Serious concerns on BNN Tech28 Jul 2017 09:02
Are investors in this company aware that the CEO was banned for insider trading on horse races: http://www.telegraph.co.uk/sport/horseracing/2382696/Owner-banned-for-six-months.html
How realistic is it that this man has somehow converted a failed gambling business into a payment system for China worth millions? China does not allow even paypal to run a payments licence, yet somehow Darren Mercer, who worked for a tiny broker in Manchester before starting BNN, has managed to do so? supposedly by owning a 10% stake in this company: xinhuatong.
Given the gambling business is worth almost zero, we are meant to believe BNN's 10% stake in xinhuatong is the entire value of BNN (£141m market cap), and therefore xinhuatong is worth £1.41bn! Very unusual that its website doesn't even work, given its meant to be worth £1.41bn: hxxp://www.xinhuatong.com.cn/
Do investors in BNN know that the previous Chairman Lord Mancroft was chairman of New Media Lottery Services that was listed on AIM but went to zero? Interestingly this used to be mentioned under Lord Mancroft's biography in older versions of BNN's website, but has now been removed. hxxps://www.trustnet.com/Investments/Article.aspx?id=200903130730018087O
BNN claims between 2003 and 2006 China CEO Wei Qi, was CEO of International trade at "Beijing Holdings" which had over $1bn of revenues. This is entirely fabricated. There is no evidence that he worked for Beijing Holdings. This entire business generated less than $1bn of revenues between 2003 and 2006, so it is impossible that the "international division" generated over $1bn of revenues.
Has anyone downloaded the Xinhau News App on their iphone by the way? Interesting that there is nowhere where payments can be processed withing the app...
Has anyone seen this interview: hxxps://www.msn.com/g00/en-us/news/politicsvideo/what-do-barca-bnn-tech-andxinhua-have-in-common/vp-AAltGSz
It seems he is making it up.
BNN made £2m revenues last year yet Darren Mercer paid himself over £580k, and granted himself an additional loan of £438k. In my view this company will carry on getting investors excited with endless talk of listing on the NASDAQ and paying themselves huge wages until eventually going to zero like so many other AIM stocks and indeed Lord Mancroft's previous stock listed on AIM.