CEO response to Shareholders letter, page-51

Credit to my homeboy SkyQuake for this.  If you're not familiar with XXL, PEZ, and XPD, you might want to change that.

"I think the key here is Mr Jiang Ting who has served with:

XXL AU
SBB AU
PEZ AU
CHI NSX
and now XPD AU

All of them had some very nice looking IPOs with many similarities
- Tiny raising, founders holding 70%+ with escrow
- Very profitable businesses requiring funding to expand to meet demand and growth
- With the exception of XXL, an incredibly wide raising range (eg. 5-15m) in an effort to take all comers with open arms
- Got oodles of cash, the aus raising is for 'prestige' and 'trustworthiness' since ASX is 'well regulated'
- Outrageously handsome fees to advisers
- Grant Thornton auditing with a blindfold on (http://rogermontgomery.com/no-more-chinese-junk/)"