I agree. I was quite appalled to read that part of the report, especially as I had earlier read articles in the financial news pages, more or less saying that the Chinese contracts were on the table and sound.
However, one thing that makes it difficult to judge, is that Chinese deals are often opaque. For all sorts of reasons - Chinese reasons which I can barely even start to comprehend - they have front buyers, and fake companies, etc. It is very important to get the money off them before delivering the goods, as Australian wool sellers found - the Chinese cheated them again and again with dishonoured letters of credit.
The Chinese buyer might not want QIN to publish their name. If so, then there is less to worry about. Or maybe it is as bad as that shorter company says ... I just don't know.
TFC Price at posting:
$1.31 Sentiment: Hold Disclosure: Held
