这两天看到早报连续两天刊登了对Centillion主席庄明桦的专访。Centillion的前身是做电子垃圾的Cityraya，前两年出事，老板跑掉了。后来，庄明桦和黄鸿年联手入股Cityraya，避免了清盘的厄运。复牌的半年多来，股价一直在14到17之间徘徊，交易量也比较温和。按庄明桦的说法，公司的业务已经转入正常运作。从行业来看，电子垃圾还是不错的，我们从自己电脑、手机等的更新速度就可以想见这种垃圾处理的需求。其实，最大的垃圾处理需求还是来自那些电子业的巨无霸，譬如诺基亚、摩托罗拉等。我想请大家注意的是庄家的操作手法，这样的专访感觉明显是要有所动作。所谓谋定而动，大户已经准备好了，造势只是第一步而已。庄明桦和黄鸿年都是精明的生意人，后者更是在融资和重组市场长袖善舞。在目前的大牛市当中，怎么能不让Centillion表现一下呢？何时启动、目标多少，我们无从所知，大家可以拿来当个案例，仔细体会庄家的手段。

虽然我们预料到庄家要动手了，但是庄家出手之快还是打了我们一个措手不及。 昨日（0601），Centillion在媒体造势的配合下，跳空高开于16，之后放巨量上冲17，全日在165展开激烈厮杀。尾盘在大盘回软的影响下，最终收于16，留下一条稍感遗憾的倒T线。 在目前这个时候，你可以选择进场，也可以一旁观望。不管怎样，我希望大家都能关注这支股票，全当是看一场大戏，看看主力庄家如何运作，看看机构之间怎样博弈，真的看明白了，我们离高手就近了。希望大家积极跟帖相关信息，包括公司信息、行业动态、机构评级等。 炒作，是股市永恒的主题。但是，炒作背后的股价变动的内在需求则是推动股价的终极动力。因此，当一种趋势（升或降）建立起来的时候，它一定会持续一段时间。如果运行正常的话（关键是大盘不出现重大调整），我们期望Centillian能够沿着16->20->22->26->29->...这样的升势运行一段时间。 当然，这个过程一定不是一帆风顺的，庄家一定会制造各种各样的麻烦。但是，只要这种升势确立了，我们坚信一切干扰都是暂时的。沉舟侧畔千帆过，病树前头万木春。

昨天（0604）Centillion发布公告，对上星期的媒体报道作了一番解释。我们应该怎样解读呢？由于昨日交易量缩减了70%，从庄家方面看，这疑似进二退一的招数。由于跟风盘太大，庄家可能会利用这个机会，首先清洗掉跟风的Contra盘，紧接着打压不稳定的持仓盘。庄家很清楚我们的持仓成本，也明白我们的止损点，所以一旦打压，将考验你的耐力。这个时候你一割肉，就上了庄家的当了。也许你应该坚持自己的风险控制纪律，但是如果这真是一个陷阱的话，千万不要固步自封。拿住、捂紧，不理会庄家的伎俩。大势既然是要拉高，我们就坐稳了。

Business Times - 06 Jun 2007
By LYNETTE KHOO

A NEW name, a new corporate culture and new shareholders - all these are resulting in a renewed business and potentially new contracts being secured. That's the message Centillion Environment & Recycling Ltd is sending eight months after its restructuring in October last year, when white knights Equation Corp (formerly Heshe Holdings Ltd) and businessman Oei Hong Leong brought the company out of judicial management.

The electronics waste recycler has since taken great pains to shed off its image as the beleaguered Citiraya Industries Holdings, the company that lost most of its clients since January 2005 in the wake of criminal investigations of some of its senior executives. Barely a month after taking over, the new management produced its first report card - a joint venture with the waste management arm of French-based environmental solutions provider Veolia Environnement, to process and recycle electronic waste materials in Singapore.

Centillion says this joint venture, called Centeonyx, is set to leverage on Veolia's strong European and Asian clientele network and will contribute 30 per cent of its group revenue by next year.

'Today the morale is a lot higher, people are looking forward. We have the French (partners) coming in to help us to run the whole JV, so things are turning on,' Centillion chairman Eddie Chng told BT recently.

He noted Centillion has since been 'busy hiring people, stepping up its standard operating procedures and redefining internal security control', to ensure there would be no repeat of the lack of internal checks that led to Citiraya's downfall.

Nevertheless, investors have yet to warm to the stock. Since its relisting last October after a 20-month suspension, the share price has fallen by some 85 per cent, as the market saw it as grossly overvalued and was unsure of the company's prospects. Currently hovering around 16 cents, the stock price is still way above the 0.84 cent that Equation Corp and Mr Oei paid for each Centillion share.

But there are enough fundamental reasons to believe why the new Centillion deserves a closer look. E-waste recycling is a global business with little seasonality. With product life cycles of digital devices getting shorter, the growing e-waste generated presents tremendous business opportunities for Centillion. In particular, it is keen to penetrate the markets of Europe and the United States.

In Europe, all 25 EU member states have legislated the mandatory take-back programme for the collection, recycling and disposal of waste electrical devices, while there is rising pressure on state governments in the US to legislate pro-environment laws promoting recycling. Certain states like Maine and California have implemented an advanced recycling fee, where the state government pays the recycler to clear e-waste.

These initiatives guarantee a steady and growing stream of e-waste for recycling. Centillion has revealed it wants to enter the US through partnerships with domestic recycling players, and is currently in talks with two US firms for potential joint venture or M&A. With a recycling plant in Wales, UK, it hopes to secure contracts in Europe by leveraging on Veolia's European network.

Centillion is also setting up a plant in Wuxi in China to capitalise on the growing e-waste tonnage generated from some rapidly growing Asian economies. The new plant is expected to contribute to group revenue in 2008.

With Centillion's operations being up and running again, the overhanging question now is when new contracts will start streaming in. Even with the macro-environment looking favourably for Centillion, is it able to win the uphill battle of persuading former customers to return to the fold?

For now, Centillion is still recycling e-waste from its own inventory. But it has recently started ramping up its recycling capacity in Singapore to raise it by 15 times to 6,000 tonnes per annum by the end of 2007, which suggests that it may be making headways in its talks with potential clients. The months ahead are crucial for Centillion as it seeks to secure an import licence from the National Environment Agency in four to 12 weeks to import e-waste for recycling.

Prudent investors may still want to wait and see if earnings visibility improves before chasing up the stock again. After all, it is unclear when Centillion may turn around financially. But recent disclosures by Centillion on its progress and future plans could be a harbinger of more good things to come.

6月11日，Centillion放巨量一举推倒了厚重的17阻力墙，股价一度猛冲至19，闭市站稳17.5。之后的一个星期，主力稳稳地在17.5/18扎下大营。其间虽然有一些不利传闻，但是主力强烈的做多意愿，毫不犹豫地清理了各种干扰。从16/16.5我们跟进开始，股价到目前虽然只前进了3 bids（10%），但是其间却经历了惨烈的多空厮杀，烽火连天，硝烟弥漫，主力步步为营，多方终于控制了主动权，实现我们的第一目标20，只是个主力的意愿和时机的问题。我们需要注意的就是紧跟主力的节奏，了解主力这种紧逼战法，为自己赢得最大的利益空间。

今日Centillion放巨量上攻，一举突破我们的第一目标。我们一方面体验到了庄家稳准狠的手法，一方面也享受了坐轿的喜悦。也许这就是看盘的乐趣。大步流星奔小康，Centillion一路走好。

昨日Centillion公布了发行$30M可转债的消息，由于看不到详情，所以很难判断是否利好。当然，对企业来讲，打个白条拿银子那当然是好事。但是在目前情况下，可转债对股东和股价究竟有什么影响，实在不好判断。其实，我们也不需要想那么多，只要根据市场变化采取相应的行动就好。短期内如果股价回升，继续持有或酌情套利；如果股价继续下滑，退出观望。长期来讲，可转债的发行有一种推波助澜的感觉，前日的大涨也配合了这一消息。问题是主力有没有继续拉抬的意愿，还需要仔细观察。

Centillion近三个星期一直名列活跃股前列，股价在18.5到22间大幅波动，目前正形成一个尴尬的M头。想突破目前的困局，阻力重重。最近的股权变动，让人质疑大股东的动机。不是局内人，实在难以摸清脉络。在这混沌之中，我们最好还是旁观一下，看看M头能否打破。

大股东在折腾股权。跌破19了，观望，等待时机。

最近的走势基本一致。

这是黄鸿年和Equation购买948M Centillion新股的行使价。今日Centillion跌至17.5，短期内股价会继续下挫，观望。

近日Centillion动作频频，又是转亏为盈，又是收购同业。如果说转亏为盈是抬高身价、故作姿态的话，那么并购其实才是Centillion未来腾飞的引擎。我们知道，黄鸿年是资本运作的大腕儿，你让他去做电子垃圾生意，那实在是太委屈了。对于黄腕儿来说，Centillion只是一个运作平台。从这次并购来看，黄老邪终于要出手了。遗憾的是，现在是低价股的冬天。天时不再，人气不足，再现昨日辉煌，恐怕还需时日。因此，我们应当重点关注Centillion的资本运作过程，时机一到，大胆出击！

主力这两日以巨量买单坚定地撑起12底线，给人一种极强的做多愿望。随着资本运作的进一步深化，Centillion已经不再是那个莽撞的加龙古尼。资本大鄂们又要兴风作浪了！

大网已经铺开，只要有接手的，暂时的动荡不要太在意。

看看再说。

黄老邪带着10倍的利润淡出了，对于这样一个资本玩家，又是一个表面上的“空军司令”，我们应该绝对表示尊敬。
现在我们关心的是，以8分钱接手的另一批老邪们，他们在想什么。当然我们进不了那个圈子，只能从外做一些猜想。
我们年年都在买新电脑、电视、手机、MP3，有谁想过怎样去处理那些丢掉的旧货，这个行业的需求增长肯定要比那些生产行业要高。从Centillion目前的动作看，我们认为电子垃圾行业目前正在进行全球范围的整合，整合之后，这个行业的进入门槛会提高，竞争程度要远远小于相关的生产行业，这也是为什么当年的Cityraya的股价能冲到1块多的原因。到目前为止，行业的基本面并无根本性的变化，所以Centillion才能在重组后很快盈利。套用Lynch的理论，这是一个典型的困境反转型企业，具备未来10倍大牛股的初步特性。当然说这话，现在没人相信，因为还有个白日筑基的过程。给一个建议：把你玩儿马票的钱拿出一点来，放上一两年。

Singapore, 23 October 2007 – Electronic waste recycler Centillion Environment and
Recycling Limited (“Centillion”, “The Company” or “The Group”) has completed a
Sale and Purchase Agreement (“the SPA”) with the current shareholders of Metech
International, Inc. (“Metech”) to acquire 100% of the issued capital of Metech for
US$12 million and earn-out adjustments. The acquisition will be funded partially from
proceeds from issuance of S$16 million shares in July 2007 and issuance of S$30
million convertible notes approved by the shareholders on 31 August 2007.

The SPA follows an earlier announcement on 27 August 2007 in which Centillion
announced that it had entered into a Memorandum of Understanding (MOU) for the
proposed acquisition of Metech. Since then, Centillion has completed the due
diligence process and is confident that Metech is a strong company with the right
strategic footprint to act as a platform for Centillion to enter the large US e-waste
market, where it hopes to expand aggressively over the next 3 years.

全球整合已经开始。全球化是这一行业成功的关键，Centillion步入正道。未来的玩家一定是有全球资源的大户，假以时日，Centillion成功的可能性很高。