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Fibrechem Technologies - Audit issues
Audit issues. Fibrechem posted during the lunch break that it has appointed Nicky Tan as an independent investigator and financial advisor. The official announcement says that there were certain difficulties encountered by auditors during the finalization of the audit of the group's trade receivables and cash balances. In short, accounting fraud - the worst-case scenario for the company. CEO James Zhang has offered to resign from his position as CEO and acting CEO Mr. Xu Xu Hui, takes his place. No information flow. We are still hitting a brick wall in getting any access to management or board member. Phone calls are unanswered - all we know is that the management team is currently in China.Balance sheet shows no warning signs. We attach the last reported balance sheet of the firm. Revenue per quarter is about HK$480m while full-year revenue run-rate is HK$1.9bn to HK$2.0bn. Trade receivables stand at HK$280m. Although revenue growth was growing, trade receivables had not grown by much. Assuming all the curr
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