My Investment Portfolio (September 2025)

STI ended the 3rd quarter of the year at 4300 points, up around 0.7% for the month, thanks to the last trading day of the month rally. In US, focus this month had been on the labour market for signs of Fed cutting interest rate. Eventually, it was cut by 25 bps. Locally, investors were focused on the measures being rolled out by MAS in order to unlock value in SGX listed companies and also the launch of iEdge Singapore Next 50 indices.

For my top 30 holdings this month, some changes was observed. PM Data, Metro Holdings and Singapura Finance returned to the list, replacing Koh Brothers, Yeo Hiap Seng and SBS Transit respectively. Main contributors include Sing Investment & Finance, Far East Orchard, UOL and F&N. Detractors include Hotel Properties, Singapore Land Group, SingTel and Samudera Shipping.

I have bought the following companies from the market this month - A-Sonic, ABR, AP Oil, Aspial Corp, Baker Tech, Bonvests, Brook Crompton, Bund Center, Captii, Casa, CDW, Credit Bureau Asia, Delfi, Digilife Tech, EnGro, F&N, Golden Agri, Hiap Hoe, HL Global, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, IPC Corp, Jardine C&C, Karin, Mandarin Oriental, Metro, New Toyo, OUE, Overseas Education, PNE Industries, Shopper360, Sin Heng, Singapore Shipping, Singapura Finance, Straco, Straits Trading, Sunright, Tuan Sing, Venture, Wing Tai, Yeo Hiap Seng and YHI. No sale trade was done.

I have participated in the following scrip dividend schemes - Global Investments and Jardine Matheson.

My stake in Hai Leck had also been acquired via Scheme of Arrangement.

Next month, companies with financial year ending 30 June 2025 will be holding their AGMs. As markets had advanced quite a bit and continue to hit all-time highs this month, I will continue to invest at a much slower pace. As usual, I will be more conservative in terms of portfolio positioning and will also be holding more cash.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 September 2025)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Sing Investment & Finance

3. Hotel Properties

4. Hong Leong Asia

5. Singapore Land Group

6. Hong Leong Finance

7. The Hour Glass

8. Hong Fok

9. Bonvests

10. Sembcorp Industries

11. Stamford Land

12. UOL

13. Far East Orchard

14. Wing Tai

15. LHT

16. SGX

17. Jardine C&C

18. DBS

19. UOB Kay Hian

20. PM Data

21. Multi-Chem

22. Bukit Sembawang Estates

23. Haw Par

24. SingTel

25. Metro Holdings

26. F&N

27. Global Testing

28. Hotel Grand Central

29. Singapura Finance

30. Samudera Shipping

Top 5 Holdings (US$ Denominated shares)

1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson

4. TZ Da Ren Tang
5. DFI Retail Group

Top Holdings (HK$ Denominated shares)

1. Tan Chong International

2. Shangri-La Asia

Top 5 Holdings (CPF OA investment)
1. Streettracks STI ETF

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. Seatrium

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation
2. Alpha Professional Holdings Ltd (formerly known as Z-Obee Holdings Ltd)

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Iconic Global Limited
2. Dongshan Group Ltd (formerly known as Greatronic Limited)
3. General Magnetics
4. Fastech Synergy
5. Memory Devices
6. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
7. FM Holdings
8. FerroChina - Under Liquidation
9. FirstLink Investments
10. NEL Group
11. Jets Technics
12. Hongwei Technologies Limited (In Provisional Liquidation)
13. FDS Networks Group
14. China Oilfield Technology
15. China Milk Products Group - Under Liquidation
16. Pacific Healthcare
17. Fung Choi Media - In Liquidation
18. Europtronic Group - In liquidation - Compulsory winding up (Insolvency)
19. Attilan Group
20. Transcorp - In liquidation - Compulsory winding up (Insolvency)

21. Equatoriale Holdings  

22. China Haida

23. Chaswood Resources

More than 20 Years of Blogging

Dear all,

This blog is more than 20 years old! My first post for this blog was in 7th October 2004. How time files. I wonder how many of my readers who started to read my first blog post in 2004 is still around supporting this blog currently.

Over the years, many blogs come and go. With the advent of social media, more and more are creating content on other platforms rather than on blogs, which explains the decline of financial bloggers in this space. I have not switched to other platforms, and has decided also to keep this blog original to its intent and not made any changes to its layout. My main intention in setting up this blog is to really share my investment journey with everyone. Earning money from it is not my main aim and I have so far declined any sponsored posts on this blog. 

A big thank you to you if you are still supporting this blog after all these years. A big shout out to all my silent readers out there too. You know who you are, and thanks for journeying with me all these years together with my investment portfolio. Through the years, I have made some changes to my investment portfolio. If you had been following my monthly updates, I have become more defensive in my portfolio positioning as I grow older. Also, the number of stocks in my portfolio had came down throughout the years, and I am now trying to run a more focused portfolio of stocks. Though the number is still large, it will slowly come down going forward.

For those who have left comments on my blog posts, thanks for your support and encouragement. I hope that my replies make sense to you and keep your comments coming so that we can continue to learn together in this journey. Will this blog be around for another 20 years? Personally, I don't think so. But as far as possible, I would like to keep it going if I still have the ability and energy to continue blogging. Hopefully, this blog will still be around and active for many more years to come.

Once again, thank you for your support and hope to continue to see you around here regularly.

My Unit Trust Asset Allocation

Dear all,

After nearly one year, I guess it is time for another summary on my unit trust asset allocation. You can refer to my previous one at the link below:

https://ghchua.blogspot.com/2024/09/my-unit-trust-asset-allocation.html

For asset classes, I have done nothing much other than consistently adding onto the list of unit trusts that I had been holding for CPF Investments. I have again been defensive for the past one year or so, and therefore increased my allocation to short duration bond fixed income fund again. The other asset classes are obviously down correspondingly in terms of percentage of allocation, with my additional allocation to the short duration bond fixed income fund.

For geographic exposure, Emerging Markets, Japan and Singapore funds were the out performers in the portfolio. Asia excluding Japan funds also did well.

Laggards are mainly single country funds. Most of these single country funds were in emerging/developing markets and the likes of India, Thailand, Indonesia and Malaysia each have their own country specific issues for the past year, which affected their respective stock market performance. 

Going forward, my strategy is to add onto existing funds, while continue to maintain a more defensive positioning in terms of asset allocation. I will continue to allocate more to fixed income instead of equity, with emphasis on shorter duration to mitigate interest rate fluctuations. I will also stick more to global, regional and developed markets single country funds to mitigate emerging/developing markets country specific risks.

Asset Class

Equity 79.53%

Balanced 12.82%

Fixed Income 7.65%

Geographic

Global 21.26%

Asia Pacific Excluding Japan 15.44%

Emerging Markets 13.41%

Japan 12.35%

US 8.32%

Singapore 8.29%

Asia excluding Japan 6.40%

Taiwan 3.22%

Europe including UK 3.05%

India 1.95%

Thailand 1.80%

Indonesia 1.78%

Malaysia 1.43%

Korea 1.40%

Welcome any comments (if any) on my unit trust asset allocation.

My Investment Portfolio (August 2025)

STI ended August at 4269 points, up more than 2% for the month. The stock market in Singapore had been tracking the half year result announcements of companies with financial year ending 31 December 2025 and reacted accordingly. Meanwhile in US, latest job numbers, interest rate outlook and trade deal with China had been closely watched.

For my top 30 holdings this month, most stocks in the list did well, tracking the broader market. Koh Brothers is a new entry and Global Testing returned to the list, replacing ST Engineering and Tat Seng respectively. Main contributors include Singapore Land Group, Hong Leong Asia, Multi-Chem and SingTel. Detractors include Sembcorp Industries, Hong Leong Finance and F&N.

I have bought the following companies from the market this month - ABR, AF Global, AP Oil, Avarga, Avi-tech, Baker Tech, Bonvests, Brook Crompton, Bund Center, Captii, Chuan Hup, EnGro, F&N, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, Innotek, IPC Corp, Jardine Matheson, Karin, Koh Brothers, Metro, OUE, Overseas Education, Pan Hong, PNE Industries, Singapore Shipping, Stamford Land, Straco, Straits Trading, Tuan Sing, Venture, Wing Tai, Yeo Hiap Seng and YHI. No sale trade was done.

I have participated in the following preferential offer/rights issue - The Trendlines Group.

I have also participated in the following scrip dividend schemes - Starhill Global REIT, Boustead Singapore and CSE Global.

My stake in AV Jennings had also been acquired via Scheme of Arrangement.

Next month will be a quiet month as the financial result reporting season for companies had ended. As usual, I will be focusing on my portfolio and looking at ways to seek more value in the market. With expected volatility ahead, I will continue to position my portfolio more defensively.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 August 2025)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Hotel Properties

3. Singapore Land Group

4. Sing Investment & Finance

5. Hong Leong Asia

6. Hong Leong Finance

7. The Hour Glass

8. Hong Fok

9. Bonvests

10. Sembcorp Industries

11. Stamford Land

12. Wing Tai

13. LHT

14. Far East Orchard

15. SGX

16. UOL

17. Multi-Chem

18. UOB Kay Hian

19. DBS

20. Jardine C&C

21. SingTel

22. Bukit Sembawang Estates

23. Samudera Shipping

24. Koh Brothers

25. Haw Par

26. Hotel Grand Central

27. Global Testing

28. Yeo Hiap Seng

29. SBS Transit

30. F&N

Top 5 Holdings (US$ Denominated shares)

1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson

4. TZ Da Ren Tang
5. DFI Retail Group

Top Holdings (HK$ Denominated shares)

1. Tan Chong International

2. Shangri-La Asia

Top 5 Holdings (CPF OA investment)
1. Streettracks STI ETF

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. Seatrium

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation
2. Alpha Professional Holdings Ltd (formerly known as Z-Obee Holdings Ltd)

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Iconic Global Limited
2. Dongshan Group Ltd (formerly known as Greatronic Limited)
3. General Magnetics
4. Fastech Synergy
5. Memory Devices
6. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
7. FM Holdings
8. FerroChina - Under Liquidation
9. FirstLink Investments
10. NEL Group
11. Jets Technics
12. Hongwei Technologies Limited (In Provisional Liquidation)
13. FDS Networks Group
14. China Oilfield Technology
15. China Milk Products Group - Under Liquidation
16. Pacific Healthcare
17. Fung Choi Media - In Liquidation
18. Europtronic Group - In liquidation - Compulsory winding up (Insolvency)
19. Attilan Group
20. Transcorp - In liquidation - Compulsory winding up (Insolvency)

21. Equatoriale Holdings  

22. China Haida

23. Chaswood Resources

My Investment Portfolio (July 2025)

STI ended July at 4173 points, up more than 5% for the month. STI had managed to hit another all-time high this month but weakened towards the end of the month. Focus on the market this month had been on US spending bill and “reciprocal” trade deals with US. Locally, MAS appointment of the first batch of EQDP asset managers had boasted some mid and small cap stocks. Meanwhile, US Fed kept interest rate on hold.

I have attended the following physical AGMs/EGMs/briefing this month - SIA Engineering.

For my top 30 holdings this month, most stocks in the list did reasonably well. F&N and SBS Transit returned to the list, replacing PM Data and CapitaLand Integrated Commercial Trust. Main contributors include iFAST, Hotel Properties, Singapore Land Group, Far East Orchard, Samudera Shipping, Jardine C&C and Haw Par. Laggards include LHT and SingTel.

I have bought the following companies from the market this month - A-Sonic, AP Oil, Aspial Corp, Avi-tech, Baker Tech, Bund Center, Captii, Casa, Chemical Industries, Chuan Hup, ComfortDelgro, Digilife Tech, EnGro, First Sponsor, Frasers Property, Global Investments, Golden Agri, Heeton, Hiap Hoe, HL Global, Hong Fok, Hotel Grand Central, Hotung, IFS Capital, Indofood Agri, IPC Corp, Jardine C&C, Karin, Khong Guan, Koyo, Mandarin Oriental, Metro, New Toyo, Ocean Sky, OUE Healthcare, Overseas Education, Pan Hong, Pollux, Qian Hu, Riverstone, SHS, Singapore Shipping, Singapura Finance, Stamford Tyres, Straco, Teho, Tuan Sing, Venture, Wing Tai and YHI. No sale trade was done.

I have accepted the following voluntary delisting/cash offer this month - CosmoSteel.

I have participated in the following preferential offer/rights issue - Cosco Shipping.

I have also participated in the following scrip dividend scheme - ISDN.

Next month will be another financial reporting season, as companies having financial year ending 31 December 2025 will continue reporting their half year results. As usual, I will be going through some of those results. I will also continue to re-invest dividends received slowly back into the markets, while remaining prudent in deploying them during these volatile times.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 July 2025)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Hotel Properties

3. Sembcorp Industries

4. Hong Leong Finance

5. Sing Investment & Finance

6. The Hour Glass

7. Hong Fok

8. Singapore Land Group

9. Bonvests

10. Stamford Land

11. LHT

12. Wing Tai

13. Far East Orchard

14. SGX

15. Samudera Shipping

16. Bukit Sembawang Estates

17. UOB Kay Hian

18. UOL

19. DBS

20. Hong Leong Asia

21. Jardine C&C

22. Hotel Grand Central

23. Haw Par

24. Multi-Chem

25. Yeo Hiap Seng

26. F&N

27. SingTel

28. ST Engineering

29. Tat Seng

30. SBS Transit

Top 5 Holdings (US$ Denominated shares)

1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson

4. TZ Da Ren Tang
5. DFI Retail Group

Top Holdings (HK$ Denominated shares)

1. Shangri-La Asia

2. Tan Chong International

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Streettracks STI ETF

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. Seatrium

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation
2. Alpha Professional Holdings Ltd (formerly known as Z-Obee Holdings Ltd)

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Iconic Global Limited
2. Dongshan Group Ltd (formerly known as Greatronic Limited)
3. General Magnetics
4. Fastech Synergy
5. Memory Devices
6. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
7. FM Holdings
8. FerroChina - Under Liquidation
9. FirstLink Investments
10. NEL Group
11. Jets Technics
12. Hongwei Technologies Limited (In Provisional Liquidation)
13. FDS Networks Group
14. China Oilfield Technology
15. China Milk Products Group - Under Liquidation
16. Pacific Healthcare
17. Fung Choi Media - In Liquidation
18. Europtronic Group - In liquidation - Compulsory winding up (Insolvency)
19. Attilan Group
20. Transcorp - In liquidation - Compulsory winding up (Insolvency)

21. Equatoriale Holdings  

22. China Haida

23. Chaswood Resources

My Investment Portfolio (June 2025)

STI ended first half of the year at 3964 points, up around 1.8% for the month and up around 4.7% year to date. Markets were up during the early part of the month on stronger than expected payrolls result and President Trump’s push to cut interest rate. Also, anticipation of trade deal conclusion between US and China further added to the positive outlook. However, escalated tensions in the Middle East towards the middle of the month capped its upside though it recovered as the month closes.

For my top 30 holdings this month, most stocks in the list did well. Hong Leong Asia and UOB Kay Hian are the new entries into the list, replacing F&N and SBS Transit. Main contributors include The Hour Glass and Tat Seng. Laggards include Hotel Grand Central and Jardine C&C.

I have bought the following companies from the market this month - AF Global, Baker Tech, Banyan Group, Bonvests, Brook Crompton, Bund Center, Chuan Hup, Delfi, Digilife Tech, EnGro, F&N, Far East Orchard, Frasers Property, Golden Agri, GuocoLand, Hiap Hoe, HL Global, Ho Bee Land, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, Innotek, IPC Corp, Jardine C&C, Khong Guan, Metro, PSC Corp, Qian Hu, Riverstone, Secura, Singapore Shipping, Singapura Finance, Stamford Tyres, Straits Trading, Sunright, Tuan Sing, Tye Soon, Venture, Wing Tai, Yeo Hiap Seng and YHI. No sale trade was done.

I have accepted the following voluntary delisting/cash offer this month - Ban Leong.

My stake in PEC had also been acquired via Scheme of Arrangement.

Next month will be another AGM season, with companies having financial year ending 31 March 2025 holding their AGMs. It will also be another low dividend paying month. As usual, I will continue to re-invest those dividends back into the market at a slower pace, in anticipation of the various headwinds ahead.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 June 2025)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Hotel Properties

3. Sembcorp Industries

4. Hong Leong Finance

5. The Hour Glass

6. Sing Investment & Finance

7. Hong Fok

8. LHT

9. Stamford Land

10. Bonvests

11. Singapore Land Group

12. Wing Tai

13. SGX

14. Bukit Sembawang Estates

15. Hong Leong Asia

16. Multi-Chem

17. DBS

18. UOB Kay Hian

19. Far East Orchard

20. SingTel

21. UOL

22. Hotel Grand Central

23. Tat Seng

24. Yeo Hiap Seng

25. PM Data

26. Jardine C&C

27. Samudera Shipping

28. Haw Par

29. CapitaLand Integrated Commercial Trust

30. ST Engineering

Top 5 Holdings (US$ Denominated shares)

1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson

4. TZ Da Ren Tang
5. DFI Retail Group

Top Holdings (HK$ Denominated shares)

1. Shangri-La Asia

2. Tan Chong International

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Streettracks STI ETF

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. Seatrium

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation
2. Alpha Professional Holdings Ltd (formerly known as Z-Obee Holdings Ltd)

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Iconic Global Limited
2. Dongshan Group Ltd (formerly known as Greatronic Limited)
3. General Magnetics
4. Fastech Synergy
5. Memory Devices
6. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
7. FM Holdings
8. FerroChina - Under Liquidation
9. FirstLink Investments
10. NEL Group
11. Jets Technics
12. Hongwei Technologies Limited (In Provisional Liquidation)
13. FDS Networks Group
14. China Oilfield Technology
15. China Milk Products Group - Under Liquidation
16. Pacific Healthcare
17. Fung Choi Media - In Liquidation
18. Europtronic Group - In liquidation - Compulsory winding up (Insolvency)
19. Attilan Group
20. Transcorp - In liquidation - Compulsory winding up (Insolvency)

21. Equatoriale Holdings  

22. China Haida

23. Chaswood Resources

My Investment Portfolio (May 2025)

STI ended May at 3894 points, up around 1.6% for the month. Markets were mixed as investors grappled with a fresh wave of uncertainties surrounding global trade and also reduced tariffs between US and China. However, towards the end of the month, it recovered some lost ground.

For my top 30 holdings this month, Amara Holdings is out of the list after I accepted a voluntary conditional general offer from the offeror. LHT also received an offer to purchase its assets and business. Contibutors include Hotel Properties, Stamford Land and Bukit Sembawang Estates. Laggards include Bonvests, Haw Par (due to XD) and Jardine C&C. F&N returned to the list while ST Engineering is a new entry.

I have bought the following companies from the market this month - A-Sonic, ABR, Baker Tech, Banyan Group, Brook Crompton, Bund Center, Chuan Hup, Delfi, Digilife Tech, EnGro, F&N, Far East Orchard, Frasers Property, Golden Agri, GuocoLand, Heeton, Hiap Hoe, HL Global, Ho Bee Land, Hong Fok, Hotel Royal, Hotung, Indofood Agri, Innotek, Karin, Keong Hong, Khong Guan, Koh Brothers, Metro, Nippecraft, OUE, OUE Healthcare, PNE Industries, Qian Hu, Riverstone, Sing Investment & Finance, Singapore Land Group, Singapura Finance, Stamford Land, Stamford Tyres, Straco, TIH, Tuan Sing, Tye Soon, Vibropower, Vicplas and Wing Tai. No sale trade was done.

I have accepted the following voluntary delisting/cash offers this month - Amara Holdings and Sinarmas Land.

I have also participated in the following scrip dividend schemes - CSE Global, Global Investments, Straits Trading, Tuan Sing, UOA, UOB Kay Hian and Yeo Hiap Seng.

Next month will be another quiet month. As usual, with the dividends received from this month, I will be investing prudently back into the markets. With many headwinds ahead despite lower volatility in the markets, my focus will still be on seeking value while limiting growth.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 May 2025)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Hotel Properties

3. Sembcorp Industries

4. Hong Leong Finance

5. Sing Investment & Finance

6. LHT

7. Hong Fok

8. Bonvests

9. The Hour Glass

10. Stamford Land

11. Singapore Land Group

12. Bukit Sembawang Estates

13. SGX

14. Multi-Chem

15. Wing Tai

16. DBS

17. SingTel

18. Hotel Grand Central

19. Far East Orchard

20. Jardine C&C

21. Yeo Hiap Seng

22. UOL

23. ST Engineering

24. SBS Transit

25. Haw Par

26. Samudera Shipping

27. PM Data

28. Tat Seng

29. CapitaLand Integrated Commercial Trust

30. F&N

Top 5 Holdings (US$ Denominated shares)

1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson

4. TZ Da Ren Tang
5. DFI Retail Group

Top Holdings (HK$ Denominated shares)

1. Shangri-La Asia

2. Tan Chong International

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Streettracks STI ETF

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. Seatrium

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation
2. Alpha Professional Holdings Ltd (formerly known as Z-Obee Holdings Ltd)

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Iconic Global Limited
2. Dongshan Group Ltd (formerly known as Greatronic Limited)
3. General Magnetics
4. Fastech Synergy
5. Memory Devices
6. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
7. FM Holdings
8. FerroChina - Under Liquidation
9. FirstLink Investments
10. NEL Group
11. Jets Technics
12. Hongwei Technologies Limited (In Provisional Liquidation)
13. FDS Networks Group
14. China Oilfield Technology
15. China Milk Products Group - Under Liquidation
16. Pacific Healthcare
17. Fung Choi Media - In Liquidation
18. Europtronic Group - In liquidation - Compulsory winding up (Insolvency)
19. Attilan Group
20. Transcorp - In liquidation - Compulsory winding up (Insolvency)

21. Equatoriale Holdings  

22. China Haida

23. Chaswood Resources