Mongolia Energy Corporation Limited (MEC) is a mining and energy development holding company operating in Mongolia and Xinjiang in northwestern China. It was incorporated in Bermuda and listed on the Hong Kong Stock Exchange. MEC became a constituent to the MSCI Hong Kong Index from June 2008.[1]
The company was criticised in 2008 as a China Concepts Stock, which had no real profit; its share price was only based on market speculation.[2] The company was also criticised that it bought a private jet in 2005 by recapitalisation.[3] The jet was sold in 2007.[4]
History
Mongolia Energy Limited was listed on the Stock Exchange of Hong Kong in 2007 through the transaction by which technology company New World Cyberbase, listed at the Hong Kong Stock Exchange since 1972, acquired all assets of Mongolia Energy Limited and renamed itself Mongolia Energy.