But the chinese - true to form- only coughed up $63million = 16...

But the chinese - true to form- only coughed up $63million = 16 million GEM shares and reneged on the second parcel. The sloppy management got an escrow period until 4 June on those 16 milion shares [[ the chinese cant sell them until then]]
it means there's another 16 million GEM shares for sale.

@rosencrantz

Sorry, but this statement of yours is actually incorrect in several respects, and could be misleadingly interpreted.

1) The Chinese (CFCG/CIPI) did take part in the second tranche of the placement as well, subscribing for 8.20m shares (corresponding to 31.8m$) as of May 23rd 2017; that brought them to a total of 24.65m GEM shares (or 5.5% of total), so that’s actually how they became a substantial shareholder.

2) In the same announcement (from May 23rd 2017) it was also stated that "under the trading volume restrictions, CIPI (in its capacity as manager of the Investor) has agreed not to sell on any single day an aggregate amount of its G8 shares in excess of 30% of the average total trading volume in G8 shares (calculated over the previous 30 trading days)". So, it is not true that CFCG/CIPI had to wait until June 4th 2018 before selling; they merely agreed to a restriction on trading volumes.

3) Indeed, on December 20th 2017, it was announced to the ASX that CFCG/CIPI had ceased to be a substantial holder; if you read the announcement, it was reported that, as of that date, CFCG/CIPI had already sold 3.37m GEM shares, bringing them down to 21.28m shares owned.

Now, between December 20th 2017 and June 4th 2018, CFCG/CIPI were still subject to the restriction on trading volume, but they were no longer substantial shareholders; so, they were under no obligation to report their further sales of GEM shares.

Therefore, there is no way of knowing how many shares they still have available for sale as of today; they may well have already sold the majority of their holding by now, or perhaps even all of it.

Cheers