S Chips or minibond equivalent?

Finally a letter appeared in the ST forum questioning the huge amount of money lost by investors in S Chips, or China stocks listed in our stock market. I am wondering if this the first and only letter ever received by ST on this issue. Steven Lim Ngian Ern questioned whether due diligence were done before foreign companies were allowed to be listed here and why no one was answerable for the increasing number of S Chips going under through accounting fraud, disappearing management, board of directors abandoning the companies, overstating of cash balances and over inflated sales. Who is accountable for all these failures and the loss of money by investors? The answer is NOBODY! No one is responsible. It is caveat emptor. Someone told me geylang's gambling dens also operate on the same basis. No one is responsible. You die your own business. The operator just bring the gamblers together and collect a commission. Before we continue to plunge more deeply into this black hole, before more investors lose their money, I think there are enough incidents to warrant a slow down in this reckless and mindless pursuit to boost up the number of stocks in the stock market. Clob is already a very bitter experience. The way things are going it is not much different from Malaysian Clob shares or the minibonds. We need accountability and responsibility. We are not talking about losing peanuts. The money lost in the market is awesome.


Anonymous said...

All those fools who lost money by investing into the S chips deserve no pity. Of course when things go bad, no one is responsible because all of them has already covered their backsides.

If you think you know much of a company that is thousands of Km away and you can trust those PRC entrepreneurs, think again. Any country that can have their babies poisoned by tainted milk will not think twice about milking your money until you're sucked dry.

I could smell a rat when the S chips were first launched. To invest well, you not only must have the money, the brains and the luck. You must have intuition as well.

Anyway, to those who lost on the S chips........Learn your lessons and move on and stay far far away from the S chips in future.

S Chips My Ass.

Chua Chin Leng aka redbean said...

there is another article in the ST by Goh Eng Yeow on this issue. After being robbed at Suzhou, we are now inviting the thieves into our homes.

Anonymous said...

We thought we were smarter and more experienced in infrastructure developments when we first went into Suzhou, but we were still swallowed up.

Tan Kim Lian went to China with a Government delegation sometime ago while he was still with NTUC Income (I think it was PM Goh),intending to sell insurance softwares to the Chinese and instead found that the Chinese had an even better software than what TKL had to offer. In the end he ended up buying rather than selling. I still remember the story.

Lost Citizen

Ⓜatilah $ingapura⚠️ said...

The crony capitalism which Asia is famous for results in many exciting scenarios of economic calamity, financial hardship, and the 'bad guys' frequenting winning all the chips at the table.

Imagine is there was no crony capitalism in Asia and everything was transparent.

It would be intolerably boring.

Steven Lim(forum writer) said...

Just want to share that there is another potential S-Chip blowup.

Do read the AGM details of another S-chip on Sat 25 April in BT as well as TODAY newspapers.

Chua Chin Leng aka redbean said...

hi Steven Lim, welcome to the blog.

the s chips are getting dicier by the days. readers should read Diary of a Singaporean on his take and the potential of a burst of the dam.