Sharp rise this morning in this Chinese oil refinery company. Tipped over the weekend in Small Company Share Watch to be the next ReneSola. Changes in the way pricing operates since China joined WTO is set to change the company dramatically, plus results in the coming weeks could surprise on the upside.

www.haikechemical.com

Quarter 1 update

First Quarter 2007 Highlights

- Total revenues increased by 28% to US$ (or '$') 73.9m (2006Q1: $57.9m)

- Petrochemical revenues increased by 15% to $56.1m (2006Q1: $48.6m)

- Speciality chemical revenues increased by 87% to $17.0m (2006Q1: $9.1m)

- Biochemical revenues increased by 300% to $0.8m (2006Q1: $0.2m)

- Gross margin improved to 12.1% (2006Q1: 7.2%) to $8.9m (2006Q1: $4.1m)

- Net profit after tax increased by 625% to $5.8m (2006Q1: $0.8m)

- Net profit (after minority interests) increased by 650% to $4.5m
(2006Q1: $0.6m)





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Yes, that is pretty frightening. Glad I'm not holding.

This was a simple short...now 66p. How could this be the next ReneSola???

Its an awful situation.

Do not know how so many got away with trying to ramp it up.

Down through 50p soon ?

RNS Number : 7191Z
HaiKe Chemical Group Ltd.
23 July 2008


Trading update


HaiKe Chemical Group Ltd ('HaiKe' or the 'Company'), the AIM quoted (AIM: HAIK) petrochemical, speciality chemical and biochemical business based in China, today announces that it is temporarily shutting down its oil refinery facilities for a major overhaul.

As a result of consistently high oil prices and in the absence of further price adjustment notices for oil products, the margins of the petrochemical side of the business have reduced to a level at which operations are not profitable. The Directors of HaiKe have therefore determined that now is an appropriate time for essential maintenance to be carried out, which will involve a complete shut-down of the refining operations and help reduce the Company's exposure to further risk at this current time.

The Company does not anticipate any near-term increases in the price of refined oil products. However, the Directors of HaiKe do expect further price adjustments to be announced by the PRC National Development and Reform Commission prior to the end of the current financial year. As a result, the Directors of HaiKe expect oil refining operations to resume during the current financial year, following an increase in the price of refined oil products.

However, with the majority of privately-owned refiners in China having either already ceased operations or being in the process of doing so, the Company will closely monitor the market situation and determine the most opportune time to resume operations.

This shut-down of the refining operations will enable senior management of the Company to focus their energy on the operation and management of the speciality chemical and biochemical businesses, which have been the largest contributors to profit during this financial year. These businesses will not be impacted by the closure of the refining operations and the Directors' expectations for the financial performance for this division, in the current financial year, remain unchanged.

With this temporary shut-down, the Company expects debt levels to fall back from their increased June 2008 level. As a result of the shut-down, future capital expenditure plans for the petrochemical side of the business have been deferred; however, speciality chemical expansion plans will continue as previously announced.

This is bad news under cover - directors bull-sh-tting

Be careful with this one, the China Petrochemcial sector is still in trouble, see the link below. If you are looking for Chinese companies who will benefit from the Stilumus, look to WCC (and also CHNS) is my view.


http://www.chinabidding.com/news.jhtml?method=detail&channelId=277&docId=3449489

Profits of China's Major Oil Companies Rise as Demand Recovers

Apr 25,2009

China's top five oil companies saw profits up 13.2 percent in March from the same period a year ago, as stimulus package pushed up energy demand, according to a report released by the China Petroleum and Chemical Industry Association (CPCIA).

Their March profits rose 160 percent from February to 28.25 billion yuan (4.15 billion U.S. dollars), according to the report released on Thursday.

The "top five" includes China National Petroleum Corporation, China Petroleum and Chemical Corporation, China National Offshore Oil Corp, Sinochem Corporation, and Shaanxi Yanchang Petroleum (Group) Co. Ltd.

The negative impacts of the global financial crisis on China's petrochemical sector was deepening, but the month-on-month figure showed signs of recovering as prices of some petrochemical products began to stabilize, said the report.

Analysts said the profit increase was due to the government decision to raise the prices of oil products. PetroChina's president Zhou Jiping said last month that the price rise would add 1.26 billion yuan of profits for the company every month.

However, the industrial value through January-March dropped 14 percent from a year ago, to 1.26 trillion yuan. The figure for March alone was 498.35 billion yuan, down 8.4 percent year on year, according to the report.

It is the first time in more than a decade that the petrochemical sector has seen declines in both industrial value and sales revenue. It is likely that the falling trend would continue in the second quarter, said Feng Shiliang, CPCIA deputy secretary.

He said the exports would continue to deteriorate, and the overcapacity would still be prominent.

HAIK is a proven lame duck.

another crap rocket and stick chinese stock to accompany TAIH
WCC is indeed the exception, though that is another very thinly traded stock

HAIK is still not moving despite China doing well.

Looks like this is on the move ..great % move on the last two trading day's,,,very few free float and results Sept. all IMO & DYOR

Just a pump and dump... nothing to be excited about.

39p bid opening on results to a current 17p offer online or lower.

Results were abysmal, might be some short closing for a bounce but
that's about it.

This will close shop soon.

This has 5p written all over it.

How wrong you are.

Another pump and dump, mitzy.

mitzy - make your mind up .... your usual crap is now enhanced by being totally contradictory

.

Grow up.