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Can Dukang offer the cigar butt's last puff?

If the company comes up with a viable strategy to defend its turf, value investors can take advantage of how it is likely trading below its liquidation value

Taiwanese singer-songwriter Emil Chau (left), with then-Trump Dragon executive chairman Gao Feng, launching the Chinese liquor maker's IPO at the SGX Centre in 2008. Chau, who was the company's products spokesman, sang his hit song Friends at the listing ceremony.

ONCE upon a time in September 2008, China baijiu (white liquor) producer Trump Dragon Distillers launched its initial public offering (IPO) in Singapore with much fanfare. It was, after all, the first China baijiu company to be listed overseas.

Taiwanese singer-songwriter Emil Chau, who

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