According to a report in China Daily Europe a new wave of Chinese company listings are [sic] expected in London as the London Stock Exchange ramps up its efforts to attract Chinese firms. With the stench of the ShareProphets AIM-China Filthy Forty in full nauseating flow, seemingly unaddressed, my heart sinks.
AIM-listed China and Malaysia hybrid Galasys (GLS) is turning into a fascinating soap-opera and the entertainment was turned up another notch yesterday. Entertainment for onlookers that is, but not for shareholders who might be more than a little concerned at the ongoing difficulty in establishing quite who is in charge – or, at least, who should be in charge – of the company.
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!
I was taking a look at what happened to ex-AIM listed and Filthy Forty constituent Sorbic International (SORB) after it was booted off the AIM Casino earlier this year. Can we draw some lessons? Are there some clues as to why so many of the Filthy Forty have shown that they should never have been allowed near the world’s most successful growth market? We need look no further than its interims, released on 30 June 2015 where all is laid bare, plain for all to see. It is utterly shocking. It shows that there can be no corporate governance which can be relied upon.
The ShareProphets China-AIM Filthy Forty reveals the most shocking statistics of losses for investors, demonstrable frauds and companies being booted off the Casino – see HERE. But which country of incorporation and which regulator has seen the highest rate Filthy Forty AIM-China expulsions?
Auditors Crowe Horwath Associates have performed the local audit for five China AIM casino companies and at three we have already seen wholesale fraud as purported cash balances either were made to disappear or never existed at all. The Financial Reporting Council, FCA and the oxymoron that is AIM Regulation need to act NOW and shares in Camkids (CAMK), Jiasen (JSI), and Asia Ceramics (ACHP) must be suspended at once.
Yesterday we demonstrated quite clearly (HERE) why Camkids (CAMK) has committed accounting fraud and why the statement of yesterday just does not add up. We have been saying that this company is a fraud for months and months and that is now clear to all. The local auditors of Camkids and the now delisted fraud Naibu acted for three other AIM stocks, one of which is JQW (JQW). The other was Sorbic International, a now delisted fraud. JQW is also a fraud and we call for an immediate suspension of its shares as well.
The London Stock Exchange denies that there is a problem with China AIM frauds. What planet is patrician twit Chris Gibson Smith on? Well it is only dirty little people (aka private investors) who are being cleaned out so who gives a FF anyway, Chris old boy? This brings us to Sorbic (SORB) which today admitted that its CEO has stolen all its money, In fact I reckon it’s worse than that.
The Mrs is finally back from India tonight but her delay is clearly a breach of my human rights. Will any political party remedy this? The podcast refers back to yesterday's bonus China fraud Bearcast on Gate & Naibu (see HERE) before moving into the farce of today's two China Norfolks in the news, JQW and Sorbic. Then there are the lessons we learn from Arria, the Kenmare tale, Optare, Mosman and Ubisense which seems like a POS.
In this podcast I start with the Footsie - er it is now at 6,855 what was that comrade Malcolm Stacey was saying about when 7,000 was breached shares had to rocket to the moon? Only asking. Then it is onto the sordid tale of Gate Ventures and its latest RNS (sorry for the poor taste Woody Allen gags) and Sorbic International.
In today's podcast I look at Sorbic International another AIM Casino China stock where you just could not make it up and I ask questions of its hapless Nomad Finn Cap. I also look at Sefton and at Beale and what that says about takeovers. En passant I mention the POS that is Touchstone Gold.