Agreed, you do sometimes feel like a mushroom with ONC, but in...

Agreed, you do sometimes feel like a mushroom with ONC, but in all honesty, I would be much more worried if the management team did not have major skin in the game with large personal stakes and wasn't looking after their own interests in the best way possible too. Also there is really no need for ONC to disclose certain info to the market which may disadvantage them or give competitors a look in - so there is reason to be sparse when reporting. There are always large risks in operating in China (especially as a foreign owned co) and where some of their major competitors (eg: Linhua) are government owned/backed. However I must admit, it is a bit surprising that the potential sale of smartpass has taken so long and then they come out and say they have contracted to sell bill-to-bill. Yes they could disclose info better no doubt, but bill-to-bill is not really a large component considering smartpass/buffett club anyway.

Interesting to see minimal comments in relation to the UBS review, I wonder what has taken so long? Price? Negotiations with the JV partner?