Keyuan Petrochemicals Inc. (fka KEYP)

[Village man]

Dividend paid, on the 16th of July the dividend was paid to shareholders.

[Village man]

No idea, the Nasdaq declined the request for trading so I think it goes to the pinks from here but it is still under appeal I think.

Have to watch it close here.

[525326]

any idea when it will be back for trading again?

[Village man]

Looks like good news out today from the account front:

NINGBO, China, July 11, 2011 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals, Inc. (Nasdaq:KEYP - News) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced today that the audit committee has received initial findings of its independent investigation of the Company's 2010 sales and revenue. Deloitte Financial Advisory Services ("Deloitte"), King & Wood, Pillsbury Winthrop Shaw Pittman LLP ("Pillsbury") and a petrochemicals industry expert, separately verified the accuracy of information related to the Company's 2010 sales.

On March 31, 2011, the Company's audit committee hired Pillsbury, Deloitte, and King and Wood to conduct an independent investigation of issues identified by the Company's former independent public accountant, KPMG. A team of lawyers and forensic accountants reviewed scores of documents at Keyuan's offices, visited select customer locations throughout China, and interviewed representatives of the customers, and senior officers and personnel of the Company. The independent investigators also consulted an industry expert, who has years of experience in the petrochemicals industry, to analyze Keyuan's production plants and operations.

Based on results from the independent investigation, the independent investigators made the following conclusions:

"…nothing has come to our attention to indicate that the Company has inappropriately accounted for the specific customer transactions we were able to test, other than the documentation issues notes above";(1)
"the Company-arranged interviews with selected customers supported that the customers transacted business with the Company in 2010";
"in the documents that we have reviewed, we have found no documents reflecting any intent by the Company to misstate revenues;"
"plant visit and document review by an expert in the petrochemical industry supports the finding that the plant is operating and producing petrochemicals at a quantity consistent with the revenues stated by the Company"; and
"interviews with management and selected Company personnel were consistent with the above findings."


"We are pleased with the results of the independent investigation," stated Mr. Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals. "The findings support our assertion throughout this process that we are an excellent company on solid financial footing with a clear and focused growth strategy. Having cooperated fully with examiners and regulators during this extensive review process, we will continue to focus on completing our 2010 and 1H 2011 audits."

(1) Please refer to Form 8-K we filed on July 11, 2011 for further information

[Village man]

Still not trading, what a stinker.

[Village man]

Earnings tomorrow, currently down 7.3% on a little heavier than average volume.

[Village man]

"Keyuan has done other things to boost investor confidence with the hope that individuals will look past the reverse merger stigma that has become attached to it. KPMG has recently been retained as the company’s auditor going forward. An annual cash dividend has been declared, but senior management and the company’s largest shareholder have forfeited the right to receive their dividend showing potential shareholders they are not just here to transfer wealth from US shareholders to themselves. Lastly, the company has been really transparent in all of their dealings. This is represented by the amount and quality of the disclosures in their SEC filings as well the willingness of the Ms. Li, Keyuan’s CFO, to answer several of my questions for the production of this article."

http://seekingalpha.com/article/249919-keyuan-petrochemical-giving-investors-more-than-just-a-dividend

[Village man]

Keyuan Petrochemicals Inc. to Host Fiscal 2010 Fourth Quarter and Year End Earnings Conference Call on Friday, April 1, 2011 at 10:00 a.m. ET

http://finance.yahoo.com/news/Keyuan-Petrochemicals-Inc-to-prnews-150877719.html?x=0&.v=1

[Village man]

A few KEYP links that give an overview and financial analysis.

http://seekingalpha.com/article/249919-keyuan-petrochemical-giving-investors-more-than-just-a-dividend


http://seekingalpha.com/article/252113-13-emerging-market-dividend-stocks-worthy-of-a-closer-look