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Sunday 19 January 2020 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares


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AIQ Limited – now suspended - Graham Chester unearths another “not a Red Flag”

Published 737 days ago

Our good friend and occasional correspondent in these parts, Graham Chester, has also been looking at Standard Listed (as of Tuesday) AIQ (AIQ), which rose from 8p to 125p to have a value of £62.5 million for its £3.6 million of cash and nothing else. Like me, he has become a bit of an anorak on China Frauds so when a familiar name crops up….

It’s the way you tell ‘em! ISDX China-play Miloc FY15 results

Published 1328 days ago

The ShareProphets AIM-China Filthy Forty has seen some tragedies worthy of Shakespeare – see PCG Entertainment yesterday, for example. So now it is time for the light relief, and in that vein we bring you, courtesy of a cracking spot by our very good friend Graham Chester, FY15 results from ISDX-listed Miloc Group Limited (ML.P). It is pure comedy….

Yippee, it’s pantomime season! A cautionary tale from the HK stock market, ref Filthy Forty

Published 1480 days ago

With a hat-tip to Graham Chester for spotting it, I bring you a wonderful tale from the Hong Kong stock exchange. Out with the frilly frocks, cross-dressed hero and wicked step-mother, and let’s get the boos and hisses going in the audience. For some time we have, on ShareProphets, been calling for full forensic audits (oh no you haven’t! oh yes we have!) of all the remaining companies from the ShareProphets AIM-China Filthy Forty which have not yet been booted off the Casino (boo, hiss!). It seems that our sentiments are perhaps not falling completely on deaf ears, for in Hong Kong we have seen exactly that taking place with a company (currently suspended) called China Animal Healthcare. But there appears to have been a bit of a snag…..

Filthy Forty (and others) - who is passing these as fit? Part 8: marketing the services

Published 1538 days ago

In Part 8 Graham Chester examines how the advantages of gaining an AIM listing are marketed to Chinese companies, and the help they are offered to get to market. The marketing material contains a few case studies: oh dear…..look at them now!

Filthy Forty (and others) - who is passing these as fit? Part 7 - the City's cut

Published 1540 days ago

In Part 7 Graham Chester looks at the city’s cut when it comes to listing a China play on AIM and wonders whether it is good value for money – or, indeed, whether the financial due diligence process is protecting investors or just part the City’s stock promotion machinery.

Filthy Forty (and others) - who is passing these as fit? Part 6 - cornering the market

Published 1541 days ago

In part 6 of this series, Graham Chester takes a look at the share-price performance of the remaining AIM-China companies which have listed in the last five years, and who has been doing the financial due diligence. And remember, these are just the ones which are still listed. Does any of the four Reporting Accountancy ‘teams’ come out of this well, and who is cornering the market now? 

Filthy Forty (and others) - who is passing these as fit for UK markets? Part 5 - more disaster

Published 1543 days ago

Graham Chester continues his stinking series on Reporting Accountants to UK-listed China plays with a look at Team Quigley at Smith & Williamson – the one-stop shop for Chinese companies coming to the UK. How do their clients fare? Er….

Filthy Forty (and others) - who is passing these as fit for UK markets? Part 4. Yup, losses again

Published 1543 days ago

Having examined Team Stevens and Team Lau, Graham Chester moves on to take a look at Team Wilson/Sacker at UHY Hacker Young in his continuing horror story. Once again, watch as the losses pile up.

Filthy Forty (and others) - who is passing these as fit for UK markets? Part 3, more losses

Published 1545 days ago

In Part 3 of this series about Reporting Accountants and Auditors of companies coming to AIM and ISDX from China Graham Chester looks at the record of Team Lau and its current firm of Moore Stephens. As with Team Stevens in Part 2, watch the scores-on-the-doors here as the losses pile up.

Filthy Forty (and others) - who is passing these as fit for UK markets? Part 2, a shocker!

Published 1545 days ago

In Part 1 Graham Chester examined the role of the Reporting Accountant when bringing a China play to the Casino. In Part 2 it is time to look at some of the players involved. What better place to start than at Team Stevens, now at the fine firm of Crowe Clark Whitehill – auditor to quite a portfolio of Filthy Forty companies, and a few more besides. Watch the scores-on-the-doors here in terms of share price performance: it is shocking stuff.

Filthy Forty (and others) - who is passing these as fit for UK markets? Part 1

Published 1545 days ago

In this first part of his look at the audit and accounting of China companies on AIM (and ISDX), Graham Chester discusses the process of bringing them to the UK markets. This involves the use of Reporting Accountants…..

Prevention of Fraud and/or Error: are auditors a pointless waste of money?

Published 1545 days ago

The Globo (GBO) scandal brings up the issue once again of what an auditor is there to do. Yesterday’s admission that, essentially, Globo’s accounts could not be relied upon suggests that there has been a massive failure. Auditor there: Grant Thornton. But Globo is by no means the only case of investors being misled as to the true picture in a company’s accounts.

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