Look closely at the liquidators report for PEZ.., page-3

I think your assessment may be on the money. I think the same thing might be happening with a few Aus companies. Have seen a few placements where the newly issued shares are immediately fed into the market for many months to precipitate a large decline prior to the next corporate action.

Interesting that multiple Chinese companies may be following this modus operandi on foreign exchanges. I will never touch one ever again. If multiple companies doing it, it must be a 'well understood' financial mechanism and maybe even price manipulation involved if a regulator was to look closely enough. Of course it is totally legal for management to stonewall shareholders and refuse all contact except at an AGM. I am having issues with an Aus based company in that regard now taken over by north american linked directors and heavily diluted after a $20m placement to north americans was used to push the price down 95% over a few years. All totally legal.