It insists it did not receive shareholding notifications from JF
By ARTHUR SIM 08 September 2009
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 occasions, reducing its stake from 9.25 per cent to 4.08 per cent.
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.
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China Hongxing sticks to its guns
It insists it did not receive shareholding notifications from JF
By ARTHUR SIM
08 September 2009
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 occasions, reducing its stake from 9.25 per cent to 4.08 per cent.
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.
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