| Latest Forum Topics / Zixin Last:0.031 -- |
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China Star Food - The Strong Uptrend building
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Goodgoing
Master |
28-Jul-2025 14:14
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It's really bad enough that the stock price has not even risen and it's being questioned.
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Kilatkilat
Veteran |
28-Jul-2025 10:22
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SIAS queries made me change my mind totally. Hence, good luck for those who continue to hold it.
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Kilatkilat
Veteran |
28-Jul-2025 09:43
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Ya ya. This company is not good for investment.
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TraderBen
Supreme |
28-Jul-2025 09:32
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waste time staying in this counter where u see others flying without wings..
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Kilatkilat
Veteran |
26-Jul-2025 15:45
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https://www.google.com/amp/s/www.potatopro.com/news/2025/zixin-group-achieves-breakthrough-sweet-potato-crisps-and-fries-snack-products
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Kilatkilat
Veteran |
26-Jul-2025 14:55
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Wah today weekend no trading yet so many talking about Zixin..next week big gain, is it? Why Thormas Khoo can met CEIO but bro Wesley cannot visit them? Let me raise this in the coming agm. Any other questions you want me to ask? Status of functional food production? Ptofit margin of higher margin products?
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spursfan
Supreme |
26-Jul-2025 13:17
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https://links.sgx.com/1.0.0/corporate-announcements/EVOQ2NAG7KIEOL1M/853168_ZGHL%20-%20Response%20to%20SIAS%20Questions%202025.07.25.pdf | ||||
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LoudShout
Master |
26-Jul-2025 10:52
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Good summary and analysis. Thanks No market sizing? Really? Right issue = justification and steep discounts and use of proceeds Grant awards - independent directors. Renumeration Committee - not there or not robust Planting and reaping sweet potatoes in the dark.. |
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sklong138
Elite |
26-Jul-2025 10:04
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My overall impartial assessment of Zixin' s responses to SIAS' s queries as follows:' Based on a thorough review of Zixin Group' s responses to SIAS, my impartial assessment identifies **significant strengths in operational disclosures but material weaknesses in governance justification**, particularly regarding shareholder equity and information parity. Key observations with reasons: ### **Strengths**
1. **Operational Clarity (Q1):**
- Provided precise manufacturing data (13,700-tonne capacity, 76% utilization).
- Detailed Hainan expansion milestones (land development progress, JV structure, 3% stake) with clear capital commitments (RMB 3.6M funded internally).
*&rarr Demonstrates transparency on tangible projects.*
2. **Forward-Looking Risk Management:**
- Explicitly linked recycling segment potential to China&rsquo s soy-reduction policy (April 2023 action plan).
- Highlighted cash reserves (RMB 183M) and liquidity as buffers against geopolitical/economic risks.
*&rarr Contextualizes strategic decisions amid uncertainty.*
---
### **Weaknesses & Concerns**
1. **Inadequate Fundraising Justification (Q1iv):**
- **Critical Issue:** Failed to reconcile the *dilutive* rights issue (44% discount to TERP) with pre-existing cash reserves (RMB 156M).
- Independent directors cited generic " expansion" needs but omitted:
- Cost-benefit analysis for choosing dilution over internal funding.
- Specific thresholds for warrant exercise proceeds.
*&rarr Raises questions about capital allocation prudence.*
2. **PSP Grant Deficiencies (Q2):**
- **No Performance Link:** Admitted grants were retention tools, not tied to KPIs or sector benchmarks.
- **Disproportionate Awards:**
- " Administration Manager" received 30M shares (49% of total PSP) vs. CFO&rsquo s 1M shares.
- No rationale for skew toward non-C-suite roles.
- **Accounting Ambiguity:** Classified CFO&rsquo s shares as " Other Benefits" &ndash obscures true compensation.
*&rarr Undermines remuneration governance suggests ad hoc rewards.*
3. **Selective Disclosure Risks (Q3):**
- Contradicted IR Policy by confirming:
- Substantial shareholder received private updates on " near-term expansion targets."
- Shareholder increased stakes *after* meetings where targets were discussed.
- Training disclosure (" directors informed of policy" ) lacks evidence of enforcement.
*&rarr Fails to dispel information asymmetry concerns.*
4. **Market-Sizing Evasion (Q1ii):**
- Dismissed addressable market quantification for the recycling segment as " unable to gauge."
- No substitute metrics (e.g., regional demand studies) provided despite citing regulatory tailwinds.
*&rarr Weakens growth narrative credibility.*
---
### **Overall Assessment**
| **Area** | **Rating** | **Reason** |
|------------------------|------------|----------------------------------------------------------------------------|
| **Operational Transparency** | Good | Concrete data on capacity, projects, and cash flow. |
| **Governance Rigor** | Poor | Unjustified dilution, non-aligned PSP grants, IR policy breaches. |
| **Risk Communication** | Moderate | Acknowledged external uncertainties but omitted key financial rationales. |
**Conclusion:** Zixin&rsquo s responses adequately address *factual* queries (e.g., project status, capacity) but **expose material governance gaps** in capital raising, executive compensation, and fair disclosure. The lack of performance linkages for PSP grants and failure to justify dilution amid strong liquidity are particularly concerning for minority shareholders. SIAS/SGX may require follow-up on these points.
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sklong138
Elite |
26-Jul-2025 02
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Here is a concise summary of SIAS' queries and Zixin Group' s responses:
---
### **Q1: Financial Performance & Strategy**
**Query (i):**
- *Capacity & Utilization:* Installed capacity (13,700 tonnes) and FY2025 utilization rate (76%).
- *Growth Capability:* Threshold for new capital expenditure.
**Response:**
- Utilization at **76%** no fixed capacity trigger for capex &ndash expansions assessed based on strategic needs and market dynamics.
**Query (ii):**
- *Recovery & Recycling Market Size:* Addressable market for the new segment (RMB 445k revenue in 2H FY2025).
**Response:**
- Market size " unable to be gauged" currently optimistic due to China&rsquo s policy shift away from traditional feedstock (e.g., soymeal reduction in animal feed).
**Query (iii):**
- *Hainan Expansion Timeline/Costs:* Milestones, capital requirements, funding, and Group&rsquo s influence.
**Response:**
- **Timeline:** Primary land development (3-year phased plan) 3/12 villages completed.
- **Funding:** JV (Hainan Xinwei) with RMB 120M capital Zixin holds **3% stake** (RMB 3.6M via internal funds).
- **Influence:** Limited (minority JV stake) updates at key milestones.
**Query (iv):**
- *Rights Issue Justification:* Independent directors&rsquo role in pricing/dilutive terms necessity despite strong cash reserves (RMB 156M pre-issue).
**Response:**
- Independent directors involved in pricing/warrant terms.
- Funds for expansion (PRC/Singapore) and working capital warrants add future liquidity. " Stronger capital base" needed for economic uncertainties.
---
### **Q2: Governance & Remuneration**
**Query (i):**
- *PSP Share Breakdown:* Recipient details (shares, seniority).
**Response:**
1. Admin Manager (12 yrs): **30M shares**
2. CEO Office Manager (15 yrs): **20M shares**
3. Manager (13 yrs): **10M shares**
4. Financial Controller (6 yrs): **1M shares** (recorded as " Other Benefits" ).
**Query (ii):**
- *PSP Selection Criteria:* Basis for choosing recipients.
**Response:**
- Based on tenure, contributions (e.g., building facilities, securing partnerships), and expertise critical for expansion.
**Query (iii):**
- *Performance Conditions:* Benchmarks for 61M share grant (4.4% dilution) alignment with sector standards/shareholder value.
**Response:**
- **No performance conditions** grants aimed at retaining " pivotal personnel." No reference to sector benchmarks or shareholder returns.
---
### **Q3: Investor Relations & Disclosure**
**Query (i):**
- *Selective Disclosure Risk:* Policies to prevent unequal information access after CEO&rsquo s private meetings with a substantial shareholder (who raised stake to 13.5%).
**Response:**
- Investor Relations Policy ensures compliance with SGX rules all material news via SGXNet/website. " No new information" shared privately.
- CEO&rsquo s discussions were " non-selective" shareholder invested due to " passion and vision."
**Query (ii):**
- *Management Training:* Steps to prevent information asymmetry.
**Response:**
- All directors/managers informed of IR Policy directors trained under Catalist Rules.
---
### **Key Themes**
- **Growth Strategy:** Capacity flexibility Hainan JV minimizes financial exposure.
- **Governance Gaps:** PSP grants lack performance links high dilution for retention.
- **Transparency:** Defends selective engagement but offers no new safeguards.
- **Cash Use:** Rights issue funded expansion despite liquidity warrants add future dilution risk.
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Kilatkilat
Veteran |
25-Jul-2025 16:39
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With this big volume of trades recorded today, I can be sure there were tradings made by some investors in the top 20 listing. Expect big wave coming next week. Happy weekend :)
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Kilatkilat
Veteran |
24-Jul-2025 15:58
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Bro, i have never seen anyone did it before in this forum. Can it be done?
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spursfan
Supreme |
24-Jul-2025 15:54
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can tell us your name?
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Kilatkilat
Veteran |
24-Jul-2025 15:51
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Moving up my name in top 20 shareholders listing. Bro Wesley, hope you also grabbed more too.
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Kilatkilat
Veteran |
24-Jul-2025 14:39
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Bro Wesley. Do you want to go to visit their farm and factory together? Let us ask this in the coming agm
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Kilatkilat
Veteran |
24-Jul-2025 14:36
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Tonight I decided to eat sweet potatoes for my dinner.
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Kilatkilat
Veteran |
24-Jul-2025 14:09
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Sooner the sky will change to purple, same color as sweet potatoes. Sky us the limit!
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Kilatkilat
Veteran |
24-Jul-2025 14:07
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Cannot resist. Went in additional funds at 34..
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Kilatkilat
Veteran |
24-Jul-2025 13:57
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How's as expected. Regret my funds did not come earlier
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LoudShout
Master |
24-Jul-2025 13:32
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All the best KitaKilat. May your sweet potatoes have record sales.
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