AssGX's Shady Deals Exposed!

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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 8, 2009

</TD></TR><TR><TD vAlign=top width=452 colSpan=2>China Hongxing sticks to its guns
It insists it did not receive shareholding notifications from JF

By ARTHUR SIM
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right> </TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right> </TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right> </TD><TD>Feedback</TD></TR></TBODY></TABLE>CHINA Hongxing Sports Ltd is sticking to its guns and says it did not receive substantial shareholding notifications from JF Asset Management (S) when the latter sold large tranches of shares on various occassions, reducing its stake from 9.25 per cent to 4.08 per cent.

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</TD></TR><TR><TD bgColor=#fffff1><TABLE border=0 cellSpacing=0 cellPadding=0 width=124 align=center><TBODY><TR><TD vAlign=top>JF has said it had fax confirmation transmission receipts showing it had informed China Hongxing within two days of each sale.
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</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>In a statement released yesterday, China Hongxing said its CEO Wu Rongzhao carried out investigations after JF said it had fax confirmation transmission receipts showing that it had informed China Hongxing within two days of each sale.
Mr Wu spoke to the persons within the company responsible as well as the relevant persons with access to the company's fax machines. Based on the responses received by him, 'none of the relevant staff have received' fax notifications pertaining to six sale share transactions.
The transactions saw JF selling a total of 126.5 million China Hongxing shares. Under Singapore Exchange (SGX) disclosure rules, China Hongxing has to report the sales soon after being notified.
In its statements, China Hongxing said that it was first alerted to JF's change in substantial shareholdings when its company secretary in Singapore was informed by a telephone call from JF on July 31, a Friday. It added that at about 5.19pm, it received via email the fax notifications.
China Hongxing said that its management was alerted on the following Monday, Aug 3. The management was attending a board meeting in Xiamen, China at the time and received the information in the evening.
China Hongxing said that as the fax notifications were of transactions carried out some time ago, it proceeded to check internally whether such notifications were received previously and whether prior announcements were made.
It said that after verifying internally that no such notifications had been received, a statement was released on Aug 6.
The company also reiterated that it has never been its intention to deliberately avoid making the necessary announcements pertaining to substantial shareholder changes.
'Nevertheless, the company regrets the occurrence of the above and will review and strengthen its internal procedures with regards to its receipt and disclosure of such notices from its substantial shareholders so as to ensure timely compliance with all relevant laws and regulations,' it added. [/FONT]
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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 8, 2009

</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Pan Hong unveils warrants issue
Group raising up to $114m to expand property portfolio

By LYNETTE KHOO
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PAN Hong Property Group has proposed an issue of up to 172.83 million free warrants which, if fully exercised at 66 cents a share, will raise gross proceeds of $114 million.

The renounceable non-underwritten issue is on the basis of one warrant for every three existing shares.
The group said that it intends to use proceeds from the conversion of warrants to new shares to expand its property portfolio and for general working capital purposes.
Each warrant will carry the right to subscribe for one new share during its three-year exercise period. The 66-cent exercise price is about 3.1 per cent higher than the closing price of 64 cents per share last Friday.
If all the warrants are exercised, new shares issued will be equivalent to 33.3 per cent of the existing issued share capital.
CIMB Bank Berhad (Singapore Branch) is the manager for the warrants issue.
The proposed issue, which is subject to the in-principle approval of the Singapore Exchange, is based on the share issue mandate obtained from shareholders at the company's annual general meeting on July 22.
Entitled shareholders can accept, decline, renounce or trade their provisional allotments of warrants and apply for additional warrants in excess of their allotments.
'The directors believe that the warrants issue will provide shareholders with the opportunity to increase their equity participation in the company and potentially increase the company's capital base and strengthen its balance sheet,' Pan Hong said.
This proposed issue comes hot on the heels of a surge in property pre-sales for Pan Hong. The group said recently that its property pre-sales improved to 785.2 million yuan (S$164.7 million) as at Aug 31, 62.8 million yuan higher than the accumulated pre-sales value of 722.4 million yuan as at Aug 9.
The improvement was largely driven by a doubling of the residential pre-sales value achieved for the group's Chinese-style townhouse development, Hua Cui Ting Yuan Phase 1 to 88.7 million yuan as at Aug 31 from 42.8 million yuan on Aug 9.
At its Nanchang Honggu Kaixuan Phase 2 project, the group also pre-sold additional 21 residential units, lifting the pre-sales value of this project to 358.1 million yuan at end-August from 341.2 million as at Aug 9.
These pre-sales will be recognised as revenue when the handover of properties to buyers is completed.


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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 8, 2009

</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Transcu stock sold down in heavy trade
Blocks of shares in bio-medical company sold in married deals

By VEN SREENIVASAN
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THE stock of bio-medical company Transcu Ltd suffered a selldown yesterday, resulting in a one-fifth plunge in its market value. Jittery investors scurried for cover as the stock was dumped in a series of married deals struck at prices near recent record lows.

<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD> </TD></TR><TR class=caption><TD></TD></TR></TBODY></TABLE>After opening unchanged at 19 cents, the counter headed straight south, with particularly heavy selling during the late afternoon session pushing it down to a close at 15 cents - a 21 per cent or 4-cent loss for the day.
The lowest the stock has ever fallen to this year is 12 cents, amid a market-wide selldown in early March this year.
Some 53 million shares changed hands yesterday, including some 24 million units in batches of married block deals at 14.5 cents and 15 cents.
Market watchers appeared perplexed by the huge selldown on a stock that has generally been quite resilient amid the recent market volatility.
'Somebody could have decided to liquidate positions quickly,' remarked one dealer. 'And this has scared other shareholders.'
Indeed, the selldown set off a retail selling spree which snowballed into huge sell orders towards the final hour of trading.
Brokers reckon many retail investors who piled into the stock last week at around 22 cents would have got their fingers burnt.
When contacted, the company said it did not know what triggered yesterday's selldown.
'We have been watching the stock price movement,' said group investor relations head, Melody Chow. 'As far as the company is concerned, nothing has changed, and we are still proceeding with our plans.'
These plans include final stage clinical trials for its trans-dermal drug delivery (drug patch) system to obtain US Food & Drug Administration (FDA) approval. The company is targeting commercialisation of the trans-dermal patches - which can deliver pain-killing and other drugs via the skin - by early 2011.
Transcu's other two divisions develop green energy solutions and new age skin replenishing and anti-ageing cosmetics.
It has already filed nearly 200 patents.
Transcu - listed on the Singapore Exchange last year through a $675 million reverse takeover of Eng Wah Organisation - posted a loss of some $7.3 million for the three months ended June 30. It counts former US secretary of state Alexander Haig, ex-deputy secretary of state Richard Armitage, and prominent Singapore lawyer Lee Suet Fern among its directors.



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