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FARCE!! Filthy Forty Taihua – second new website blocked, another missive to AIM Regulation

By Nigel Somerville, the Deputy Sheriff of AIM | Thursday 12 January 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

This is descending into farce: almost seven weeks ago we noted that the company website of ShareProphets AIM-China Filthy Forty play Taihua (TAIH) had disappeared. Following two missives to AIM Regulation, finally a new website was notified by RNS on Wednesday but it lasted less than 24 hours before being blocked – one assumes by the Chinese authorities, since the notification was in Chinese. Not to worry, yesterday the company notified another web address for its website but this morning that too has been blocked.

You can try the original website, and it is down. The replacement, gives a message in Chinese which, according to Google Translate, shows that the site has been blocked. Yesterday’s RNS-notified web address of now appears to have suffered the same fate.

Are we going to have a new web address notified by RNS every day so that investors can access the company’s AIM Rule 26 data, only for the wretched thing to be blocked a few hours later?

I have no idea what is going on here, but it certainly gives the impression of a fly-by-night operation. Good companies simply don’t behave like this.

Of course, this is not the only concern I have, with the as yet unanswered questions over the long-promised share buy-back, funded from a long since completed Open Offer as well as a few accounting matters over some unpaid related party receivables as per the company’s FY15 accounts.

I have had this company as a sell for a long time and it was one of my two (sell) picks for the ShareProphets Christmas tipfest. I see nothing to change my mind.

Meanwhile, yet another missive to AIM Regulation this morning:

Dear AIM Regulation,

I note that once again AIM-listed Taihua (TAIH) is not in compliance with the requirements of AIM Rule 26.

Having noted that its company website of had disappeared from the web back in November and advised you accordingly at the end of December, a replacement web address was released on Wednesday of this week, .

That lasted less than 24 hours before being blocked by the Chinese authorities and yesterday a second new web address was notified by RNS, of which this morning now also appears to have been blocked in China.

In the latter two cases the message which appears is in Chinese, but the Google Translate version (HERE) may give you an idea of the problem.

Are we to expect a daily RNS notification of the company’s latest web address, only to find that after a few hours it too is no longer available to investors?

Does that really comply with the requirements of AIM Rule 26?

With kind regards,

Nigel Somerville

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