Local stock expert doubts HK singer Maria Cordero over her claim of HK$50m loss in stock market

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Cordero and her late husband.

17th December 2022 – (Hong Kong) 69-year-old veteran singer, Maria Cordero recently revealed that she lost nearly HK$50 million in stock investment during the three years of her retirement. She pointed out that she was hosting a cooking show on TVB at the time and watched the bank’s stock price drop from HK$8 to 8 cents. She claimed to have lost over HK$50 million with only HK$2 million left.

Due to her investment failure and the huge medical expenses of and her late husband Rick’s illness, Cordero said she had to return from retirement to hold a concert next year. However, former listed company chairman and magazine financial columnist Phemey Pon refuted her argument on his personal Facebook page on Wednesday (14th), pointing out that she “used an incident that happened about six years ago in order to win the sympathy of fans so that she can sell her concert tickets.”

Phemey Pon

Pon estimated that Cordero invested in Tech Pro (3823), which has been delisted. In 2014. She endorsed the LED lighting products of the company and received a service fee of HK$30 million. Pon pointed out: “The so-called “investment” seems to be just the endorsement fee.

In addition, Pon pointed out that she did not actually lose 90% of the stocks, but a loss of about 47%. On 18th August, 2015, the price of the stocks she held was hovering above HK$8 in June 2015, a 4-for-1 stock split was then carried out and cost of holding shares for Cordero ​​subsequently became HK$1.5 per share but the number of shares she held has changed from 5 million shares to 20 million shares. The value remains unchanged. If calculated based on the highest price of HK$2.6 in June 2016, the market value is indeed HK$52 million, exceeding the HK$50 million she said.

According to Pon, it is not that she lost 90% (from HK$8 to HK$0.8) , but a loss of about 47% (from HK$1.5 to HK$0.8). As for whether she has invested in the penny stock, Tech Pro out of her own pocket in addition to the endorsement fee, the information is unknown.

Therefore, Poon believes that Cordero exaggerated over her investment loss.

In response, Cordero denied she made up the loss as there is no reason for her to do so. She even said she could produce evidence to prove but added that Pon’s opinion is irrelevant.