Yinggao Share Discussion Threads

[mattjos] 09/8/2012 19:36

Steg, you might be right & there are handfuls of companies that treat the AIM market & its participants as nothing more than a source of funds (which are easier to come by and with far less onerous terms attaching to them than if they were to go a bank, a VC, an angel funder etc). Endless rounds of fund-raising guarantee directors inflated salaries, their expenses and pensions, advisers fees & plenty of lunches in the city for all concerned. The fresh money each year supposedly keep the 'growth' dream alive for another year but ultimately merely dilutes it to oblivion and when they go pop, the directors merely start afresh with some other scheme. The AIM market needs much greater scrutiny & regulation but, the beneficiaries of the circus will resist that with their last breath

Yinggaao struck me as something rather different, once the previous boss was gone anyway. I accept the risk of their being one very dominant shareholder but, said shareholder was also acting rather like a larger corporate giving a smaller company a leg-up in its bid to recover from past errors.
I liked the presence of a woman at the helm also + the sector and geographical location & the fact that they had a clear mission statement with a supporting plan to achieve it & finally, on the face of things, they were making real progress in their journey.
As a long-term investor, by nature, this ticked a lot of boxes for me.

However, one must never lose sight of the fact that growing a small business is far from easy ... it's a long, hard, stressful slog for the first 10 years, in my experience ... 10 years in and often it is only then that all past endeavours finally begin to bear fruit as he business suddenly seems to be capable of 'running itself' to a degree and finally it is possible to escape the coal-face and truly start to act in a strategic fashion and not a reactive/tactical manner all the time.

Perhaps I'm being unduly optimistic here at present but, since i have no alternative open to me anyway, I'll do what i can to try and find out the real situation and give the company my encouragement to keep at it and seek a re-listing, be that here or elsewhere.

[col john matrix] 09/8/2012 17:10

If YGH have been caught out by the 6 month suspension rule, then I would think they have no access to the RNS system to announce anything.

[damanko] 09/8/2012 15:54

Matt - I agree with everything you say, even the first sentence, where I took a big risk. Sadly couldn't resist............

Anyway, it is (as Seb Coe would say 2 or 3 times in one sentence):

Unacceptable.

In that the Company is saying/releasing nothing - so appears to be doing nothing. On the surface it looks as though YGH has been stripped of its listing, with no protest or public explanation of what is actually going on.

So - as Confucius might have said: "No quote, no comment." Not good enough. I too am sending messages, though we small British investors may be regarded as mere plankton, we have to try. Angela has been quite communicative over the past few years, in fact I helped to correct the company's English regarding the quarry a few years ago, which ended up in the annual report.

Off out now - I'll just check this in case of mistakes. Now that would be orfull ..........

[mattjos] 09/8/2012 15:00

lol damanko ... i was tempted by same jibe but in the interests of Steg's temper i declined.
I'm not yet prepared to write off the investment .... the current state of affairs is not acceptable as far as i am concerned. At the very least, the company should be making some sort of statement as to the current situation and some timescales by which investors might expect a conclusion and outcome.
I don't believe the majority shareholder is likely to write this whole thing off and neither do i believe do they want to see a market for the stock be removed so, whilst it may require some patience, I believe there will be further developments but, I am not going to hold my breath between now and the next news piece.

[damanko] 09/8/2012 14:51

Or spelling perchance.............

In any case, not good news. And pretty much what many of us PI's expected.

Once again written off my investment - some months ago in fact.

[stegrego] 09/8/2012 12:42

8th Feb to 9th August is 6 months.

You dont need to be a rocket scientist to work it out.

Perhaps the directors need some lessons in arithmatic?

[col john matrix] 09/8/2012 11:04

Under Rule 41 The Exchange will cancel the admission of AIM securities where they have been suspended from trading for six months. Cancellations are effected by a dealing notice.

[mattjos] 09/8/2012 10:29

fwiw, have emailed a more formal request, FAO the BOD, asking for a response to the current situation & will continue to press them for some sort of communique to shareholders

[mattjos] 09/8/2012 09:40

quite odd ... clearly they are in breach of Rule 41, hence the cancellation.
The Nomad's response is a brickwall ... "Call the company, we are not the Nomad any more"
Spoke with Jenny again ... supposedly totally unaware the listing has been cancelled, she still believes they are merely suspended & asked that i call back next week as management are still working on a solution.

[buggy] 02/8/2012 09:11

Mattjos,

Thanks for the update and initiative in phoning them.

[mattjos] 02/8/2012 07:38

spoke with Jenny Chan just now ... the company directors are doing their best in conjunction with their lawyers and the relevant PRC govt agencies to bring about a resolution to the situation. They are very aware of the situation regarding the listing. No indication yet as to when they might update shareholders

[mattjos] 01/8/2012 21:17

twice emailed Anglea now asking for an update ... emails have been read but no reply so, i assume she is not of a mind to talk about things
will now go to telephone tomorrow as prolonged silence no longer acceptable i feel. 6 month anniversary to suspension looms in 1 week and y/e accts already late .. they have to say something within the next week i believe.
I trust it is because they are doing all they can to maintain the listing right down to the wire but, i fear the news may not be so +ve

[howesp] 12/7/2012 12:20

Still no news!
I fear we are in yet another Chinese AIM listing about to disappear!
A little surprised that even the Nomad cannot get something to say on behalf of the Company.Inscrutable Chinese.

[buggy] 29/6/2012 16:45

Thanks for the feedback Mattjos, lets hope.

[damanko] 29/6/2012 16:22

"If this were to happen, holders must hope the majority stockholder does the decent thing and offers a buy-back mechanism by which they can take 100% ownership and then do as they see fit without any pesky monority holders to be concerned about.

Much as i hope none of the above does occur, I fear what looked like a real gem of a company is shortly to disappear & yet another chinese aim listing will end unhappily."

Matt, I fear you may well be right - in this case no news is definitely bad news. Having written off my investment in ARKO/Yinggao some years ago, only for it to bounce back in stock market terms - I'm minded to do so again.

[mattjos] 29/6/2012 14:40

chaps .. I spoke with the Nomad today. Nothing new to report as there has seemingly been no progress with regards the investigation, that they are aware of.
The listing is now obviously under threat as the Y/E accts (31/12/11) have not been filed and that 6 month limit runs out today i believe (i'm unaware they've extended their Accounting Ref Date).

I assume therefore that the Nomad will be obliged to make contact with them imminently as they look like missing the accounting deadline.

Whether or not AIM will aceept the ongoing HK investigation as a strong enough reason to keep the listing (albeit still suspended) until such time as Yinggao can access their books, compile the Accts and submit to an Audit, I do not know and in any event it requires the Nomad to write on behalf of its client to request this .... absent any significant change in the status quo in HK it seems most likely Yinggao will be booted off the exchange fairly shortly for non-compliance.

If this were to happen, holders must hope the majority stockholder does the decent thing and offers a buy-back mechanism by which they can take 100% ownership and then do as they see fit without any pesky monority holders to be concerned about.

Much as i hope none of the above does occur, i fear what looked like a real gem of a company is shortly to disappear & yet another chinese aim listing will end unhappily

[buggy] 29/6/2012 11:51

Good on you Mattjos.

thanks for being proactive. Hope you will let us know if you get anything back.

[mattjos] 29/6/2012 11:10

have this am written to Angela asking for an update on events as we're past due the Annuals results and the AGM now. About time we had an official progress update i feel. Will try the nomad too

[zangdook] 15/3/2012 23:23

OT

At least they didn't try to make him disappear, unlike these victims (mostly) of our own dear government.

[davydoo] 15/3/2012 20:19

In amongst our own woes and investment losses, its easy to miss the bigger picture. detained without charge, imagine that?

[damanko] 15/3/2012 13:00

And - finally, I just love this (in terms of understatements):

"The effect of the investigation is likely to have an adverse effect on trading in the current year."

[damanko] 15/3/2012 12:57

Actually, I believe the (ex) head honcho is dead. But I might be wrong. Or he may have come back as an investigator.

Sorry to say my glass is several shots short of even half empty. The RNS is nothing but bad news. Face it: Company employees arrested, and bailed pending charges. Senior executive/s being investigated. Boats impounded. Only real revenue stream gone.

And to think .... after 10 years of holding, I could actually have sold at one point last year at a tiny profit. I should have done. I didn't. C'est la vie.

From where I sit right now - basket case. Write off. We'll see .........

[ohimbo] 15/3/2012 12:23

Leopards not changing spots, head honcho has a very chequered past.