The SCMP article on the demise of First Natural Foods Holdings Limited is a case in point. The company was detailed in Hong Kong and ran a business of selling a range of foods like the highly popular and valuable abalone from its headquarters in Fujian Province. June 2008 In, it reported shareholders’ funds of RMB1.2 billion and cash of RMB630 million.
In other words, the audited accounts demonstrated a very solid and liquid balance sheet highly. Within a matter of months, the business managed to pretty much implode. In January 2009 the Hong Kong courts declared the company to be insolvent. The insolvency begged the obvious question – what happened to the cash? At this time it would appear that the answer may never be known.
- A $1,000 par value connection is outlined as offering at 92 1/8 presently. This means
- Net Investment Income =- Interest
- 08-071529 SIBLEY, EFFIE Pecos County
- My AU/NZ equities were flat. There have been no transactions this month
- Three electives (10 credits each) and an Applied RESEARCH STUDY (20 credits)
- This one has exactly zero security so well donee Funding Secure
Ernst & Young were appointed as liquidators. The reality is that shareholders have no remedy for situations like this. The First Natural Foods case is no isolated incident. There are many similar stories of inexplicable insolvencies of Hong Kong outlined companies. The exceptions make up an extremely small percentage of the portfolio.
If you look at P/S Ratio, calendar-year median is 0 the … Read more