XPD recently listed raising approx $6mil, BBY (administration)...

XPD recently listed raising approx $6mil, BBY (administration) was the lead manager and the company expects to use the funds to expand the business, unlike many other Chinese listed companies, XPD hasn’t got huge cash piles but does have over 1,000 distributors across china that sell its soccer gear. The 30 odd companies that have listed on the ASX, SBB, CMC, TUP etc. 5 have been delisted, 4 suspended and the rest have languished at all time lows. Are these companies really worth investing in or are the directors just happy to raise funds in Aus and take us for a ride?
Clearly the ASX hasn’t done a great job in its DD as all it wants is the listing fee’s and ongoing fees.