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yes ppl have been slammed, this just might turn around w/ alexander holdermann at the helm, he and the new cfo have an impessive resume, check out the ibox at the sbay board, it has been updated, there is a map link so you can keep track of where board visitors are from
snow you have a point, but right now the market cap is pretty low, the ibox has been updated, check out the map link at the bottom to see where everyone is from, looks to be a european short contingent
ibox has been updated, check out the map link at the bottom of the ibox, it looks like there is a european short position
sbay is back trading again, and ibox has been updated, looks to be a bargan?
Visits are starting to be recognized:
Wednesday, June 29 @ 8:53 : Littleton, Colorado, US
Wednesday, June 29 @ 7:34 : Spring, Texas, US
true but click on the last link,
if everyone comes here then longs can moniter where everyone is from (what country),
the map will grow and it will have the power of making the shorts nervous
you will see in a few days the dots will start to appear w/ a breakdown by country!
Sweet go to Yahoo finance board. Much more active and more info.
MAP AT THE BOTTOM OF IBOX LINKS TO CLUSTR MAPS WHICH KEEPS TRACK OF WEB TRAFFIC, OTHER GRAPHICS BACK LINK AS WELL
happy trading
The longs are on steroids at this price. Shorts are very weak down here. Just as the longs were weak to defend at higher prices. Longs should buy at the bid in order to allow other longs to buy cheap too. Longs don't push the price up. Let the shorts do that. We are strong down here.
The shorts don't want to take the price lower because then one long can afford to buy the whole float. Collectively the longs all together can buy the float at this price though.
All longs should buy to average down. If the shorts want to hold the price here, then let them. The worst part for the shorts comes next as they try to cover.
Longs, don't sell cheap. We get to name our price. The shorts have no choice but to pony up on their short position. The shorts need shares as bad as they need air to breath. Sbay shot up to $15.00 the last time the shorts were squeezed.
I think this message board is the place to be, time will tell
messageboard is back on yahoo finance.
glad to see longs have made it here, we are all beaten down by what has happend, but i think that things will change, or hope so anyway, hopefully longs will find their way here, and make ihub their new home for everything that is subaye
I fully agree, its taken courage to hold, but i think its worth it
Bid and Ask looking good, stock looks to be moving up
I am going to buy more shares. Why? Because the shorts have to buy in to cover their short position. They sold us longs cheap shares. And now they want us to sell them back to them for cheaper. As longs we have the choice to sell our shares back to the shorts for cheap, or force the shorts to buy them back from us for more, a lot more than what we paid for them. The longs have all the power. We have what the shorts want. They need shares. Just because they can drive the price down doesn't mean that they are powerful. Sure the shorts can force the price down, but the power belongs to the longs. The shorts need shares just as bad as they need air to breath.
At 50 cents a share averaging your price point down costs very little. And for every share a long buys, the shorts will have to buy back if they are shorting. And without shorting the price would go up. Longs, try to buy at the bid.
THIS BATTLE WITH THE SHORTS HAS BEEN GOING ON FOR A LONG TIME. AND THE SHORTS MAY HAVE WON THE BATTLE OF PRICE CONTROL. BUT THE LONGS WILL WIN THE WAR. WE GET TO CHOOSE WHAT PRICE AT WHICH WE SELL OUR SHARES TO THE SHORTS FOR. I CHOOSE A HIGH PRICE. SHORTS ARE FUTURE DEMAND.
LAST TIME SBAY WENT UP IT WENT TO $15.00 . AND THE WAY YOU PREDICT THE FUTURE IS BY LOOKING AT THE PAST. SBAY IS A VERY STRONG BUY.
daily short report 6/27/2011
Date|Symbol|ShortVolume|ShortExemptVolume|TotalVolume|Market
20110627|SBAY|23552|0|138083|O
reported volume 138,083 shares
reported short 23,552 shares
volume traded 138,083 shares
no unreported volume
probable short 23,552 shares or 17% of today's volume
there were no shares available to borrow this morning.
http://regsho.finra.org/regsho-Index.html
no, yahoo finance does not have a messageboard for this stock. but if there were headlines, such as a press release or a financial release, you might see the headlines. i have noticed that pinksheets is pretty faithful about putting on the financials, yahoo is less so.
Is there any where to get updates on the company status as the yahoo information has disappeared.
I'm not selling to these short sellers that are clearly manipulating the price. I know that eventually they will have to buy in. Maybe 7/15 on friday. All debt swaps must be bought in. We need regulation. Why put money in the market if short selling crooks can get away with breaking the laws.
what ideas do you want me to reply to?
you have three choices, sell, hold or buy. this may be the lowest price range you will see SBAY, unless it is a fraud. this is a funnel. they are trying to give longs NO CHOICE but to sell. the ask is once cent over the bid. hardly any bids or ask. the shortsellers are saying THEY WANT THEIR $.
the 7/14 SEC deadline is looming. i doubt that the SEC will give the major brokers dispensation to not supervise their customers. this means that the major debt/equity swap brokers have not bought those in and they may not have naked shortselling to help them, unless they can complete it by 7/16.
further, if they do not buy them in, our retail brokers should have bought them in a long time ago. these are VERY OLD transactions. your broker was more loyal to them than they were to their customer. it is corruption in our financial system.
shortsellers do not care if a company is viable. they don't care if they are "right" about a company. they just want your $. they will do anything to get it.
remember to read the rule, comments, and comment on the new shortselling disclosure on the front page of the SEC and the investors' stock being segregated from brokerage assets and not being lent out or compromised in any way.
http://www.sec.gov/news/press/2011/2011-128.htm
this rule will affect the shares available to borrow, the netting between the long and short position of the broker at the clearinghouse. your shares will be safe. you own them, even if the broker goes out of business.
further, they cannot use your shares to calculate the broker's margin. they must buy-in any shares that were owed.
THEY MUST MAINTAIN CONTROL AND CUSTODY of your assets.
further, they must have this in place for the whole year of 2011.
shamlet I am very confused as to why they- meaning yahoo have deleted the sbay board as if the stock is no longer traded. This did not happen to the ccme board it is still there, and when we were able to get to the yahoo sight on friday, it was deleted on sat. There seams to be something that is not right here. And in the pinks will sbay be able to issue themselves more shares or would that be against security rules. I am very long, as the cloud computing that they stated in there 8k of jan should be very profitable. I just do not trust this company until I see there Q reports.And so far they have been keeping the investors blinded. And it makes me wonder if the insiders were shorting this, as someone was shorting big time.
daily short report 6/24/2010
Date|Symbol|ShortVolume|ShortExemptVolume|TotalVolume|Market 20110624|SBAY|77184|0|193018|O
volume traded 194,471 shares
reported volume 193,018 shares
reported short 77,184 shares
unreported volume 1,453 shares likely short
probable short 78,637 shares or 40.4% of the trading volume
http://regsho.finra.org/regsho-Index.html
there were 1,000 shares available to borrow this morning
the other messageboard is gone.
do you see that the shorts have a funnel going? just a few shares on the ask, enough so that you can buy $50 or so at a pop. and a few on the bid, $60 or so. they will make, for instance, $6 average cost-$0.60=$5.40/share x 100 shares=$540, so $10 commission would be no big deal. you spend $10 commission and get $60. not a fair trade, i don't think. but this is where they wanted it. they want you to make hardly any $ and them to make a lot. if you wanna hand your wallet to bowser, go ahead.
after naked shorting is over, this price will certainly rise.
but the big 4 brokers are trying to get the SEC to delay forcing them to supervise their customers.
for every imaginary share sold short, there is an IOU somewhere. they all must be bought in by 7/16.
the four biggest brokers are requesting a reprieve from supervising customers until november.
this would allow the same naked shortselling that is going on now. NAKED SHORTSELLING has been illegal since 2008. i am pretty sure that they have NOT bought in the equity/debt swaps by 7/16, as required, and they want naked shorting to help them buy it in. the brokers should all buy them in 7/18, but since the brokers are loyal to other brokers and not to retail investors (their customers), i don't this will happen. those brokers didn't buy them in up to this point, why would we expect them to do it now? equity/debt swaps fund shortselling and are a debt to the other investors.
http://www.businessweek.com/news/2011-06-21/exchanges-ask-sec-to-delay-market-access-rule-to-november.html
let the SEC know that this request should not be granted.
http://www.sec.gov/complaint/question.shtml
you may want to let the SEC know that you want audits of brokers to make sure that our stock is owned by us and not floating around in space, loaned to anyone else, used for someone's margin.
http://sec.gov/news/press/2011/2011-128.htm
Proposal to Amend Broker-Dealer Financial Reporting Rule
(Rule 17a-5)
you can read comments and comment on the shortselling disclosure proposal that does not address the failure to deliver.
http://www.sec.gov/news/press/2011/2011-103.htm
[Release No. 34-64383; File No. 4-627]
Short Sale Reporting Study Required by Dodd-Frank Act Section 417(a)(2)
i guess we gotta beat that bid but don't take the ask. they will be able to see level 3, which most of us retail people have. so they will see ours for sure. we might not see theirs.
when we couldn't buy in the first part of the morning, this was the time they wanted to sell into the bid to drive the price down. they have 3 weeks to buy in completely, before the end of debt/equity swaps and naked shortselling.
1000 shares available to borrow this morning. this will not last too long, if they cannot buy in and they are forced to by 7/16.
so i see longs as only having the strategy of hold or buy.
shamlet76
A persistent red flag with this company is that so many expenses have been paid not in cash but in stock.
I've been trading this since before the reverse split... SBAY has been like a mini ATM, spitting out free shares and free cash repeatedly. I have no concern about it being a real co...and min. concern about the books/accounting.
But, I'm widely diversified into over 100 US listed china plays...keeping bets small. I'm a bit too heavy in JADA at the moment. SBAY is a smaller position, as I prefer natural resource and energy plays to tech/internet.
The sector is so beaten down and hated...seems overdone as these stocks seemed cheap, even at their extreme highs really... .
Hi Sahd3g, what's your take on Subaye? Do you think this could be a legitimate company getting bad press due to being "guilty by association"? Things do look iffy, but that's only my opinion and observation. If all is well, however, this is a GREAT ENTRY POINT!
Last time I sold off some freebie shares was at $14.60ish....just bought more back at $2.70 today. LOL...this sector is flat out NUTS.
Once again... SBAY will be like a slot machine or ATM imo....just takes patience...and accumulating on deeply oversold technicals...then lighten up on the way up for a free ride...in SBAY's case...I sold off most of the freebies too.
Yup, been a while, I'm still playing with Unity.
I'd love to hear some facts on it too! :)
Hi Ernie, long time no hear! :)
Anything like facts to back up the rumor claim you are putting on the boards?
Every friggin ticker on all exchanges could have someone post "rumor" BS - backup facts can weed out the pie in the sky worthless "rumor" from something based on facts.
Bargain=cheap stock
There are strong rumors in the market that a private equity fund will buy 51% of the company a price of 7 dollars a share.
100% gain.
I will invest 50% of my portfolio because it is a very cheap stock
Actually, I agree with both of you guys. On the way home from work yesterday, I called their IR person:
Investor Relations:
Gary Liu
U.S. +1-954-495-2828
Email: gliu@subaye.net
The number has been disconnected. When I got home and looked at their new IR website, it's in Chinese. I translated the page, and saw nothing really worthwhile and nothing pertaining to IR or financials.
I rode the dip from 3.8 to 4.02 for a small gain and was considering re-entry when it looks to settle down, but I don't think it'll stop dropping until the company puts out something legitimate and gives out some good, solid financials for 2010 and 4Q 2010.
Good luck and if you decide to trade SBAY please use tight tight stop limits.
Chemistfrog
Totally agree with your analysis, matt. I usually like to play these stocks for a bounce, but SBAY is way too risky for me. There will be a number of other shoes to drop, imo.
China stocks are too scary for long term investment. They are starting to get the reputation of being a total gamble, despite where they are listed and how big they "seem" to be.
TIME TO PANIC!!! Guys... be realistic. SBAY is about to experience apocalypse. They are non-compliant on their financial reports. Their CFO refuses to cooperate with the Audit Board and has been barred from the industry. He resigns from the company. They launch a new investor relations website the next day (standard move when all hell is about to break loose). No public comment. This has SEC investigation written all over it. Probably, and I speak from experience, the SEC is already performing an investigation. The lack of cooperation speaks of cooking the books. If the SEC is not already inside there is no way that it will not soon lead to an investigation. Too many red flags. The stock is going to get PUMMELED, people are going to get fired, shareholders are going to revolt, revenues are going to crash... Just the way it works. I wouldn't touch this stock unless it goes down much more. If you are going to buy wait for it to crash and then be prepared to hold for a long time while they work out all of their problems.
I sold at a small gain earlier. Yes, I'm looking to re-enter soon if I can find a perceived bottom with tight stop limits. The problem now is a combination of red flags with potential accounting issues along with the fact that we have no chart bottom now with no support level. We'll be grasping a falling knife hopefully as it his the floor. I wish we could contact the company or a rep. directly and get their take on things.
If you get a chance, call them up. I'll try to do the same, but I've been off work all week and am playing "catch up".
Good luck and please post whatever DD you might find.
Chemistfrog
I've been watching this stock for the past week. It is starting to get enticing to enter. I think I might have to throw a little money at it if it gets under 3. The real question is whether there was real accounting issues and what is being restated. The CFO resigning obviously is a red flag. These flags make it hard for me to pull the trigger despite the company looking like they might be on the upswing revenue wise. Any thoughts?
I sold this morning at 4.02 and 4.03. I'm looking to re-enter.
Good luck!
Well, it looked to be a nice day today for SBAY. Right now we're consolidating at a lower level until the longs that want out exit and are replaced with "new money" that will not be willing to sell at these levels. Technical analysis in a case like this usually would tell one that the next level of resistance is a former support which was 6.0. Ladies and gentlemen, that is 50% above where we are! Watch closely for PR's and please post whatever DD you may find construed as pertinent.
Chemistfrog
Guilty by association! CCME news last week didn't help when this CFO resigns a couple of days later! This should rebound in due time! They need to catch up on the 10-Q ASAP!!!
Please consider last year's insider transactions, there were 10 transactions and none of those were sells. These were open market and non open market transactions.
The CFO that resigned today, had only 44,250 shares, and I seriously doubt he'd sell at the much reduced prices we're at right now.....
Or........... did him selling those outright when he resigned trigger the plummet we're about to recover from with a vengeance?!
http://www.otcmarkets.com/stock/SBAY/insider-transactions
Dec 31, 2010 CRANE JAMES THOMAS
Officer direct Buy 9.86 2,500
Dec 30, 2010 CRANE JAMES THOMAS
Officer direct Buy 9.60 1,750
Dec 22, 2010 CRANE JAMES THOMAS
Officer direct Acquisition (Non Open Market) 0.00 40,000
Oct 25, 2010 METRO FAME PROPERTIES LTD
Beneficial Owner (10%) direct NA
Sept 21, 2010 RONG KING
Officer direct NA
Sept 27, 2010 QIMEI LIU
Director direct Acquisition (Non Open Market) 0.00 8,700
Sept 27, 2010 CRANE JAMES THOMAS
Officer direct Acquisition (Non Open Market) 0.00 10,000
Sept 27, 2010 ZHIGUANG CAI
Officer direct Acquisition (Non Open Market) 0.00 50,000
Sept 27, 2010 HE YAO
Officer direct Acquisition (Non Open Market) 0.00 30,000
Sept 27, 2010 YAOFU SU
Officer direct Acquisition (Non Open Market) 0.00 30,000
Sept 27, 2010 LUN ALAN R.
Officer direct Acquisition (Non Open Market) 0.00 50,000
Sept 27, 2010 JINLIU DENG
Director direct Acquisition (Non Open Market) 0.00 8,700
May 6, 2010 ENTHRAL ISLAND LTD
Beneficial Owner (10%) direct NA
Feb 10, 2010 JINLIU DENG
Director direct Acquisition (Non Open Market) 0.00 2,900
Feb 10, 2010 QIMEI LIU
Director direct Acquisition (Non Open Market) 0.00 2,900
With the skeptics abroad about Chinese stocks, Subaye, Inc. had the best possible response; much better transparency and a website dedicated to investor relations and transparency and financial clarity! Smart management!!
http://www.prnewswire.com/news-releases/subaye-inc-launches-newly-developed-investor-relations-website-117234903.html
GUANGZHOU, China, March 2, 2011 /PRNewswire-Asia/ -- Subaye, Inc. (Nasdaq: SBAY) ("Subaye" or the "Company"), a leading online business services provider in China engaged in enterprise cloud computing, video marketing and business to consumer ("B2C") online solutions announces the launch of newly-designed investor relations website devoted to improving corporate transparency and communication with shareholders.
The website, accessible at www.subaye.com, offers a range of information related to the Company, including recent financial statements, press releases, schedule of upcoming events, and investor presentations.
James Crane, Subaye's Chief Financial Officer, stated, "We are pleased to launch our newly designed website catered to our existing and future shareholders. It is our strong intention to strengthen transparency and communication at a level that is above and beyond our peers. We have made a new addition to our investor relations team and look forward to providing timely and relevant updates as our cloud computing business continues to grow across China."
Today's news and reason for a greater than 40% drop?! Hilarious! Panic selling after hours at its worst! Great opportunity here guys/gals! Does anybody see anything in here to merit a 40% plummet?
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7796022
On March 10, 2011, James T. Crane, the Chief Financial Officer of Subaye, Inc. (the “Company”), announced that he will resign from the Company to pursue other professional interests. Mr. Crane has served in this role since October 2007. Mr. Crane’s resignation is effective as of March 14, 2011.
On March 13, 2011, the Company’s board of directors (the “Board”) appointed Alan R. Lun to serve as the Company’s Chief Financial Officer, effective March 14, 2011.
Mr. Lun, age 46, has served as the Company’s President and a member of the Board since April 2007. Mr. Lun also served as the Company’s Chief Executive Officer from April 2007 to September 2009. Mr. Lun originally joined the Company in March, 2006. From March 2001 through February 2006, Mr. Lun was the division manager of Guangdong Country Garden Property Management Co. Ltd., one of the largest real estate management and development companies in China.
There are no family relationships between Mr. Lun and any director, executive officer or director or executive officer nominee of the Company. There has been no transaction since the beginning of the Company’s last fiscal year, or any currently proposed transaction, in which Mr. Lun and the Company were or are to be a participant and the amount involved exceeds $120,000. There is no material plan, contract or arrangement to which Mr. Lun is a party or in which he participates that was entered into in connection with his appointment as Chief Financial Officer.
Unbelievable after hours selling down over 40% over the CFO resigning?! Why the drop?! Is it the fears associated with the late filing for 4Q 2010?! With a company this size, they could hire some outside accountants and their attorney to still have this filing ready within the 180-day deadline.
What are we looking at here? A huge recovery back to the levels it has been trading at. I do see some resistance, as technical analysis usually works out, at the former support level around 6. However, that is 50% up from here! I added a good amount after hours today on the dip and will ride this likely back to that 6.0, or perhaps even farther up depending on what's coming down the line for the company between now and then. This is a phenomenal opportunity, and I'm glad to have bought into it today!
Chemistfrog
Subaye wins China gov't award - #1 top industry website
http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=zh-CN&tl=en&u=http%3A%2F%2Fpyrb.dayoo.com%2Fhtml%2F2011-02%2F24%2Fcontent_1274425.htm
Lead the development of the industry leading enterprise
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???????,????,????????????????????????????,????????????????? Since the project has achieved remarkable results, especially in Guangzhou, Foshan, Jiangmen and other places to carry out rapid increase in the number of e-commerce companies, for local small businesses have brought many business opportunities overseas. ??????????,?????????,??????????,???100??????? A company that funded through the support funds to help the company create a gratifying results, and accumulated more than 100 overseas clients. ????2011???????????,??????,????????,????????????????? Looking forward to 2011 new enterprises to support the project start as soon as possible to extend the application time, increase financial input and hope that more SMEs can get government support.
??????????????,??????????????,?????????????????????????????????????,??????????????????????????????? Use of electronic commerce to develop foreign trade enterprises, which mainly uses e-commerce as a link to speed up the modern logistics, e-port, electronic authentication, online payment, credit services and other e-commerce support system to promote e-commerce in the Guangdong region of logistics, customs clearance , the flow of commerce and other fields widely used.
??????????,??????????,????????????? Enterprises in our region, told reporters that if access to the policy support, will play a role in promoting enterprise development.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tran
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On February 22, 2011, Subaye, Inc. (the "Company") received a letter from The Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") since it did not timely file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the period ended December 31, 2010.
Under the Nasdaq Listing Rules, the Company is afforded 60 calendar days, or until April 23, 2011, to submit to Nasdaq a plan to regain compliance with the Listing Rule. If Nasdaq accepts the plan, it can grant an exception of up to 180 calendar days from the filing's due date, or until August 15, 2011, for the Company to regain compliance. After reviewing the Company's plan, Nasdaq will provide to the Company written notice of its decision. In the event Nasdaq determines that the Company's plan is not sufficient to regain compliance, the Company may appeal Nasdaq's decision to a Nasdaq hearings panel.
The Company is working diligently on this matter and intends to file its Quarterly Report on Form 10-Q as soon as practicable. The Company issued a press release on February 22, 2011, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, disclosing the receipt of the letter from Nasdaq.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Exhibit Title or Description
99.1 Press Release, dated February 22, 2011.
Subaye Inc Requires Added Time To Complete Quarterly FinancialsLast update: 2/22/2011 5:33:44 PM
Can somebody tell those idiots on yahoo board that they submitted
Q10 already late - they don`t even know it
Crane..CFO Revoked...be careful here gang...possible house of cards...
http://pcaobus.org/Enforcement/Decisions/Pages/default.aspx
Oh yeah.It's very dangerous shorting a stock with a small float.Any news can rocket it higher.
Iv'e been trading this stock for 3 years and is the most difficult to figure out.I got long again 3 weeks ago and made a substantial profit.Started shorting near the highs at an average sale of 14.10.I covered Friday at 12.50 and went long again.Who Knows? I tryed to short more shares Thursday with TD Ameritrade and there weren't any shared to borrow and that made me change course.Seems like the company is getting an institutional following.Let's hoppe for a breakout above 14.99.
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2-Jun-2011
Entry into a Material Definitive Agreement, Change in Directors or Principal Officer
Item 1.01. Entry into a Material Definitive Agreement.
The information contained in Item 5.02 of this Current Report on Form 8-K is incorporated into this Item 1.01 by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 1, 2011, the Board of Directors (the "Board") of Subaye, Inc. (the "Company") appointed Alexander Holtermann, the Company's current Chief Executive Officer and a member of the Board, to serve as the Company's President, effective as of June 1, 2011. There are no arrangements or understandings between Mr. Holtermann and any other person pursuant to which he was selected to serve as the Company's President. Biographical and other information regarding Mr. Holtermann can be found in the Company's Current Report on Form 8-K, which was filed with the United States Securities and Exchange Commission on May 17, 2011.
In connection with Mr. Holtermann's appointments as the Company's Chief Executive Officer and President, Mr. Holtermann and the Company entered into an employment agreement, effective May 12, 2011, pursuant to which Mr. Holtermann will be paid an annual salary of US$80,000. Mr. Holtermann will also receive a sign-on bonus of 150,000 shares of the Company's common stock, par value $0.001 (the "Common Stock"), and will receive a minimum annual bonus of 100,000 shares of Common Stock. A copy of Mr. Holtermann's employment contract is attached hereto as Exhibit 10.1.
On June 1, 2011, the Board also appointed Jacqueline Ng, age 30, to serve as the Company's Chief Financial Officer and Secretary, as well as a member of the Board, effective June 1, 2011.
Ms. Ng has worked as a company accountant in Australia, Hong Kong and China. Based in China and Hong Kong since 2006, Ms. Ng has provided investment analysis, GAAP advisory services and consultancy to China-based public companies and government. Since 2007, Ms. Ng has worked as an investment analysis consultant to Hui Land Group, a partnership of a private Chinese company and a top-tier Hong Kong listed public company. Ms. Ng has also acted as Assistant to the Chairman for the China Council for the Promotion of International Trade and the China Chamber of International Commerce since 2010, and served as a director for Empire Stores Pty Ltd., an Australian company, from 2001 to 2010. Her expertise includes financial management and strategy, corporate governance, and public and investor relations. Ms. Ng is fluent in both English and Chinese and has specialized in implementing cohesive corporate management strategies for east-west partnerships.
In connection with Ms. Ng's appointments, Ms. Ng and the Company entered into an employment agreement, dated May __, 2011, pursuant to which Ms. Ng will be paid an annual salary of US$60,000. Ms. Ng will also receive a sign-on bonus of 150,000 shares of the Company's Common Stock, and will receive a minimum annual bonus of 100,000 shares of Common Stock. A copy of Ms. Ng's employment agreement is attached hereto as Exhibit 10.2.
There are no family relationships between Ms. Ng and any director, executive officer or director or executive officer nominee of the Company. There has been no transaction since the beginning of the Company's last fiscal year, or any currently proposed transaction, in which Ms. Ng and the Company were or are to be a participant and the amount involved exceeds $120,000.
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