What's In Fine Print?

For Aussie Investors, is Bojun all that it seems?

Bojun is latest Chinese IPO to hit Aussie Investors and possibly the ASX.

Bojun is a food processor reflecting its China business.

Chinese IPOs it pays to dig Bojun's Supplementary Prospectus.

Bojun Agriculture Holdings Limited (ASX:BAH) is an Australian company with 100% of its core business in China, via a web of offshore corporate structures, and a BVI tax haven.

Bojun China is well established and highly profitable: FY2016 revenues of A$61.8m; EBITDA = 19.9% and NPAT = 16.4% of revenues. NA = A$43m. Haixi is raising min A$7.2m @ A$0.30/share; equal to 20% of share capital. 80% of equity (after above) will be owned by domiciled Chinese offshore; majority by one person.

What's intriguing:
* Operating Entity is a BVI company. Tax haven.

* Risks: see pages 9-11; 59; 83-87; 88-94

* Land Assets: 100% Government owned.

* CR Fees: $1,561,000 or 21.7% of min CR; majority to one entity.

* Payment of Dividends: Caveats-pages 11; 70; 74; 84; 92; 94.

Dividend cracker. Bojun's Supplementary Prospectus is littered with Caveats.

Chinese Zinger: In short, Dividends cannot be paid for first ?? years of profits. (see p 74; 6.11.14 of SP).

What, if anything, is in Bojun for Aussie Investors? Will ever be?