Latest / Investor Exchange / Zixin’s FY2026 Results Signal A Shift In Modern Agritech

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Zixin’s FY2026 Results Signal A Shift In Modern Agritech · Investor Exchange

• 0:00
  Time for another Investor Exchange podcast. Here are your hosts, Matt and Sally.
• 0:08
  Imagine turning literal farm garbage, you know, like potato peels, bruised crops, the
• 0:14
  kind of stuff you normally have to pay someone to haul away.
• 0:17
  Right. Just pure waste.
• 0:18
  Exactly. Imagine turning that into a revenue stream that jumps over 1000% in a single year.
• 0:25
  It sounds impossible, but that is exactly what we're looking at today.
• 0:28
  Yeah, we're looking at a biotech company doing exactly that. And we're asking the big question
• 0:32
  for you today. Is their so-called sweet potato circular economy a genius blueprint for the
• 0:40
  future of food? Or is there a cash-burning illusion hiding behind these really glossy
• 0:46
  financial reports?
• 0:47
  It is a fascinating question.
• 0:49
  Welcome to the Deep Dive. We are skipping the small talk today and getting straight
• 0:52
  into the numbers for Zicks and Group Holdings, specifically looking at their full year financial
• 0:57
  results ending in March 2026.
• 1:00
  I mean, the headline numbers they just reported, they definitely demand attention from an investor's
• 1:05
  perspective.
• 1:06
  Oh, for sure.
• 1:07
  We are looking at a 43% jump in total revenue and a nearly 44% jump in net profit.
• 1:12
  Which is massive.
• 1:13
  It is. But as anyone who actually spends time reading financial statements knows, headline
• 1:19
  numbers only tell you the end of the story. They rarely tell you how the company actually
• 1:23
  got there.
• 1:24
  Exactly. Or, more importantly, how sustainable that path really is.
• 1:29
  Exactly.
• 1:30
  Which is basically our entire mission today. We are going to strip away the corporate gloss.
• 1:35
  We need to look objectively at what is actually driving this explosive growth.
• 1:41
  Because when you start digging into the filings, a really fascinating puzzle emerges.
• 1:45
  Yeah, it really does. You have this massive top-line growth, but their profit margins
• 1:50
  are actually shrinking.
• 1:51
  Which is always a red flag.
• 1:53
  And on top of that, they're embarking on some highly aggressive expansion plans. So let's
• 1:57
  unpack this for you. Total revenue hit 607.5 million Chinese Renminbi.
• 2:02
  A huge number.
• 2:04
  And that resulted in a net profit of 61.4 million Chinese Renminbi. Their earnings per
• 2:08
  share went up by over 30%.
• 2:09
  So those are the big flashy numbers. But the real question is, where are those revenues
• 2:13
  actually coming from?
• 2:14
  Right. How do they actually make their money?
• 2:16
  So to understand the engine here, you have to look at their processed products division.
• 2:20
  A single segment brings in 68% of their total revenue.
• 2:24
  Wow, 68%.
• 2:25
  Yeah, which comes out to about 413.1 million Chinese Renminbi. That segment alone grew
• 2:33
  by nearly 28% compared to the previous year.
• 2:36
  And I want to clarify something here, because when the documents say processed products,
• 2:40
  we aren't talking about just tossing raw potatoes into a burlap sack.
• 2:44
  No, not at all.
• 2:45
  They launched entirely new consumer product lines this year. We are talking about sweet
• 2:49
  potato crisps, sweet potato fries, and these additive-free vacuum-packed steamed sweet
• 2:55
  potatoes.
• 2:56
  And that distinction is just so vital for investors. They are moving aggressively up
• 3:00
  the value chain.
• 3:01
  How do you mean?
• 3:02
  Well, selling a raw agricultural commodity usually comes with razor-thin margins. And
• 3:07
  the pricing is highly unpredictable because it's dictated by the broader market.
• 3:10
  Right. You're at the mercy of the commodities market.
• 3:13
  Exactly. But by taking that raw sweet potato and processing it into crisps or a vacuum-packed
• 3:19
  snack, they are creating branded shelf-stable products.
• 3:23
  Oh, I see. So it lasts longer and they can charge more.
• 3:26
  Yes. That allows them to command a premium price and insulate themselves from the daily
• 3:31
  price swings of raw vegetables.
• 3:33
  That makes a ton of sense. But see, here's where my initial read of the documents got
• 3:37
  a little bit confusing, because their raw produce sales are also absolutely booming
• 3:42
  right now. Sales of fresh sweet potatoes grew by almost 85%.
• 3:47
  Which is a huge spike.
• 3:48
  Yeah. Hitting 184.6 million Chinese renminbi. Now, the filings credit this to a strong harvest,
• 3:56
  but they also lean heavily into their investment in smart warehousing technology.
• 4:00
  Right. The warehousing is key here.
• 4:02
  They mentioned automated washing, automated sorting, and then these specialized cold storage
• 4:06
  facilities utilizing, and I have to quote, this wound healing and sacrification process.
• 4:11
  That's quite a mouthful.
• 4:12
  I got to admit, it sounds a little bit like science fiction. What actually is sacrification
• 4:16
  and, like, why does an investor care?
• 4:18
  It does sound incredibly technical, but the underlying concept is just really smart agricultural
• 4:24
  economics. Sacrification is basically a curing process.
• 4:28
  Okay.
• 4:29
  It breaks down the complex starches inside the sweet potato into simple sugars.
• 4:34
  So it literally makes the potato sweeter.
• 4:36
  Exactly. It makes it taste better. But more importantly, when they combine that with the
• 4:41
  controlled humidity and temperature of the smart warehousing, it actually heals the cuts
• 4:46
  and scrapes the potato gets during harvest.
• 4:48
  Oh, wow. So they're essentially putting the potatoes in a spa so they don't rot.
• 4:53
  Yes, exactly. Well, I wouldn't call it a spa, but, you know, agricultural products rotting
• 4:57
  is the fundamental risk of farming.
• 4:59
  Right. You're fighting the clock.
• 5:01
  You lose inventory just by the simple passage of time. So by investing in this specific
• 5:06
  technology, they significantly extend the shelf life of their fresh sweet potatoes.
• 5:10
  And I imagine the economic impact of that is pretty huge.
• 5:13
  It's massive. Without it, a farmer is basically forced to flood the market with their crop
• 5:19
  immediately at harvest time.
• 5:20
  Which is when everyone else is selling, too.
• 5:22
  Right. That is exactly when supply is highest and prices are at their absolute lowest.
• 5:26
  Oh, I see.
• 5:27
  Because Zixin Group can store the crop safely for months, they can hold their inventory
• 5:32
  and just sell it strategically when market prices eventually rise.
• 5:36
  So they are essentially removing that ticking clock from their inventory entirely.
• 5:40
  Exactly.
• 5:41
  Alongside those fresh potatoes, their seedling sales exploded, too.
• 5:46
  Seedling revenue went up by over 300 percent.
• 5:49
  Another massive jump.
• 5:50
  Yeah. The filings note this was directly because they doubled the physical size of their nursery.
• 5:56
  They took it from 100 mu to 200 mu.
• 5:58
  And for anyone trying to visualize that, a mu is a Chinese unit of land measurement.
• 6:03
  Right. So they basically expanded their nursery from about 16 acres to 33 acres.
• 6:08
  And expanding that physical footprint allowed them to capture way more external sales to
• 6:12
  local farmers during the planting season.
• 6:14
  Makes sense.
• 6:15
  But, you know, if we pull back and look at the whole system, the most innovative revenue
• 6:18
  stream is actually the smallest one on the balance sheet.
• 6:22
  But it is growing at a staggering rate.
• 6:24
  Oh, you were talking about the waste recycling segment.
• 6:28
  Yes.
• 6:29
  This is where the whole circular economy concept they always talk about really clicks into
• 6:32
  place for me.
• 6:33
  It really does.
• 6:34
  Because they took agricultural waste, the sweet potato peels, the stems, the leaves,
• 6:39
  and you know, the bruised or spoiled potatoes that couldn't be sold on the fresh market.
• 6:43
  The stuff that didn't survive the spa.
• 6:45
  Exactly.
• 6:46
  And they used a proprietary fermentation process to turn it all into probiotic-infused animal
• 6:52
  feed.
• 6:53
  And the financial leap there is just incredible in percentage terms.
• 6:57
  That segment jumped from roughly 400,000 Chinese Renminbi last year to 4.5 million Chinese
• 7:04
  Renminbi this year.
• 7:05
  Okay.
• 7:06
  I see the percentage jump, but I have to play devil's advocate here.
• 7:08
  Go for it.
• 7:09
  In the context of a company making over 600 million Renminbi in total revenue, 4.5 million
• 7:16
  still feels like a rounding error.
• 7:18
  I mean, is this really a game changer or is it just a really good PR talking point?
• 7:21
  No, it is a genuine game changer, and it all comes down to the margin profile.
• 7:25
  Okay.
• 7:26
  Explain that.
• 7:27
  Think about the traditional POS structure of a farm or a food processing plant.
• 7:32
  You have to pay someone to haul away your biological waste.
• 7:36
  It is a literal line-item expense.
• 7:38
  Right.
• 7:39
  It costs you money.
• 7:40
  But here, they have taken a disposal cost and transformed it into a commercial product.
• 7:44
  That is a clever flip.
• 7:46
  But the true genius is the biological loop.
• 7:48
  This probiotic feed is sold to local livestock farmers.
• 7:52
  The feed helps the livestock grow faster and healthier.
• 7:56
  Then the livestock produces manure, which enriches the local soil, which in turn grows
• 8:01
  better sweet potatoes for the company to buy.
• 8:03
  Wow.
• 8:04
  It creates a closed-loop ecosystem that locks local farmers directly into their supply chain.
• 8:10
  So to put it in an analogy, it sounds like they weren't just selling the apple.
• 8:13
  They are selling the apple tree, the apple pie, and they're even using the apple core
• 8:17
  for compost to grow the next tree.
• 8:19
  That is the perfect way to look at it.
• 8:20
  They have found a way to monetize every single stage of the sweet potato's life cycle.
• 8:25
  They really have dialed in this incredibly efficient zero-waste system.
• 8:29
  They absolutely have.
• 8:30
  Which brings me to the second part of our deep dive.
• 8:32
  And frankly, the part that seems totally contradictory to me.
• 8:36
  The margins.
• 8:37
  Yes.
• 8:38
  If everything is so incredibly efficient and their revenue is up 43%, why did their overall
• 8:44
  gross profit margin actually drop this year?
• 8:48
  It went from 34% down to 30.8%.
• 8:52
  That seems like a major red flag for any investor looking at this.
• 8:55
  It is an essential detail for you to catch because it highlights the harsh reality of
• 8:59
  scaling a business.
• 9:00
  How so?
• 9:01
  Well, a growing top line is fantastic, but if the cost to generate that revenue grows
• 9:06
  even faster, your margins inevitably get squeezed.
• 9:10
  The financial statements show that this margin drop was driven by a mix effect.
• 9:14
  It was primarily due to lower profitability on those fresh sweet potatoes they sold.
• 9:18
  Let me make sure I'm following this.
• 9:20
  So even though they made a slightly better margin on their processed snacks this year.
• 9:23
  The crisps and fries.
• 9:24
  The sheer volume of fresh, raw sweet potatoes they pushed out the door at a lower margin
• 9:30
  essentially dragged the overall average of the entire company down.
• 9:34
  Exactly.
• 9:35
  That is the trap of raw agriculture.
• 9:37
  You can double your sales volume, but if the market price for raw potatoes dips even a
• 9:42
  little bit or say your transportation costs rise.
• 9:46
  Your margins just evaporate.
• 9:48
  They do.
• 9:49
  And it wasn't just the cost of the goods themselves dragging down the bottom line.
• 9:53
  Their operating expenses surged significantly this year too.
• 9:56
  I saw that.
• 9:57
  Administrative costs went up by nearly 22%.
• 10:00
  Yeah.
• 10:01
  And the documents specify exactly what drove a massive chunk of that administrative surge.
• 10:05
  It was a 9.6 million Chinese renminbi increase in research and development.
• 10:10
  Which is a huge investment.
• 10:12
  They're spending heavily to invent new sweet potato varieties and better production techniques.
• 10:16
  But I have to ask, why does a sweet potato need biotech intervention?
• 10:21
  Like what are they actually researching in a lab?
• 10:22
  They are researching survival and yield.
• 10:25
  Agricultural biotech isn't just about making a potato taste better for a crisp.
• 10:30
  They are engineering virus-free seedlings to combat root rot, which is a disease that
• 10:35
  can devastate an entire harvest.
• 10:37
  They are breeding varieties with higher starch content that are specifically optimized for
• 10:42
  their crisp making factories.
• 10:44
  They are working on drought resistance.
• 10:46
  So they're building super potatoes.
• 10:48
  Exactly.
• 10:49
  R&D is an absolute necessity if you want to build a competitive moat in agriculture.
• 10:53
  However, from an investor's perspective, R&D is an immediate hit to the income statement.
• 10:59
  Right.
• 11:00
  Because it costs millions today.
• 11:01
  Exactly.
• 11:02
  You pay millions for the laboratory research today, but you might not see the financial
• 11:05
  returns on that new drought-resistant sweet potato variety for maybe 5 to 10 years.
• 11:11
  Okay.
• 11:12
  That makes sense.
• 11:13
  But I want to pivot to the biggest mystery in this entire financial report.
• 11:17
  Let's hear it.
• 11:18
  I love these numbers and I am just totally lost.
• 11:20
  The company reported over 61 million Chinese Renminbi in net profit.
• 11:25
  Right.
• 11:26
  But when you look at their cash flow statement, their operating cash flow for the year was
• 11:29
  actually negative.
• 11:30
  Yes, it was.
• 11:31
  They ran a cash flow deficit of 18.5 million Chinese Renminbi.
• 11:36
  How does a company claim 61 million in profit on one page, but they're actively bleeding
• 11:41
  cash day-to-day on the next page?
• 11:44
  It is the classic disconnect between accrual accounting and actual cash in the bank.
• 11:50
  Break it down for me.
• 11:52
  Sure.
• 11:53
  The profit figure you see on the income statement is basically an accounting calculation.
• 11:57
  It matches revenues earned against expenses incurred in that specific year, regardless
• 12:01
  of when the cash actually changes hands.
• 12:04
  But the cash flow statement shows you the literal movement of money in and out of their
• 12:09
  bank accounts.
• 12:10
  So where did the cash go?
• 12:11
  The documents reveal a massive cash outflow.
• 12:14
  They made 107.1 million Chinese Renminbi upfront payment to local agricultural cooperatives
• 12:21
  and suppliers.
• 12:22
  Over 100 million?
• 12:23
  Yes.
• 12:24
  And the filings state this massive payment was to lock in 15-year supply contracts for
• 12:29
  fresh sweet potatoes.
• 12:30
  Exactly.
• 12:31
  The structure of these contracts requires the company to pay upfront every five years
• 12:36
  just to guarantee the supply.
• 12:37
  Right.
• 12:38
  So it's like paying for 15 years of a streaming service subscription upfront in cash today
• 12:43
  just to guarantee they never raise your monthly rate.
• 12:45
  That is a very accurate way to look at it.
• 12:47
  I mean, it protects you from inflation down the road, but it completely drains your savings
• 12:51
  account right now.
• 12:52
  It does.
• 12:53
  From an accounting perspective, that 107.1 million Renminbi isn't an immediate expense
• 13:00
  that destroys their profit margin this year.
• 13:02
  Because it's a prepaid asset.
• 13:04
  Right.
• 13:05
  So they have a balance sheet as an asset, an upfront payment, and they slowly deduct
• 13:08
  a portion of it each year as they actually receive the physical potatoes.
• 13:13
  But from a cash perspective...
• 13:15
  That money is gone today.
• 13:16
  It's totally gone.
• 13:17
  Which forces us to ask the big strategic question here.
• 13:21
  Wait, so they made over 61 million in profit, but their day-to-day operations actually drained
• 13:26
  cash this year because they prepaid their suppliers by over 100 million Renminbi.
• 13:32
  That is the situation.
• 13:33
  Is that a sign of supply chain panic?
• 13:35
  Are they terrified they won't get potatoes?
• 13:37
  Or is it a brilliantly aggressive move to build a long-term moat against competitors?
• 13:41
  Well, it depends entirely on your outlook for the Chinese agricultural market.
• 13:45
  How so?
• 13:46
  Management explicitly notes the flourishing trend in China's drive to safeguard food security.
• 13:52
  By locking in these long-term contracts, they are neutralizing the risk of a future sweet
• 13:58
  potato shortage.
• 13:59
  Ah, so they're buying peace of mind.
• 14:01
  Exactly.
• 14:02
  They're guaranteeing the raw materials for their processing factories.
• 14:06
  If severe weather hits or competitors can't source sweet potatoes three years from now,
• 14:10
  Zixin Group is entirely insulated.
• 14:12
  They will still be making crisps.
• 14:14
  Right.
• 14:15
  The downside, of course, is opportunity cost.
• 14:17
  They have tied up over 100 million Renminbi that could have been used to build new factories
• 14:23
  or pay dividends to shareholders.
• 14:25
  And regarding dividends, the company flat-out refused to pay one to shareholders this year.
• 14:29
  They did.
• 14:30
  They are explicitly hoarding cash.
• 14:32
  I mean, they do have a healthy cash balance overall.
• 14:34
  It sits at 214.6 million Chinese Renminbi.
• 14:38
  Which is very comfortable.
• 14:39
  But they want to keep every penny of it to fund new manufacturing facilities and secure
• 14:43
  more farmland.
• 14:44
  And that is textbook growth phase behavior.
• 14:47
  They are signaling to investors that they shouldn't expect quarterly checks right now.
• 14:52
  Because they need the capital.
• 14:53
  Right.
• 14:54
  The company believes they can generate a much higher return by reinvesting that capital
• 14:57
  back into the business.
• 14:59
  You will also notice a slight dip in their net asset value per share this year.
• 15:03
  Yeah.
• 15:04
  I saw that.
• 15:05
  The net asset value per share dropped by about 3%.
• 15:07
  Right.
• 15:08
  But looking at the footnotes, that wasn't because the company lost inherent value.
• 15:12
  It happened because they issued new shares when some employee stock options were exercised.
• 15:17
  Exactly.
• 15:18
  More slices of the pie mean each individual slice gets a tiny bit smaller.
• 15:23
  Dilution.
• 15:24
  Right.
• 15:25
  Now, dilution is not a normal part of a growing company compensating its team or raising capital.
• 15:30
  But it is a metric any serious investor must factor into their per share valuations.
• 15:35
  Absolutely.
• 15:36
  So, we have a company that just drained massive amounts of cash to lock up their supply chain
• 15:40
  for the next 15 years.
• 15:42
  Yes.
• 15:43
  And because they made that move, they have essentially painted themselves into a corner.
• 15:47
  I mean, they absolutely must scale up their processing and distribution to justify that
• 15:52
  massive upfront cost.
• 15:53
  They have to grow.
• 15:55
  And that forces us to look at where they are building next.
• 15:59
  What exactly is their expansion strategy?
• 16:01
  Well, up until now, this company has been deeply anchored in Liancheng County.
• 16:06
  That is their home turf.
• 16:08
  But now they are rapidly establishing new operations in Hainan Province, in Guangzhou
• 16:13
  City, and they are even setting up corporate operations in Singapore.
• 16:17
  Singapore.
• 16:18
  Wow.
• 16:19
  Yes, to target the wider Southeast Asian consumer market.
• 16:23
  That is a huge leap.
• 16:24
  And their filings lay out a very specific three-pronged strategy for this future expansion.
• 16:29
  They do.
• 16:30
  First, expand upstream farming to guarantee food safety and absolute traceability.
• 16:35
  Right, controlling the source.
• 16:37
  Second, build downstream brand awareness by partnering with established food and beverage
• 16:41
  businesses in these new regions.
• 16:43
  And third, keep pouring money into that biotechnology research we discussed earlier to improve crop
• 16:48
  yields.
• 16:49
  So, they are essentially trying to copy and paste their highly successful Liancheng County
• 16:53
  model into entirely new territories.
• 16:55
  They want to duplicate the machine.
• 16:57
  Exactly.
• 16:58
  They want to control the dirt the potato grows in, all the way to the branding on the bag
• 17:02
  of potato crisps, but on an international scale.
• 17:05
  But you know, expanding an agricultural base into totally new provinces in a new country,
• 17:11
  it's a bit like opening a second restaurant after your first one succeeds.
• 17:14
  It's tough.
• 17:15
  It is notoriously difficult to replicate the exact same secret sauce in a new environment.
• 17:21
  Oh, absolutely.
• 17:23
  Because they are dealing with totally different soil biomes, different weather patterns and
• 17:26
  completely different local supply chain politics.
• 17:29
  It's a massive challenge.
• 17:31
  So do the financial documents give any indication that this new expansion is actually generating
• 17:36
  returns yet?
• 17:37
  Or are they purely in the spending money phase?
• 17:39
  The financial documents are actually quite transparent on this point.
• 17:43
  These new regional expansions are strictly in their early investment heavy stages.
• 17:48
  So no profit yet.
• 17:49
  Right.
• 17:50
  They are not yet the profit engines that the home base is.
• 17:53
  In fact, the management team goes out of their way to flag some very specific macroeconomic
• 17:57
  risks regarding this expansion.
• 17:59
  Yeah.
• 18:00
  The language they use in the outlook section is that they're remaining explicitly cautious.
• 18:04
  Cautious is the key word.
• 18:05
  They specifically call out rising operational costs linked to the ongoing conflict in the
• 18:10
  Middle East.
• 18:11
  Which is fascinating.
• 18:12
  It really is.
• 18:13
  It's a sobering reminder that even a sweet potato farm operating entirely within China
• 18:18
  is incredibly vulnerable to global shocks.
• 18:22
  Everything is connected.
• 18:23
  I mean, the price of fuel to transport their goods, or the cost of the raw materials for
• 18:28
  fertilizer, they're all tied to global commodity markets.
• 18:32
  Yes.
• 18:33
  And management openly admits that these new regional operations will, quote, require time
• 18:38
  to develop.
• 18:39
  So they are tempering expectations.
• 18:41
  They are actively managing investor expectations, yes.
• 18:44
  They are communicating that the heavy lifting, you know, the capital expenditure, the facility
• 18:49
  construction, the brand building in Southeast Asia, that is all happening right now.
• 18:54
  But the payoff is delayed.
• 18:55
  Right.
• 18:56
  The actual financial harvest from those investments is still years away.
• 19:00
  Wow.
• 19:01
  Okay.
• 19:02
  So to synthesize all of this for you listening, Zixin Group has built a genuinely fascinating,
• 19:08
  highly profitable, circular economy around the humble sweet potato.
• 19:12
  They really have.
• 19:13
  They have achieved explosive top-line revenue growth by monetizing absolutely everything
• 19:19
  from the premium vacuum-packed snack down to the fermented animal feed made from the
• 19:24
  rotting peels.
• 19:25
  It is a brilliant model.
• 19:27
  However, any objective investor must balance that impressive top-line growth against the
• 19:32
  complex realities we uncovered in the filings.
• 19:34
  You have to look at the whole picture.
• 19:36
  Exactly.
• 19:37
  You have shrinking gross profit margins due to the heavy volume of fresh produce sales.
• 19:42
  You have massive upfront cash outlays to secure future crops, which literally resulted
• 19:46
  in negative operating cash flow for the year.
• 19:48
  Right.
• 19:49
  And you have the inherent, highly capital-intensive risks of geographic expansion into completely
• 19:54
  unproven territories.
• 19:56
  They are building a massive economic moat, but moats require an incredible amount of
• 20:00
  capital to dig.
• 20:01
  Well said.
• 20:02
  It is a classic story of incredible ambition funded by hoarding cash today for the promise
• 20:07
  of market dominance tomorrow.
• 20:09
  That sums it up perfectly.
• 20:10
  Which leaves us with a broader, perhaps even more exciting concept to ponder as you look
• 20:14
  at your own portfolios.
• 20:16
  The genius here isn't just that they found a way to sell farm trash.
• 20:19
  No, it's bigger than that.
• 20:21
  It is the closed-loop nature of their biotech-driven operations.
• 20:25
  If this company can successfully replicate its zero-waste, circular sweet potato economy
• 20:31
  in entirely new environments like Hainan or Southeast Asia...
• 20:35
  Which is a big if.
• 20:36
  Right.
• 20:37
  If they can, could this exact same model eventually be applied to other staple crops globally?
• 20:42
  That's the million-dollar question.
• 20:44
  We might not just be looking at a profitable snack company here.
• 20:47
  We could be looking at a highly efficient blueprint for the future of drought-resistant
• 20:50
  global agriculture.
• 20:52
  It's definitely something to watch.
• 20:54
  This content is intended to serve strictly and only as an informational, independent,
• 20:58
  objective summary of recent events, and should in no way be interpreted, construed, or relied
• 21:03
  upon by any party as inside information or financial advice.