Gwaihir - well put. You have hit the nail on the head re a...

Gwaihir - well put.

You have hit the nail on the head re a dislike for the capital structure of these companies. From memory NNW must have well over 80% of equity held by Chinese individuals/entities who are more than likely related parties. The free float is tiny compared with the huge amount of shares on issue.

Nearly all Chinese companies that have listed on the ASX have excessive number of shares in Chinese hands. That's why institutions have no interest - illiquid stock, no voting power and pretty opaque data and news.
Friend of mine who runs a very successful fund said "I wouldn't put my worst enemy into one of these stocks".

The business model appears to be ok but I cannot understand where all the revenue goes - must be some considerable pay out to participants in that model (e.g. banks etc) - I stand to be corrected.

May have missed the opportunity in the USA (tech has gone soft) and markets generally looking horrible