Ann: Preliminary Final Report, page-14

afd,

Unfortunately with limited disclosures we are left to quite a bit of guesswork. I think that PowerEagle international sales (if any) would be electric bicycles and not scooters. I haven't seen one mention anywhere in my research of PowerEagle selling scooters outside of China.... but I have read about Chinese made electric bicycles being sold in Europe.

Anyway, having a bit more of a look at the press release - I notice that cash from operating activities came in at a negative $1.8m - not too sure what to make of this as there are so many variables within this number. I'd say forget about dividends until this number is majorly positive (3+yrs for mine).

In the whole scheme of things Haiyong has been nothing short of a shocker.

Unfortunately I cannot see any type of significant share price re rating until half year results now, but do look forward to the annual report which hopefully will provide some more insights.

I might top up if it gets to low 20's ....otherwise forget about it for another 6 months for me.

sents