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Even a few of our detractors have now come around
Anyone foolish enough to be a shareholder in AIM-China play Haike Chemical (HAIK) has until 1pm today to accept an offer for their shares at 30p. An EGM on 12 March passed resolutions to delist from the Casino, the execution scheduled for close of play on 19 March.
Previously updating, we noted HaiKe Chemical Group (HAIK) potentially in the 'geong, geong' stage. There has since been developments - and what does the 'Filthy Forty' look like now?...
And so the ShareProphets AIM-China Filthy Forty will be down to just 7 members after Haike Chemical (HAIK) confirmed its previous suggestion that it may delist. The EGM is set for 12 March (in China, even though the parent company is registered in the Cayman Islands and listed on AIM), at which time we can wave bye-bye to another Chinese value destroyer.
ShareProphets AIM-China Filthy Forty member (pro tem) Haike Chemical (HAIK) issued a trading update for full year calendar 2017 at 10am this morning. Uh-oh….
Well done to ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) for being first to stick its head above the parapet this week with the release of its interims to June. One down, nine to go. The PR reads well enough: profitable for the half, lots of cash in the bank. That’s the spin – but what about the Red Flags – such as negative net current assets?
ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) took the biscuit this morning with an update that its last trading statement was just sheer hogwash. If it was uninvestable before, finding out that an “administrative oversight” led to a 50% overstatement of revenue which has taken almost seven weeks to come to light ought to have investors shying away from their bargepoles even if wearing asbestos gloves.
Shares in Haike Chemicals (HAIK) have more than trebled since the spring but do not get suckered in as this is almost certaintly just another common or garden AIM listed China Norfolk. I am grateful to a correspondent in China who writes:
