WOW! Comparing CNAG assets (2X!) cousin companies:
Since 2010, China IS NOW the largest IPO market in the world!
Looking at ONP: $93 million assets alone is Property, Plant, and Equipment, net; WITH ONLY 120 MILLION IN ASSETS TOTAL. Liabilities = $13 million. Net income = $5 million (lately) per 10Q.
NOW, estimate Property, Plant, & Equipment for all of CNAG's FURNITURE OLIVE FACTORIES COMPLEX, 180 BRANCHES, 11 MATERIALS OUTLETS, DREAM HOMES, & ALL ELSE WE YET KNOW, ET AL, & CNAG'S ASSETS ARE MOST LIKELY MORE THAN DOUBLE!!!!!!!!!!!!!!!!!!
Hypothesizing CNAG IS OVER DOUBLE ONP RIGHT NOW!!
Just imagine what that would do to shares when markets return!!!
With just 2,400,000 CNAG shares, you could push the board around, due to new statutory revisions under Chinese company law.
"Chinese company law permits shareholders who singley or collectively hold over 3% of a company's issued shares to propose a resolution by written submission to the board 10 days before a meeting. The board must give the other shareholders notice of such a resolution within two days after receiving it and must present it for consideration at the meeting. Prior to a 2006 statutory revision intended to give minority shareholders more protection, the threshold had been 5% of issued shares and the board had had discretion to block a proposal it deemed not in the best interests of the company or shareholders. Despite this revision, the controlling shareholders will still make most of the proposals, and certainly no resolution can pass without their consent. Under Chinese company law, shareholders can exercise powers at shareholders' meetings that give them absolute sovereignty over corporate affairs. For example, they can decide on company strategies and investments; elect, dismiss, and set the compensation of the board of directors and the supervisory board; examine and approve both boards' reports, annual budgets, profit-distribution plans, and dividend policies; approve resolutions on increasing or reducing registered capital and on issuing bonds; decide on M&A transactions; amend the charter; examine the meeting minutes; and review the financial and accounting statements. At most Chinese companies, controlling shareholders—whose interests do not always coincide with those of the minority shareholders—wield these powers."
=>>More rights are needed, but things are in flux getting better specifically on this. My positioning IS on target.
(Chinese misapplication of GAAP, & inherent deficiencies in GAAP ARE NOT INTENTIONAL FRAUD OR INCOMPETENCE!!!) How many languages do you know, for example? Restatements & late/dark filings are loopholes used FAR more by U.S. companies than Chinese!!!
The BEST is yet to come my friends!!!!!!!!!!!!!!!!!
