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$ 5.33 much nicer......
After a couple of days of no volume, this thing seems to have perked up again. Apparently I could have sold my shares today, for a "doubler" of a gain, from what I got in at(.02)......
Even though there's absolutely no news for this stock, it still seems to have occasional activity.
I guess I'll just wait it out for now, with hopes of a "miracle"......
GLTY.
Some nice Form 4 buying......
Must be planning on something.....
GMO
(Reuters) - Chinese companies targeted by a sweeping investment ban imposed by former President Donald Trump are considering suing the U.S. government after a federal judge on Friday suspended a similar blacklisting for Beijing-based smartphone maker Xiaomi ( XIACF ).
Lawyers familiar with the matter said some of the banned Chinese companies are in talks with law firms including Steptoe & Johnson and Hogan Lovells, emboldened by U.S. District Judge Rudolph Contreras' preliminary order halting Xiaomi's ( XIACF ) inclusion on a U.S. list of alleged Communist Chinese military companies that are subject to an investment ban.
The Trump administration's move to blacklist Xiaomi Corp ( XIACF ), which knocked $10 billion off its market share and sent its shares down 9.5 percent in January, would have forced investors to completely divest their stakes in the company.
"Companies are reaching out to lawyers to challenge the listings and the grounds for the listings," said Wendy Wysong, managing partner of the Hong Kong office of Steptoe & Johnson, a worldwide law firm headquartered in Washington. Wysong and a person familiar with Hogan Lovells, another global law firm, declined to name the companies involved in discussions.
Contreras flagged the U.S. government's "deeply flawed" process for including the company in the investment ban, based on just two key criteria: its development of 5G technology and artificial intelligence, which the Defense Department alleges are "essential to modern military operations," and an award given to Xiaomi ( XIACF ) founder and Chief Executive Lei Jun from an organization said to help the Chinese government eliminate barriers between commercial and military sectors.
The judge noted that 5G and AI technologies were fast becoming standard in consumer electronics, and that over 500 entrepreneurs had received the same award as Lei since 2004, including the leaders of an infant formula company.
"The facts that led to Xiaomi's ( XIACF ) designation are almost laughable, and I think it absolutely is going to lead to additional companies seeking relief," said Washington lawyer Brian Egan, a former legal adviser in both the White House and State Department who also works at Steptoe.
GOVERNMENT UNDECIDED ON PATH FORWARD
In a joint filing on Tuesday, the government said it had not decided on the "appropriate path forward" in the Xiaomi ( XIACF ) case in light of the judge's decision.
A spokeswoman for the U.S. Department of Justice, which is defending the case, declined to comment. A spokeswoman for the Department of Defense referred questions to the White House, which has not responded.
Xiaomi ( XIACF ) and 43 other companies were added https://www.defense.gov/Newsroom/Releases/Release/Article/2434513/dod-releases-list-of-additional-companies-in-accordance-with-section-1237-of-fy in the waning months of the Trump administration to the blacklist, which was mandated by a 1999 law requiring the Defense Department to publish a compilation of companies "owned or controlled" by the Chinese military.
Seeking to cement a tough line on China and box his Democratic successor, Joe Biden, into hardline policies, Trump signed an executive order that was later expanded to bar all U.S. investors from holding securities in the named companies beginning on Nov. 11, 2021.
Other companies listed include video surveillance giant Hikvision, China National Offshore Oil Corp (CNOOC) and China's top chipmaker, Semiconductor Manufacturing International Corp.
SMIC, Hikvision and CNOOC did not immediately respond to requests for comment.
Luokung Technology Corp, a mapping technology company on the list, also sued the U.S. government earlier this month, and is expected to seek preliminary relief similar to that awarded to Xiaomi ( XIACF ).
(Reporting by Karen Freifeld and Alexandra Alper; Additional reporting by Mike Stone; Editing by Peter Cooney)
Got the notice from Fidelity, that this one may be on the "crap" list come mid March......After reading a bit about the list, I had to laugh. I can almost picture Trump sitting at a table with his advisors, back in November. He says "You know guys, this company name sounds a lot like a known Chinese military supplier, and I think we should keep it on the list. Besides, all these Chink names sound the same to me, anyways....."
LOL.
Yes, the man was a bigot. And I voted for him, both times, knowing this.
GLTA.
Must be something.......
They just halted it, and now restarted......
Volume does seem to be getting better, every day. Happy I got in at 2 cents recently. The only scary thing, is the lack of any news. Just cancelled my limit sell order of 5 cents, with hopes of higher PPS soon......
Would be nice, as you guys speculate, if this is being held as a shell with some purpose in mind.....
GLTA.
Never mind. False alarm. It just dropped back down to $ 1.56, with a "thud".....
LOL.
Not sure if anybody's watching this thing, with the market closing in an hour(EST)......I don't believe this one trades AH.
Do you think it's being walked upward, in an effort to make tomorrows' $1.05 "drop" in the PPS, less of an impact ?
I'm pretty sure it can't be people buying last second, for the dividend. The three day rule, would prevent that.....
Almost makes me want to sell and get out, with a small profit, rather than risk tomorrows' huge dividend, and huge drop at the same time.....
After years of sitting on this, the "urn" shows signs of life.
I could get out of this at a break even right now, or hold to see where this is going.....
Sad.....
Perhaps a trip to the dollar store to buy a cheesy frame is in order, to mount your certificate on the wall.....
Maybe a dart board, so you can remember this episode properly....
Sorry to be so cruel.....
Good luck trying to contact the company, since it has its' head up its' ass.....
No, no magical "news" is coming.....Where will you see such news ?
Sorry.....Consider it either a write off, or a lesson learned.....
GLTA.
Maybe change his name to yen-pauly.......LOL.
I think he plans to move to China, with his certificates.....
Heck no.....LOL
I'm just hoping to get out, retaining my socks....
Not sure, but I think your shares that you haven't agreed to convert, will automatically convert anyway after the 5th.....The only "savings" in converting shares ahead of the action, is to have all "fees" waived.....
This is my belief......Also, those fees from the automatic conversion can be substantial......
This sounds sort of insane.....As if you must comply, and agree to the offer, or be "punished".......
Makes little sense to me.
I don't think that they can liquidate them "before" the actual action takes place on the 5th.....However, if you verbally agree on accepting the conversion, I think they can remove the shares from your ability to "trade" them in any way.....I kind of remember many years ago on a similar offer for some ticker, that as soon as I agreed and I refreshed my Fidelity account page, the shares moved into just a QUSIP number only status....Then several days later they returned to "normal".....Anyway, it was some sort of "rights" offering......
My guess is you all will have to wait for a fancy-shmancy certificate to be mailed to you, which could take days or weeks.....Then, once it's in your hands, you will say "What now ?"......Followed by trying to contact the company, in China.....
BTW, I'm not sure you have today and tomorrow......If the action is to happen on the 5th, these type things usually occur at market open.....
My guess.....
Yeah, yeah.....
Do you see CCIHY, as an "aspiring" company, openly communicating with its' shareholders ? Letting them know what is ahead ? I don't think so.....
I believe they are doing this conversion thing, for legal reasons....In an effort to abandon any sort of "obligations" they may have had, as a legitimate ADR......Once "private", they can do whatever they want.....
JMO
You took the proper wisdom. I'm lucky if I can do the same. Got in at .08......Gambling on whether I can get out Mon\Tues at a small profit, or a small loss......
Holding until after the conversion, looks like a much greater loss, IMO.
Not sure why they bothered, with this telephone book thick prospectus, I received in the US mail.....What does it matter, even if I was to vote "No" reference the buy-out, at 19.75 ?
They have the vote, by more than 50%....So what's the reason to vote ?
Makes no sense.....It's done, sometime in March.......
Oh well, I guess I'm happy with the 19.75....Let it happen.
GMO.
I guess I admire some like you, in your blind optimism.....
I'm not here to preach "doom".....I think I've been quite honest, as this tale unfolds.....Simply stating my speculations, as this thing "morphs".....
Sure there's other holders, encouraging a Kramer-like Buy, buy, buy.....
I think most of them have been transient, looking for a "kill".....
Any way you look at this thing, it has its' potential, for riding it out to see what may unfold afterward.
I'm certainly watching the PPS, come Monday-Tuesday.....
I think it will be my deciding factor.
GLTA.
Interesting.....
Nice to see all the optimism in everybody holding. It may help the PPS to spike upward last second......
Not to be a "Debbie downer" in the picture, but I'd like to know if any of you have asked your broker a simple question......
After the conversion, will you be sent(by mail) an attractive certificate, with which you can frame and hang on the wall, and that's all ???
As far as I see, if you don't have some sort of direct communications going on with the company in China, about eventually converting your lovely certificate info tangible shares of "something", then you will ultimately be left with an attractive wall ornament, as I've described.....
Anybody have an argument against this speculation ???
Hey, groovy.....
I'm game, even though CCIHY doesn't trade after hours.......
Spike it up......
What's strange about TD "denying" the action, is that the conversion will happen, whether TD agrees with it or not. I don't think a brokerage can just say "No, we do not agree".......
I think this is evident by what you see, so far as the action CCIHY is "causing"......
BTW, the latest date for which one can "comply" with the participation, is earlier than the actual conversion date.....For example, Fidelitys' date is no later than Feb 2.....I think this is to allow a few days for "mail-in" of the required "consent" form, or agreement.....
The conversion will happen, even if you do or don't participate in the offer, on Feb 5th. It's more of a question of, if you participate before then, will all "fees" be waved in the process.......
You are right. The offer has evolved one more time now. In the end, we will possess a certificate:
Offer terms
Latest Update:01/27/2021 4:39 PM ET
CUTOFF DATE: 02/02/2021 7:00 PM ET
EXPIRATION DATE: 02/03/2021 11:00 AM ET
Please note the new shares will be issued in the customer's name and
will be delivered to their address of record as a physical certificate.
For each cancellation the shareholder needs to execute the 'Cancellation
Instruction and execute an 'Instrument of Transfer', have it dated and
witnessed and send it to: NFSVolElections@fmr.com
The paperwork is subject to approval by the Company.
If we do not receive the paperwork, your instructions will be cancelled.
Interesting.....
I'm a chart person myself mostly, but not of the fancy overlay predictors. I tend to look at straight PPS and volume, changing the chart's time frame, always looking for whether it's a good low point to get in at, with potential for recovery even if it means longer term holding. For some reason, I'm always looking for that turtle on its' back. Never buying a rising or risen stock, for fear of "how much it can go down". The DD of good or bad news, comes secondary for me.....
It's probably not the best method, for trading. Must reflect on my mostly "pessimistic" or sceptical attitude, in life in general.....
Good luck to you too.
I understand, and presumed such.....
Didn't mean to be offensive. I too, have purchased and sold over the years with minimal DD. It has it's risks. Lucky for you, that you can always remain ahead with such trading.
I did check with OTC Markets website, and there's not much info at all.
As for Finra site, I believe you must be a member. Wasn't that way, years ago.
Anyway, maybe if you are unaware, the ADR is to be delisted Feb 5th, with no clear path for the future ordinary shares.
You probably can make your "killing", if the share price bumps back up to .08 or .09 , and volume permits.....
As for us longer term holders, I guess we would like to know more.....
Perhaps you are just buying in to CCIHY, with no info or DD.....
I must admit, there's certainly no available news about their current conversion offer, unless one digs deeper into current info sources.
If you have investigated Finra or OTC sources, can you enlighten some of us here as to the future status of the converted shares ?
Will they be available for trade, after Feb 5th ?
Thanks.
Sure.
800 544 2976
Good luck.
Hey. I see you're not alone, since somebody's questioning E trade actions.
Thought of something risky or beyond risky.....
You could sell your shares, then open an account with some more "willing" brokerage, send them money to allow you to trade, then buy new CCIHY shares at a great reduced price, and agree to the fee-less conversion......
The only bad aspect of this, would be the "worthless" shares dilemma.....
That's a "bummer", if Fidelity has such a minimum transfer value, to open an account.....
Yes, I'm in the USA, in Florida.....
I'm hesitant on selling, because of what you mention.
First, there would be the conversion benefit, of 1 for 16 ordinary shares of the new entity.....Of course, at a much lesser value per share.....Then there is the "chance" of a merger of some sort, in the future.....Who knows, maybe this is the reason behind their current actions.....
It's all a "crap shoot".....
I just wish somebody had a direct connection with the company in China, via email or whatever, about their reasons for this current action.
Finally got thru to the international trade group at Fidelity. Yes, as I mentioned earlier, they now have an open participation form, with which I could agree and make the conversion fee-less.....However, the status after conversion is looking pathetic....The shares will have a CUSIP number, and remain in my account, but will move over to what I call the "graveyard" area of my account.....This is an area showing all things I've owned over time, that have either gone chapter 11, or had multiple reverse splits until I own zero shares, etc etc.....These stocks are "holding" a certificate somewhere, but are otherwise value-less......
Until Chinacache decides to "re-list" the stock in some way, after the conversion, the shares will be worthless.....
They will become shares of a privately held company, in China.
Since I see no mention of such future actions, I have to accept that the shares will be, effectively worthless.
So I feel bad for you steez, that you currently don't even have the option of "fee-less", in the matter.....
I sill haven't made my mind up.....
Perhaps, if these "optimists" in the room, would pump the PPS upward with their buying, I might be able to sell at break even, or a plus......
Good luck to all.
Must admit, this is getting rather silly......
Next thing we may hear is "Without an official list of CCIHY clients, we're not sure if the bank is funding a military or weaponry company in China, therefore it's indirectly on the list"......LOL.....
It's about like, do you buy a pair of Nike sneakers, if you are aware that their shoelaces(only), are made by forced child labor companies in Malaysia........???
I tried a call to Fidelity earlier, and since it's a volatile market day with heavy call wait times, they suggested calling back in, after markets are closed. I would just like an explanation of what the shares "status" would be, after allowing the conversion to occur, fee-less style.
I do know that Fidelity changed its' "attitude" on OTC stocks, some time ago.....For example, I can no longer purchase OTC stocks, but of many OTCs that I already own, I can still sell them.....I found a small "loophole" to that arrangement, in that I was able to purchase CCIHY and several other five digit ticker OTC stocks, despite their "ban".....If I try to purchase any four digit ticker OTC stock, I'm prohibited.....Not sure why this works, but I'm not complaining or alerting anyone at Fidelity, about it.
As of last night, a new offer has come in for me in Fidelity, overwriting the previous offer, which was for "review" only.....This new offer says it is for participation......This means maybe Fidelity will have an acceptance form of some kind, and I can move forward with agreeing.......Also, maybe they now have new info, and can assure me what the conversion results will be......It certainly again states, that the fees will be waived......
Status: Open for participation
Offer terms
Latest Update:01/26/2021 2:52 PM ET
CUTOFF DATE: 02/04/2021 7:00 PM ET
EXPIRATION DATE: 02/05/2021 11:00 AM ET
Citibank N.A. will terminate the deposit agreement for the ChinaCache
International Holdings Limited ADR's on February 05, 2021. As a result of the
termination, you have until at least February 05, 2021 to decide if you would
like to retain your interest in shares of the issuer.
Each one (1) ADR is convertible into sixteen (16) underlying ordinary shares,
ISIN BBG0015XXXZ2.
If you surrender the ADS's for delivery of the underlying shares prior to
02/05/2021, all depository cancellation fees will be waived.
Please be advised that because there is no local market for the Company's
Ordinary Shares, the Depositary will be unable to sell the deposited
securities and distribute the cash to the holders of ADSs.
Question to the moderators of the board(any of you)......
Since there's no mention of the conversion resulting in either OTC shares, be they pink or gray, or any other "regulated" shares, will you agree that the resultant shares will be truly "China" held "ordinary" shares, and completely out of reach, by the ordinary OTC trader ???
Thanks in advance.....
BTW, if you read my earlier post, about the "offer" I received in my Fidelity account, it is an offer that stated that it was for "review" only.....Meaning that the offer had no customer "acceptance" form, or agreement form......The whole thing pivots on whether one meets the Market ID requirements......I'm not sure I desire giving China my social security number, along with mothers maiden name and copy of drivers licence, etc......I gave up waiting on hold for a Citibank brokerage agent......I did do a search of your Questrade international stocks trading.....Looks like some hefty 1% charge, along with other fees, currency conversion, etc, etc......Good luck......I give up, for now......