Friday 19 January 2018 ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares

ShareProphets AIM-China Filthy Forty Update – unspeakable in pursuit of inedible edition

By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 29 March 2017


With the demise of the twenty-fifth Filthy Forty listing, Asian Citrus (ACHL), as of this morning there are just 15 of our motley crew remaining listed on the Casino – and one of those, MoneySwap (SWAP), has now been suspended for more than six months, but it seems the Oxymorons have decided not to apply AIM Rule 41.

MoneySwap has finally got its accounts out but it turns out that its Depositary Interest facility was cancelled (non-payment of bills) and so the shares are not freely tradable electronically as AIM Rules require. We are told that this is being sorted out, along with a big refinancing. More on that to follow.

Just three of the original forty are sporting a share price higher than their respective IPO prices. For the rest, it is either a zero or a calamitous loss – with the notable exception of the investment company which doesn’t invest, Northwest Investment Group (NWIG) which is only 15% down on its IPO.

The average across all forty comes in at a less than impressive loss of 54.3%. Knock out the best and worst three and the average for the rest is a loss of a whopping 93.7%.

Still, at least all the Nomads, NEDs, brokers, PRs, lawyers and accountants all got paid. Oh, and so did the LSE. So that's alright, then.

Meanwhile, with Asian Citrus not only having been unable to get its accounts out due to allegations which its auditor hasn’t yet been able to get to the bottom of, and which seem to amount to allegations of fraud, the legacy of an orange producer which couldn’t produce much in the way of edible oranges just adds to the litany of Nomad resignations and executions for failure to publish accounts (totalling 18 out of the original 40 AIM-China plays). The record is there for all to see: who signed off on all these listings in the first place?

Truly, with Asian Citrus, a case of the unspeakable in pursuit of the inedible.

List Date Company IPO Price (p) Price (close 28/03/2017) Change since IPO Nomad & Broker 
02-Jul-04 RCG HLDGS LTD (RCG) cancelled - 08/07/2014 "best interests" Smith & Williamson
17-Dec-04 ALPHA RETURNS GRP PLC (ARGP) 2,125 0.40p -100% ZAI & Peterhouse
03-Aug-05 ASIAN CITRUS HLDGS (ACHL) cancelled - 29/03/2017 accounts not published  Cantor Fitzgerald
16-Dec-05 UNIVISION ENGINEERING (UVEL) 3 0.725p -76% ZAI
06-Feb-06 BODISEN BIOTECH INC (BODI) cancelled - 29/12/2014 accounts not published Charles Stanley
19-May-06 HUTCHISON CHINA MEDITECH (HCM) 275 3175p 1055% Panmure Gordon
23-Jun-06 GEONG INTERNATIONAL (GNG) cancelled - 02/11/2015 accounts not published & NOMAD resignation finnCap
26-Jun-06 ARC CAPITAL HLDGS LTD (ARCH) cancelled - 16/10/2015 NOMAD resignation Grant Thornton & Edmond de Rothschild
31-Jul-06 TINCI HOLDINGS (TNCI) cancelled - 23/01/2015 "best interests" Stockdale
05-Oct-06 ASIAN GROWTH PROPERTIES (AGP) 36.75 83p 126% Panmure Gordon
23-Oct-06 LED INTL HLDGS LTD (LED) cancelled - 22/08/2016 accounts not published & NOMAD resignation Allenby
14-Dec-06 TAIHUA PLC (TAIH) 10 2.675p -73% WH Ireland
21-Dec-06 WALCOM GROUP LTD (WALG) 35 1.25p -96% Allenby
14-Feb-07 HAIKE CHEMICAL GROUP LTD (HAIK) 79.8 19.25p -76% Stockdale
10-Dec-07 CHINA FOOD COMPANY PLC (CFC) cancelled - 29/12/2014 accounts not published  finnCap & Numis
30-Sep-08 SORBIC INTL PLC (SORB) cancelled - 17/07/2015 NOMAD resignation  finnCap & Hybridan
14-Dec-09 ORIGO PARTNERS PLC (OPP)  50 2.375p -95% Smith & Williamson
06-Sep-10 ASIA CERAMICS HLDGS PLC (ACHP) cancelled - 29/03/2016 NOMAD resignation WH Ireland
12-Oct-10 GLOBAL LOCK SAFETY(INTL)GRP CO LTD (GLOK) cancelled - 19/05/2015 NOMAD resignation Allenby
01-Apr-11 EASTBRIDGE INVESTMENTS PLC (EBIV) cancelled - 12/07/2016 not fulfilled investing policy Northland & Peterhouse
23-May-11 CHINA NEW ENERGY LTD (CNEL) 7 1.35p -81% Cairn & Daniel Stewart
01-Aug-11 CHINA AFRICA RESOURCES PLC (CAF) 40 2.25p -94% SPARK, SI Capital & Beaufort
31-Aug-11 MONEYSWAP PLC (SWAP) suspended - 21/09/2016 depositary interest facility cancellation  Allenby
02-Apr-12 AUHUA CLEAN ENERGY PLC (ACE) cancelled - 30/03/2016 NOMAD resignation Grant Thornton & WH Ireland
05-Apr-12 NAIBU GLOBAL INTL CO LTD (NBU) cancelled - 23/06/2015 NOMAD resignation  ZAI & Daniel Stewart
22-Jun-12 GLOBAL MARKET GROUP LTD (GMC) cancelled - 24/09/2015 NOMAD resignation Grant ThorntonStockdale
20-Aug-12 CHINA CHAINTEK UNITED CO LTD (CTEK) cancelled - 12/10/2015 NOMAD resignation ZAI
09-Nov-12 VMOTO LTD (VMT) cancelled - 19/11/2015 "best interests", now just on ASX finnCap
19-Dec-12 GREEN CHINA HLDGS (GCH) cancelled - 18/06/2014 "best interests" Cairn
24-Dec-12 CAMKIDS GROUP PLC (CAMK) cancelled - 30/10/2015 NOMAD resignation Allenby
02-May-13 ALL ASIA ASSET CAP LTD (AAA) 3 7p 133% Allenby
16-Oct-13 CHINA RERUN CHEMICAL GROUP LTD (CHRR) cancelled - 09/11/2015 NOMAD resignation Cairn & Beaufort
07-Nov-13 GOWIN NEW ENERGY GRP LTD (GWIN) cancelled - 30/03/2015 NOMAD resignation, now on NEX Exchange Cairn & Alexander David
09-Dec-13 JQW PLC (JQW) cancelled - 05/01/2016 NOMAD resignation Cairn
14-Jul-14 JIASEN INTL HLDGS LTD (JSI) cancelled - 28/02/2017 "best interests"  Cairn & Beaufort
01-Aug-14 GTS CHEMICAL HLDGS PLC (GTS) cancelled - 02/08/2016 "best interests" SP Angel
04-Dec-14 PCG ENTERTAINMENT PLC (PCGE) 6 0.145p -98% Allenby & Beaufort
03-Feb-15 AQUATIC FOODS GROUP PLC (AFG) 70 12.5p -82% SP Angel
10-Mar-15 GATE VENTURES PLC (GATE) cancelled - 23/07/2015 NOMAD resignation  Beaumont Cornish & Cornhill

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