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CSGJ now has a double problem with perception. First it's a China stock in an environment that doesn't trust Chinese companies. Second they made matters much worse by not reporting on time. I have uncompromised faith in NL and feel comfortable riding with my current shares, but I won't be buying more until and unless a) I see a report and b) I see indications the stock can move up. The result, I have concluded, is that CSGJ won't have buyers for quite some time.
Kind regards,
Minding
40% of your portfolio in a company with such a small mkt cap was a veryyy big risk-
if you average down you take the risk of lose every penny you have.
I think that the company exist and will report sooner or later, but is a company to put maximum 10% of a portfolio
Guys,found this board on yahoo. I am also an investor in this company and I am astonished. I put 40% of my portfolio on this because of the potential for growth and seeing it sinking is really stressful. My average is 0.49. Is there any hope? whats gonna happen? Were we scammed? Does anyone consider averaging down?
Pweb is a US company which was until yesterday a US bulletin board listed company...Their former accounting firm was found to be unacceptable and their 10K audited filings using them have to be re-certified...only to mention the accounting problem...
Transition of owners, both public and market maker participants, can be less than smoothly for the share price of companies dropping in listed status...
Have no idea if the share structure has changed...
More chips on the table at a better price is only a simple wager...LJ
Hamptom Growth Reply:
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=tm&bn=95116&tid=845&mid=849&tof=1&rt=2&frt=2&off=1
I also try to contact the management and urge them to get their 10K out and re-gain the OTC BB listing.
Hopefully those adds will pay off as it seems a bit silly to sell here at .08. Volume doesn't indicate the private placement "investors" are dumping escrow shares. If we want to be naive and believe the CEO in stating they were just a little short on GAAP acquainted help, that's fine, but something smells here and I'll explain why. I encourage all discussion about this situation.
Private placements in this sector, once thought of as bullish depending on the price, can be exactly the opposite depending on the integrity of both parties. Remember the $50,000 consulting fee paid to Desmond Holdings at the time of the private placement? I'd love to believe this secretive Hong Kong-based group controlled by the Kansagra family (google Bhupendra Kansagra...too bad court cases are public record and we can see who controls Desmond Holdings, ie Kesha Appliances case) somehow had honest intentions in wanting to be involved with a US listed Chinese RTO penny stock. Mark Pajak, director of the PIPE lead "investor" Wise Star Capital is a director for Desmond Holdings. Wise Star/Desmond just became a near 10% owner in this company due to failure to timely file the 10k. Remember, the CEO delegated this seemingly secondary task of an annual report to his assistant and didn't know the status only days before he'd lose nearly 1.5 m escrow shares (must have been awfully distracted in his travels). Also remember there are warrants to increase that 9.9% to 14.9% exercisable near .40. How cute that the investor's initial ownership % was just under the 5% threshold that would require disclosure for an OTC listed company and it's now just under the 10% required on the pinks.
We know CSGJ has secured permits for a big expansion but they've been short on funds. Why are they no longer interested in raising equity capital? They didn't attend Rodman & Renshaw or the Deal Flow Media conference, the latter being sponsored by their supposed IR firm. Hampton Growth states that they've been "uncommunicative" but Wenji sure was ambitious to raise capital in the past (spouting insanely unrealistic expectations ahead of these conferences in the past). Why the change of direction? My opinion is they have secured financing but no longer need the US shareholder to fund the expansion, thus the neglect. Also, why involve Hampton Growth at this point?
CFO Search: This extensive CFO "search" is a good way to cover their back side if legal concerns about a potential "go dark, relist elsewhere" situation are voiced (not that it's illegal, just unethical to go about it in a misleading manner, which could reflect badly on a relisting effort). Without a permanent CFO, they have an excuse to delay filing and drive the price down further. What % ownership is necessary to completely remove yourself from US markets and relist elsewhere? When thinking of this, remember the ole preferred issuance, common R/S, preferred conversion trick. As an aside, & in the context of the CFO search, why all the sudden London connections toward late '10? Column Associates, Wise Star, Desmond Holdings? Purely coincidence, I'm sure.
If Desmond Holdings is not involved in the fleecing of retail investors, which I'm sure is not something the Kansagras would like to be known for, they're on the receiving end too. A lot of institutions have been duped in this sector, but most involved companies in industries much more difficult to validate. Most have also been duped by companies that were exposed by shorts, not those that simply went completely dark after pumping PR after PR in times leading up to the disappearing act while operating an easy to validate business in a sector experiencing M&A as encouraged by the government. Who knows, maybe they're getting screwed too but I really don't believe it here. After all, what was that consulting fee for? They haven't been involved with any other RTO's that I'm aware of (please correct me here if I'm wrong). If, by chance, Desmond/Wisepark is also getting duped, Wenji and Jun Song are one brazen duo. This investment would just be a drop in the bucket for Kansagra & Pajak but the kiss of death for a future listing elsewhere for China Shuangji (unless they're acquired by a different entity which I find hard to believe due to the CEO's pride). I'm just guessing that maybe they want a bit more than a drop in the bucket. Of course this is just one possibility, the others being CSGJ is simply delinquent and trying to catch up or fully planning to delist for good (then why no dilution while still the chance?).
One other observation to support some skullduggery...why retain high profile legal counsel at this time? I think it goes without saying that there are some things going on behind the scenes. For the retail investor's sake, it would be nice if one thing occuring were a Marcum Bernstein & Pinchuk audit. Oh that's right, they forgot the 8-k that should have accompanied that merger. Blame the CFO issue.
I think the Song family understands their personal wealth will benefit much more from a listing on another exchange. In this event, their subtle screwing of US shareholders stemming from the uncontrollable events resulting from not having a CFO may be perceived more favorably than a more blatant approach.
Adding CSGJ during this transition to pink sheets listing status...LJ
ROBERT HAAG AND HAMPTON GROWTH?
This company was the IR for CSGJ and today they represent another bunch o companys....
is this happen to be a fraud, today we dont know but theres a higg risk, the other companies could be frauds too.
also we have to let the people and investors know about this robert and andrew haag....i spoke with them a lot of times and i have pictures and email of the supossed plant and company...
is this company is a fraud i would make public all the info and emails that i have and also will publish articles every place i can about this people and this company...
they cant continue to do this and no one says anything...
We lost money on this scam, that’s the market, nothing to cry about, just one position gone missing
Actually, I have an investment partner heading to China later this week on other business,, .... He doesn't have much time this trip, but will start some groundwork ....
bye-bye, are you gonna teach them some Engish with little resolution?...LJ
Have a great long weekend!
Thank you Northern, ... I expect they will be contacting me, .... I will be able to share more on Wednesday as I have given them that date as to when I will begin more actively pursuing resolution to their corporate accountability gaps..
Enjoy the rest of the weekend (Long weekend here in Canada!)
Hi Alberta,
I have just sent you the cell phone numbers of the whole management team. Please ley me know if you don't receive them.
Good luck
Northern
I agree, ....I would expect the acquisition process would do one of three things:
1 - force CSGJ to report financials thus providing the information that gives the true value of the compan which would then result in PPS increase
2 - generate counter/additional offers to the point of reaching actual corporate value and increased PPS
3 - Provide the Longs the opportunity to hold their shares, bring in new management, and produce appropriate operating result and financials to increase the PPS ....
I do not think the $.20 would be acceptable given CSGJ is a "going concern" and plant and operations are somewhat close to what has been stated.
Status Quo is not acceptable, and I believe shareholder intiative is necessary.
Thank you ffor your response!
That option would stink for long term investors that have been holding for a while. I'd rather hold out and risk losing everything than take .20.
The only people this helps would be those that got in in hopes that it would be acquired at a premiuim.
Northern, I do not have a paid membership to this site. If you do, can you send me a private message with your email as I am initiating contact with Mr. Yan Qing and would appreciate your private insights as to my approach which I will share with you,
Thank you!
OPTION 4 .... Acquire CSGJ!
I believe the company has assets and operations worth over $2/Share .... an offer of $.20 is double the current market value.
I know a fellow investor heading to China this week.
Odd, I wouldn't wanta pay near the $7 or so that CFSG is trading at and a company is gonna offer more in the current China stock sector climate...
But your point that this might eventually attract a suitor is understood...LJ
CFSG Buyout - $9 per share
A growing trend of buyout of Chinese companies.
http://www.reuters.com/article/2011/05/20/us-chinafire-takeover-baincapital-idUSTRE74J6UO20110520?feedType=RSS&feedName=innovationNews&rpc=43
Emailing every day .... hopefully others will do so as well, ... there is value here and they have to know there inaction is unacceptable. The quote is from their website.
Subject: Re: Frustrated Investor ....
To: wenji.song@shuangjicement.com
Cc: investorrelations@shuangjicement.com
> Dear Mr. Song,
>
> I appreciate if you could send me an update on your
> financial reporting status.
>
> "As a newly-listed US public company (OTCBB: CSGJ), we
> are committed to earning superior returns for our shareholders
> as we maximize the value of our company. To this end, we
> recognize that our success is directly related to the
> performance of our employees and of our partners. That is why we
> have engaged well respected US auditors and legal counsel with
> extensive experience working with US-listed Chinese companies,
> and continue to do what is necessary to maintain strong
> corporate governance and protect the interests of our
> shareholders. We are determined to achieve superior rates of
> return on the capital entrusted to us."
>
>
> Thank you,
Still holding some of the good ones myself...LJ
CSGJ.OB =>CSGJE,OB => CSGJ.PK (Pink Sheet )
When company does that, they leave their tail behind. Of course it is bad for us, at least for the a while. Our money and investment stucks. But if the company is successful in the future, look like the case here for CSGJ, they will think about to go back to re-gain the listing status and eventually move to big board listing. If they want to list in China or Hong Kong in the future, they would need buy shares back from us to control over 95% shares inorder to completelly delist from US market.
The story is not over.
I had been calling them every night and also left my phone numbers to reception girl. It looked like they have meeting after meeting or try to avoid me becasue they told me that "10K would be out in a few days" and "they were interviewing several CFO candidates".
ok that makes sense to me:
If the company is for real and the figures are more or less correct, one should wait the 2-3 years. Thats my favourite view as well.
Version 2 sounds strange, if there will be no filing, practically there will be no trading.But it is not that the trading status is lost, so not all is lost.
Version 3: If they need 95%, we as investors need 1.5 mln shares in total to block squeeze out.
I agree totally, I hold my shares to, I am still convinced that this is no scam or fraud, just lazyness and ignorance. It´s really time for them to hire the new CFO !
Northern.
Any news from company? Did you get chance to talk to them? If they are going dark that is very bad.
I am wondering what company is thinking?
CSGJ gets graded without the 'e' on the National Bulletin Board exchange on Friday...LJ
http://otcbb.com/dailylist/txthistory/BB05192011.txt
Pink Sheet Quotes .... http://www.otcmarkets.com/stock/CSGJE/quote
CSGJ Delisted ...
COMPANY STOCK PRICE ALERT
China Shuangji Cement (CSGJE-Q2) announces stock symbol change
Stock symbol (old): CSGJE-Q2
Stock symbol (new): Delisted Stock
Effective date: 20-May-2011
Frustrated Email to CSGJ IR and "Contact Us"
I have sent the following note to CSGJ "Contact us" at the web site http://shuangjicement.com/cement/contactus.asp
and also to the email address investorrelations@shuangjicement.com
In my frustration I will continue to do so every day until I hear something, ... perhaps it is better to call the president etc. ... but I haven't seen any results.
I am not sure what the impact would be if everybody did this, or what the reaction would be but I've got nothing else to throw!
******************************************************************
I am an investor who is positive about your company, but gravely concerned with the lack of due diligence in filing appropriate reports or communicating with investors.
Here are the web sites of two message boards where we are trying to understand what your intentions are, and how we continue in our efforts to realize the benefits of our investment.
http://investorshub.advfn.com/boards/board.aspx?board_id=10649
http://messages.finance.yahoo.com/mb/CSGJE.OB
I appreciate your response and positive corporate action and honorable commitment.
Sincerely,
xxxxxxxxxxx
The company (CSGJ) is going to be very profitable in the future with a new 1 million tons of plant. They also got license to build a million tons of clinker plant to match the new cement plant as well as 2 million tons of cement plant.
There are sveral possibilities here:
(1) File 10K and 10Qs and re-gain the status of listing on the OTC BB and eventually to AMEX and Nasdaq. It is a long shot and may take 2-3 years.
(2) No filing and continue trading on the pink sheet indefinitelly.
(3) Buy back shares from the current US shareholders to control over 95% shares and delist completely. Then theymay think about selling the company or listing somewhere.
(1) and (3) are good for both management and the current shareholders.
(2) is bad for everyone, more so for the current shareholders.
I definitelly hold my shares.
I don't know for sure, ... I think the stock gets downgraded to a ".pk" status (?) but can still be bought/sold, ... it just means there is less rigour on company reporting, either that or it is on the warning track before being de-listed and disppearing.
An American or Canadian company would go in to bankruptcy/receivership and assets sold to pay off outstanding debts/fines (if not restructured to continue operations), and anything remaining given to owners/shareholders ....
I am not sure how a share-holder can put a claim on assets for a Chinese company.
thx for the link.
sorry if the question sounds naive, but I have no expoerience in this kind of situaition:
Can they be more downgraded in the market than they are right now (CSGJE) ?
what is the practical consequence:
>filing?
>market making?
>......
There is a message board for CSGJ on Yahoo that talks a bit about this ... see the most recent posts ...
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=te&bn=95116&tid=826&mid=832&tof=2&frt=2#832
I have no doubt this company exists, is producing cement, and is profitable!
I agree to this, and at this point the question is what will happen with our shares if they want to go private but we do not want to sell. Any precedence ?
Can they make a queeze out ?
I have no doubt this company exists, is producing cement, and is profitable!
I agree that companies are always looking to see how to manage their financing options, and I think this is too important for them in the long term.
I am Long, but not downward averaging (did enough of that), but won't sell out what is left ... Just needed to vent as well.
Thanks Northern for your DD GLTA
Possible situation, (now don't get me wrong this is a long position)
Last year's audit fees were 124000$.
The CEO, CFO and one of the director owns around 74% of the stocks in the company.
Their goal was to uplist and make the company more valuable so they can finance new operations. That failed.
Now, if I was them, would I :
A) Pay another 124000$ in audit fee to continue this failed venture.
B) Buy the rest of the shares at discount and go private, possibly wait a few years and do an IPO.
All this is assuming they are not a complete fraud, now they would be doing meetings and discussing how to go about this.
well said malc, my sentiments...and unfortunately yeilding the same results in this stock....pity!
northern - First off let me say thanks for moderating this board and doing your best to keep us updated. It's been quiet around here at times and that's because none of us really had anything to add or discuss any further I suppose. Hell, we still don't have a 10-K to read and that's a whole years worth of goodies to decipher. No Q1 2011 of course either. In retrospect, the fact that they were so eerily quiet and still are should have been a red flag for us. But I know that alot of fine intelligent investors have been burnt by all forms of fraud and negligence that you can concoct in your mind all over the China sector, not just the BB stocks. I've taken some nice big board hits courtesy of CBEH w KPMG as auditor so when that happens who knows what to trust.
I have seen a trend develop since the scrutiny of auditors and numbers has become one of the main games since the shorts pretty much took the sector over. Many companies, including CSGJE, have either been reporting very weak (probably honest now) numbers or not reporting at all. Suggests to me that likely all these numbers were fraudulent in the past and we were led to believe we had a value play. As much as I hate to admit it, smart money stayed out and smarter money went short in so many China stocks across the boards it made my head spin and this is the first year ever I have gone in the red.
Time for introspection, I have already shifted gears months ago, but this was one I kept my entire large position in much to my detriment. Wish I had pulled the plug like I did on ENHD where I luckily got out in two large blocks at 1.75 and 1.70
malc
Whenever we buy these OTC Chinese stocks, it is hard to get out. I was fully aware that and so only gambled the money I can afford to lose and I don't plan to use. I will hold them all, but will not put any new money into it.
I think we are already trading on the OTC markets pinksheets.
Agree with all of your points northen, I have not put any money into any China stocks for awhile now, and unfortunately I let my investment here dwindle so badly it's really not worth it for me to sell now. I will just hold em all and hope for the best, which is not a promising strategy by any means. I just honestly thought they would get their act together but they did not.
Trading on the pinksheets means they have already used up their 3 strikes IMO.
malc
http://www.otcmarkets.com/stock/csgje/quote
I think that it will move to pink sheet if not filing before the market open tomorrow.
I read the OTCBB FAQ's, ... will CSGJE disappear tomorrow from the quotes here? I likewise invested here, hate to lose it all, but the risk I took ....
We just cannot trust any OTC BB listed Chinese company. We do our DD to avoid any fraudulent companies at first. Then we choose the legit companies with good financial prospect. But we cannot control the mind of CEO and Chairman who can pull plug anytime, and we stuck. No matter how good these companies and how cheap they are, they can change their mind and leave. They never buy their shares back no matter how much money they have and how cheap the share price is.
I am not going to sink a cent to any new OTC BB Chinese stock. This is a dead sector and a mine field.
What a shame this all is. And I doubled up this position. Lost more in this play than any other China stock, ever.
malc
indeed, this is really disturbing, even more after your recent calls.
By now, I don't think that anyone is expecting a 10K filing after market close. I don't.
Yep, we now appear to be trading as CSGJE on the OTC pinksheets. Freaking great.
malc
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China Shuangji Cement Ltd (CSGJ)
Company website:
http://www.shuangjicement.com
| ||||
Our mission at China Shuangji Cement Ltd., is to become the Number One provider of the highest quality cement manufacturing in Shandong Province , People's Republic of China. Company Address:221 Linglong Road For all investor questions or concerns email investorrelations@shuangjicement.com For product or customer inquires please email info@shuangjicement.com
We are excited to be on the verge of becoming one of the largest producers of high-grade bulk cement in China. |
Since the Company was founded, our focus has been on integrating the technological innovation into the process of enterprise development. Over the years, the cement industry has become more complicated and the degree of market competition is intensifying. Our staff has gone through the hard struggle and has made this Company bigger and stronger than ever. We owe these achievements to the concern and support from all our staff, shareholders and the community. For this I sincerely extend my most respectful and heartfelt thanks to all those who have supported and contributed to Shuangji’s development. The Company is in the new historic development stage, in particular since we became a listed company on the OTCBB/NASDAQ. We will continue to do what is necessary to establish strong corporate governance, in order to protect the interests of the Company and all shareholders. With the support of all our shareholders, and the combined efforts of the Board of Directors, management and staff, I firmly believe that Shuangji is blessed with a very promising future. PresidentWenji Song Some of our strengths and capabilities of our core services pertain to availability, quality and dependability. These include always providing bulk cement that is top quality, reliable, and dependable. Our greatest service strength is our commitment to manufacturing high-grade bulk cement at a level that exceeds the performance of the competition. It is because of our strengths that we will be able to become one of the Top 10 cement manufacturers in China, and be able to compete on a global scale with international standards.
We are strategically positioned in such a way as to take full advantage of all the technology available. Management has determined that state of the art of software and appropriate hardware will be implemented whenever necessary to ensure proper client fulfillment, as well as business organization. In particular, the company will be focusing on new technologies for implementing and maintaining international standards for high grade cement- the ultimate barrier to competition from smaller companies. |
News Releases:
Recent News | ||||
Date | Time |
| ||
10/14/2009 | 10:11AM | China Shuangji Cement, Ltd. Retains Hampton Growth for Investor Relations Services | ||
10/06/2009 | 12:43PM | Current report filing (8-K) | ||
08/19/2009 | 3:38PM | Quarterly Report (10-Q) | ||
08/14/2009 | 12:07PM | Notification that Quarterly Report will be submitted late (NT 10-Q) | ||
06/17/2009 | 4:01PM | Current report filing (8-K) | ||
05/13/2009 | 8:32AM | Annual Report (10-K) |
SEC Filings for China Shuangji Cement Ltd (CNSJ)
Can be found at : http://www.otcbb.com/asp/Info_Center.asp under the symbol CNSJ
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