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Apparently, one's brokerage must offer "international trading", of directly held Chinese stocks.....This probably involves all sorts of special trading "fees"......I'm now trying a last ditch call to Citibank, since they will be the "mid-wife" in the conversion process.....Of course, this call is heading in the typically wrong direction, since twice so far I've been connected to a standard checking-savings account operator, even though both times I've followed the prompts for "brokerage" agent......
I have a feeling this call will be in vain......
Thanks for commenting on this.......
After over two hours on hold with Fidelity, and finally being connected to their international trade group, the answer is sad.....
Since I must obtain a "market ID" for the new ordinary shares (after the conversion), and Fidelity plays no part in this "ID" process, the shares will simply vanish since Fidelity does not "hold" Chinese stocks that are actually held in China.....There isn't even much info online about obtaining this market ID status......Perhaps some "other" brokerage will allow such ownership and trading, of international OTC stocks.....But as for Fidelity, I'm screwed..... It's almost like I would have to be a resident of China, to own such an equity.....
Best guess is to "sell" my shares, before Feb 5, or lose all value.....
Offer terms
Latest Update:01/22/2021 3:54 PM ET
CUTOFF DATE: 02/04/2021 7:00 PM ET
EXPIRATION DATE: 02/05/2021 11:00 AM ET
** IMPORTANT: China is a market that requires disclosure of beneficial
ownership for each transaction. Each investor needs to be registered with a
unique Local Market ID. As such, no instructions to convert ADR's to
Ordinaries will be accepted unless the beneficial owner has obtained a Market
ID. As per rules established by China and/or Fidelity, some types of accounts,
including retirement accounts, may not be eligible to obtain a Local Market ID.
If investors believe they are eligible to obtain a Market ID, investors should
work with their financial representative to determine eligibility. Please note
that the registration process within the local market may take several weeks to
complete and may not be approved. **
If deemed eligible to obtain a Market ID: beneficial owners would need to
disclose, among other things, their name, address, social security number and
mother's maiden name to the China regulators. Also, investors will be required
to provide a copy of their driver's license or passport.
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 Sshares, the Depositary will be unable to sell the deposited
securities and distribute the cash to the holders of ADSs.
Ouch. On hold now, for over an hour with Fidelity, to simply accept the conversion offer......
As I understand the offer, to accept it will exempt me from any fees from Fidelity, Citibank, and Chinacache......
I also see, if I don't participate, the conversion will happen automatically anyway, but I may pay fees......
I recently had a dividend payout on an equity, where Citibank handled the affair, charging a 30+ dollar fee, for their participation......
Still on hold now......Hour and 10 minutes.....Maybe I should pick another day......LOL......
Anybody out there concur with me, about the "fees" ?
All righty then.....
I'll be the first to admit that I was wrong. And even that URL I posted had it wrong, at 17 cents per share. The dividend is in, and it was a whopper!
I do see the stock price was severely reduced though.....Looks like it will open at 1.08, according to Fidelity.....Still, it was a huge dividend, with some sort of small additional fee charged......
GLTY
Haven't seen my divi come through, even after market close now. Of course I've seen similar "delays" for other divis in the past, using Fidelity......
BTW, after reading a bunch of other posts on Yahoo conversations for FENG, I'm convinced there's a bunch of confusion about the "size" of this dividend, some stating that it's over 25% of the share price.
I too thought it sounded huge(1.3712), when I first read about it. Before buying some of the stock, I did some searches about ADS versus ADR shares. The divi is as stated, per ADS share. The company itself "sets" the ratio, of how many ADR shares equal one ADS share. So the final divi will be 17 cents per FENG ADR share......Not $ 1.3712.....The ratio is 8 to 1......
https://www.prnewswire.com/news-releases/phoenix-new-media-announces-special-cash-dividend-of-us1-3712-per-ads-301176872.html
Thanks. I had no clue otherwise, for why it's doing so fantastic in the past couple of days. I've been pensive on selling my held shares each day, watching it soar upward......Currently I could sell, and almost "double" my money......I hold out however, hoping it may get all the way back up to its' high of 60 bucks, two years ago-ish,,,,,,That would be a monster gain. So, holding steady and watching for now......Good luck to you.
Thank heavens for limit sell orders. Held this piece of crud for almost two years now. Had 5 mil shares, at .0001. It sold today at .0002, for a "doubler".....GLTA who still hold.....I'm happy with 2X......
I'm not sure what you are reading, about the current chapter 11 request. I see it as shareholders will lose all. All that can be hoped for, is a minuscule brief rise in PPS, to allow me to sell my shares at one tenth of the price I paid for them originally.....
The other thing we might see, is the chance to join a class action lawsuit, and recover some tiny amount of money, far in the future.....
JMO
Stupid swines.....News is out, about their choice to claim bankruptcy.
If they had just taken a large "hit", by announcing a one or two cent freaking dividend, they would have seen large scale interest in the stock, and a risen PPS helping with compliance and market rules(over a buck).
Stupid swines......
I'm in for a little at 1.68, having watched for a while....
Seems back to fluidly trading now, in the 2.30-2.60 range.
Hard to believe volume shows 14 million shares.
I have set a sell all shares at 5.00, just in case it goes ballistic again.
LOL
Up she goes again......
Not sure, but I think it may have been instantly halted, at 3.59.....
BINGO !
Pre trade is showing 2.50 to 2.60 right now.
Is this thing about to explode at open ?
COVID bored. Started a board for CCNC, for the heck of it. No category selection for Industrial, in setup. So here it is in Foreign Stocks....
PLAG coming back strong. Checked out the board meeting proposals. Don't see anything negative. At least no talk of reverse splits, or other crap.
I predict another 4 or 5 dollar per share burst, soon.....
JMO
I consider myself lucky, getting in at .0325 on monday 10\12. Tried to sell it for .15 during the chaos, but it never quite got there...... Not sure if you gave up trying, at three cents even......
Don't see any earth shattering news, for the abrupt rise.....
Sure hope it goes the roof this week, for similar silly reasons....
GLTA
I was sold also, on the one year chart......
Should have gotten in a few days ago, at 1.90 or below.....
Now I'm in today, at 2.12.....
PLAG.....What a wonderful name for a stock. (Gomez Addams)
LOL
GO PLAG.
Guess it's time to say bye-bye, to Tony Liu and friends. At least they upped it a smidgin, to 19.75 per share. Don't know why they will delay the process greatly, with a shareholder vote for approval. Don't "they" own the majority of shares anyway ?
Crazy.....
Sounded like a promising bio-med company, headed to stardom, at a hundred plus per share eventually.....
JMO.
I got in at 2.80 per share, just before their ticker change, back in April....
Missed the overnight news of the Kandy buy....
Saw the rise at market open this morning. Placed a sell at 12.00, but it struggled, and returned to 11 plus, only to go lower thereafter.....
Tomorrow may tell.....
GLTU.
So....
My thoughts are, if they are so optimistic that mall revenues are on the rise, and everything points to a robust return to retail shopping, then why not UP the coming dividend declaration, to say a nickel, or something more than 2 cents....
This would attract a horde of investors, seeing an upward move in recovery.....
Everybody would be happy. The PPS would surge upward.....
What's wrong with this "dream" ?
JMO
Not really, IMO. Since they foolishly announced that future quarterly dividends would be 2 cents, instead of 21 cents, most investors will "shy away" from buying the stock. They should have said nothing, and waited til the economy recovers a bit. This will undoubtedly keep the PPS at or around one dollar, forever....
I wish I lived up in the Pennsylvania area, to perhaps go to the new mall, and see how it is "thriving"......LOL.
JMO.
Hope you're right, and it does recover in a big way. However, even for them to payout the currently claimed dividend, and move on with business as usual, I think it's going to crush them into either severely reducing or completely discontinuing future dividends. If you think that mall property buying/selling/renting will be "on the upswing" in coming times, I don't believe that's likely. So if they change their dividend "stance", I think the stock will likely go down quickly, to pennystock status......JMO.
Hooray. They've come to their senses, and declared the full 21 cents divi. This should be a great incentive to "buy in". I may buy some shares as of tomorrow, since the the PPS should head upwards, tremendously......
As far as the divi goes, they are overdue at this date, for even a simple announcement and ex declaration. I have a suspicion that they will lower the quarterly amount, or maybe even discontinue it entirely. It's kind of stupid of them. I think it is causing the current PPS to slump sharply, at least in the last week or two. JMO.
And to think, this was one of a few dozen Chinese stocks on a list, that Trump was going to make un-tradeable, for US citizens.....
Ka-Boom.....Go PT.
I have a burning question, about Friday's untrue action on AZFL.
Is it "legal" to spank a given stocks' PPS upwards(in this case astronomically), by buying a tiny share amount, at a much higher price? It throws the annual high/low figures way out of reality, makes "watchers" think the stock is headed for stardom, etc,etc.....Yet it still is a "going nowhere" piece of shite, headed for an RS.....
And my question involves "all" stocks, at any PPS, be it a hundred dollar stock, and someone intentionally buys a small amount at say 110 dollars ?
Doesn't this perhaps cause some people to sell or buy their shares, based on possible stop limits/etc. ?
What I'm asking is, is there anyone "monitoring" buy/sell activity, globally ? Is there any violation "rules", if on Monday, I was to force through a buy of 100 measly shares of AZFL, at .01 per share ? A one dollar trade.... The chart would look ridiculous.....
What am I describing? Scamming? Scalping? What?
Would the SEC take notice?
Cmon pin\fin....
Blow on back to 10 bucks a share.
Btw, I used to be able to read a bunch of other people's opinions about CBMG and other tickers, on yahoo message board. But apparently they changed that. I think you have to be a paid member now, just to read stuff....
I guess he's entitled to do whatever he feels is right, for him and his pocket, or maybe him and his dreams of knee research. I'm pretty sure he's plenty comfortable in life, as far as personal wealth goes.
I'll bet if you asked him why he might go private, he'd probably say the whole process of maintaining a quality status on Nasdaq, with reporting every single penny involved, form 4 restrictions and scrutiny, people shorting the crap out of the stock, constant compliance and filings, etc, etc, etc.....
Maybe he's just tired of all the hassles of remaining listed.
That 40 dollar peak way back when, I think, was a momentary fluke. A payout at 19.50 a share, would satisfy most IMO.
Going private? Never have I seen such a thing. Always the opposite has been true, a private company going public, aka an IPO.....
Crazy.....
I guess the payout will be handsome at least, at 19.50 a share.
Sad. This was always one of my more profitable endeavours.....
Sorry to see it disappear.....
JMO.
LOL.
I bought a little more, when it got to 2.23....
LOL.
May bomb out totally....
May come back up with a vengeance....
We shall see.
I just bought a measly 100 shares at 2.45, about half an hour ago. I see its kind of hovering at 2.38 to 2.40 currently.....
I didn't think their Halloween letdown was so huge. As far as the helium scenario goes, I'm not too worried. And there's current China talks about eliminating a lot of the tariff stuff....All in all, it looks like a typically risky gamble. Thanksgiving and Christmas-New Years are coming soon. People will need large amounts of paper and plastic party goods, as usual....
I keep my investments in these type things minimal, so the losses or gains stay small overall.
I see she dipped to 2.285 while I typed this message... Ouch.... I might buy a smidgin more....
GL.
Must first trade at or under a dollar, for 30 day period, before delisting begins.
Also, needs to maintain above four dollar share price for worry free continued listing on Nasdaq. Don't know what time lengths are required for this status.
Six month\one year chart shows this is possible.....
Hoping for miracle.....
I'm tellin ya....
Just as I place a small limit order minutes ago, and manage to get in at 1.27, I read mid day news that Trump is thinking he may drop all US possible investment in Chinese stocks like this.
I go to the official list of some 160 Chinese stocks that could be curtailed, and there it is.....PT.....Along with about 5 other ones that I have small investments in.....
These are all companies that have met the SEC freaking rules, of proper reporting, etc.....
What is his problem, with my taking risk in investing in one of these stocks? I'm hoping its' as the article stated, that he may not act on such matters, but simply be able to use it as a form of leverage.....
I voted for the man, and approve of many of his actions. But how can he possibly take away this "right" of mine, to invest how ever I wish?
Sorry to be so "small scale"....
I hope to make one jillion dollars profit, overnight....
LOL.
In reality now, I've learned to keep these skeezy micro investments, down to a couple hundred dollars at best. Too many of them go chapter 11, or reverse split, etc....
Good luck to you, with your huge holding....
In for a measly 25k shares at .008, at the last minute of the day.
GLTA
I see it hit .0007 earlier. I don't see this on the breakout board. Need to alert some whale type buyers about this thing. Don't see any news. Need to check on FINRA, as to why it just started trading again. May see if there's a Cirtran website available, to find out why it rose from nothingness.....