Rather quiet in here, no punter posts in almost 3 months. May as...

Rather quiet in here, no punter posts in almost 3 months. May as well post my own musings ...

The Sept quarterly was solid but not amazing:
- receipts ticking along with positive OCF
- half year receipts up at 27.2M compared with 21.8M at same stage last year
- high receivables of 17.7M and low collection a bit disappointing so far this Q of 610K compared with 3.8M at same stage last Q
- 2 CB's are coming due: CB6 USD 500K 31/12/21 and CB5 RMB 3M 31/1/22. Good to see spare cash already going into paying off USD360K of CB6, expect the rest to be paid off this Q. Guess it depends on receivables whether CB5 gets paid or extended.
- a 3 year contract with Tencent Cloud has commenced which 'will bring substantial growth to FTC'. Nice to see the contract term but otherwise the details are sparse so while I'm hopeful, I'll believe it when I see it.
- still RMB5M in the bank.

In other news, the TTG website had 2 updates on Oct 24.
The first entry relates to the contract with Tencent Cloud. It comments on regulation of the banking industry by the PBoC and provides tables, diagrams and graphs but, even translated, is just general waffle with no real details. I think a more important point was made by Chris at the AGM where he clearly stated Tencent approached FTC regarding the partnership. Regulation has been a clear focus for FTC in the last 12 months in announcements and at the AGM so for the behemoth Tencent to approach us, we must be doing something right ... maybe.
The second entry announces continued expansion, this time into Shandong province. Chris at the AGM also stated merchant numbers are approaching 7M compared with 6M last year. Nice to see expansion continuing even if it hasn't been as rapid as the first 12m after signing with the RCBFCC.

The AGM presentation didn't provide anything new. The comments Chris made at the end provided a better update.

Still a chance of rockets to the moon if the Tencent contract or BNPL turns out to be a hit but more importantly, there seems to be steady growth in revenue, debts being paid down and province/merchant expansion continuing. Further patience required