Xingquan: heavy losses

Xingquan, another China based counter listed on Bursa I have warned about, announced its results:

Cost of sales of RM 342 Million on Revenue of RM 83 Million, does it make any sense whatsoever?

In the past I have shown doubt about the cash in the company (why issue a rights issue when one claims to be sitting on a huge cash pile?), a few more quarter results like the above and that problem might be "solved".

Maxwell: zero revenue!

I have warned many times regarding this counter (and other China listed companies on Bursa), but zero revenue, even I am shocked, any hawker stall will do better than that.

Analyst giving negative recommendations not welcome (2)

Article from Reuters: "PAX Global CFO resigns after analyst briefing row".

Some snippets:


The chief financial officer of China's PAX Global Technology has resigned, days after a video circulated on social media of him asking a Macquarie analyst to leave an earnings briefing during a heated exchange.

In a statement to the Hong Kong stock exchange late on Tuesday, PAX Global said CFO Chris Lee had stepped down due to personal reasons with immediate effect.

Earlier on Tuesday, public relations firm Financial PR issued a letter that it told Reuters came from Chris Lee that said: "I hereby express my sincere apologies again for my unprofessional behavior on 10th August. No matter what the reasons behind it were, it was unacceptable."


Shareholder activists, former analysts and hedge fund managers say there is concern that critics of companies are being muffled in the Asian financial hub amid a broader clamp down on freedom of speech.

Analyst giving negative recommendations not welcome

Article from Bloomberg: "Angry CFO Ejects Macquarie Analyst at PAX Earnings Briefing"

Some snippets:


An earnings briefing in Hong Kong turned heated when the chief financial officer refused to continue with his presentation until an analyst from Macquarie Group Ltd. left the room.

In a video obtained by Bloomberg News, PAX Global Technology Ltd. CFO Chris Lee can be seen standing over a seated Timothy Lam and ordering him to leave the conference room on Wednesday. Lam initiated coverage on PAX Global’s stock in April with an underweight rating, making him the only analyst out of 17 tracked by Bloomberg to have a bearish recommendation at the time. On Thursday, Lee said he regretted his behavior, which was a "one-off" that didn’t reflect the management’s position and he welcomes "diverse points of view," according to an e-mailed statement.

The analyst was asked to leave because PAX Global disputes parts of his report, not because of the rating, Lee said by phone on Wednesday. Lam wasn’t invited to the briefing, Lee said. Macquarie spokeswoman Ida Cheung declined to comment. All analysts should be able to attend the briefing, regardless of their view on the company, Macquarie’s Lam wrote in a note, in which he maintained his underweight rating and raised his target price by 10 H.K. cents.


It is tough to be an analyst giving an "underweight" or "sell" recommendation, but the above is rather extreme. It does however illustrate the problems of being an analyst.