GOLDEN Power International manufactures batteries, and distributes electronic parts and components. This time last year, Cheerful Securities slapped a buy on the stock, saying the company's plan to move its factory to Dongguan in Guangdong province would guarantee greater economies of scale. This proved unhappy advice as Golden Power shares went into free-fall last July after the company announced that operating profit slumped 53 per cent in 1995. Twelve months ago, Golden Power shares traded at $1.12. Now they are worth just 59 cents, having trailed the Hang Seng Index by 50.6 per cent.