- Steady increase in receivables over the years. The YoY doubling in 3Q09 would be the tip-off here.
- Change of auditors in Oct 10. Lesson here is to go through the past 5 years SGX filings before buying.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgalQPEr-WCZ7t1YucXEQOmcH4R8Bmag7Ztd2XHNisGzgt6d7SRA_CwSB1neXzFJtdSS3uEV52qZzoaLB6o4Y982Lo8xBrhb-eb1C1CGRShU6aGDwdtmmjockltSSr-DBkccJGNMcqCjKg/s400/chs_dead.jpg)
Also, institutional ownership was no help (BT, Mon 28th):
- China Hongxing has a strong institutional following that includes Skagen Funds, Fidelity, JP Morgan Asset Mgt and State Street.
- Singapore based private equity Tembusu partners has invested in Hongwei.