$China Tianrui Cement (01252)$

First: After reviewing the financial report, other receivables suddenly increased to over 19 billion by the end of 2023, compared to only 5 billion in the interim report and 9 billion at the end of 2022.

This means an increase of 10 billion, which might have been borrowed out. Whether the cash is still there is questionable...

Second: It's a typical case of high debt, and the fundamentals of the cement industry are currently very poor. Moreover, the major shareholder underwent a company swap operation at the end of 2023...

Third: There might have been broker margin calls, triggering a sell-off. Essentially, it's still a liquidity issue....

Fourth: The current price of around 5 yuan is still not low enough compared to the previous high of over 8 yuan (considering other cement stocks have dropped by 90%). This might lead to some funds exiting at the close, but with insufficient buying support, the price could plummet, triggering broker margin call sell-offs.

Finally, there might be some recovery after the resumption of trading, but it's not worth participating in.