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
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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 was the company's products spokesman, sang his hit song Friends at the listing ceremony. The counter closed at 36 Singapore cents, above the IPO price of 31 Singapore cents.
Nine years later, the stock is far from being anybody's friend.
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