Ann: SMA May Revenue Update, page-161

While waiting for the end of the post raising stand-off, noticed this in a recent announcement:

"Under PRC law, a foreign investment enterprise, including a WFOE, can, after following applicable
procedures and paying applicable PRC taxes, remit profits out of China by declaration of dividends and can
repatriate funds by various other means including repayment of loans, payment of interest on loans, payment of service fees and payment of royalties. While no specific arrangements are currently in place,SmartTrans Beijing’s current intention is to repatriate funds/profits (as and when available) via intercompany loans and may also establish and pay service fees, royalties and software licence fees to the Company or the Company’s Australian or Hong Kong registered subsidiaries to be determined by the Company having regard to prevailing circumstances and preferential tax treatment considerations at the time of such repatriation."

Interesting and seems management will be taking this into consideration... ​