Top Education Group has lost 92% of its IPO price but TEQSA continues to back its expansion, and its access to taxpayer funded HECS fees - share price falling to record low of just 3.2 HK Cents accompanied by 1,017% jump in daily trading volume

 by Ganesh Sahathevan 

The Financial Times reported on Friday 2 February 2024: 

On Friday, Top Education Group Ltd (1752:HKG) closed at 0.036, 12.50% above the 52 week low of 0.032 set on Feb 02, 2024   The trading volume exceeds daily average by +1,017.65%

Top's HKEX IPO price was HK0.40 and hence the stock has lost 92% of its IPO price. It

. Despite the obvious financial issues, TEQSA   continues to back its expansion, and its access to taxpayer funded HECS fees (see story below from Ganesh Sahathevan on Linkedin) 

TO BE READ WITH: 

More questions for TEQSA and its recently departed CEO, Alistair McClean.
https://lnkd.in/gpMVuP-X

On 12 September 2022, while under McClean's management, TEQSA approved TOP’s second interstate branch campus in Perth, Western Australia, to recruit both domestic and international students.
https://lnkd.in/g7K9f_gB

McClean's TEQSA gave approval for the expansion despite Top Group's Sydney School Of Law suspending enrolment of new law students in mid 2019, the clear evidence of a pump and dump IPO based on TEQSA (and NSW LPAB) approvals, and falling share price.

By September 2022 Top Group shares were trading at HK 0.063, almost SIX times below the IPO price of HK 0.40.
Market capitalisation had also fallen by a similar magnitude.