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Wake up everyone, ONP is on a roll, get on board while it is still low...
I think this is poised for a great quarter. Looking forward to ONP's end of the year financial statement and more important forward looking 1st quarter. Next month it will be even greater, when their new equipment is running full speed.
After hours up 25 cents wonder what that is all about. Hoping this is the beginning of a great day...tomorrow
Thanks for the link, I didnt catch it. Yes it is interesting. Unfortunatly it fails to take into account the recent fraud pressure China micros are going through right now along with the fact that they have always had a significant p/e and fundamental discount when compared to US counterparts. Will that all change? Maybe, but for now China small caps such as ONP will continue to lag companies such as International Paper and Clearwater. Fair or not its simply the way it is. Its fine to play the best China micros, but Ive learned not to place targets based on industry/sector averages.
Seeking Alpha is not my favorite place to get stock information, but I thought this article had some interesting information.
http://seekingalpha.com/article/245789-despite-recent-bad-press-orient-paper-looks-like-a-buy
As things stand right now, $7 seems like a fair or even generous target. Currently, its just slopping around in a support zone waiting for a reason to move either way. The recent China stock legitimacy issues also dont help.
Im only casually watching for now.
Get ready for this stock to finally get out of the single digits. It may not be about the fourth quarter, but the forward looking first quarter that will make this go up...
ONP just got coverage from Roth Capital again. A price of $7, is not great news. But the fact that Roth has started covering it again is a big deal...
http://collegestock.com/blog/581-analysts%E2%80%99-new-coverage-google-inc-yhoo-pde-onp-mr/
FWIW, I closed out the last of my position here today around 7.50 (from sub $4.50). I just dont feel any substantial end to this Muddy Waters mess has been proven, either to the positive or negative. At this point its simply not worth the potential risk since the audit report PR seemed kind of generic (as expected) and really didnt prove anything. It seemed more like just a simple rebuttle then a solid defense. The great opportunity for profit taking came after the recent runup pps wise.
I will look for 6.50 for some support but wont really look to actually buy untill either I see better validation by the company or a test of the lower $4 range as bottom support.
load the boot lets go up to the moon
GLTA
go go go ONP go
Prepare for the RINO Fallout
After a series of events with almost comical dimensions, we now have the first case of fraud on the Nasdaq, involving a Chinese small cap company. RINO International (RINO) admitted Friday that it did not enter into two contracts for which it reported revenue during its 2008 and 2009 fiscal years. The stock has been halted by the NASDAQ Stock Market around noon on November 17, and it will remain halted until RINO has fully satisfied NASDAQ's request for additional information. NASDAQ has not specified what kind of information they are looking for, but at this time it seems unlikely that RINO will be allowed to remain listed on the prestigious NASDAQ market. Investors should be prepared to find the stock on the pink sheets in a couple of weeks.
Earlier on Friday, the first official statement in the RINO case came from its auditors, Frazer Frost LLP, in form of a letter issued in an 8-K Filing with the SEC.
In a telephone conversation on November 16, 2010, Mr. Zou Dejun, the Chief Executive Officer of the Company, informed Ms. Susan Woo of our firm, in substance, that as to the six RINO customer contracts discussed in the recent report of Muddy Waters LLC, the Company did not in fact enter into two of the six purported contracts, and a third contract among the six was explainable. When Ms. Woo inquired about the Company's other contracts, Mr. Zou said he was not sure, but there might be problems with 20 - 40% of them. Assuming that these statements were reasonably accurate, it appears that our reports would have been affected if this information had been known to us at the date of our reports, although the effect on the financial statements is currently unknown and cannot be quantified without a thorough investigation. We further note that in a conversation the following day, November 17, 2010, involving Ms. Woo, several directors of the Company, Company counsel, and Mr. Zou, Mr. Zou stated that he was not sure the day before and went back to look into some things, and found that apart from the two problematic contracts, all other contracts are legitimate and can be verified.
The language used in this letter gives those very serious events an almost comical note. The CEO said "he was not sure" and "there might be problems," then "went back to look into some things." And Frazer Frost is "assuming that these statements were reasonably accurate" to conclude that "it appears that" their audited reports were wrong as they might have based their findings on forged invoices.
The very basic conclusion from last week's events is that RINO is not taking their status as a U.S.-listed public company any bit seriously, and that Frazer Frost did a pretty lousy job as an auditor. To fall for forged information of such a magnitude raises the question of what exactly Frazer Frost did attempt to verify, if anything at all. This will likely lead to lasting damage for the reputation and credibility of Frazer Frost and the market has already started to punish other clients of the firm.
In Friday's trading Frazer Frost clients were among the biggest losers. China Valves Technology (CVVT) dropped 15.28% for the day to close at $8.93, snubbing off any upside from a Roth Capital upgrade ($16 price target) before the open. Harbin Electric (HRBN) closed at $16.95, down 10.7%, and the stock finds itself now 30% below the $24 going-private offer it received a couple of weeks ago. Other FF clients affected were Fushi Copperweld (FSIN, down 6.69%), China Fire & Security (CFSG, down 5.86%) and China Medicine (CHME, down 4.20%).
Another stock that is directly affected is Orient Paper (ONP, down 7.00% on Friday). Rino International's fall is the first big success for 2-man (short-selling) research firm Muddy Waters LLP who released a very detailed report about the company on November 10, which led to the reported series of events. Muddy Waters' previous target was Orient Paper, but that company has very determinedly defended itself and its stock price had stabilized recently. With the collapse of RINO the focus might now shift back to ONP and put the stock under renewed selling pressure until the results of the ongoing independent investigation into MW's allegations is presented.
So what will happen next?
Will this lead to new or resumed short-selling attacks on a variety of Chinese small caps? Most certainly it will! Short sellers have the whole weekend and beyond to come up with pretty much anything, knowing that whatever they get published will likely have an immediate effect on the stock price, as with the RINO disaster they now have a precedent of Chinese fraud on the Nasdaq. Those companies do already have a hard time defending themselves, even against totally ridiculous allegations. And always keep in mind that not all those attacks will be unfounded, it is very likely that RINO is not the only Chinese company with severe irregularities in its financial statements. But don't make the mistake to interpret this as a "China problem," other than that Chinese companies are just the easiest targets right now.
Will we see a new downtrend for the sector similar to what we all have experienced last summer? That depends on the direction of the general markets in the U.S. and China. It is an undeniable fact that big money is very eager to put their money in (perceived) quality Chinese companies, proven by the China IPO craze of the last three months when most offerings opened for trading some 30-50% above their IPO price. However, if we see the general appetite for risk fading, or the S&P 500 heading for a 10-15% correction, I would expect China small caps to lose value twice as fast. Right now I am still bullish for equities in general, but less so than two or three weeks ago. We should be prepared for both scenarios now.
This RINO situation is serious. Even the biggest bulls will now have a hard time dodging smear attacks on perfectly healthy stocks from China which just happen to have some detail in common with RINO, being it company structure, a sub-par public accounting firm, a weak Board of Directors, or the way they became a public company. It might be that the normal "innocent until proven guilty" is turned upside down for the time being, especially for those companies that do not take their U.S.-listed public company status seriously.
What we should be doing is looking at business models and trying to understand them. Doing our own in-depth research and seeing if we can be comfortable with what we find out. Looking at management credibility and perceived credibility. Who is running the company, which investors are backing it?
Personally I am no longer willing to risk my money with a $250MM stock that chose to reaffirm Kabani or similar as their auditors, nor am I seeing the point in holding a position in a stock that doesn't even bother to do earnings calls. Talking about big board names here only; for Bulletin Board stocks and companies that are early on their way of maturing, we have to set different requirements. However, even there, companies that choose not to communicate at all should be treated with extreme caution.
This is not the time to run away from China stocks.
Smart money will always look for value, and you have to find out where the value is, what companies you want to invest in, and why exactly you would do that. Re-evaluate your holdings, make adjustments now, and prepare yourself for possible "bargain hunting" with quality stocks that might get beaten down in the RINO aftermath, but don't deserve to be treated in the same way for reasons you have to determine for yourself.
Disclosure: No positions in any of the stocks mentioned
Good for you. I am glad I ended up selling at 6.55 right before earnings came out. I was going to go back in but now with this R!NO stuff, it seems a bit more risky even just in terms of perception. I will keep an eye on the stock as I really dislike MW. They should not be allowed to profit from their reports imho.
Glad I got some puts during the last run while they were a cheap hedge. Think I made money here today because of doing that. Shows the importance of protecting your gains.
10-Q out. And not very good.
http://biz.yahoo.com/e/101115/onp10-q.html
had happened? can someone give an L2?
what with the good news for tomorrow? or is this not good news??
why a drop of + - 25%??
Maybe. Dont forget that ONP did run from the low 4's to the high 7.80s in about a month. I was expecting a pull back eventually. Even bought some puts for the occasion to help hedge for it :)
We seem to be getting collateral damages from Muddy Waters' latest attack on a small cap China stock. Grrr.
From muddy waters website:
http://www.muddywatersresearch.com/research/
Dosent seem like they have done alot of research. Also dosent look like the dates match up with their initial reports, unless Ive missed something. If you go through the site, it dosent seem like they have ever done to much of anything. Its probably them doing all the recent buying.
Hi hgm, I can't help u regarding google as I don't use them often, but Yahoo has a very active m/b on onp and some good discussions as well as many news releases. Hope this helps you.
http://finance.yahoo.com/q?s=ONP
Here is an important message about why the s/p is rising imho.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_O/threadview?m=tm&bn=101086&tid=17899&mid=17899&tof=36&frt=2
Also, there have been investigations into a report by a firm called Muddy Waters. When their report came out, the s/p dropped. From what I have read, this company wanted ONP to pay them for a report and when ONP refused, they put out a report that was unfavorable. Since then, the s/p took a nose dive and allegations have been flying. It is always hard to know what is true, but IMHO, I think MW is the fraud. Soon, we shall know as the company hired the acctg. firm, Deloitte to conduct an audit and the results of the audit are going to be out any day.
Hope this helps.
Google Finance cannot find AMEX:ONP for me, anyone else having this problem?
Nice 3 month, U shaped reversal pattern on the chart.
For now, belief is coming back that the company is not worth less than $4. As the unproven allegations fade, the pps grows. As much as I hate unethical people, the subhuman scam-artisan's have done me a favor by allowing a re-entry at new recent lows. Not looking for 15+ but over 6-7 is in the cards.
4.84, up over 6.5%. Not too bad a start to the week. From the chart Im not really seeing much resistance until around 5.40. Shouldnt be a problem getting there so long as the market holds together.
Sure, why not. $4 seems to be the bottom. The mucky waters torpedo attack has abandoned ship, lawsuit going or already gone, volume is starting to pick up as are several tech indicators, all on a rising pps, looks good to me. Im not looking to test the $15 high, but certainly see some upside from here.
Man, bollinger bangs getting really tight here, am I the only expecting a big pop soon???
go for it go high and strong
ONP-Oct_5th deadline has_passed. If-no-action, ONP bottoming action can-begin
I probably should know this, but can they proceed with the suit without a lead plaintiff? Anyhow, the $4 area seems to be a multi bottom floor so I added some this week. Not as cheap as it used to be, but I see upside after the BS clears.
And why would anyone who bought in MAR 2009 feel they have any right getting into this suit? They still have some nice gains from that timeframe. Will the games ever end, lol.
class action lawsuit on behalf of investors who purchased common stock of Orient Paper, Inc. ("Orient Paper" or the "Company") (AMEX:ONP) during the period from March 27, 2009 through July 22, 2010 (the "Class Period").
Haha, law firms are panicing because they can't find anyone who wants to take ONP to court :-P
Rosen Law Firm Reminds Orient Paper, Inc. Investors That Only Eleven Days Remain to Seek Lead Plaintiff Status -- ONP
Date : 09/25/2010 @ 2:29PM
Source : GlobeNewswire Inc.
Stock : (ONP)
Quote : 4.47 0.25 (5.92%) @ 7:59PM
Rosen Law Firm Reminds Orient Paper, Inc. Investors That Only Eleven Days Remain to Seek Lead Plaintiff Status -- ONP
Orient Paper Inc. (AMEX:ONP)
Intraday Stock Chart
Today : Sunday 26 September 2010
The Rosen Law Firm reminds investors of the October 5, 2010 lead plaintiff deadline in the class action lawsuit on behalf of investors who purchased common stock of Orient Paper, Inc. ("Orient Paper" or the "Company") (AMEX:ONP) during the period from March 27, 2009 through July 22, 2010 (the "Class Period").
To join the Orient Paper class action, visit the firm's website at http://www.rosenlegal.com, or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
If you wish to serve as lead plaintiff, you must move the Court no later than October 5, 2010. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. The class action is pending in the U.S. District Court for the Central District of California.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
CONTACT: The Rosen Law Firm P.A.
Laurence Rosen, Esq.
lrosen@rosenlegal.com
Phillip Kim, Esq.
pkim@rosenlegal.com
(212) 686-1060
1-866-767-3653
Weekends: (917) 797-4425
Fax: (212) 202-3827
www.rosenlegal.com
350 5th Avenue, Suite 5508
New York, New York 10118
When Deloitte has completed their audit, this thing could be a 3-4 bagger. IMO. I averaged down when it got to the low 4's.
The Annual Meeting at Jiuhua Convention Center
Here is a post from the yahoo board of an individual who went to the annual meeting
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_O/threadview?m=tm&bn=101086&tid=9719&mid=9719&tof=6&frt=2
A common sense view - the company hired an independent law firm & accounting firm to verify that everything is on the up-and-up which was a very good signal. Now they have a new website and IR page - if you were about to be exposed as a fraud, would you pour money and effort into a new website? Anything is possible but common sense says this company is about to return to good standing.
threat walking away? stock back to previous levels?
Check out the commentary:
http://www.timothysykes.com/news/13577-9-penny-stocks-in-play-today/
hello everbody,
i got in today a 5.17 and i am new to this board
GLTO anh go go ONP
ONP http://www.benzinga.com/markets/company-news/10/08/433779/positive-news-for-orient-paper-inc-onp
Positive News For Orient Paper Inc (ONP) ..Printer-friendly versionSend to friendPosted on 08/18/10 at 10:56am by Roger Nachman
There is extremely positive news out today on Orient Paper Inc (NYSE: ONP) as Muddy Waters Research has covered its short position in the company and admitted no wrong doing.
This should be seen as a huge positive for Orient Paper. There is unverified chatter that because the initial internal investigation has shown no red flags, Muddy Waters Research has covered their short position.
Orient Paper has float of 10 million shares, with 10% of that being short. This could cause a short squeeze in shares of Orient Paper.
Shares of Orient Paper are up 9 cents this morning to $4.95
ONP looks like muddy waters covered their short.I Bought some on looking for the investigation to clear ONP .Will see good luck to all
http://muddywatersresearch.com/index.php/research/
It has significantly decreased in price from where it has been trading for the last year and it is due to the fraud allegations. Yes, it is overvalued compared to others, but if there ends up being zero fraud with ONP that also releases any worries that many have with China stocks in general or it should at least give it a nice run. There is nothing wrong with making it a part of ones portfolio and playing the ups and downs, holding some short term or even long term if everything pans out. There are some I do like better overall for the long term, but if the investigation does not take too long, it could provide a nice short term return. Plus, if there is no fraud, it provides no worries for the future as they will continue to grow at a good rate and you will be able to feel comfortable holding it as others jump in, as well as institutions. I do see your point though because it will continue the up and down because of constant short attacks and especially if the investigation looms, but could well be worth the risk.
Now is not the time to be careful ? Ummmm ..... with ONP, one should be more than careful. EPS of .91 for all of 2010 leaves me with no less than 100 other stocks with far more potential growth wise, not to mention they don't have the credibility and litigation overhang issues. Thanks but no thanks. She's all yours. Nice little move today, but it'll be gone in a flash ....
"be careful all you want...sit there, i bet you were careful in april...NOT! now is not the time to be careful.....joe investors are scared stiff. BUY BUY BUY"
be careful all you want...sit there, i bet you were careful in april...NOT! now is not the time to be careful.....joe investors are scared stiff. BUY BUY BUY
Joe, ONP deserves no higher valuation than it deserves, but from time to time, there are market disconnects, like this time. I will give you another one, txic....a joke at 4.5, when the papers get filed this stock will trade in a week 60 percent higher...and yes, the papers will get filed....the sector is is empty now, full of nothing...zero. ...the money will come back, and in a hurry, so it is not just the same two hundred investors, or so it seems. The profits are tantalizing....we are at a magnificent buying point, in this, the DEAD Zone, the mid august dead zone...the sell in may and go away dead zone, the china is a hoax dead zone....buy buy buy buy buy..
ONP certainly doesn't deserve a much higher valuation than other China small-caps that have NO potential issues and litigation ......
"gimme a break, the stock should be trading at 7 and a half bucks even in this depressed CGS environment."
gimme a break, the stock should be trading at 7 and a half bucks even in this depressed CGS environment.
I'd be careful, as the company lowered EPS guidance for 2010 today from .98 to .91 and personally, I'd sell on any pop whatsoever. Best wishes.
the rosens and lawsuit derivatives types of the world are going nowhere. It will cost ONP under 50K to defend this stuff, and it is merely nusiance lawsuit stuff. No worries.
This sounds cruel, but I am lucky, maybe an opportunist. i would have bought ONP at 8 way back when, and felt good about it, but I did not know about it. I am now getting it at half price.
Risi, don't get conned. here is one thing that I never hear from the ONP longs, and yes they have been hammered. SO HAS ALMOST EVERYONE ELSE. This descent has simply been more colorful. Has anybody every heard of the saying, sell in may and go away. i assure you, MW has. The sector will rebound starting in the next thirty days, maybe earlier. I have my seat now in ONP. The stocks that fall the most, with terrific businesses, will rebound the most. MW will be a short's wet dream by year end, and the shorts will be road kill. They have been shorting en masse the sector, and the economies of these companies could not be more clear. They are terrific businesses, and ONP is a top tier small cap. The management is first class in every way. Get in. As charlie munger said, and he is buffet's partner, you find and invest in a half dozen of the very best companies, and then, in order to get rich, sit on your a s s and do nothing. ONP will double by year end, and up another double by April 2011....
JOE, a dynamite update. thanks for your efforts and I mean this.
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Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/ .
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