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Biotech / Medical : CHDX--US China Industrial Exchange

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To: Bill Bishop who wrote (49)	7/29/1998 7:42:00 PM
From: WWS	Read Replies (1) of 77

Bill, in its current 10K CHDX attributes its unprofitability in FY-1997 to a combination of start-up costs for Beijing United, charges to discontinue certain unprofitable operations and its inability to get in-ex financing during 1997 (unlike 1996 when then did obtain about 8 million of in-ex loan guarantees). So, hearing of the $15 mm in-ex loans for purchasers of med equip from CHDX during the Clinton visit to China was great news; and your discovery today confirms the commitment of the in-ex bank to these loan guarantees. Actually, the temporary suspension of in-ex loan guarantees to CHDX customers during last year may have been a blessing in disguise. CHDX appears to have taken advantage of the lesson to "diversify" into lower cost cosmetics and otc drugs to sell to retail pharmacies through their sales reps. Plus, revenues expected from Beijing United. If my analysis of this one is wrong I may give up trying to pick individual stocks all together and instead put all my investment dollars into an index fund. Glad to learn that you're still "hanging around". Bill.

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