The devaluation of the Yuan must be taking some wind out of the sales when expressing the revenue growth in dollars not so much last month but the next q will be tougher to grow even if they increase sales.
Marketing expense should be in Yuan so should net out there at least. I'm skiing in Japan at the moment so won't be crunching any numbers but of the top of my head I would be surprised if they were cashflow negative this q that would be sell time for me. It would mean the model is not working. I think this is unlikely.
Good luck
Ann: China Revenue Update, page-31
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