YZJ Fin Hldg    Last:0.22    -0.005

YZJFH - potentially rewarding

SGX is a drifter lah, like trying to find out what' s best to do. Lunch break, no lunch break, lunch break.... 1000=1lot... 100=1lot, pre market matching... closed market matching and of course, doing away with mandatory quartely report. Dont' want to fault them for trying but they should not list inferior stocks, what' s the point of 600-800 stocks but almost all trading at penny. We should have a reit index and ST index, and both indices should have around 100 stocks max combined lol. Well, pointless ranting aside, let' s just wait and see if all funds that wish to exit have done so already or not. Price action should be weak in the near term regardless, as China facing covid chaos now. 

volvo125      ( Date: 28-Nov-2022 00:58) Posted: @Segarvale, not sure yet until probably past 1st week of Dec. YZJ had released its 3Q brief update so YFH will highly likely do the same, even though the update could be as washed down as YZJ with no top line and bottom line numbers. If YFH indeed skip the 3Q update, then the management is indeed low EQ and touching on the raw nerves of many Long investors. The SGX non mandatory 1Q and 3Q reporting is a very stupid policy that is doing discredit to the public investors. No investor in the right frame of mind will like to see his investments no sound no picture for 6 long months. @HVRRVH, I believe both TR and Vanguard are only interested to invest in the Ship building business fronted by YZJ, not the DI and Assets Mgt business in YFH that is similar to their line of business and was involuntarily distributed to them due to the spin off. TR (AUM USD1.6T) and Vanguard (AUM USD8.1T) are among the biggest US based funds and assets managers themselves so their disinterests to invest in YFH, a very small asset manager in their perspective with only AUM SGD4.6B is understandable. Capital flights due to the persistent USD appreciation is another strong and timely reason for the US angmoh funds to exit YFH. EDBI investment was highly symbolic and long term in nature due to YZJ pledged Maritime R& D center investment in SG over the course of next few years so I do not think EDBI will sell the YZJ and YFH shares after the mandatory bond conversion. AWI was setup by some unnamed senior mgt of YZJ to invest (long term, and again symbolic in nature) on both YZJ and YFH prior to the spin off, so again, I do not think AWI will dispose any shares too. Regardless, the combined EDBI+AWI volume is only 37M even if fully disposed, unlike the huge TR (294M) and Vanguard (93m) with a combined volume 387M.

 

@Segarvale, not sure yet until probably past 1st week of Dec. YZJ had released its 3Q brief update so YFH will highly likely do the same, even though the update could be as washed down as YZJ with no top line and bottom line numbers. If YFH indeed skip the 3Q update, then the management is indeed low EQ and touching on the raw nerves of many Long investors. The SGX non mandatory 1Q and 3Q reporting is a very stupid policy that is doing discredit to the public investors. No investor in the right frame of mind will like to see his investments no sound no picture for 6 long months.

@HVRRVH, I believe both TR and Vanguard are only interested to invest in the Ship building business fronted by YZJ, not the DI and Assets Mgt business in YFH that is similar to their line of business and was involuntarily distributed to them due to the spin off. TR (AUM USD1.6T) and Vanguard (AUM USD8.1T) are among the biggest US based funds and assets managers themselves so their disinterests to invest in YFH, a very small asset manager in their perspective with only AUM SGD4.6B is understandable. Capital flights due to the persistent USD appreciation is another strong and timely reason for the US angmoh funds to exit YFH.

EDBI investment was highly symbolic and long term in nature due to YZJ pledged Maritime R& D center investment in SG over the course of next few years so I do not think EDBI will sell the YZJ and YFH shares after the mandatory bond conversion. AWI was setup by some unnamed senior mgt of YZJ to invest (long term, and again symbolic in nature) on both YZJ and YFH prior to the spin off, so again, I do not think AWI will dispose any shares too. Regardless, the combined EDBI+AWI volume is only 37M even if fully disposed, unlike the huge TR (294M) and Vanguard (93m) with a combined volume 387M. 

 

So there is no 3Q update as mentioned in L&T?? That B guy who keep shooting down and said mgmt said got 3Q and then no SBB one, no sound no action..you know who you are la😂 ...anyway, he can just continue his big logic talk..and keep waiting for the results release..hahaha..thanks HVRRVH

HVRRVH      ( Date: 27-Nov-2022 12:08) Posted: Other than the point that institution sold because lack of mandate/free money and not because YZJF lack of fundamental, just to add another minor point. I think it is not by chance that SBB stopped, I think the management know something, perhaps big guns have finished selling. They cannot come out and shout ' big guns finished liao loh' so they said it is strategised move in view of 10% cap (To stress again: They never said it was due to 3Q update, they are not compulsory, don' t know where the idea arises since it was clear from L& T event that they never commit to a 3Q update).  HVRRVH      ( Date: 27-Nov-2022 11:47) Posted: It is slightly more than 6 months now since YZJF spinned out from YZJS. In the stated period, the share price has gone from 69 cents all the way down to lowest 31 cents. In the meanwhile, TROW seemed to have exited from their 7% holding. It seemed that afterall, TROW has no mandate to invest in company such as YZJF, they are still a big shareholder in YZJS as of now. On hindsight, 7% exit is very significant, if I were to know for sure such event was going to happen, I know I have at least 3-6 months to short. We will be kidding ourselves that only people in TROW knew they will be exiting. Indeed, even only people in TROW knew about the intended exit, there was no garantee that news won' t leak. What I am trying to say, in short, is that from the get go, YZJF already facing uphill task in term of price appreciation since a 7% shareholder had to exit.  That bring us to next question, is there any likeminded big shareholder(s) that need to exit YZJF owing to lack of investing mandate?  I think volvo125 mentioned about Vanguard. I am not too sure about its holding. However, EDBI (An investment unit of EDB) and Alexandrian Worldwide do hold 18 576 360 shares each of YZJF at the point of listing (total 37 174 720). They received the shares as they jointly provided 50m convertible bond to YZJS, and the bond had been converted to shares on 19.4.22 when YZJS issued them 37 174 720 YZJS shares. Because of the spinoff, they also received the same amount of YZJF shares. Both EDBI and Alexandrain had undertook not to sell within 6 months any of the YZJF shares (source: YZJS announcement dated 4.3.22), which of course, had lapsed by now. I am not sure about Alexandrain Worldwide, but will EDBI holding on to YZJF? They have converted their bond to YZJS shares at $1.345 (source: YZJS announcement dated 4.3.22 and 19.4.22) and right now, they already in the money and it can be said that their investment is with YZJS so why would they keep YZJF shares, which they paractically obtained at no cost at all?   Therefore, we can see the tremendous downward price pressure YZJF has been facing. Fact: TROW sold out. Likelihood: Vanguard selling/sold out EDBI selling/sold out, maybe Alexandrian also selling. No wonder 69 cents all the way to 31 cents! In this aspect, it seemed YZJF could have done better. How? I don' t know becasue I don' t think they can ask TROW or Vanguard to moratorise their shares for any time period. Only EDBI and Alexandrain they can as part of the bond conditions. In summary, it is likely that all big institutions that have no mandate to hold YZJF has exited from 69 cents to 31 cents. This coincide with price showing strength from base of 31 cents and is consolidating now. We also know for the fact that in every selling, there was buying. So who bought TROW' s sale, who bought from 69 cents to 31 cents? Other than the announced insiders buying and SBB, who else? And were those buying enough to ' cover' the sales by the aforementioned parties? The good news in all these big instiution selling YZJF was the fact that obviously, they sold becasue they were either, 1-no mandate, 2-free money, or both.  In conclusion, we should see YZJF continue to consolidate at current level for a while and afterwhich, it shoud start to rise.

 

This is how I interpret the LPS (Liquidity Pool Scheme) news release on 25 Nov 2022. LPS is a BIG leap forward for YFH.

There are generally 3 established ways for YFH to transfer funds out of China to overseas via :-

1.  Declaring dividends for payout in SG to shareholders, but this will attract a 5~10% withholding tax from China. This was the only way for YFH until getting this LPS, as QDLP is still pending.

2.  QDLP, in which YFH can raise RMB from local institutions and UHNW individuals (eg. family offices) for offshore investments. The Jiangsu authority has awarded YFH the allocation quota but the licence to operate is still pending. Note that this scheme is meant to raise additional funds from the China market (specifically from the Jiangsu Province) for offshore investments that will serve to boost YFH AUM further from its prevailing S$4.6B, and not as a legit avenue to transfer the recycled DI funds out from the current YFH balance sheet for overseas investments.

3.  LPS, this will be the primary avenue going forward for YFH to deploy its China funds to overseas investments due to the huge ~S$1.9B quota available, negligible cost as interest expense is eliminated at group level, and the opportunity to centrally facilitate and ease cash management and movement because of this &ldquo flexible&rdquo intra coy loan treatment.

4.  There is a 4th way in which YFH could only use once, which was at the onset during the spin off listing in an overseas Exchange (SGX) when S$480M was approved by the China government for the overseas target spin off investment.

China has very strict capital control so prior to getting LPS, the RMB cash in China and SGD/USD cash in SG could not be synergistically deployed together to fund overseas investment. With LPS approved, YFH could now mobilise up to ~S$1.9B to SG at will with negligible cost. What this mean are :-

a.    YFH is still subject to China strict capital control but is now up to a huge ~S$1.9B quota (this quota likely excluding the S$480M already in SG, which is certainly not an intra coy loan). With this ~S$1.9B that can be freely deployed at will by YFH for overseas investment in the form of intra coy loans, the RMB cash reserve in China and the overseas investments now has established a " dynamic bridge" or a link, thus allowing this so called centralised management of cash in the form of intra coy loans up to ~S$1.9B.

b.    As long as YFH SG (or the overseas subsidiaries) continues to pay interests on the intra coy loans to YFH China, the subsidiaries can keep or retire the loans at will at their disposal for their investment purposes. These interest payments are left pocket to right pocket so the cost to YFH is net zero at group level due to eliminations.

c.    Without LPS and come 2Q2023 when YFH needs to transfer fund from China to pay dividends for FY22 performance, YFH or shareholders will need to bear a 5~10% withholding tax. However, with the funds already in YFH SG in the form of intra coy loans funding projects that are making profits or as working capitals, the payment of dividends could be disbursed in SG which is at Tier 1 taxation, meaning no further taxation on dividends.

d.    LPS is a big leap forward because YFH no longer need to wait its previously guided 3~5 years to hit the 50% offshore target due likely to the stringent China capital control. The ~S$1.9B quota is more than enough to lift YFH offshore investment to 50% immediately, assuming all these appropriate investments are available, duly appraised, and are ready for funds deployment. YFH revenues and incomes projections going forward in FY23 and beyond can and will now be greatly accelerated as long as Toe and his men in SG could bring in the appropriate duly appraised projects, no longer restricted by the fund limit transfer restrictions from China.

e.    At the eventual 50% offshore target in which the pace can now be accelerated, the income generated through the YFH SG portion will be taxed at a much lower rate of 17% (instead of 25% in China). And the future cash flows generated by YFH SG in SG could certainly be deployed to pay dividends to avoid the 5~10% withholding tax from China (assuming LPS in the form of intra coy loans is strictly project specific disbursement and could not be disbursed out to subsidiaries generally)

Again, this is how I read YFH going forward. I am not a trained accountant so any Bro who is CPA trained   ( such as emailpeter &hellip ) may be able to validate some of my observations &hellip such as are these intra coy loans likely disbursed on specific projects only or generally, the theoretical possibility of paying dividend from SG to do away with the China withholding tax &hellip  
 

 

Other than the point that institution sold because lack of mandate/free money and not because YZJF lack of fundamental, just to add another minor point. I think it is not by chance that SBB stopped, I think the management know something, perhaps big guns have finished selling. They cannot come out and shout ' big guns finished liao loh' so they said it is strategised move in view of 10% cap (To stress again: They never said it was due to 3Q update, they are not compulsory, don' t know where the idea arises since it was clear from L& T event that they never commit to a 3Q update). 

HVRRVH      ( Date: 27-Nov-2022 11:47) Posted: It is slightly more than 6 months now since YZJF spinned out from YZJS. In the stated period, the share price has gone from 69 cents all the way down to lowest 31 cents. In the meanwhile, TROW seemed to have exited from their 7% holding. It seemed that afterall, TROW has no mandate to invest in company such as YZJF, they are still a big shareholder in YZJS as of now. On hindsight, 7% exit is very significant, if I were to know for sure such event was going to happen, I know I have at least 3-6 months to short. We will be kidding ourselves that only people in TROW knew they will be exiting. Indeed, even only people in TROW knew about the intended exit, there was no garantee that news won' t leak. What I am trying to say, in short, is that from the get go, YZJF already facing uphill task in term of price appreciation since a 7% shareholder had to exit.  That bring us to next question, is there any likeminded big shareholder(s) that need to exit YZJF owing to lack of investing mandate?  I think volvo125 mentioned about Vanguard. I am not too sure about its holding. However, EDBI (An investment unit of EDB) and Alexandrian Worldwide do hold 18 576 360 shares each of YZJF at the point of listing (total 37 174 720). They received the shares as they jointly provided 50m convertible bond to YZJS, and the bond had been converted to shares on 19.4.22 when YZJS issued them 37 174 720 YZJS shares. Because of the spinoff, they also received the same amount of YZJF shares. Both EDBI and Alexandrain had undertook not to sell within 6 months any of the YZJF shares (source: YZJS announcement dated 4.3.22), which of course, had lapsed by now. I am not sure about Alexandrain Worldwide, but will EDBI holding on to YZJF? They have converted their bond to YZJS shares at $1.345 (source: YZJS announcement dated 4.3.22 and 19.4.22) and right now, they already in the money and it can be said that their investment is with YZJS so why would they keep YZJF shares, which they paractically obtained at no cost at all?   Therefore, we can see the tremendous downward price pressure YZJF has been facing. Fact: TROW sold out. Likelihood: Vanguard selling/sold out EDBI selling/sold out, maybe Alexandrian also selling. No wonder 69 cents all the way to 31 cents! In this aspect, it seemed YZJF could have done better. How? I don' t know becasue I don' t think they can ask TROW or Vanguard to moratorise their shares for any time period. Only EDBI and Alexandrain they can as part of the bond conditions. In summary, it is likely that all big institutions that have no mandate to hold YZJF has exited from 69 cents to 31 cents. This coincide with price showing strength from base of 31 cents and is consolidating now. We also know for the fact that in every selling, there was buying. So who bought TROW' s sale, who bought from 69 cents to 31 cents? Other than the announced insiders buying and SBB, who else? And were those buying enough to ' cover' the sales by the aforementioned parties? The good news in all these big instiution selling YZJF was the fact that obviously, they sold becasue they were either, 1-no mandate, 2-free money, or both.  In conclusion, we should see YZJF continue to consolidate at current level for a while and afterwhich, it shoud start to rise.

 

It is slightly more than 6 months now since YZJF spinned out from YZJS. In the stated period, the share price has gone from 69 cents all the way down to lowest 31 cents. In the meanwhile, TROW seemed to have exited from their 7% holding. It seemed that afterall, TROW has no mandate to invest in company such as YZJF, they are still a big shareholder in YZJS as of now. On hindsight, 7% exit is very significant, if I were to know for sure such event was going to happen, I know I have at least 3-6 months to short. We will be kidding ourselves that only people in TROW knew they will be exiting. Indeed, even only people in TROW knew about the intended exit, there was no garantee that news won' t leak. What I am trying to say, in short, is that from the get go, YZJF already facing uphill task in term of price appreciation since a 7% shareholder had to exit. 

That bring us to next question, is there any likeminded big shareholder(s) that need to exit YZJF owing to lack of investing mandate? 

I think volvo125 mentioned about Vanguard. I am not too sure about its holding. However, EDBI (An investment unit of EDB) and Alexandrian Worldwide do hold 18 576 360 shares each of YZJF at the point of listing (total 37 174 720). They received the shares as they jointly provided 50m convertible bond to YZJS, and the bond had been converted to shares on 19.4.22 when YZJS issued them 37 174 720 YZJS shares. Because of the spinoff, they also received the same amount of YZJF shares. Both EDBI and Alexandrain had undertook not to sell within 6 months any of the YZJF shares (source: YZJS announcement dated 4.3.22), which of course, had lapsed by now. I am not sure about Alexandrain Worldwide, but will EDBI holding on to YZJF? They have converted their bond to YZJS shares at $1.345 (source: YZJS announcement dated 4.3.22 and 19.4.22) and right now, they already in the money and it can be said that their investment is with YZJS so why would they keep YZJF shares, which they paractically obtained at no cost at all?  

Therefore, we can see the tremendous downward price pressure YZJF has been facing. Fact: TROW sold out. Likelihood: Vanguard selling/sold out EDBI selling/sold out, maybe Alexandrian also selling. No wonder 69 cents all the way to 31 cents! In this aspect, it seemed YZJF could have done better. How? I don' t know becasue I don' t think they can ask TROW or Vanguard to moratorise their shares for any time period. Only EDBI and Alexandrain they can as part of the bond conditions. In summary, it is likely that all big institutions that have no mandate to hold YZJF has exited from 69 cents to 31 cents. This coincide with price showing strength from base of 31 cents and is consolidating now. We also know for the fact that in every selling, there was buying. So who bought TROW' s sale, who bought from 69 cents to 31 cents? Other than the announced insiders buying and SBB, who else? And were those buying enough to ' cover' the sales by the aforementioned parties? The good news in all these big instiution selling YZJF was the fact that obviously, they sold becasue they were either, 1-no mandate, 2-free money, or both. 

In conclusion, we should see YZJF continue to consolidate at current level for a while and afterwhich, it shoud start to rise. 

 

If RenYL does buy, it would likely be a few millions shares at most as a " symbolic gesture" to instill confidence, much like what Toe, Sutat, Chua and ICH did previously .... nothing more. RenYL certainly won' t be spending tens of millions of dollars of his own money buying up 100m or even more shares unless he has clear intention to cross the 30% threshold to trigger the takeover code.

So the key issue that all the investors should really be concerned with is still very much what happens when the 10% treasury shares limit is reached, which RenYL had openly declared that he would seek a fresh shareholders mandate to continue the SBB.

Now, the 10% treasury shares limit (at all time, not just one year) is stipulated by the Company Act which in turn guides the SGX buyback rules. So in order to renew the SBB, either partially or fully, the 10% treasury shares already in the vault must first be " spent" , either partially or fully, in order to release the quota back to well below the 10% against the float so that SBB can commence again. Treasury shares could generally be spent in various ways such as paying dividends, employee benefits, M& A, shares cancellations ...etc. However, in the case of YFH where its share price is very heavily discounted at just ~30%+ NAV, only shares cancellation makes economic sense and consistent in enhancing shareholders values.

Using heavily discounted treasury shares to pursue all other options will only serve to destroy shareholders values while also at the same time put the coy share price at further risk of more erosion due to public shareholders encashing the distributed shares in lieu of dividends in the open market.

So based on RenYL openly declared commitment to renew SBB, shares cancellation is implicitly implied and definitely on the table in due course.
 

vicloo      ( Date: 26-Nov-2022 17:18) Posted: Co is not doing SSB, but he is buying using own money, as retail investor?? soeteono      ( Date: 24-Nov-2022 07:58) Posted: He is not buying any , how to increase his stake ?

 

I think they might have achieved SBB intended purpose. No more necessary for the present reactive mode of buying from now.
The remaining 130+m available funds may likely channel Into more productive investment in future.

vicloo      ( Date: 26-Nov-2022 17:18) Posted: Co is not doing SSB, but he is buying using own money, as retail investor?? soeteono      ( Date: 24-Nov-2022 07:58) Posted: He is not buying any , how to increase his stake ?

 

OIC. Thanks for the clarifications and details.

HVRRVH      ( Date: 26-Nov-2022 16:23) Posted: 3q update? I attended L&T presentation and all I remember was that Ms Li Hua didn?t say there will be 3Q update. She only said SBB was paused as they have bought back a lot and they are strategising it in view of 10% cap. She almost rest it like that but the L&T person then chip in to say ?also because of 3Q results? and she replied it was not compulsory but to be prudent, the SBB has stopped. She went on to remark there may or may not have 3Q update. So it is not a confirm thing that there will be 3Q update. As for TROW, she didn?t make specific reference to it but personally I think they should have sold all. GoldenPig      ( Date: 26-Nov-2022 14:19) Posted: Yes, nothing new per se. But it' s reassuring to see the company achieving significant milestones in its implementation plan. My guess is the share buyback is paused, not because of a Q3 business update but because of these implementation progress updates. And also because the dumping of shares by SSHs like T Rowe has stopped

 

So far no announcement of his purchase .

vicloo      ( Date: 26-Nov-2022 17:18) Posted: Co is not doing SSB, but he is buying using own money, as retail investor?? soeteono      ( Date: 24-Nov-2022 07:58) Posted: He is not buying any , how to increase his stake ?

 

Co is not doing SSB, but he is buying using own money, as retail investor??

soeteono      ( Date: 24-Nov-2022 07:58) Posted: He is not buying any , how to increase his stake ? sgng123      ( Date: 24-Nov-2022 02:02) Posted: Getting exciting as old ren gearing up to increase his stake in YZJFH together with remaining 100+ mil share buyback program. Sharebuyback had been stalled since start of nov in anticipation of big news in Dec which would affect stock price. Old Ren getting pissed off by short selling on his darling company YZJFH, maybe this time he going big time and increase his stake significantly. It getting ridiculous by days as cash company stock price get smash to 30% of it cash value. 90% of DI matured by 1h 2023,0that is abt 2.2b cash coming in, add in existing cash 1.25b. almost 3.5b cash hoping to be redeployed with interest rate going skyhigh, yzj can get higher rate from it DI. Partnership with temasek in PE fund focusing in sg and Vietnam, think GIC might hop in later. Lots and lot of cash incoming but stock price not reflecting..... Enjoy the show but stay off drama.

 

3q update? I attended L&T presentation and all I remember was that Ms Li Hua didn?t say there will be 3Q update. She only said SBB was paused as they have bought back a lot and they are strategising it in view of 10% cap. She almost rest it like that but the L&T person then chip in to say ?also because of 3Q results? and she replied it was not compulsory but to be prudent, the SBB has stopped. She went on to remark there may or may not have 3Q update. So it is not a confirm thing that there will be 3Q update. As for TROW, she didn?t make specific reference to it but personally I think they should have sold all.

GoldenPig      ( Date: 26-Nov-2022 14:19) Posted: Yes, nothing new per se. But it' s reassuring to see the company achieving significant milestones in its implementation plan. My guess is the share buyback is paused, not because of a Q3 business update but because of these implementation progress updates. And also because the dumping of shares by SSHs like T Rowe has stopped? HVRRVH      ( Date: 26-Nov-2022 11:21) Posted: Something new, qualified for Liquidity Pool Scheme. Actually, it' s not somthing new, it has been part of the plan by the management. Chinese company without this qualification can only move fund out via declared dividend or QDLP. We can omit QDLP for most Chinese companies, as their nature of business is not investment per se and QDLP is not applicable. YZJF should be getting QDLP in due course too. Already, with LPS in place, they can move up to RMB10b freely to their group of companies outside China freely. So this address the point of Chinese capital control policy and allay the concern that they can' t move fund out of China to meet investment committment. It also shows that they have big sum of money in China currently. As shareholders, we hope once these monies are put to investment oveseas, it will generate good returns. With LPS, YZJF can also easily convert USD/SGD back to RMB if the exchange rate is favourable and realised the gain. As it is, at least from my past experience with China Sunsine, they can only present the ' gain' on paper because their USD was stuck at overseas account and cannot readily convert/transfer back to RMB in China. So in gist, another good development and long term investors shall be patience.

 

Yes, nothing new per se. But it' s reassuring to see the company achieving significant milestones in its implementation plan.

My guess is the share buyback is paused, not because of a Q3 business update but because of these implementation progress updates. And also because the dumping of shares by SSHs like T Rowe has stopped?

HVRRVH      ( Date: 26-Nov-2022 11:21) Posted: Something new, qualified for Liquidity Pool Scheme. Actually, it' s not somthing new, it has been part of the plan by the management. Chinese company without this qualification can only move fund out via declared dividend or QDLP. We can omit QDLP for most Chinese companies, as their nature of business is not investment per se and QDLP is not applicable. YZJF should be getting QDLP in due course too. Already, with LPS in place, they can move up to RMB10b freely to their group of companies outside China freely. So this address the point of Chinese capital control policy and allay the concern that they can' t move fund out of China to meet investment committment. It also shows that they have big sum of money in China currently. As shareholders, we hope once these monies are put to investment oveseas, it will generate good returns. With LPS, YZJF can also easily convert USD/SGD back to RMB if the exchange rate is favourable and realised the gain. As it is, at least from my past experience with China Sunsine, they can only present the ' gain' on paper because their USD was stuck at overseas account and cannot readily convert/transfer back to RMB in China. So in gist, another good development and long term investors shall be patience.

 

Something new, qualified for Liquidity Pool Scheme. Actually, it' s not somthing new, it has been part of the plan by the management. Chinese company without this qualification can only move fund out via declared dividend or QDLP. We can omit QDLP for most Chinese companies, as their nature of business is not investment per se and QDLP is not applicable. YZJF should be getting QDLP in due course too. Already, with LPS in place, they can move up to RMB10b freely to their group of companies outside China freely. So this address the point of Chinese capital control policy and allay the concern that they can' t move fund out of China to meet investment committment. It also shows that they have big sum of money in China currently. As shareholders, we hope once these monies are put to investment oveseas, it will generate good returns. With LPS, YZJF can also easily convert USD/SGD back to RMB if the exchange rate is favourable and realised the gain. As it is, at least from my past experience with China Sunsine, they can only present the ' gain' on paper because their USD was stuck at overseas account and cannot readily convert/transfer back to RMB in China. So in gist, another good development and long term investors shall be patience. 

 

It' s nice that forumers are sharing good information so investors can make an informed decision. Probably, can garner more support to push it up to it' s fair value. I assume most investors are impatient due to the fact it plunges from almost 60 cents to the lowest level at 31 cents since the spin off. I' m pretty confident it will rise eventually with Ren' s capabilities. He ain' t dumb to invest so much in YZJFH and see it fall too.

 

Eh ... not really blind faith, more like in good faith based on YFH rock solid net cash balance sheet. Based on its previous years almost pure DI portfolio, churning out a 8~9% NPAT margin from its steady ~12% pa gross interest income yoy is almost a guarrantee. Just that now the issue of future income visibility sets in during this transformation phase because YFH wants to upscale its porfolio to include higher margin wealth and fund managment products while toning down the lower margin but bomb proved DI. YFH has strong competency and successful track record in DI but the coy is certainly new to the fund and weath management businesses. Time will tell if the former GEM team could successfully re-deploy the recycled DI funds progressively into the much higher margin fund and wealth managment products. Also, how RenYL could capitalise on his UHNW network with the QDLP in his Jianyin base in the affluent Jiangsu Province to seek out more family offices will have a significant valuation implication on YFH going forward.

ss2017.      ( Date: 24-Nov-2022 14:34) Posted: People who own this YZJFH share is purely based on blind faith with a high stake gambling on YZJFH Mgt credibility. Many things are in the dark now.. Hold if you believe the Mgt. Or quit the counter if you don't trust them,so simple. There is no point talk down this counter hoping to buy low because once 34.5 is supported recently , the price trend is gradually moving up. Good luck to those long holders. Traders don't waste time and energy on this counter. HVRRVH      ( Date: 24-Nov-2022 14:11) Posted: Nothing new here. Managment carrying out strategies as per planned. Still, many investors or rather traders, seems losing patience but realy, there is nothing to see till at least 1 and half / 3 years later. What we do know in the interim is that there will be at least 40% eps payout as dividend. So investors who believe in the company get dividends while watiing. Traders should identify better company to trade.

 

Why people need to join us for positive thinking. Reasons here:
Beside trust the Mgt with " calculated faith". The most important criteria is this company does not have debts. Further more no cash flow problems, instead it has a plenty of capital reserve. Stay positive always.

 

agreed.
i understand many is feeling frustrated as we put a lot of faith and homework and it did not come to be.  end of the day yzjfh need patience and holding power. 
really more for long term investor who did the homework and is willing to go for long term.

looking forward to it going up soon gradually. but dyodd

 

HVRRVH      ( Date: 24-Nov-2022 14:38) Posted: I think we have to give credit to investors who really did their homework, so I wouldn' t say ' blind' faith when come to them. I know who among the forumers are more credible ones with their postings. But a lot just wanted a quick punt and their ' frustration' is so intense that you can even feel it just by reading their posts because they wanted the price to hit 70 cents like yesterday.   ss2017.      ( Date: 24-Nov-2022 14:34) Posted: People who own this YZJFH share is purely based on blind faith with a high stake gambling on YZJFH Mgt credibility. Many things are in the dark now.. Hold if you believe the Mgt. Or quit the counter if you don't trust them,so simple. There is no point talk down this counter hoping to buy low because once 34.5 is supported recently , the price trend is gradually moving up. Good luck to those long holders. Traders don't waste time and energy on this counter

 

The whale back bones are long, you count then you know, so don't expect it stops at 35.5, may be longer...

112233      ( Date: 24-Nov-2022 14:46) Posted: see a whale coming. don' t know will it gobble up 0.355 🤫

 

see a whale coming. don' t know will it gobble up 0.355 🤫