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Why would they have no transfer agent - company reason ? If you font know - any guesses ?
Nobody seems to have a clue including me - no idea and very sad for ccme shareholders - in 20 years investing in risky stocks never seen anything like it to be honest -
So ccme going to have a global lock forever ? Don't expect the stock ever to go up if that's the case !
Yes, their are no bondholders so I know their are no debt in this regards.
Huge, huge difference
They all had debt - the only way you can go bankrupt is if you have debt . Debt gets paid before equity so all equity shareholders get wiped out but bond holder can recover 30-40crnts on the dollar .
Ccme has zero debt on the books so their are no bondholders get paid before equity holders .
In fact the bondholders are the integrity of ccme CEO and board members which basicly makes it impossible .
Word com and enroll and basicly are completely different than all these Chinese names in which their is no debt at all AND insiders oen 40% of the equity- at this point it's the integrity of the management - ugh time for another glass of wine
I really think nobody has ever seen a situation like this in the USA market: It's where integrity and confidence verse the size of the business and fraud but with no debt holders .
Ccme is real - the question is cheng a Buddhist or a psycho criminal fraud - the same with the linn brothers .
Their is no doubt their is a business and their is money - you can argue maybe the size of it but it comes down to cheng and the linn brothers .
That strangest news I have ever seen - I'm a bull and that can't be good news .
Call cheng and let him no the problem - what does Nussbaum do but write pieces on how unfair investors are to Chinese - this is crazy
Nothing to do with sec
The halt had to do with global clearing firm and said nothing about any sec action -
It was original said nothing about company but share count?
I'm traveling - anybody should what dtc clearing house for answer - phone is public ,
Nothing t do with sec
The halt had to do with global clearing firm and said nothing about any sec action -
It was original said nothing about company but share count?
I'm traveling - anybody should what dtc clearing house for answer - phone is public ,
I agree - that's why stock is 1$not 15$
If it was a complete fraud why spend top bucks on the top law firm ? Also, they must have some money to pay for the lawyers ?
Nobody believes them until piper is done .
DTT was going to resign unless they did a forensic audit because of headline risk - that's in the filing
Their is zero ccme can do or say until forensic audit is done . They denied the claims in the lawsuit - they told wsj that piper would show all the serious claims against muddy waters is false .
The simple fact people at this point nobody will believe anything they say until piper investigation is done .
Piper been there for awhile now and wctbills stated if they are still there by may 21th it's great news .
If ccme is a fraud they are wasting tens of million in legal costs for no reason ?
Muddy waters-SPRD
goes after sprd -down 4 then a rally off the limit. Market will adjust- Need some big lawsuits against these guys but the big boys in the market are getting more prepared for it- sprd short interest doubled in 2 weeks- talk about front running.
I've already started seeing in the secter- probably 500mill-1bill realbuyback- insider buying taking suplly off the market- the secter will fly at some point IF you have the right stocks
CCME- at this time nobody has a clue including me.
If ccme is legit and wants to come back my point their is easy plan. If they are scumbag frauds their is no plan.
great points but the big problem is the Yuan is going up so you need to hold that over usa dollars- If the yuan goes up 35% in next 5-7 years Chinese domestic firms is place to be
However, they should just give back to investors a small amount of their cash flow- CAST has bought back 5mill of a 50 mill buyback-you are starting to see it. CCME if it real should just buyback stock.
pre paid legal(ppd) has a shady business model with 50% of float short- how did they beat it just kept buying back stock over the years and stock went from 15-68$
MSTR- will not do cc calls but just kept buying back shares and reduced the float by 40% over last 5-7 years- stock is 140$
No money raised in china reverse mergers last 6 months - frankly their might never be another one in this country
The market and people will adjust accordingly as you will get very little supply out of china and if you do you will get dramatically more transparency - I'm already starting to see the switch right now
The Chinese companies that survive this will double easy
No money raised in china reverse mergers last 6 months - frankly their might never be another one in this country
The market and people will adjust accordingly as you will get very little supply out of china and if you do you will get dramatically more transparency - I'm already starting to see the switch right now
The Chinese companies that survive this stocks will double easy
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June 27, 2011 5:40 am
China moves to improve accountancy industry
By Simon Rabinovitch in Beijing
China has announced measures to consolidate its accountancy industry following a string of financial scandals that has shaken investors’ faith in Chinese companies listed abroad.
Large and medium-sized Chinese companies should choose from a small group of approved auditors, including the ‘Big Four’ accountancy firms – KPMG, Ernst & Young, PwC and Deloitte – the finance ministry said.
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Sino-Forest, software company Longtop and China Agritech are just some of the dozens of Chinese companies that have been targeted in recent months by short-sellers alleging that auditors had failed to notice fraud on their books.
The new government guidelines did not appear to be a direct response to those problems, but rather part of a reform effort dating back to 2009 to improve Chinese auditing standards and increase the scale of national accounting firms. China has a bevy of small accounting firms, which, in their pursuit of business, often succumb to client bullying.
Chinese companies with foreign listings – as well as those in finance, energy, communication and the military sectors – should choose auditors with established reputations and international-calibre skills, the finance ministry said.
“This is the necessary choice for our nation’s firms as they try to get bigger and strengthen themselves in going abroad, improving the quality of their accounting information and gaining the approval of international capital markets,” it said.
It added that companies should use one of the 12 firms approved to conduct auditing for Chinese companies listed in Hong Kong. Along with the Big Four, smaller global accounting firms such as Grant Thornton and BDO and a few of the leading Chinese accounting firms are on the list.
China Huron food biggest loser in hong kong exchange as rumored were abound that muddy waters was front running a hit piece on them . The CEO said he knew nothing but planned to buy stock in the open market - Goldman ipo - kpmg audit , ect - as MW pointed out on cnbc you will now see attacks in different parts of the world and I still think Latin America Is coming - it's easy ploy because you just attack the auditors and they will crap their pants and demand a forensic audit and will not sign off on it - then even your do a forensic audit the worst fear in the market " uncertainty " which your stock will get killed no matter what . Piper is a genious setting up that rapid response division in china- dam should hsve been a lawyer . Just think all the money ccme has just paid loeb for worthless advice and now are paying piper a fortune . Also, Another funny thing I've been reading 20f reports and now one of the top risk in disclosure is hit pieces from bloggers that will kill their stock prices -I'm not kiddin - in final , if ccme is a complete fraud this board should get together and start a blog and right a hit piece about Wuyi pharma on hong kong and it's 1bilk market cap and scumbag lin brothers - gee, cmon that would be easiest to write - guilt by associations - hit piece of epic proportion just using ccme as a reference - I guess only bullesh point is Wuyi has not got hit and it's looks like legit business so theory goes why would linn brothers waste their time on a secondary fraud when they have a legit Company - everything related and ccme outcome will effect Wuyi and linn . Are their puts on Wuyi in hong kong ? Ha
Also, I never got why staar did not sue linn brothers since they are insiders and staar bought their stock ?
1.78-1.95 level 2
the market making has been strange all day as bids would come then just disappear very quickly- the bid disappeared when a new market maker bid higher and then got locked out or closed at that price - i have no clue but its looks like with global halt market makers are having trouble-
did they say how long it typically last ?
You said on friday that you heard the halt was nothing about the company but share count? have you heard anything else
DTT requested a forensic audit - I really missed how the game worked . DTT audits their previous year with zero problems - the game plan : get short the stock and call it a fraud and attack the auditor because they will eventually crack or demand a forensic audit . So every Company in the world that gets attacked now by blogs their auditors will demand a forensic audit and even if you do one because of the uncertainty your stock will get murdered - if you come out clean like onp it doesn't matter because the stress and damage has been done .
So DTT demands a forensic audit not because of legit research firm but because blogs harassed them to a point they just gave up . Like I said DTT was never going to sign off on the audit unless ccme agreed to forensic audit . No wonder piper started that division in china.
Also, muddy waters stated on cnbc he wants yo move on frauds in other parts of the world - when you see it come just short it because even if legit the auditor will Demand a forensic audit and stock will implode from the uncertainty . Hello Latin America
When does DTT start listening to blogs instead of doing their job unbiased . DTT was negative biased going into their audit with ccme because of blogs and nothing factual from the year earlier audit .
Deloitte’s stated reasons for resigning were its conclusion that the Company was “minded not to proceed in good faith on the basis of our requested course of action” – to conduct an independent forensic investigation – and its loss of confidence in the representations
of management and the commitment of the Board and the Audit Committee “to good governance and reliable financial reporting” Compl. ¶ 53. The Company has, in fact, proceeded with Deloitte’s requested course of action and an independent investigation is underway.
It publicly stated they hired Piper to investigate all claims brought up by DTT - that's pretty clear and straightforward . They stated a month later later that piper will validate all the major claims against them by mudd waters are false . If you call piper they will state they are working for ccme . Piper not going to ruin their reputation by doing nothing on a 50million Company . Cmon - give me a break - the outcome might not be great but to imply piper not going to address all the major claims against from DTT is wrong - it's in writing .
The first and mayor claim is it's cash balances - that will be addressed by piper .
Your Statement that they hired piper and did not not state WHY is dead wrong -read the press release
They hired piper to address all allegations that DTT brought up -
Sat yam computer to realist on new York exchange by year end
This is the Indian computer fraud that blew the whole sector in which I use as reference obviously not perfect .
They overstated revenue by 1billion over 5 years - lead guy is in jail , 10million fine by sec , stock went from like 20-1$ and bounced as high 6$ - trades around 3.80$ but has 2billion market cap compared to 40-70million market of most of these Chinese companies . They got delisted around september of 2010 and look to get relisted by sept this year -for a timeframe - even more upside is they murdered the whole secter saying the whole group was frauds - redf got murdered to 1$ but then bounced back to high over 15$. For those who think stocks can't recover - the market is surprisingly forgiving coming out of a disaster - here is a complete fraud that bounced or gained about 1billion of market cap from the bottom . I think the fear is about going dark but I pointed out fuqi took a year before they had some news and stock was up about 45% last week to almost 4$. Ccme in my view is too headline for anybody let them just go dark and hide . I don't think the sec will let them do it and remember ccme board members are liable - remember the linn brothers run a 1billion dollar company trading in hong kong they know their at risk if they try to uphold legal fraud on a Company they founded - what's strange is Wuyi still has not been hit and I know investors are questioning linn over what's happening in ccme - Ccme might try to go dark is my point but I think from staar , sec , linn brothers , makes it dramatically harder than some obscure Chinese Company.
Pass the joint
Your assuming cheng is not a moron in which he is : but you never know strange outcomes in life
"what do you mean stopped" by etrade
Thx have a grt weekend
Was joking to Sun who says that he speaks with cheng ?
I think the difference between us I think ccme is front and center in the headline for the sec and lost investors hundreds of millions - I think the sec is going to force ccme to report numbers and are going after them depending on the outcome . My cousin is in hk and has friends in china and he told me this has hit main pages and they don't like the fact that Chinese business scammed USA investors - the Chinese government do not want to grt ambarrased by USA or being soft on fraud if their is one . It's long story
I own and use fuqi as example - they hid from filing for over a year then admitted fraud by the CEO and reported him to the prc - they brought in s new CEO but still hasn't filed anything but is moving closer . Fuqi stock was up 35% this week to almost 4$.
I'm sure ccme is trying to protect cheng which is sad but that's how it works in china but I think the damage is so severe eventually the complete truth will be revealed then you can move forward . It might not be pretty but I'm betting it's a fuqi cash scam job more than a complete utter fraud - good luck
Maybe this forces ccme and Loeb to actually update shareholders on whats going on good or bad?
Can anybody explain what has happened with CCME because in my account its trading and i can put orders in?
Art of a recovery -fuqi
Fuqi has moved to about 3.75$ or about 35% this week . The art of the comeback :
1, fuqi admitted that the CEO moved "part of cash balance " or 80million in cash to a bank who used it as collateral - the CEO said he did it as a favor to the bank - the Company audit committee put in place restrictions for cash transfers - fuqi is a real business but again how big . However , it has only 100mill mkt cap but confirmed part of the Money - 80million was moved back - and last report was about 200million in cash or 6$ per share - the Company this week hired a new CEO/ pres and moved the former CEO who controls 40%to the chairman role . For people who said bad comparisons - fuqi hasn't filed a report in over a year . The Company is moving forward and I expect the stock to keep gaining .
2, I think thats they key with ccme with news and expect the whole secter to bottom by July 1-
I think ccme will move to 2.50$ in July as secter rebounds and market has not heard a resignation out of piper . If ccme has any remote news that's positive I expect a move to 3$ until we hear from piper .
Staar publicly said they did dramatic research on ccme including private investigator background checks -
Maybe the guys at staar are morons but people felt comfortable because they publicly told everybody they did months of research and hired outside researcher to look at ccme - either staar are morons or ccme is great crooks or DTT just panicked at the end
Sector bottoming
I still think you have sector bottom this week with Russell global index capitulation of throwing off 80 small cap Chinese companies this week because of their market decline -
1, we need more deals , and more to close like cfsg , hrbn , cisg- this is about 2billion off the market
2, seeing a ton of real insider buying across the board on the sector
3, seeing companies buying shares and reducing supply - cast and chop bought 1 million shares each already
4, saw a huge increase on index shorts
5, fuqi news was grt today - need the fallen angels to come -
It all started with ccme in my view and it's been headline for awhile - so if cheng thought he could hide he is still getting beaten up weekly in the press . Ccme front and center so I still think it's very important for the sector to recover - At the end everybody Capitulates - mostly index funds blowing up . However , in a recovery you have crowded short and the market underweight the group badly so if companies perform index funds will need to buy as market cap increases , shorts will recover and longs will think they are missing it .
Greenberg Staar did months of due diligence on ccme and hired a third party private investigators to research CCME- everything came back clean. Now- the only thing they have is DTT statement.
crazy-
Fuqi- grt news-slow come back
Fuqi hired a new ceo-president-the ceo moved to the chairman role.
Fuqi former ceo-who owns 40%- moved 80million to his friends Bank to give them collateral as a favor. The money has been moved back wioth restrictions. People have said fuqi is a scam ect but its a legit business in China. I think its grt news for the dark side of the Chinese market as these companies start coming back. I think when Fuqi reports it will have 5-6$ in net cash. It will take awhile- also the new ceo didnt take the job because they werent going to report.
HRBN news when it closes will be grt- We need more deals in this space to continue to reduce supply.
From a Street.com article about HRBN this afternoon quoting Peter Siris, who invests in RTOs via the Guerilla Fund:
According to Siris in his letter, the China Development Bank will make good on its financing -- for a specific reason. As a "policy bank," used by the Chinese government "for the purposes of making economic policy," Siris wrote, China Development has reasons good reason to lend money for a Harbin buyout beyond making a profit on the specific deal. That's because the bank "has a unique problem. It is awash in dollars. It has gotten these dollars through buying U.S. T-bills and other assets." Now, the bank wants to dump those greenbacks before China's currency, the renmimbi, rises any more against the dollar, as many market pundits expect.
"If the U.S. pays it 2% on T-bills and if the RMB appreciates 5% a year against the dollar," China Development loses money, Siris wrote. "As a result, it is willing to make deals that help it to get rid of dollars at much lower interest rates and on much better terms than other institutions."
DTT was never going to sign off on the audit no matter what : way to much risk and liability for what 400k fee
DTT told them they wanted a forensic audit because of the allegations - Ccme disagreed
Does DTT work for ccme or the shorts?
In 2009 they worked for ccme and gave them the green light.
In 2010 they caved on the pressure as Nussbaum said in his article . I'm sure DTT got word from the home office ANY hint of something just resign because it's not worth the risk .
Im sure their problems with ccme but to this day in the filing I've seen nothing of a smoking gun . The auditor wasn't staying around no matter what was my point at all cost because of the headline risk .
I'm just saying my view as stated on staar case that DTT wasn't signing off unless they had a forensic audit because of the headline risk -
This is why piper started that smart division because this trend will probably continue and these company's have no clue on the capital markets. Obvious I agree with cheng being an idiot but DTT screwed investors dramatically more . If they did their f---ing job in 2009 that investors claim to trust we wouldn't be at this point .
Sino forest can't buyback shares until investigation is complete
Their directors which are world class investors stated they wanted go buy large amount of shares in the open market but their council said they could not until the investigation is complete . I'm not saying if sino is real or not mainly these world class directors would never make that statement about insider buying , buyback unless it was true and it's public record .
My point is ccme can't do one thing until the investigation is complete .
Historically , as I've said it always takes longer than you think .
The auditors failed everyone more than ccme :
These guys are basicly clowns and DTT in china should be bankrupt .
The simple fact they audited previous results then panicked over pressure from basicly the shorts .
The shorts basicly harassed and threatened DTT to a point that they caved in . If there were no blogs DTT would have signed off on 2010 numbers .
In the staar lawsuit ccme states DTT wanted them to do a forensic audit because of the shorts and the media around ccme . Wctbills stated the new information DTT was now asking was completely over the top .
Staar lawsuit was more based on what the shorts said not anything factual .
If ccme agreed with DTT that they needed to do forensic audit the stock because of the uncertainty would be 4-6$ until it was complete . If it's your Company and your previous audit ask for say 1,000 paper trails then a year they come back and ask for 9,000 because of rumors is not fair . Ccme stated that they wanted to get the information but didn't have enough time . Listen cheng is idiot and he made bad decisions based on this outcome .
However , if you read between the lines at any cost was DTT going to sign off on their numbers without a forensic audit because of mostly pressure from the shorts - anyway you look at it the stock would have got killed because they were not signing off on it . Piper started that division because frankly every Chinese Company might need investigation from somebody piper to verify the business and be proactive in suing bloggers . If DTT had guts they would have sued MW based on 2009 audit but they completely caved in .
CCME just needs updates
If you talk to Cheng- investors would like a press release when the Investigation could be over? roughly- a statement of the cash balance would help too but i doubt it. CCME has not had a press release in months.