Ann: DateTix launches in China-DTX.AX, page-9

I really don't understand the bullish angle on this stock/company/management.

I thought this made a few valid/logical points about the funding of dating apps - http://andrewchen.co/why-investors-dont-fund-dating/

1. Just a concept. App rankings have been extremely disappointing. This company was listed before the app was even launched... Bull market?
2. Management lacks credibility and experience.
3. Product is poor. Look at the ratings and reviews about crashes and how many iterations of the app are needed for "bug fixes".
4. No product team. There is no mention of a product team and Michael cannot code so this was and is still probably all outsourced.
5. Press releases are extremely misleading. "Datetix surpasses Tinder in HK iOS download charts" - extremely sensationalist and really only covered a very specific time period and since then the app has ranked well below Tinder (in downloads and grossing charts).
6. The app rankings are unimpressive. Current download rankings:
   1. Hong Kong (iOS): #51 Lifestyle, #723 HK-Overall
   2. Hong Kong (Android): #34 Lifestyle, N/A HK-Overall
   3. Singapore (iOS): #41 Lifestyle, #894 SG-Overall
   4. Singapore (Android): #33 Lifestyle, #419 SG-Applications
7. Launching an app is not a milestone. This company raised millions of dollars and outsourced the app production, of course they should be able to get it approved.
8. City by city expansion is going to be expensive and risky (per the link above). Management have no expertise in Hong Kong, let alone Singapore or China. Or Australia, etc, etc.
9. The China pipedream. This is a classic "China is so huge we just need a fraction of a % to be rich" pitch.
10. Lack of competition. Misleading material keeps talking about no competition in China. Do you really think that just because nobody outside of China has heard of the dating apps there that there aren't going to be a huge number of competitors (just look at the boom in daily deal sites from a few years ago). A simple search led to links like this - http://www.chinawhisper.com/5-trendy-dating-apps-in-china/ - I had only heard of 2 of them.
11. Use of capital. What kind of startup would use more than 10% of their funding round to pay the CEO's annual salary?
12. Fake profiles. One of the app reviews spoke about fake profiles.. Probably not that surprising