This is not the only stock that has been sold down sharply. Fundamentally, the business has been disappointing. While they have been able to clinch lots of contracts, the profit margins have gone down and, worse, there is bad debt.
Another big disappointer -- Hu An Cable. Stock is down 60% for the year 2011.
What happened to the promising growth? Yes, it was there in the revenue growth of 40% for 9M2011 (so far). But the earnings per share got a beating -- down 31% in 9M2011 -- becos profit margin was squeezed and there was new share issue for Taiwan TDR listing. All in all, a tough year for those still holding the shares -- now at 11.3 cents.
From a low of 8.9 cents in mid-Dec 11, Hu An has done some recovery. Closed at 12.9 cents today. About 33% up from low of 8.9 cents. Maybe the subst shareholder has eased off from selling. Still, question is, why the subst shareholder was selling down at such low prices????
Yeung Wai Wing still selling, 2.2 m one day, 1.1 m the other day.
He still has a tonne of stock, and it's best to stay clear of Hu An Cable until the selling is almost finished.
Why this guy wants to dump, I wish I knew. Good luck to the company -- this is going to be damaging
