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She has been associated with some delisitings in her time!!! Let's hope third time lucky!
Hopefully keep the duo out of mischief.
The board (the “Board”) of directors (“Directors”) of China New Energy Limited (the
“Company”) announces that Ms. Wong Mei Ling (“Ms. Wong”) has been appointed as an
independent non-executive Director, a member and the chairman of the Audit Committee, and
a member of the Risk Management Committee of the Company with effect from 15 March
2023.
Ms. Wong, aged 61, obtained a master degree of Finance of the Curtin University. She is
a member of Hong Kong Institute of Certified Public Accountants and has over 20 years
of experience in accounting field. Ms. Wong was an independent non-executive director of
Global Token Limited (the shares of which were delisted from the Growth Enterprise Market
(GEM) of The Stock Exchange of Hong Kong Limited (“Stock Exchange”) with effect from
20 April 2021) from December 2016 to April 2021. She was also the chief financial officer
of Sun Television Cybernetworks Enterprise Limited from July 2011 to January 2016, and
the financial controller of Up Energy Development Group Limited (the shares of which were
delisted from the Main Board of the Stock Exchange with effect from 5 January 2022) from
September 2006 to July 2011.
Love their cryptic news updates but looks very promising :
“ in-depth exchanges on further deepening cooperation and other matters.”
maybe this was connected to recent rise although i am starting to think Cnel is stealthily buying its stock and maybe another step will happen, although final results are maybe 2-3 weeks away so hoping for some meatier information. This news is big in so far we built a 400k project and many more to come in co-operation with Eleventh Construction. I am confident we sill step up again by results day as we cant go lower frankly as company is still practically worthless so i can see is using back go .45 soon and if Cnel carry out buyback, announce return to profit, good order book then maybe just maybe declare a dividend as that i feel is only way to bring valuation up and prove board are working for all interests.
Mr. Li Guangming, Chairman of China Chemical Engineering Eleventh Construction Co., Ltd. visited our company
On February 21, 2023, Mr. Li Guangming, Secretary of the Party Committee and Chairman of China Chemical Engineering Eleventh Construction Co., Ltd., and his party visited our company Guangdong Zhongke Tianyuan New Energy Technology Co., Ltd. and the Guangzhou Institute of Energy Research, Chinese Academy of Sciences.
Mr. Yu Weijun, chairman of our company, extended a warm welcome to the arrival of Mr. Li Guangming and his party. The two sides conducted in-depth exchanges on further deepening cooperation and other matters.
At the meeting, Mr. Yu Weijun introduced the development plan and research results of our company and the Guangzhou Energy Research Institute. He hoped that the two parties would deepen cooperation in the general contracting construction and industry of new energy, new materials, medicine and other businesses, and give full play to their respective advantages , to achieve mutual benefit.
Mr. Li Guangming introduced the history, operation and development plan of Eleven Chemical Construction Company. He said that in recent years, as the "vanguard" in the field of China's chemical industry engineering construction, Eleven Chemical Construction has been committed to intensively cultivating the main chemical industry, constantly innovating technology with refined management, and achieving diversified development. It can provide investment, financing, design, We are willing to carry out deeper cooperation and joint development with our company and the Guangzhou Institute of Energy Research of the Chinese Academy of Sciences to achieve a new win-win cooperation situation.
The cooperation between Zhongke Tianyuan and Eleven Chemicals in the COFCO industrial alcohol project in Anhui has achieved results, and the large-scale hoisting construction of the 300,000-ton industrial alcohol project has been completed.
China National Chemical Engineering Eleventh Construction Co., Ltd. (ELECO) was established in 1962. It is a wholly-owned subsidiary of China National Chemical Engineering Corporation (CNCEC) (stock code: China Chemical 601117) managed by the State-owned Assets Supervision and Administration Commission of the State Council. The registered capital is 1 billion yuan.
I haven't seen any evidence the company has changed its tune since it started trading again. A one day increase is little to get excited about as far as I'm concerned. It may have nearly doubled from pitiful lows over a short time frame but its still got a mountain to climb. No news or engagement is standard practise here.
Results out April and so far we doubled on no news, unless you are close to the duo, but must assume something is going on. Regardless of all the unbelievable shenanigans they have projects and tech coming out of their ears so something has to stick. While the Covid period smashed our ability to deliver none of those projects were mothballed just put back which means a stellar period that Ivy confirmed. Therefore i have no idea on current profitability as i think China only turned the corner proper in October but if raw numbers stack up then there is no reason we should not get back to .45 suspension and onwards if they actually give some more forward guidance, agree to a 20% buyback and announce a dividend. Do all that and we would be 15p and directors can then do a tasty 10% placing and we are all quids in. Only question is my painful memory gives me low confidence the duo will do anything of the sort. I am sure they have organised that disastrous purchase of Canadian company with one of their mates and getting a boatload of backhanders to overpay. Sadly this duo cant be trusted with anything after all they have got up to. Gow poor old RB looks them in the eyes i have no idea but sounds this behaviour is normal in China where this is normal business practice.
Hopefully the slow and steady climb back to IPO price is underway. Think it will take some time and there may be some bumps in the road, but hopefully the worst is now behind us. Not sure how a share that has been largely static and traded a range since relisting can leap up over 40% in a day without any news (not that there seems to be any kind of requirement to report news on HKex nor any desire from the BoD to disclose any). Maybe a buyback has begun and isn't just words in the Annual Report
Did anyone have balls of steel to buy around .1 as i am sure most of us felt it was a crazy low and all chances of a decent rise was likely. I have plenty invested so i passed simply based on no trust in the duo who have never been transparent, managed business for their personal benefit and never offering a dividend on buyback. time will fade their history and hopefully new shareholders come in to replace the jaded historic shareholders. If we had the board this company deserves we should be 10-20p in old money even with our bad year. If we get double again in coming weeks at least some small sigh of relief we get back closer to .45 before we got suspended. how the duo basically got through all that and still we have no knew board members of merit or business changes for investor relations i have no idea. Anyway get back to IPO price and ill have some bout of amnesia about the past.
Back to tuppence in old money. A long way to go as we still trade below our reserves of cumulated profits by some margin. I have been pushing a while for board to do a share buy back and RB was apparently heading to China first time in 3 years to hopefull give the duo a good spanking. If volume is 18m today probably 60% of that is buying so maybe that is £200k so not small change. Not sure i am correct but we have been super quiet for months so looks out of place with no news. Can really only be part of buyback but they have incredible tech but any update should be positive based on the horrow show past.
Somethings going on, still pumping into the close. (Atm)
Hopefully its those sneaky directors buying which would only mean one thing.
Some more activity today and back to .177 so 36% rise today. Still long way to go but not aware of any news announced but its not a huge volume so could be a long way to go.
shhhh! ??
It appears the pheniox is starting to rise.
Long term holder here of this painful stock!! I didn't transfer my shares when the move took place. I held them with HL and the shares are now held with HSBC. Can anyone recommend the best broker to transfer to?
Hopefully good news ahead for you all here as its fully deserved. Shocking behaviour from the board in recent years. Goodluck all.
Bit of volume today and ticked up to .14 so while still massively under our net assets hopefully start of re-rate as bad results are built in but its speed CNEL will bounce rate to pre pandemic revenue and profits that are of interest. Still hoping board agree to buy back shares up to .5 as that would still be 50% discount to IPO. Then in 12 months, hopefully when they are back to IPO value, to do another 10-20% placing but they have the tech and the expertise and they just need to add people to the board who can present and market the company better internationally and grow business and keep a close eye on the duo and their penchant for awarding contracts to mates or proposals to buy mates businesses. That has hopefully been stopped.
OK, April it is. Meantime RB or Ivy are very welcome to send a few pearls toward their long suffering shareholders.
Thanks for the feedback.
I think the company resilts are April. Frankly the management are entirely to blame for current share price from previous dubious activities through to complete mismanagement of company PR and transparency. The last 18 months of Covid in china have clearly taken their toll on revenues. However if you read some of the latest news there is plenty to be confident about. In one recent news after saying they are working on 3 battery related projects :
“ These contracts have opened up the application market of ethanol products in the field of lithium battery electrolyte for the company, and opened up a new energy business growth point. We believe that with the maturity of our company's technology and the demonstration effect of the above projects, we will attract more and more customers and bring new orders. ”
Also they talk positively of oversea expansion so CNEL in next 12 months can easily bounce back to historic revenue and profitability but really that share buy back is long overdue and this is a tiny cost to the business having raised money 3 years ago at 9x cost so a bargain. If they bought back now at .1 in 12 months maybe they can do a 20% raise at .9 and have same. number of shares as today but considerably improved cash in the bank. I am holding next 6-12 months to see if finally company can do one thing right for pis. Frankly i dont hold much hope but if all doors for management are blocked to get money out the side door and auditors watch closely friends and family contracts they might conclude taking a dividend is only way forward.
“The epidemic is gradually returning to normal. Projects in Thailand, Indonesia and Myanmar, which have been suspended for a long time, are gradually resuming implementation. Overseas business development is also gradually returning to normal. Currently, we are negotiating with China Energy Construction International Construction Group Co., Ltd., a well-known enterprise in the energy field, for some overseas projects. cooperate.”
You put the counter case well. Can you tell me when next results are due and next reporting dates. i'm trying to figure out whether to hang on and what for.
Well cnel went to all the considerable trouble of first listing in London and then HK and raised money on both occassions. They are clearly keen on getting investment in just not paying it out. I understand the $30m or so is used to front up bigger projects so i can see why they dont want to pay dividends however if they raise capital on markets and sign legal agrements on conduct expected then they face a significant long-term damage as seen by Cnel delisting and market cap of a semi in London. Their only saving for themselves is their controlling interest and how that might have enabled them to extract incomes through 3rd parties in the past. Going forwards they have limited options but play clean and RB, while can be seen as the useful idiot, i am sure he is trying to bring basic manners to how investors are treated. all i know if we have a £7m valuation and if they sold up today we would have £25m at least in cash leftover. Ivy has said future is good and how can it not be? Ethanol is booming all over the world and while DRC has locked down badly surely their will be pent up demand that should mean Cnel recover revenues and more. The only thing i hope is cnel buy back 20% shares at 90% discount to IPO and in so doing the owners shareholding will rise by the same proportion and share price will recover to maybe 2-5 HK. i agree i learnt a big lesson on transparency as i simply have never come a company that hides its wins and benefits to the market making its life considerably harder. The most baffling, shoot yourself in the foot, company i have ever come across.
Been invested in CNEL since 2015. A decision based on ethanol sector promise and a belief that China and Chinese companies would be leaders in an industry that aimed at emissions reduction. It’s been a disaster as all LTH’s will know. I broke my own investing rule on company transparency and more fool me.
Now I think we have just been dealing with a philosophical difference in business ethics. On one hand is the centuries old approach to making deals and obtaining contracts. The capitalist method of raising finance, encouraging investment via open communication and selling the enterprise story to the business community both directly and via the markets is just too transparent.
And what exactly does the mysterious RB do as an Executive Director? He is now apparently on his way to China. Does he have the slightest influence on what this company does? I’m not holding my breath.
i raised a short question to RB on the status of the share buy back and the importance of addressing the companies PR efforts. He actually responded and said he was heading to China soon and had not been in 3 years and to raise such matters with the board. Really given the huge disparity between company valuation of $9m and net assets value of just around $30m that excludes any value for the business itself shows just how far we have fallen. The company has lost all trust with shareholders and investors and to prove a different narrative need to create value for shareholders and address the most obvious basic problems, apart from keeping a close watch on the duo at the top. CNEL could have been considerably bigger than they are today with basic attention to their PR and marketing efforts and developing relations with investors to allow them to tap the markets for investment. Today any raise would dilute shares by 50% for any meaningful raise so given the duo would lose control of the company would not do this. it is so obvious what they need to do and it is painful to see great technolology not leveraged as should be the case.
Over the last 6 years or so we generated around $30-40m in profits. My understanding is that used this profit to invest in new projects as our buyers pay in arrears. However i have never been able to see that this money is still accounted for as cash in bank is not high. Can anyone shed more light on this as given it is likely the last 12 months have been poor that should projects in pipeline have completed and paid money back to Cnel. Just would like to see out cumulated profits accounted for as i was expecting a share buy back to occur at these very low levels as we should have 3x more cash tied up in projects than current market cap. Given what has gone on you have to question basic details.
Unfortunately this share is far more tainted than that and it will take something much more substantial to the point of remarkable for investors to look at CNEL without suspicion again.
I’d imagine the Chinese stocks are going to move up with a bit more freedom. How it affects the Chinese people and the rest of the world may not be so good if the news is to be accurate.