Often Partisan

News From Hong Kong

Carson Yeung’s other business interest SMI Publishing announced yesterday that they were to change their name to Sing Pao Media Group as they bid to get themselves relisted on the Hong Kong Stock Exchange.

The company, which is 13.26% owned by Carson has had its shares suspended since April 2005 due to concerns over its financial viability and has been served with a notice to delist under Hong Kong Stock Exchange procedure.

There have also been ugly rumours circulating Hong Kong as to the background of Xie Hai Yu who took over the beleaguered company last year in the light of an editorial scandal in the newspaper regarding the recent Hong Kong Chief Executive elections.

What is noteworthy for Blues fans is the length of time it has taken to delist Sing Pao Media Group from the stock exchange despite a continued lack of information provided by the company to the HKSE and the lack of punitive action taken by the exchange in light of this – and the comparison of the somewhat analogous situation at Birmingham International Holdings and their continued delay of accounts. As an interested outsider the inferrence I get is that even though the Stock Exchange have demanded BIH supply them with answers to certain questions there will be no sanctions emplaced if the information isn’t forthcoming.

As it remains the accounts for the year ending June 2011 have not been published and we have no word other than mention in the Birmingham Mail that the accounts should be out by the end of the month that this situation will be resolved any time soon. Until the accounts are published the embargo on new player registrations will continue to be enforced by the league at their discretion and the cloud of financial uncertainty will hang over Birmingham City.

 

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14 Responses to “News From Hong Kong”

  • Aussiebrum says:

    It’s unfair to draw a direct analogy between a 13.6% subsidiary of Carsons operating in HK and BCFC. Simply BCFC has an incentive or an imperative to release the accounts to ensure the embargo is lifted.

    SMI could continue trading while delisted, BCFC can’t trade effectively due to the embargo, everyone appreciates the need for us to strengthen our squad.

    There’s also the structural difference where BCFC isn’t publicly listed, rather it is a subsidiary entity of a foreign listed company. This assets (BCFC) might have considerable value to the shareholders, likely a great deal more value that SMI has which increases the likelihood of a speedy resolution.

    But this doesn’t mean everything is rosy, we accept the accounts will be ugly giving the doomsdayers a free kick.

    Yet we’re Birmingham City, sadly we’re used to this. I’ll renew my S.T. and will be at St. Andrews when ever I can to cheer on the team. And I’m only one of many thousands of noses who will do the same.

    • almajir says:

      Aussie, I think the point is more that the situation could well be allowed to drag on – Blues NEED those accounts to be issued but I don’t see anybody who will force the issue which means BIH will continue to drag it’s feet IMO

  • Dirty Bertie says:

    HKSE can clearly be strung along at will. Time to bone up on Football League regulations 16.9 onwards.

  • Mark says:

    Am I right that the implication is that BIHL could take just as many years to provide information, meaning our club remains in limbo and drops through the divisions and out the league!!!

  • Paul Carter says:

    All it says to me is there’s another business they’re fecking up

  • Letsby Avenue says:

    ;_0

    Brilliant research AJ
    Honestly….:-)

    However….:-(

    Shame for:-

    “and the cloud of financial uncertainty will hang over Birmingham City.”

    That is not research mate – that is regurgitated public domain info – and just a cop out rider.

    Blimey!

    Everyone knows “a cloud of uncertainty will hang over Birmingham City”….

    Bit melodramatic imo.

    Also, imo, and this might be real trite, but we are coming up to the second year audit.

    And I’m just wondering, if…really IF….if the BIHL board are truly ignorant and amateurish…that they intend publishing TWO years audits in one go !

    One really crap one and one fairly decent one overseen by the Pannu & Hughton endeavours.

    Are they actually thinking that one sh!tenhausen audit can be camouglaged under an improved audit…are they going to publish them together?

    One crap and One halfway decent?

    Just a thought.

    But if there’s a semblance of possibility in that, then the BIHL board are truly crap…truly amatuer and truly incompetent ! They would be ignorant large scale of the self damage they are creating.

    We need the audits published asap…not third hand accounts of Carson being vexed by the Baggies media-moves to unsettle or remove our manager ( as they did in January with Foster)…personally, I’m not bothered how vexed Carson is about the baggie’s behaviour…I just wish he would express (3rd partyof course), his concerns about the bleedin’ audits.

    T’riffic research AJ – once again.

    Shame about the ‘rider’ :-)

  • CharleneTilton says:

    At the risk of repeating myself, the usual reason you can’t issue audited accounts is when you can’t find an auditor willing to put his name to them. The ‘minor details’ that keep being referred to are in all likelihood the difference between being able to present BIHL as a going concern, or not. I suspect with the amount of time this is taking that BIHL could be technically insolvent.

  • chris says:

    Letsby,
    we can’t wait for the second yearly (latest) set of accounts which will be for up to June 2012 as they would not be announced till October.
    They could have announced half year accounts for up to the end of last year and released them in March 2012, but then that would have caused even more rumours by releasing accounts out of sync.
    We can sign players, just can’t register them to play, which isn’t a problem till mid July when the pre-season games start.
    Would this scenario put players off signing for us though?

  • Paul Carter says:

    I’d say so seeing as we ae currently baned from signing players ayway.

    Bit of an indicator to potential signings that all is not well

    Bit of an indicator to the present manager also.

    I have fired off a mail saying I will not be renewing my season tickets until all is clear and I’ve had them since 72.

  • cecilFW says:

    Hi Paul I can see your point on that. I’m afraid we need to force their hand now, and the only way to do that is by witholding our monies. Le’s get this out into the open. This is going to e very painful I’m afraid but the sooner we know the truth the sooner we might get a resolution.

  • andy says:

    What is going to be painful is the fact that if Chris Hughton opts to resign and force a move to West Brom, then we know the club is in big trouble. For now, Hughton is still here and apparently planning for next season, so im not worring until i see what the manager decides. Yes it is a shambles at the moment but lets see what happens over the next few days and into the middle of next week, iv a feelin it will become a lot more clearer as to where the club are heading.

  • Mark Y says:

    Unfortunately, this pattern of behavior is worrying. I think that when PP stated in the programme notes that the accounts could be released soon that this was either in the hope that Blues had been promoted in the play offs and/or in the event that CY had succeeded in court to un freeze a large chunk of his assets at impending court appearance that was to follow.The shares in BIHL were suspended 30th June last year following CY’s asset freeze and I believe that CY doesn’t want the shares of BIHL to be re-listed until such time as his asset freeze is llifted. Also he may prefer that the shares are delisted and therefore the accounts are deliberately being delayed for one of these purposes.Lets face it CY is in deep trouble and he could get sent down for money laundering then he has lost everything and BCFC is only a part of this in his fight for survival. PP’s own career seems to be intrinsicly linked to CY’s personal situation and thats why he is in Hong Kong firefighting on CY’s behalf. I will be greatly relieved to see the accounts released but I am very fearful that this may be a long way off yet.

  • Paul Carter says:

    PP is in Hong Kong again? FFS, I bet he’s spent more time there than in the fuckin UK this season.

    By making that statement and not delivering on it it has shown him up to be the clueless c*** that many of us thought.

    Asterix out of respect for Als site.

  • bluenose08 says:

    I am guessing that ch is being kept informed of events regarding the financial business so if he suddenly decides to jump ship then we will know all is not well. I believe ch is happy at the club and would only move to the baggies if the financial restraints became to much so for the moment i live in hope !
    k.r.o.


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