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Cnel have announced a trading halt for “inside information” announcement. Generally this os good news and could be s major deal announcement that will move share price significantly. If it was bad news they have tended to always release asap and rather enjoyed seeing the share price slump. We wil see but company recently hired new person to head up a hydrogen unit and there have been several R and D pilot projects. I think liquidity wise all is good so my assumption really is that it is more likely positive news than negative but cnel are past masters at self destruction so i also have my doubts. Could this be a cheap offer to take private just before Cnel makes a major break through? Would that explain boards refusal to share any meaningful updates and the years of dubious behaviour. We will see but i hope cnel make a positive announcement.
Wait is over and basically CNE through our 100% owned subsidiary Zhongke Tianyuan has bought a 40.77% stake in a company called Zhongke Green for HK$57,898,000. That is £5m in sterling so quite a lot of change stating it will boost long term profits as presumably they were a supplier. Amazed we have so much money sloshing around as CNE is valued at about £5m so you would expect this deal to double our valuation but has barely flinched. How does company find that sort of money and not think it is better to buy back CNE shares? At least we know CNE is in great shape to pull this off but its all very odd if you ask me. Hopefully the start of being taken seriously by the HKex stock market as being an acquirer is generally positively received. The fact shares did not flinch continues to tell me the company is not making any effort to announce a major investment. No news on website but £5m invested for a large stake. Overall happy but underwhelmed by the share price that is 90% down on its HK IPO.
I am still baffled why, when cash is precious, we somehow find £5m to buy a non controlling 40% stake in another supplier that did not make a profit last year. I am sure it will turnaround and there is some logic but at the same time my spider senses are thinking whether Green is not another mate of the board of CNE and hope someone is checking there are no backhanders going on here. Surely CNE has far better ways to invest £5m in its own company or tide it over for the next few years while it develops the pipeline. The company has not even whispered this news to anyone and from what it looks like were actually forced by the HKex to make the announcement as it does not look they followed protocols. Will CNE never learn but it has certainly shaken my approach to trusting what companies do and say as CNE are next level in deceit. my only hope is to recover my investment as while i can see so much potential the company seems at every opportunity to destroy that. where is all the PR Ivy said they were going to do and where is all the updates about news as this should surely be a major news item given we have just spent the same as our current market cap on another loss making company without even a whisper. i hope someone is watching the money flow.
This is link if anyone else has any clues
https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1126/2023112600015.pdf
It looks very risky and suspicious.
Wouldn't put anything past this board, based on their history of Deceit.
Why was there no big fanfare of this “major” deal or press to support the positive benefits. It looked loss making, albeit profitable in the past. Positive spin is CNE must be drowning in cash and this deal will immediately drive a rise in profitability. Its possible CNE borrowed the £5m and Green owed CNE a lot of money so has now paid out what it owed. The other option is the CEO is up to his tricks and we find Green were best buddies from school and large backhanders are involved. Surely RB was all over this deal as non exec? He is supposed to have full oversight of deals and the new risk manager would have been involved. shareprice has dropped but its almost 0 liquidity so price movements happen with no volume. Can RB comment to provide clarity to the merits of the deal and that this is not a deal with brown envelopes.