Ann: Preliminary Final Report, page-39

I don’t post this to say “this is XPD Soccer; beware!” Though I can imagine XPD coming to ASX was perhaps a similar birthing process: opportunistic AU money people went hunting for reasonable Chinese businesses (XPD was indeed reasonable) and asked “so what would you do with $40m?”. Over the next few years the original people/companies involved in this process for XPD have all gone. The company was almost delisted.

Everyone with a “buy” rating for this stock is arguing that this company will have a different outcome for its non-Chinese owners. Or they are arguing that buying 24c of assets for 2.4c is a bargain worth the risk; or buying 2.2c of earnings for 2.4c is a bargain worth the risk; or both.

If you watch the documentary it will challenge your “buy” rating on any Chinese company listed on non Chinese exchanges