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Yes, great stock so far, like SNOFF weeks ago ......
GLTY, Lou
up up up we go!!!!!
This is going to get interesting soon if you ask me!!!! All Aboard!!!
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looks like a good day to add the dip!!
CHBT... Going to BREAK-OUT ABOVE $2.00 BUCKS$$$$$
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A little pause today before the UPWARD march continues!!$$$$
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HERE WE GOOOOO $2.11 and just getting started!!!!!
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Today was the warm up for "SUPER SPIKER"!!!
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SHHHHHHHHHHHHHH!
Be very very quiet...... we are sneaking back up!
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Watch for the "SUPER SPIKE" to come!!!!!
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Just hit $1.49..... look for the "SUPER GAPPER" to come soon!!!!!
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CHBT $1.26 after voluntary Nazdog's delisting and USA and China probes into us listed chineese cos:
China Said to Discuss Allowing SEC Probes of Mainland Firms for First Time
By Bloomberg News - Jul 5, 2011 2:03 PM ET
China Said to Discuss Letting SEC Probe Mainland Companies
The headquarters building of the U.S. Securities and Exchange Commission (SEC) stands in Washington, D.C. Photographer: Joshua Roberts/Bloomberg
Muddy Waters' Block on Research on China Companies, July 1
Play Video
July 1 (Bloomberg) -- Carson Block, founder of Muddy Waters LLC, talks about his research into Chinese companies and outside reaction to his reports and short-selling position on companies including Sino-Forest Corp. Block spoke yesterday with Bloomberg Television's Erik Schatzker. (Source: Bloomberg)
Kurtz Interview on China Companies, June 30
Play Video
June 30 (Bloomberg) -- Michael Kurtz, head of Asian strategy at Macquarie Bank Ltd., talks about the potential for business fraud at Chinese companies. Kurtz speaks in Hong Kong to Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
PCAOB Chairman James R. Doty
James Doty, chairman of the Public Company Accounting Oversight Board, said in April that the inability to inspect auditors in China represents a “gaping hole in investor protection.” The board regulates and inspects registered auditors under the oversight of the SEC. Photographer: Rich Clement/Bloomberg
Shang Fulin
Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), speaks at the Caijing Annual Conference 2011 in Beijing, China, Dec. 17, 2010. Photographer: Adam Dean/Bloomberg
U.S. and Chinese officials will meet next week to discuss giving American securities regulators the right to investigate companies within China for the first time, said two Chinese officials with direct knowledge of the plans.
Representatives from the Securities and Exchange Commission and the Public Company Accounting Oversight Board will meet with counterparts from the China Securities Regulatory Commission in Beijing from July 11 to 12, said the officials, who asked not to be named because the talks are private.
A joint delegation from the SEC and PCAOB will share “technical and practical information regarding audit inspection and cross-border oversight that we hope and expect should facilitate our achievement of our meaningful inspection procedure for Chinese audit firms going forward,” said Colleen Brennan, a PCAOB spokeswoman, declining to discuss the timing of any meeting. John Nester, an SEC spokesman, declined to comment.
China-Biotics Inc. (CHBT) and Heli Electronics Corp. (HELI) are among dozens of companies traded in the U.S. that have disclosed auditor resignations or accounting irregularities this year, leading to the suspension or delisting of their shares. Some of the SEC’s previous investigations of such companies have been stalled by the inability to gather information in China.
Regulators in the Asian nation haven’t felt pressure to immediately address oversight of companies publicly traded in the U.S. because they weren’t responsible for approving the listings, one of the officials said.
Reverse Mergers
The meetings next week will discuss the feasibility of U.S. regulators conducting field inspections of auditors and companies in China, the officials said. They’ll also include talks focused on companies that list in the U.S. through reverse mergers, said one of the Chinese officials.
Reverse mergers allow closely held firms to buy publicly traded shell companies, thereby gaining a stock listing without the scrutiny of an initial public offering. Chinese companies listed in the U.S. have had $4.1 billion wiped off their market value this year amid a wave of auditor resignations and fraud allegations by short-sellers including Carson Block’s Muddy Waters LLC. Auditors have cited problems ranging from forged paperwork to a suspected fake bank website.
The SEC cautioned investors last month, saying that companies gaining listings this way may be prone to “fraud and other abuses.”
‘Gaping’ Hole
PCAOB Chairman James R. Doty said in April that the inability to inspect auditors in China represents a “gaping hole in investor protection.” The board regulates and inspects registered auditors under the oversight of the SEC.
“We’re at a time where the integrity of the financial statements of so many companies has been challenged, that the natural place to look for some reassurance is the regulator with oversight responsibility,” said Jacob Frenkel, a former SEC lawyer now with Shulman Rogers Gandal Pordy & Ecker PA in Potomac, Maryland. “But if the regulator cannot oversee, that in and of itself diminishes confidence.”
Access that U.S. regulators have requested doesn’t comply with China’s existing laws, one of the Chinese officials said. The Chinese regulators were offered equal access to conduct field inspections in the U.S., according to the officials. No foreign companies are currently listed in China.
The China Securities Regulatory Commission didn’t immediately respond to faxed requests for comment.
‘Something Conclusive’
U.S. regulators previously met with officials from the China Securities Regulatory Commission in May in Washington. Doty said at the time that those talks may lead to “something conclusive” on how the nations handle the situation.
“Both sides have agreed to accelerate efforts, including undertaking a process for negotiations and engaging in technical assistance activities, to reach a bilateral agreement,” the PCAOB’s Brennan said.
Some SEC investigations have been stalled as Chinese regulators blocked attempts to gather data even when the firms were willing to cooperate, a person with direct knowledge of the matter said in May.
The Nasdaq Stock Market has delisted companies such as China MediaExpress Holdings Inc. (CCME) and China Agritech Inc. (CAGC) China Agritech spokesman Fan Bin said the company’s delisting hasn’t affected its business. Zheng Zhuofeng, China MediaExpress’s financial controller, wasn’t available to comment.
New Policy
More than 150 Chinese companies with a market value of $12.8 billion have entered U.S. markets through reverse mergers since 2007, according to the PCAOB. During that same period, only about 50 Chinese companies filed IPOs. The Bloomberg Chinese Reverse Mergers Index, which tracks 78 shares listed in the U.S., has dropped 44 percent this year.
The accounting board last month rejected an application by Hong Kong-based Zhonglei CPA Co. to become a registered U.S. auditor, citing an inability to inspect its work for companies based in China. It was the first time the board had rejected an application since tightening rules in October.
The PCAOB issued a new policy in October making the inability to inspect auditors in nations such as China a factor when considering whether to approve them. The organization is currently blocked from inspecting firms based in China.
Most of the customers of the firms that are under investigation by the SEC are in China, not regulated by the SEC. Without the ability to subpoena information from the firms’ customers, it’s been difficult for the SEC to corroborate sales records, a person familiar with the matter said in May.
‘Illegal Acts’
The SEC in March suspended trading of Heli Electronics after faulting the company for a lack of current and accurate information in its financial statements. MaloneBaily LLP resigned as the company’s auditor that same month after it identified irregularities with Heli Electronics’s financial statements. Calls to the company’s offices in the city of Guangzhou went unanswered.
China-Biotics said June 29 that the company intended to voluntarily delist its stock from trading on the Nasdaq exchange. BDO Ltd. resigned June 22 as the company’s auditor citing irregularities it had uncovered that likely constituted “illegal acts,” including being directed by China-Biotics staff during audit work to a suspected fake bank website. An operator who answered calls to the company’s offices in Shanghai said no one was available to comment.
--Eva Woo, Dune Lawrence. With assistance from Charles Li in Beijing, Neil Western in Hong Kong and Jesse Hamilton in Washington. Editors: John Liu, David Scheer
To contact Bloomberg News staff on this story: Eva Woo in Beijing at +86-10-6649-7537 or ewoo9@bloomberg.net; Dune Lawrence in New York at +1-212-617-4510 or dlawrence6@bloomberg.net
Looks like we have some Buying opportunities here!!
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8 MM's on the BID!!! & ONLY 5 on the Ask! Sellers have sold now its the BUYERS turn!!!!
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good news or bad news?
I mean, is a finance problem, or only insiders share transaction only????
Bronstein, Gewirtz & Grossman, LLC Investigates China-Biotics, Inc.
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of China-Biotics, Inc. (“China Biotics” or the “Company”) (NASDAQ GS: CHBT), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On June 15, 2011, NASDAQ halted trading in China-Biotics common stock, a leading developer, manufacturer, and distributor of probiotics products in China. The Company filed for an extension of time to file with the Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended March 31, 2011. NASDAQ has requested that China-Biotics provide certain information and explanation relating to the Company’s delay in filing the Form 10-k.
If you are aware of any facts relating to this investigation, or purchased shares of China- Biotics, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate work, private securities offerings, and securities arbitration.
some short covering maybe
10$ shorters and UP will be happy covering
Sold my leftover shares at 1.50 ish. Almost broke even. Screw this chinese POS.
it's crazy man!
Yep I'll be watching it VERY closely.
should be interesting
Watching CHBT today.
Should start today on the pinkies.
Will be watching it closely.
3:32PM China-Biotics provides update; confirms NASDAQ requested certain information (CHBT) 3.46 : Co affirmed that NASDAQ halted trading in its common stock shortly after the co filed for an extension of time to file with the SEC its Annual Report on Form 10-K. NASDAQ has requested certain information and explanations relating to delay in filing the Form 10-K. Co is working to provide the information and explanations that have been requested as promptly as practicable so that it may permit the resumption of trading of its common stock. Once such information and explanations are provided to NASDAQ, NASDAQ may request further information. Co cannot predict when or if NASDAQ will be satisfied with its responses to this inquiry, or when or if NASDAQ will permit resumption of trading of its common stock. (stock remains halted)
Interesting development! keep up posted.
Tia
GL
NASDAQ Halts China-Biotics Inc NEW YORK, Jun 15, 2011 (GlobeNewswire via COMTEX) -- The NASDAQ Stock Market(R) /quotes/zigman/86035/quotes/nls/ndaq NDAQ -0.02% announced that trading was halted today in China-Biotics Inc. /quotes/zigman/100412/quotes/nls/chbt CHBT -8.47% at 15:39:29 p.m., Eastern Time, for "additional information requested" from the company at a last price of $3.46.
Trading will remain halted until China-Biotics Inc. has fully satisfied NASDAQ's request for additional information.
For news and additional information about the company, please contact the company directly or check under the company's symbol using InfoQuotes(SM)on the NASDAQ(R) Web site.
For more information about The NASDAQ Stock Market, visit the NASDAQ Web site at http://www.nasdaq.com .
NDAQO
Shorts started covering yesterday? Some large block buys were made. It could also have been Azar buying some more shares in order to protect his 4M share investment that he has made just recently. He bought between $8 and $11. A positive ernings announcement could send this flying with the amount of shorts that we have here. Today and tomorrow should be intersting to watch.
It will be interesting to see how the story gets played out over the next few days. I couldn't resist the temptation and picked some up today.
Yep your right ... total dilution and what a waste of a good product ... lost heaps on HLXW and CSLI but looking good with one or two junior minors .... PCFG is good ... CGFIA keeping an eye on .. Australian Company Black Fire Minerals ... BFE on the ASX is my next target ...
to the board ... sorry that I'm off subject ... waiting for premium account so I can PM ... but hope you have a profitable day if any of this info is of use ....
Good to hear from you! We actually met at HLXW. I've been keeping an eye on PCFG. May have to come on over pretty soon.
Red flag Chinese small caps: CHBT mentioned!
http://www.fool.com/investing/international/2011/06/07/still-the-no-1-chinese-small-cap-red-flag.aspx
Mate time for you to come back to #PCFG ... she's about to blow ... might take a week or two but as I recall that's where we first 'met' and I've been there ever since ....
Anyone have a feeling on this one? I noticed that 4M shares were bought by insider, Value Holdings Capital, over the past few weeks at a pps between $8.01 and $11.56. Figured I would take a shot at it this afternoon just for that reason and picked up some shares.
CHBT $5.21 after $0.83 cents..Maxim group, its constant supporter, downgraded it to sell as Surf reported earlier..no other significant news!
China-Biotics CHBT Maxim Group Hold » Sell $6
Read more: http://www.briefing.com/investor/calendars/upgrades-downgrades/#ixzz1O26iap1p
Post Unavailable
China-Biotics Receives First U.S. Sales Order:
The U.S. based nutritional product company placed its first sales order, and formally entered into its agreement with China-Biotics on March 28, 2011. The agreement is effective for two years beginning on March 17, 2011, the day after the parties entered into an agreement in principle.
Mr. Jinan Song, CEO and Chairman of China-Biotics, commented, "We are excited to have received our first product sales order quickly after having established a business relationship with our U.S. customer. While continuing to increase our market share domestically, we also look forward to future growth opportunities in the international market."
http://finance.yahoo.com/news/ChinaBiotics-Receives-First-prnews-420994357.html?x=0&.v=1
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China-Biotics, Inc. ("China-Biotics," "the Company"), a leading manufacturer of biotechnology products and supplements, engages in the research, development, marketing and distribution of probiotics dietary supplements. Through its wholly owned subsidiary, Shanghai Shining Biotechnology Co., Ltd., the Company has operations in Shanghai. Its proprietary product portfolio contains live microbial nutritional supplements under the "Shining" brand. Currently, the products are sold OTC through large distributors to pharmacies and supermarkets in Shanghai, Jiangsu, and Zhejiang. China-Biotics plans to launch 300 Shining brand retail outlets in major cities in China. Currently, China-Biotics is strategically expanding its production capacity of probiotics to meet growing demand in the bulk additive market. For more information, please visit http://www.chn-biotics.com
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