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Chinese investors selling to invest in arks and life boats.
Not sure on the HKEX what your holding would need to be to have to declare yourself as a named investor, if Double River were still holding I am pretty sure they would need to declare themselves based on the volume they had. So if they don't show up as a HKEX equivalent RNS then they might well be long gone in that first hour.
no lock in period theyre free to convert and sell right away...
"The Loan will be converted automatically into ordinary shares of the Company at a price of approximately HKD0.481 (approximately 4.7 pence) per share on the Company obtaining regulatory approval from the relevant authority for the new listing before the Maturity Date"
when they recieved approval on tues they were free to see right from the bell and possibly tried to sell all of them for over 100%. they flooded the market creating huge selling pressure in the morning. leveled out a bit by midday but no knowledge how many (if the did) they sold.
i dont actually know how HKex news feeds differ from aim. they might not need to declare it i would need to read up on HKex news rules and what a comoany have to declare.
indeed, a lock-in period would've been wise and expected given the impact of a large holding being flipped on IPO ... but there was no mention of any lock-in so it's highly unlikely there was one.
if correct I am surprised the loan conversion did not have a lockin as this is the worst situation you can get for an IPO and BOD are normally very wary of making sure such linked parties do not unload in the first 5 minutes. certainly the company will be badly tarnished. i am not entirely convinced it was Double River but only consolation is that whoever it was is out and we can hope the trading statements are positive and eventually renews investor interest as we are back to a PE of about 5 and a forward PE of probably 3 but dont quote me on that.
hardly surprising ... the company issues 23,924,502 shares to 'investment company' at 4.9p and HK trading opens at 10p spiking to 13.5p.
Nice work if you can get it.
If it was Double River that tripped this up today then at least it done and dusted and they are out at the cheaper entry price. That leaves it more representative of current PI's and larger investors purchase point so it ca only strengthen from here. This has to be driven by a marketing campaign now by the company and BOD in showing activity and project wins on a regular basis, this will highlight some key wins and progress to get the market excited (something they never did on AIM)
Would not have liked to be the CEO banging the gong and then watching within 5 minutes 10m shares dumped on the market all at once and then for share to tank almost 50% in minutes. That is very painful for a Chinese CEO who must have talked to a lot of investors to get them to invest at 10.8 HK and he would have lost a lot of face today, when it should have been something more memorable. The CEO might well need to bring forward news and perhaps it is time he looked at a maiden dividend as profits are so high, although i still see they are going for growth so thats unlikely. Fortunately CNEL are strong in all key fundamental metrics and that will shine through eventually. the bod also need to reflect on their inaction to transition from AIM better, perhaps buying back stock from shareholders or keeping a dual listing for a while to make the transition smoother. The result of the massive difference between the UK and the poor transition led to the massive sell off by those UK investors organised to exit. In retrospect we should have all seen it coming. Hopefully the months will recover the position on positive news and Q1 results but there will undoubtedly now be a bigger overhang.
That it fell so much on the first day. Almost like they had a gap to close between aim and hkex. Obv not the case though. Anyways hopefully it'll recover quickly and onwards from there. I'm invested for at least 2 more months at least.