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I think they are effectively showing that the parent company is on its own. It has to sell paper in order to pay for the annual audit and other expenses outside China.
The way I read it is that Deutsche Bank will not be able to sell the shares because the transfer agent has closed the books.
This means that ownership interest of the ADRs will continue, but will be frozen.
I had a somewhat similar situation with another company and a group of ADR holders filed a lawsuit in the Cayman Islands to take control of the parent company. We have been successful at this stage and now our attorney is filing suit in china on behalf of the parent company to recover assets from the management group. I don't know whether that will be successful.
A similar path could be available to Zuoan shareholders. The attractiveness of filing suit will depend on whether the company appears to be doing well enough to make a recovery sufficiently likely that it's worth spending the money on lawyers.
Leather business website is still online:
http://www.zacn.com.cn/
Still seems to be active on VIP:
http://brand.vip.com/ZUOAN/
JD:
http://mall.jd.com/index-34982.html
Yintai:
http://www.yintai.com/store/store-50000324.html
Tmall:
https://zuoanxb.tmall.com/
Re: RENN
Sounds like the spinoff will be a good asset, but if it's non-tradable then a lot of people aren't going to want to own it.
Lots of current season items on yintai too:
http://www.yintai.com/store/store-50000324.html
Good find. Looks like they've also been selling some clothes via VIPSHOP (along with mostly leather goods)
http://brand.vip.com/ZUOAN/comment/
Re: XNY
It's this thing:
https://www.sec.gov/Archives/edgar/data/1499494/000147793216011429/xny_ex991.htm
I doubt Shah Capital is happy with that.
CXDC surge today. Long overdue.
JMEI acting like MOMO before recent news. MOMO rallied 50%, cancelled buyout, but announced excellent operating progress, and then rallied another 50%.
CNTF volume surge after non-disastrous results
Dummies
BORN 2Q earnings
each page of the press release has a "Confidential" header
https://www.sec.gov/Archives/edgar/data/1490366/000114420416120080/v447307_ex99-1.htm
ZX volume surge again
CISG going bonkers
Probably nothing. Like previous spikes over past 2 years.
Possibly a buyout offer coming from former president who just disclosed increased stake. Note that he filed 13G - no intention of seeking control, but that could be changed at any time to 13D.
CXDC - lot of investor interest on the cc today
Sleazy Vancouver maneuver
Looks like a complete scam
MOMO up >50% from recent low
watch for news about alibaba backed buyout
TSL definitive agreement at $11.60. No change from preliminary offer.
JASO next?
cyd
OSN in play now
Seems like it wont be a problem after all to sell the shares CCCL issued in the class action settlement.
CCCL issued some 6 month warrants in February. Timing of this rally is extremely convenient for holders.
EVK also moving
main brand LAGOGO nearing 100000 fans on tmall
https://lagogo.tmall.com/
It's MEOO or NEVER
OSN may be starting to move. 25% float. Has been jumpy in the past. Pending reverse merger into a more exciting line of business.
I think HGSH is a scam, but that probably just makes it easier to move because there's no holders smart enough to sell into the rally and cap the gains.
SPU not dead yet
KONE
CNTF
silly season
I'm amazed that some stuff like CALI is still trading
Chinese subs are regulated in China.
Parent company is subject to laws of Cayman Islands.
Parent company is also subject to SEC regulation, but with no US assets the problem is that there is no avenue for redress.
If a crime has occurred then shareholders have to file a claim in Cayman Islands. If successful (and in cases where a crime has occurred the CI proceeding is often uncontested) then the resulting CI ruling provides standing for filing a claim in China.
Company is still selling accessories on TMALL:
https://zuoanxb.tmall.com/?spm=a1z10.1-b.1997427721.d4918089.fz2sbm
Re: ZX Heavy volume hit at 945. Can they pull of the same trick again?
ZX yesterday, today?
Funny how the rally came out of nowhere. No pump.
XNY weird
Essentially trading the clothing business for a small business lender (possibly similar to CCCR).
https://www.sec.gov/Archives/edgar/data/1499494/000147793216011429/xny_ex991.htm
SEC Charges Chinese Fuel Storage Company and Its CFO with Fraud
The Securities and Exchange Commission today charged China-based Longwei Petroleum Investment Holding Limited and chief financial officer Michael Toups with fraud and related charges.
The SEC's complaint alleges that Longwei made numerous false public statements concerning the capacity of its three fuel storage depots in Shanxi Province, China. Longwei and Toups issued periodic filings, and press releases in January, February, and March 2013, that substantially overstated Longwei's storage capacity at those depots.
The SEC also alleges that Toups and Longwei misrepresented and omitted key facts about the company's response to public claims by a third-party research firm that Longwei was a "massive fraud" with little to no observable business activity at its storage depots. In addition, when the company was short on cash during the second half of 2012, Toups and Longwei misled Longwei warrant holders to induce them to exercise warrants and thereby inject funds into the company. As part of this scheme, Toups publicly reported his own purchases of Longwei stock in an effort to convince investors that he truly believed in the company's prospects. Unbeknownst to investors, however, Toups made the purchases at the direction of Longwei's chairman and used company funds to acquire the stock.
The SEC's complaint charges Longwei and Toups with violations of Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. The complaint also charges Longwei with violations of Sections 13(a) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder. The complaint seeks permanent injunctions, civil penalties, disgorgement plus prejudgment interest, and an officer and director bar against Toups. The Commission has also instituted public administrative proceedings against Longwei pursuant to Section 12(j) of the Exchange Act to determine whether to suspend or revoke the registration of all classes of securities registered with the Commission.
The SEC's investigation was conducted by Tom Keltner and Jody Moore in the Fort Worth Regional Office, and supervised by Assistant Regional Director Eric Werner and Associate Regional Director David Peavler. The SEC's litigation will be led by Timothy Evans.
SEC Complaint
http://www.sec.gov/litigation/litreleases/2016/lr23584.htm
Interesting. Not too surprising.
It says the ADRs will not be cancelled, but it also sounds like they are no longer transferable. I think this means that you retain your legal ownership rights. But that has no value unless shareholders hire a law firm to pursue a case. UMW needs to pursue this in the Cayman Islands.
I don't own any. I suggest contacting the depository to find out what happened to the ADRs and what happens to your ownership interest. I think JPM was the agent for WSHLY.
Contact info from:
https://www.adr.com/Investors/Markets
If you own DRs in a J.P. Morgan administered program, please contact:
General+1 800 990 1135
From outside the U.S.+1 651 453 2128
Global Invest Direct+1 800 428 4267
I don't think they introduced a 2016 apparel collection. And the apparel products have disappeared from ecommerce sites. Apparel companies are reporting very weak results right now so it may have been good business judgment to step away from that segment. But they do have new leather/accessories products.
https://zuoanxb.tmall.com/shop/view_shop.htm
A bunch of brokers have put new restrictions on trading of "grey market" stocks so it's hard to place orders for ZAHLY.
KEYP discloses that its CEO and CFO left two months ago
https://www.sec.gov/Archives/edgar/data/1326396/000121390016014032/f8k040816_keyuanpetro.htm
this could eliminate the need for VIEs
Consortium says it owns 34.61% of the stock.
As of 3/31/16 there were no 13D/G filings showing any 5% holders
Either the consortium is highly diverse or somebody screwed up.
XNY said on their conference call that pending M&A would raise the share price so that they can avoid delisting
What gave you that idea?
The 10K shows +$64mm of cash flow from operations in 2015 and I think that's before they collected payments for early buyouts of 2 contracts.
So if the company is real then it should be easy to buy back the Carlyle stake since they are willing to sell it for almost nothing.