Kingwell Group Limited 京維集團有限公司

Sinotronics disputes Deutsche Bank writ over toxic derivatives, says true risks were misrepresented
Company announcement, 2-Apr-2009
Deutsche Bank's claim on Sinotronics for termination of toxic derivatives
Company announcement, 13-Nov-2008
Termination of Deutsche Bank toxic derivatives
Company announcement, 11-Nov-2008
Sinotronics follows the lead of First Natural Foods and declines to comply with payment request. DB then terminates. Now what about China Packaging?
Termination of Deutsche Bank toxic derivative
Company announcement, 3-Nov-2008
First Natural Foods says it was "induced" by Deutsche Bank's "representations" to sign the contract, and now regards it as unenforceable. Comment: good, now what about Sinotronics and China Packaging, amongst others?
Deutsche Bank's toxic derivatives
Two years ago, we successfully deterred the issuance of further toxic convertibles by listed companies in Hong Kong. Now we find that another bank is peddling toxic derivatives to small listed companies, including three small, apparently cash-rich, HK-listed industrial companies from Fujian. Both sides are to blame. Listed companies should only use derivatives to reduce risk, not to increase it, and banks should not be selling such unsuitable and toxic products to unsophisticated clients. (30-Nov-2007)
CSFB's Toxic Convertibles lifts the lid on the toxic convertibles scam in HK, in which small, mostly naive companies surrender control over future equity issuance to an investment bank, whose principal interest is to lock in a profit by converting bonds on a rolling basis at a deep discount to market and selling the resulting shares. CSFB has led the way down this value-destroying path, with Merrill Lynch recently joining the fray. We estimate that the banks make a gross profit on money raised of about 31%, and the average stock price has fallen 30% since a toxic convertible was launched. If you are a listed company, just say no. If you are an institutional investor, take your business elsewhere. (8-Jun-2005)
Breach of Listing Rule 13.16
Company announcement, 24-Nov-2004

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