Yong Xin International/ Matex International/ China Oilfield Tech

Yong Xin International/ Matex International/ China Oilfield Tech: 3 companies have been added to SGX's watchlist for failing to meet the minimum criteria for continued listing. They have posted pre-tax losses for 3 straight years and the 120-day average market value of their stock failed to stay above $40m. On FY12 results, precision steel strips manufacturer Yong Xin posted a loss before tax from continuing operations of Rmb20m(S$4 million). Specialty chemicals producer Matex International had a pre-tax loss of $5.4m, and solutions provider of integrated tertiary oil recovery equipment and products firm China Oilfield Tech had a pre-tax loss of Rmb502.3m. These companies, which will be reviewed quarterly by the SGX, have 2 years to meet the requirements or face delisting. They can be taken off the list if they report a pre-tax profit for the latest full financial year and maintain a market value in excess of $40m. Last year, 4 names entered the watch-list: frozen food and ice-cream maker Youcan Foods International, packaging solutions provider Texchem-Pack Holdings, oil and gas-related services provider Federal International, and seller of portable power tools China Powerplus.