Chart Update, page-12834

People love to blame a falling share price on short sellers and manipulation. It's a great scapegoat that conceals a lot of truths. There are several legitimate concerns as to why it has fallen since the FY result. Some include: It appears that directors and senior management were smashing at the gates to sell their shares - a huge red flag. The foray into manufacturing is fraught with danger - capital intensive and slim(mer) margins. The mediocre CEO hire. The lack of conviction with what to do with its pile of cash - there's no point having cash if you don't know what to do with it. Its lack of success in markets outside of Asia. Its lack of clarity about growing the business outside of China.