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aws账号(www.2km.me)_Lessons from China Auto

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Keeping tabs: The Securities Commission building in Kuala Lumpur. It has taken steps to reprimand the relevant parties for the wrongdoing involving CAP.

THE Securities Commission (SC), in a statement last week, reprimanded China Automobile Parts Holdings Ltd (CAP), its current and former directors, and chief financial officers for various breaches of the securities laws.

According to the SC, pursuant to the company’s initial public offering (IPO), CAP had submitted to the SC and issued a prospectus dated Jan 11, 2013, that contained financial statements of its wholly-owned subsidiary that were false or misleading, due to overstatement of the subsidiary’s bank balances.

CAP was listed on the Main Market of Bursa Malaysia on Jan 30, 2013, at an IPO price of RM0.68 and with the listing of 600 million shares, giving it a market capitalisation of RM408mil. Its IPO was also oversubscribed by almost 2.4 times.

On its first day of listing, CAP saw its share price surging by 88% to RM1.28 but ended its first listing day at 78 sen, just 10 sen above its offer price. One week before its listing on Bursa, CAP provided its fourth quarter (Q4) 2012 financial statements to Bursa which showed it had approximately RM110mil in net cash and total shareholders’ funds of RM209.3mil.

Increased total shares

Since its listing in January 2013, the company’s total shares outstanding in the market have increased from 600 million shares to 1.362 billion shares as a result of the issuance of 550.2 million new shares pursuant to a bonus issue on the basis of nine for 10 in mid-Sept 2015; 200.4 million new shares as a result of the exercise of an employee share option scheme at six sen per share; and 11.4 million shares as a result of the exercise of warrants at 35 sen per share.

Before CAP’s accounts were made subject to greater scrutiny, the company announced quarter after quarter of respectable quarterly statements, and by Q3 of 2015, announced in mid-November 2015, the company declared that it had net cash of RM319.3mil and total shareholders’ funds of RM566.7mil.CLICK TO ENLARGE

This was when the company’s financials hit their peak. A year later, the financial condition of the company deteriorated marginally and by the end of the Q4 of 2016, which was the last quarterly reported statements to Bursa before the real financials were unearthed, the company’s financial statements showed it had net cash of RM229.2mil and total shareholders’ funds of RM474.8mil, still relatively healthy. This was reported on Feb 28, 2017.

At that time the share price was trading at just three sen per share, although it had a net asset of 35 sen per share and net cash per share of 16.8 sen. It was in this quarterly statement that CAP declared that it was taking a RM55.9mil hit in the form of impairment of its trade receivables.

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