Yeah Michael, this is one hell of a frustrating stock. Some of...

Yeah Michael, this is one hell of a frustrating stock.

Some of my comments were probably a bit too harsh, and I let my annoyance get to me.

E88 set out to emulate VIPShop, but failed because of some fundamental reasons IMHO, and now they are scrambling to try and salvage something. On the positive side, at least they are trying alternatives, but then again, they had to, given the sustained losses.

They have learnt that South East Asia is not China. It is a multitude of cultures and economies and regulations.

It will also be interesting to see how they handle the director remuneration question.

In the 4E Financial Statements, the one that showed an $80 million loss, they were not too keen to describe the performance based equity they are entitled to award themselves, but rather they included the following paragrah instead;

"... equity settled short-term benefits are shares in the company granted to directors as their annual remuneration, and are yet to be issued as at the date of this report".

So they avoided declaring their remuneration along with the $80 million loss - that was probably wise !

I wish them all the best, it would be a huge turnaround story if it ever happens, and in that case it would be quite the exception, but you never know.

Personally I can't see it happening without some fundamental changes, including some resignations. I could be wrong, and I often am, and sometimes I am not as fair as I should be, but then HC tends to remove those posts, which is probably a good thing.

This stock had such potential in the beginning, so lets hope that like the pheonix, it can rise up out of the ashes and fly. I'm holding, and I still dare to dream, but only time will tell.

Gw