKex is going to delist it.

What enforcement actions are the SFC/Hkex taking? ... Yes, they're heading out for their 2 hour dim sim session.