Keyuan Petrochemicals Inc. (fka KEYP)

[Renee]

KEYP: Cash merger; KEYP acquired by XinKe Petrochemicals Inc., a private entity; for every 1 share of KEYP shareholders have the right to receive $0.1040 in cash.

FINRA deleted symbol:

http://otce.finra.org/DLDeletions

[trader993]

Did KEYP only file to go private?

"The Reporting Persons are currently contemplating its position within the Company, including whether to acquire additional, or all of, the shares of Common Stock. In addition, the Reporting Persons are contemplating whether and how the Company can “go dark” and become an issuer that no longer reports to the Securities and Exchange Commission."

This is on page 9: http://ih.advfn.com/p.php?pid=nmona&article=72201745

I try to buy since 2 months, the trading is fraud(unsolicited quotes).

Even if you are the highest bidder and someone sells into your bid, you don´t get these shares.

They did not even update otcmarkets.com company profile, the website is down, they deregistered and the financial situation cannot be worse.

[tbirdman]

Hmmm....

https://biz.yahoo.com/e/151105/keyp8-k.html

[tbirdman]

Hmmm...what a letdown this one.

[protagonist12]

KEYP their accountant is out:
http://ih.advfn.com/p.php?pid=nmona&article=65037756

[protagonist12]

On December 31, 2014, the Board of Directors of Keyuan Petrochemicals, Inc. approved a proposal from management to suspend the effectiveness of Mr. Baojun Zheng’s resignation as Chief Financial Officer and Vice President of Accounting of the Company until a suitable replacement is in place. Mr. Zheng resigned on December 23, 2014 due to personal reasons and he has agreed to stay at the Company as an Acting Chief Financial Officer and Vice President of Accounting during the interim period.

http://ih.advfn.com/p.php?pid=nmona&article=64988269

[willlbone]

Big Kardashian bottom.

[tbirdman]

Wow...

[willlbone]

Bought some at 2 cents.

[tbirdman]

Termination of BUYBACK, not buyout. If they don't want shares down here, neither do I...will be watching closely for a BUYOUT however as it has been mentioned before in company filings.

[protagonist12]

KEYP .2 X .35 seems everyone got out after termination of buyout. Maybe load zone?

[tbirdman]

$KEYP 10K out, game on:

What other otc china out there is buying back shares in 2014??

The stock repurchase program was temporarily suspended...and is currently suspended with an intention to resume with immediate effect once we file this report.

I still think this goes private at a minimum of $1.50/share.

[tbirdman]

Re listed maybe. I think there is a greater chance they go private than re-list.

I haven't seen any after hour trading in KEYP.

[protagonist12]

Nice DD tbird seems you're rather bullish on this stock. Is it because you think it might have a chance to be relisted on the NASDAQ?

Also something I've been meaning to ask: what's the deal with after hours trading on this? Can OTC issuers pay an extra fee to OTCMkts to trade after hours or something or is only because its a former NASDAQ stock? Never seen this before thanks for any info.

[tbirdman]

Buyback suspended until 10K is filed. I believe they legally have to do this so at least they are doing things by the book.

http://www.sec.gov/Archives/edgar/data/1326396/000121390014002104/0001213900-14-002104-index.htm

[tbirdman]

Good news noted in the NT-10K filing Village Man:

We expect that we will report a net income for the year ended December 31, 2013, as compared to a net loss of approximately $5,850 for the year ended December 31, 2012. However, as of the date of this filing, the financial accounting and auditing of the Company for the year ended December 31, 2013 has not been completed. The Company cannot estimate its net income for the year ended December 31, 2013 because only preliminary financial information is available at this time.

http://www.sec.gov/Archives/edgar/data/1326396/000121390014002094/0001213900-14-002094-index.htm

[tbirdman]

.90 X 1.02, first time the ask has been over $1.00 in awhile

[tbirdman]

Company updates...

Keyuan Petrochemicals to separate isobutane for individual sale

http://www.c1energy.com/Common/5107476,0,0,0,2.htm


And as already planned...


Ningbo Keyuan Petrochemicals shut its SM unit

http://www.ccfgroup.com/newscenter/newsview.php?Class_ID=600000&Info_ID=20140303094

http://www.icis.com/resources/news/2014/02/27/9757534/china-sm-capacity-build-up-drives-asia-industry-rationalisation/

[maverick one]

I'm still acquiring-I feel Dividend could be returning to bring stability and desire back to the stock after what occurred with delisting, their books and CFO being replaced. If not, oh well it's still undervalued regardless.

[tbirdman]

It appears the company may have begun to resume the share buyback judging by recent bid strength.

[tbirdman]

Divi, doubt it. I do think there's a pretty good chance of going private however...

[maverick one]

I've been in since 2012, it's had it's ups and downs. Be nice if they starts divs again. Has potential, especially with upgrades and new product. I like the sleepers, just keep adding when it hits my target range.

[tbirdman]

Apparently only 2 market makers for KEYP, and some brokerages restricted. Guess its just you, me and KEYP

[ableplumber89]

Havent been watching this stock to much are they buying back to go private??? Thank you

[tbirdman]

Yep.

[slef]

Buying back up to 1.50. So thAt can be the new bottom. Commencing now.

[slef]

Stock buyback commencing. 2 million worth. With the low float they may get a good chunk.

[slef]

Stock buyback commencing. 2 million worth. With the low float they may get a good chunk.

[tbirdman]

Yes. The share buyback can now resume. KEYP should be back over a dollar in the coming days/weeks.

This also makes them up to date on reporting.

[ZachBuffett]

Very interesting. Also from the press release today:

The PRC government enacted a regulation that provides consumption tax exemptions for domestically purchased heavy oil which is used for the manufacture of ethylene and aromatics products. In addition, the consumption tax paid for imported heavy oil is to be refunded if the heavy oil was used for ethylene and aromatics products manufacture. Given that all heavy oils purchased by the Company are, or are to be, used for the production of ethylene and aromatics products, the Company recognizes a consumption tax refund receivable when the consumption tax has been paid and the related heavy oils have been used for production. As of June 30, 2013 and December 31, 2012, the Company recorded an estimated consumption tax refund amounting to approximately $93.7 million and $51.3 million, respectively.

A refund of approximately $67.7 million was received by the Company in July 2013, and a refund of $34 million is expected to be approved and received in the second half of 2013.

67.7 million in July, pretty massive. This is trading so cheaply. This also makes them up to date on reporting.

[tbirdman]

KEYP hiring http://www.jobui.com/company/721651/jobs/

Use google chrome browser to translate.

[tbirdman]

*KEYP buying back $2M worth of shares all the way up to $1.50. http://alturl.com/ejfyz

*The buyback has been temporarily suspended since April, and according to the 10K filed, it will be suspended until they catch up on reports (still one quarter behind) http://alturl.com/9nu5c

*They bought back 118k shares at average of $1.14 per share so far, or $134k bought back so far. They WILL buy back more imo.

So here's the quiet period to take advantage of while they can't buy shares. They appear to be serious about it also...or the CEO is getting ready to take the company private if all else fails. Either way its a lucrative opportunity imo. With the CEO's connections and past business sales, this one's far from dead.

*CEO now controls a majority of the company btw (increased from 45.6% to 68.8%), while insider ownership totals around 83%: http://alturl.com/e6yhn

*Float is 9.8M shares

*Q2 filing currently outstanding http://alturl.com/zn8ju

*Settled with the SEC over government bribe slush fund earlier this year: http://alturl.com/taxxm

*Going private isn't just speculation.. http://alturl.com/rbpzj

[ZachBuffett]

KEYP good Q report and tier change this weekend.

200 mil revs, .05 net inc. in 1Q and moving up from Pink Limited to QB. Good news all around.

Also, I would say the share buyback has been taking place around this .75-.80, I'm guessing that has been the company's floor price.

[Renee]

Keyuan Petrochemicals' CFO: SEC Admin Proceeding:

http://www.sec.gov/litigation/admin/2013/34-69945.pdf

[scion]

China-Based Company and Former CFO to Pay Penalties for Disclosure and Accounting Violations

FOR IMMEDIATE RELEASE
2013-30

Washington, D.C., Feb. 28, 2013 — The Securities and Exchange Commission today charged a China-based petrochemical company and its former chief financial officer with accounting and disclosure violations, and they agreed to pay more than $1 million combined to settle the charges.

Additional Materials
SEC Complaint
http://www.sec.gov/litigation/complaints/2013/comp-pr2013-30.pdf

The SEC alleges that Keyuan Petrochemicals, which was formed through a reverse merger in April 2010, systematically failed to disclose to investors numerous related party transactions involving its CEO, controlling shareholders, and entities controlled by management or their family members. Keyuan also operated a secret off-balance sheet cash account to pay for cash bonuses to senior officers, travel and entertainment expenses and an apartment rental for the CEO, and cash and non-cash gifts to Chinese government officials.

The SEC further alleges that Keyuan’s then-CFO Aichun Li, who lives in North Carolina, played a role in the company’s failure to disclose the related party transactions. Li was hired to ensure the company’s compliance with U.S. accounting and financial reporting regulations, and she received information and encountered red flags that should have indicated that the company was not properly identifying or disclosing related party transactions. Despite such knowledge, Li signed Keyuan’s registration statements and quarterly reports that failed to disclose material related party transactions.

“By omitting related party transactions from its financial statements, Keyuan deprived investors of a true representation of the company’s business dealings,” said Stephen L. Cohen, an Associate Director in the SEC’s Division of Enforcement. “As CFO, Li failed to right these wrongs.”

According to the SEC’s complaint filed in federal court in Washington D.C., the related party transactions that Keyuan failed to disclose between May 2010 and January 2011 in accordance with U.S. Generally Accepted Accounting Principles (GAAP) included sales of products, purchases of raw materials, loan guarantees, and short-term financing. As a consequence of using an off-balance sheet cash account, the company’s reported balances in its financial statements for cash, receivables, construction-in-progress, interest income, other income, and general and administrative expenses were misstated. In October 2011, Keyuan filed restatements of the financial statements contained in its Form 10-Qs for the second and third quarters of 2010 that disclosed the related party transactions and off-balance sheet accounting for the first time.

The SEC’s complaint charges Keyuan with violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934, and Rules 12b-20 and 13a-13 under the Exchange Act. The SEC’s complaint charges Li with violations of Section 13(b)(5) of the Exchange Act and aiding and abetting Keyuan’s violations of Sections 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 12b-20 and 13a-13.

Keyuan agreed to pay a $1 million penalty and Li agreed to pay a $25,000 penalty to settle the SEC’s charges. They consented to the entry of a judgment permanently enjoining them from violations of the respective provisions of the Securities Act and Exchange Act. Li also agreed to be suspended from appearing or practicing as an accountant before the Commission with the right to apply for reinstatement after two years. The proposed settlement, in which Keyuan and Li neither admit nor deny the charges, is subject to court approval.

The SEC’s investigation, which is continuing, has been conducted by Fuad Rana, Avron Elbaum, and Melissa A. Robertson with assistance from the SEC’s Cross Border Working Group, which has representatives from each of the SEC’s major divisions and offices and focuses on U.S. companies with substantial foreign operations. Through the work of the Cross Border Working Group, the SEC has filed fraud cases involving more than 40 foreign issuers and executives, and deregistered the securities of more than 50 companies. The SEC’s Enforcement Division also has taken a series of actions against China-based audit firms that have refused to produce documents for SEC investigations into clients whose securities trade in U.S. markets.

# # #



http://www.sec.gov/news/press/2013/2013-30.htm

[jwez]

What's up?

[ZachBuffett]

Anyone know where the 100 grand in volume just came from?

[Village man]

Go get 'em cowboy.

[tbirdman]

Keyuan Petrochemicals Inc. Announces the Second SBS Production Line Has Entered into Commercial Production (August 7th 2012)

(70,000 tons SBS production facility)

http://en.prnasia.com/story/66012-0.shtml

[tbirdman]

Butadiene Outlook 2012: (KEYP mentioned on pg.6)

http://www.platts.com/IM.Platts.Content/InsightAnalysis/IndustrySolutionPapers/PetchemsButadieneWP.pdf

[tbirdman]

Related article of interest:

Houston's TPC going private- (August 27th 2012)


http://www.mysanantonio.com/business/article/Houston-s-TPC-going-private-3819208.php

[tbirdman]

Move over village man...there's a new sheriff in town.

[brianw]

Very interesting on watch

[Village man]

Trading again, if you have any faith in the company it may be a good place to add in the $1.35 area.

[brianw]

Another long halted China stock $KEYP to re-open on the pink sheets tomorrow.

[525326]

NASDAQ Suspends Keyuan Petrochemicals Inc.

NEW YORK, Oct 5, 2011 (GlobeNewswire via COMTEX) -- The NASDAQ Stock Market(R) NDAQ today announced that Keyuan Petrochemicals Inc. KEYP, which has been subject to a trading halt since April 1, 2011, will be suspended from the NASDAQ Stock Market effective October 6, 2011, in light of the company's determination to withdraw its securities from listing. As a result, the company's shares may be eligible to resume trading in the over-the-counter market.

[Renee]

Keyuan Petrochemicals Inc. Provides Update on NASDAQ Listing

Keyuan Petrochemicals, Inc. (MM) (NASDAQ:KEYP)

Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced today that on September 2, 2011, the Company received a letter from the NASDAQ Hearings Panel ("the Panel") stating that the Panel has determined to grant the request of the Company to remain listed on The Nasdaq Stock Market, subject to a trading halt and to the following conditions:

1.On or before September 30, 2011, the Company shall provide the Panel with a copy of the final report of the Audit Committee, along with a comprehensive list of the actions the Company has taken and is committed to taking with regard to remediating the accounting and control issues identified.

2.On or before October 12, 2011, the Company shall file all of the periodic filings that are delinquent as of that date, and any required restatements.
In order to fully comply with the terms of this exception, the Company must be able to demonstrate compliance with all requirements for continued listing on NASDAQ. In the event the Company is unable to do so, its securities may be de-listed from NASDAQ.

"We are working diligently with the Audit Committee and our auditor, GHP Horwath to complete all requirements for continued listing on NASDAQ," stated Mr. Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals. "Our entire management team and board are committed to meeting the conditions set forth by the NASDAQ Hearing Panel."

About Keyuan Petrochemicals, Inc.

Keyuan Petrochemicals, Inc., established in 2007 and operating through its wholly-owned subsidiary, Keyuan Plastics Co., Ltd., is located in Ningbo, China and is a leading independent manufacturer and supplier of various petrochemical products. Having commenced production in October 2009, Keyuan's operations include an annual petrochemical manufacturing design capacity of 720,000 MT for a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods, and a technology that supports the manufacturing process with low raw material costs and high utilization and yields. In order to meet increasing market demand, Keyuan plans to expand its manufacturing capacity to include a SBS production facility, additional storage capacity, a raw material pre-treatment facility, and an asphalt production facility.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. Keyuan Petrochemicals, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statement on Form S-1, as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

Investor Relations:MZ-HCITed Haberfield, PresidentTel: [phone]Email: [e-mail]: http://www.hcinternational.net

Mr. Andrew HaagManaging Partner, USAHampton Growth, LLCTel: [phone]E-mail: [e-mail] Website: www.hamptongrowth.com

SOURCE Keyuan Petrochemicals Inc.

[Village man]

Maybe another month and the halt will be lifted.

[Mustang66]

No volume and no followers. I think I would stay away from this POS stock like the plague.

[EquityTrader]

NO VOLUME on this POS company. Another effort by you to bring in shareholders for a dump? Your record sucks.