Guangzhao Ind Forest: Share prices could take a hit after audtiors flagged 2 risks to grp's accounting status, citing concerns on grp’s negotiations with Liberty Harbour over US$3.45m worth of redeemable notes as well as the success of strategies to improve its financial position….
Note that grp classified Rmb142b worth worth of poplar and pine forestry assets, which it expects to harvest or sell in the 12 mths. However, pts out what eventually happens could differ from what mgt planned, and as at 3 Jun, grp had not harvested nor sold any polar or pine timber. Also drew attention to current liabilities which exceeded current assets by Rmb59.2m at the grp levels. Technically see support at $0.03 (year low)
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