DFM should be next - a possible scenario - 2016 audit - auditors withdraw. DFM says its a dispute on the audit fee, but in reality its because the auditors cannot verify information.
What do we know so far;
1. No mention in any Chinese press or the Chinese websites about "Ganzhou Chinese Modern Agriculture" or Hongwei Cai / Cai Hongwei prior to news of the IPO for DFM.
2. No mention in a Google search about "Ganzhou Chinese Modern Agriculture" or Hongwei Cai / Cai Hongwei prior to news of the IPO for DFM.
3. No mention of what course or what qualification (if any) Hongwei Cai achieved in his studies in Singapore.
4. No mention of any agri experience of any of the Directors. Hongwei Cai's role prior to DFM was with a bottled water company.
5. None of the Directors hold any shares in DFM except for Hongwei Cai.
6. Hongwei Cai is a Tongan citizen, who apparently controls the largest citrus grower in China.
7. No explanation of how Hongwei Cai made his initial investment in Ganzhou Chinese Modern Agriculture in 2008.
8. CEO Chiu So - only experience provided was 19 days as an Executive Director of China Packaging Group whilst it went into liquidation in 2009. This company was very small.
9. Director Dan Lin worked at Telstra - no role information or time provided.
10. New "strategic investor" and "tycoon" (lol) Hung Cheung is the Chairman of Rui Kang Pharmaceutical Group, a HK listed stock on the minor board, which has made losses every year since at least 2011 and has changed its business line to include trading securities and lending money. It also made a bid to buy Aston Villa.
DFM Price at posting:
97.5¢ Sentiment: Sell Disclosure: Not Held
