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I'm sure you are right about instis selling but then again other instis must be buying because that wasn't retail yday so it seems like some new players are at least interested.
If this stock would be listed in the US (main listing) I wouldn't be interested by now but it's a big difference to have it listed in HK IMO and that is what attracted me in the first place for a small bet after you started to write about it.
You want to know what happened to ABAT after the stock jumped to $0.80?
There were 2 more institutional sellers left. One must have been shocked that he could still get 0.80 for it because they dumped 5M shares or so in the last 30 seconds of trade, taking the price down some 35%. Then it went sideways for a while until the last institution started selling. Very gradually this time, taking about 3 weeks. They all sold.
It's mostly institutional selling IMO. They've been carrying this thing on their books for years and want out. When they are done, the stock will go up IMO.
When ABAT was delisted the stock plummeted from $1 to $0.30 only to rally to $0.80 a week later. Not saying the same will happen here but we could see a similar effect to some degree.
What's your take on the action in the night? If the stock goes down on this extreme buying action with 600 million shares traded it might go a lot lower now? I'm wondering about this.
I suppose you can buy it for 5 cents on OTC now. I have a 15% stake now with SIAF at 34% so I am good as is.
Just saw the close. WTF happened? Down 6% on 600 million shares? Never imagined that this would close down after I saw the first hour of trading.
We will see Tony. You will be pumping the stock in no time when the company announces a contract or buys back stock.
With this kind of volume institutional sellers should be out within days. That's why we will probably go up now.
It's decision time. The HK market has decided that 0.46 is a fair price. LOL.
265 million shares traded now after 40 minutes. Don't forget the open is at 2.20am (our time) everything before that is just postering of bid and asks. If this volume keeps up the stock could be up 30% at the end of the day. If I remember right we did around 370-380 million shares or so the last 2 days.
Something is different today with 250M shares traded already, right.
120 million shares in the first 20 minutes!! That is crazy stuff.
No my orders were in at 35 and 31 and so far I missed it. 38 was the low. Might have been it. Wouldn't surprise me. We will see.
Stock is all over the place now. Did you get some already? If you didn't, you probably missed the dip.
But you realize that HK is now the leading exchange and not the OTC anymore right? In general the OTC will only do what HK did the night before, with some minor deviations unless there is some news coming out which HK couldn't act on yet.
Since HK wasn't in the game a the time CMGHF made the first visit to the 7-8 cents mark, your logic is flawed here if you can see my point.
Regardless I'm surprised, since you said on friday that it's clear for you to see new highs this week. Being out from the OTC stock is tricky because with some bad luck there is some big news out in HK during the night and it will then gap up 20% or 30% the next day on the OTC.
I am out for now - I want to see how it trades - I decided to exit because it failed to make a new high and stalled in the 07 area yesterday.
If my hunch is right I will be back in shortly, if not I may miss a runup, its 50/50 IMO
Todays lack of volume and price movement was unexpected.
Ok thx, do you still have your entire position or did you scale back a bit as well?
This is where I keep checking
http://www.hkexnews.hk/listedco/listconews/advancedsearch/search_active_main.aspx
company code 682 of course - I've never seen anything released somewhere else before here........ it may have happened but I watch what the company is releasing/reporting.
Is there a link where one could explicitely watch for Chaodo news in HK?
It's nice that there weren't any panic selling here today. Really low volume.
Hehe, not on this one since I have it on Ameritrade, as you know couldn't buy it on IB.
You are going to buy some more below 05 if it goes there in the next few days? I have a few stacked orders in right now starting at 4.5 cents. If it sells off heavy today in the beginning in HK I might buy some there.
So your screens start flashing if I sell 100 shares for $0.05?
This is why the US OTCs are such a wasteland. It's where old companies go to die and many a start-up dies of SIDS. Not a lot of money down here.
Or even call it online shopping!
Call it shopping without the crowds
I like these standoffs when they are way under book value. Gives me time to acquire more shares
From volume in the millions to less than 2K - it appears to be a standoff to see who blinks 1st
Then I interpreted it correctly.
I still don't know if they are allowed to repurchase stock at the moment. They will be, after they report H2 2014. Unless there is a material event undisclosed like a pending contract with the government.
Even if they are allowed to, you have to wonder if it is the responsible thing to do while generating losses. I think they will want to, bit that's a different matter.
So we'll see. Like I said before, this is a double-edged sword.
But I think 0.05 is the low, yes. I would buy more but I have enough already. I can still see 0.15 in the next few weeks. And the downside risk is very limited now.
It's going down again but how low will it go? TF stated $0.05 or lower. I'm not convinced it's going to go that low.
Edit: I see what you mean. I didn't mean 50 cents. Missed a decimal point. Haven't had my morning Dr. Pepper yet.
So is the buyback at $0.5 or a half cent higher / lower?
Guys, I have some more good news for you. The company is not going bankrupt
The corporate governance rules relating to issuing going concern notices are exactly the same as in the US, I checked. Meaning, if there is any reason to believe that the company won't last another year then the Board (auditor) has to disclose it.
Well, they didn't.
Actually it is not as spectacular as I thought. They've been selling their stake in Citrus since 2010.
What are they going to do with the money?
http://www.etnet.com.hk/www/eng/stocks/realtime/quote_news_detail.php?section=related&code=682&newsid=ETE250203235
Remaining stake is worth some US$5M
Quite the sell off again today. Not unexpected though. Down 30% to 5.4 US cents. Will most likely be available at 5 or even sligjtly below that here in the US.
Down a bit in Hong Kong now. HK$0.44
I agree with Traderfan and see USD$ 0.05 as the downside and USD$ 0.10+ possible or even likely in the next few weeks.
At 5 cents this stock is trading at 7.4% of book and would rank the 3rd worst valued stock on the whole exchange. I don't think that is fair given current debt levels (close to zero) and keep in mind, this story can turn around. Especially with a little help from the government.
As I pointed out many times, these institutions don't care about value. All they care about is their reputation. So we are seeing a bit of selling here now, possibly in combination with more short selling. Don't let these fakes get to you in any way.
I am currently up €37,680 on this stock with 400k shares in my portfolio. And I will steal more fool's money in the next few weeks.
Yes. More likely, it was a self-matching short seller which is still illegal by my knowledge. LOL. Do these guys have ANY self-respect?
Did someone just purchase 1.7 million shares for $0.07?
Awesome! We've waited a long time for this day. .lets hope there is more good news to follow
Business operations explained (summarized) in this 2008 Bloomberg video
(see 2:30 mark)
Crazy volume here. Where will it open?
§CMGHF
Already was at 10 cents+, now a bit lower. Already crazy volume of 200 million+.
Pretty amazing that they copied the OTC price
Yes now volume is coming in.
HK$0.63
12M traded
We're off...
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Chaoda Modern Agriculture (Holdings) Limited produces and sells various agricultural products in China. It offers fresh fruits and vegetables and frozen food products, including bell peppers/paprika, broccoli, carrot, cauliflower, cherry tomato, Chinese cabbage, Chinese radish, choi sum, cucumber, eggplant, hot peppers, iceberg lettuce, loquat, melon, onion, potato, pumpkin, summer squash, sweet corn, sweet potato, tangerine, watermelon, and welsh onion. The company’s products also comprise baby corn, bamboo shoot, black fungus, broad bean, broccoli, burdock, celery, corn, garlic stem, green asparagus, green beans, komatsuna, lotus roots, mixed vegetables, okra, pea pods, rapes, soybean, spinach, strawberry, sugar snaps, taro, and water chestnuts. In addition, it breeds and sells livestock, such as Boer goats, Dorper sheep, and dairy cattle; grows and sells various types of rice consisting of white, brown, black, and Thai rice under the Chaoda brand; and processes fresh mushrooms. The company also exports its fresh food products to Japan, South Korea, and other parts of Asia; and frozen food products to Japan, North America, Europe, and the Middle East. Chaoda Modern Agriculture (Holdings) Limited was founded in 1994 and is headquartered in Fuzhou, the People’s Republic of China.
In China's 15 provinces (cities, districts) to establish its own industrial base , can achieve scale plantation
Super Green eco-industrial chain
Super model -Green organic ecological industrial chain Fully committed to the development of eco-agriculture, successfully built up a supply of seeds, fertilizer, agricultural production into the agricultural production and processing bases, to large monopoly in distribution, supermarkets, wholesale network, export, globalization, multi-level marketing system of "green ecology industry chain."
Business DescriptionChaoda Modern Agriculture Group, is a national key leading enterprise of agricultural industrialization. Group to "go green road, creating an ecological civilization" business philosophy, is committed to the development of modern agriculture industry. Group of fresh fruits and vegetables for the industrial-scale production of agricultural core, developed from seeds, organic fertilizer to agricultural production and processing of agricultural planting, to chain Monopoly, unit distribution, wholesale and export markets for export, "four in one" Modern Agricultural Marketing network, building on the lower part of the formation of integrated, comprehensive cluster of modern agricultural industrial chain.Group of 15 provinces in China (cities, districts) to establish more than 40 modern agricultural industry base, the use of different climatic distribution latitude and longitude, the maximum to avoid the risk of natural disasters, the development of crop germplasm resources to maximize efficiency, the basic realization of the main vegetable varieties anniversary, large quantities of balanced supply. Proportion of exports 30-40% of Group turnover. December 2000, large stocks listed on the Hong Kong Stock Exchange. In June 2012, according to the rating agencies to assess the world's authoritative brand, "super" brand value of 16.936 billion yuan.
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