XPD currently has zero or one operating businesses. We definitely own one foreign holding company: XPD Australia definitely owns 100% of China Soccer Holdings (HK), which hopefully owns 100% of Jinjiang Chaoda Shoes and Garment (China), which hopefully has assets, customers, and annual profits. Until recently, what XPD did not have were any of its Australia directors nor shareholders as directors of neither the HK nor Chinese companies. We had ownership but not board control. The Chairman's AGM Address/Market Update states that the HK company now appointed 3 new board members; and will continue to cleanup the board control of our foreign corporate entities. We also don't have operating visibility nor control over our sole operating business in China. We own a business that has ceased telling us what it is doing to succeed, what help it needs, what it plans to do with assets, staff, customers, etc. And notably, we own a business that has ceased to handle our assets at our requests. It acts like it is not one of our operating businesses.
Perhaps we have a Schrödinger's cat situation: we only have a business worth $100m, including $50m cash, if we never ask for it. If we ask for it, if we finally start cleaning up the foreign control structure, perhaps the cat dies and the assets disappear.
So we have either zero or one operating business. It's pretty hard to ask current and future shareholders to agree to the market price for the entirety of XPD Soccer Gear. The directors decided to suspend trading.
It is crazy that the original Australia independent directors of XPD did not place themselves on the boards of our foreign subsidiaries.
It was also crazy that nearly every AUD dollar raised on the ASX in the initial placement and the subsequent placement was sent to China.
