Wednesday, March 04, 2015

S-Chips email to the authorities

I have written an email to the authorities today.

Dear Sir/Mdm,

Over the years, we have witnessed many failures of the S-Chips.

Some of the examples of S-Chip Failures, that I can recall, are China Hongxing, China Sun Biotech, and Celestial Nutrifoods; in fact, I've just discovered that there is a blog dedicated to complains against the failure of Celestial Nutrifoods,

The latest one in the limelight is China Oilfield. As you can see from the image attached (taken from StockFacts from the SGX Website), hundreds of millions of CNY (Chinese Yuan) had been lost.

It appears to me that this is a systemic failure of the S-Chips. And, because of such failures, many investors (including Singaporeans) have lost hundreds of millions of their hard-earned money.

There are no avenues for recourse for these investors.

Not that I am the first one to write to you on the S-Chip Failures, but, as regulators of the stock exchange, I would like to once again urge you to address the issue.

Singapore's reputation as a world-leading Financial Centre is at stake.

Thank you.

Yours truly,