Ann: 99 Wuxian delivers significant revenue and profit growth, page-16

I mentioned these guys were incredibly clever some time ago - that still stands. However there are a few major issues with NNW - firstly they floated this business and only held a partnership with Handypay to transfer all the bank etc licenses over to NNW. So the company you were buying into didn't actually own the licenses. You are hoping that Handypay do the right thing and move them, and that the partners assign or write new agreements.

Basically you were buying nothing on float. NNW had nothing.

Very difficult to get licenses transferred across in China. Licenses are not really worth the paper they are written on up there, and you would most certainly have to make significant payments off the books to get these licenses in the first place and when transferred. Many hundreds of thousands per contract I would think.

I have seen Telco contracts up there with China Telecom they are not cheap - you have to pay massive amounts to them to partner with you.

But, if they can get it all schmicko, the partnerships and the consumer base could make this company very powerful.