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How many trading days has CCME existed as China Mediaexpress and not a SPAC and how does this affect the MAs from a T/A perspective?
Y tu, Joe? It's difficult to understand why you'd be bashing a stock that you're long.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=tm&bn=101061&tid=9877&mid=9877&tof=4&frt=2
Welcome back, Fernando. Looking forward to your trip report and hope that you're feeling better soon!
LIWA - Significantly increasing capacity ahead of their original schedule:
http://finance.yahoo.com/news/Lihua-International-Expands-prnews-1997491214.html?x=0&.v=1
This is a great idea. Please keep me in the loop
Then again ...
YTD:
Dow ~ -3.3%
CCME ~ +11.1%
There's never been a strong correlation between CCME and the general market.
CCME -- Just wanted to mention that Starr has to maintain a 3% position in the company in order to maintain its board seat.
"Pursuant to the Purchase Agreement and the Certificate of Designations, Starr will be entitled to designate one individual to the Company's board of directors. Starr will continue to be able to designate a director under the terms of the Purchase Agreement and the Certificate of Designations so long as Starr beneficially owns at least 3% of the Company's Common Stock on a fully-diluted and as converted basis."
LIWA - Global Hunter initiating coverage with $16 price target.
Pro Forma EPS estimates are:
2010: $1.21
2011: $1.99
EBITDA estimates are:
2010: $49.7MM
2011: $83.8MM
Global Hunter initiating coverage with $16 price target.
Pro Forma EPS estimates are:
2010: $1.21
2011: $1.99
EBITDA estimates are:
2010: $49.7MM
2011: $83.8MM
Thank you for posting this. It's great to have some first hand trip reports!
I'm just saying that their lawyers probably don't think it makes any sense to make public comments until the reports are out. That said, my guess is that this spikes on the day they PR the date that they will release earnings/hold a cc.
Although we can probably assume they are in a quiet period until they file the reports
And let's not forget that tomorrow is June 4th ... sentiment is always a bit more skittish around the country on that date.
Michal Pettis has a great new piece out on the behavior of the A-share markets and how they really don't necessarily signal anything:
http://mpettis.com/
Probably mostly to do with the weaker than expected China May PMI. Although with seasonal adjustments it was still in line with April's number apparently.
From Goldman:
"China’s official PMI softened to 53.9% in May from 55.7% in April.
However, since the PMI started in 2005, its May readings have consistently been lower than its April readings.
After adjusting for this seasonality, the May reading was slightly higher than its April reading. Therefore, we would
not view the softening in the headline PMI as a sign of much softer industrial growth in May."
Rodman update: doubt cast on blogger's claims:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=50644709&txt2find=liwa
"Rodman defending LIWA on accounting issues
An investor, short on LIWA, published an article on May 09, 2010 claiming that he found discrepancies between LIWA’s filings with SEC vs. their filings with SAIC (China’s State Administration of Industry and Commerce).
Following this development, LIWA’s management provided original scanned SAIC filings of its two subsidiaries, Lihua Copper and Lihua Electron, along with a reconciliation report on its website to substantiate the consistency of its financial reports. We have gone through the posted SAIC filings, which were officially filed on May 17, 2010 (after the May 09 article was published). Reviewing the posted SAIC filings we found the consolidated balance sheet and income statement numbers of the two subsidiaries (excluding internal transactions) to be in line with numbers in LIWA’s SEC 10-K filing. Investors should also note that the annual financial results filed in China on May 17, 2010 (the auditor disclaimer report was signed and issued on April 20, 2010) have been reviewed and approved for its credibility by SAIC.
US listed Chinese companies continue to trade at a significant discount relative to their peers partly due to lack of investor confidence in accounting and transparency practices. Companies that are complacent on this front will find it difficult to win investor trust and therefore lose out on being assigned an appropriate multiple. We believe LIWA’s management team recognizes the importance of improving on these fronts and is working on making appropriate changes."
Although in NEPs case, it appears as if the foreign independent board members (who are quite liable for any corporate shenanigans) are not leaving. That's a huge distinction.
NEP --
I just looked back at the old PRs showing the bios of the independent directors who seem to calling the shots here now. To be honest, if they're staying on then this seems to be a good corporate house cleaning. Obviously still need to see the financial statements, though.
http://www.sec.gov/Archives/edgar/data/787251/000121465908001235/f528808k.htm
Mr. Bruce is President of Oakmont Advisory Group, LLC, a financial management consulting firm located in Portland, Maine. Prior to founding Oakmont Advisory Group, from 1999 through 2004 he served as Chief Operating Officer, Treasurer and Director for Enterix Inc., a privately-held, venture-funded medical device and laboratory services company that was purchased by Quest Diagnostics. He also previously served as Chief Financial Officer for Advantage Business Services (1997 to 1998), a privately-held national payroll processing and tax filing business that was subsequently acquired by PayChex. Mr. Bruce is a member of the Board of Directors of Immucell Corp., a NASDAQ listed manufacturer of animal health products. Mr. Bruce received his MBA from the Yale School of Management, and a Bachelor of Arts degree in East Asian Studies from Princeton University. Mr. Bruce speaks and reads Mandarin Chinese.
Mr. Rule is Chairman of TDR Capital International Limited, a Hong Kong based financial services house. Most of his career has been spent in China, initially as a diplomat and subsequently as an investment banker with the Standard Chartered Group and private equity professional with the $800 million Asian Infrastructure Fund. He is a graduate in Chinese language of the University of Melbourne and the Australian National University. He speaks Mandarin Chinese and Cantonese. He has been director of several listed companies in Hong Kong and Australia.
Mr. Li is the Chairman and top representative of Joint Management Committee of Qian Guo County Longhai Petroleum & Natural Gas Co., Ltd. and was appointed to that position by Petro China’s Jilin branch in 2005. Mr. Li has been in the petroleum industry since 1970. In his extensive career he has served as Vice Monitor for Jiang Han Oil Field’s comprehensive logging team, Secretary of Command Department of Petroleum Hui Zhan in Jilin Province, Vice President of Jilin Oilfield Exploration and Development Research Institute. From 1995 to 2002, Mr. Li was appointed by PetroChina’s Jilin branch to serve as General Manger of management and production operation of oil exploitation of Jilin Jiyuan Petroleum & Natural Gas Development Co. Ltd. From 2002 to 2005, Mr. Li, served as Project Manager of Song Yua City Qian Yuan Oil & Gas Development Co., Ltd. also by appointment by PetroChina’s Jilin branch. Mr. Li received his bachelor’s degree from Chang Chun Geology Institute in Jilin, China.
CCLTF/CCLWF -- Q1 CC next Tuesday, June 1
http://finance.yahoo.com/news/China-Ceramics-Co-Ltd-prnews-1666888601.html?x=0&.v=98
JINJIANG, Fujian, China, May 25 /PRNewswire-Asia-FirstCall/ -- China Ceramics Co., Ltd. (OTC Bulletin Board: CCLTF, CCLWF, CCLUF) ("China Ceramics" or the "Company"), a leading manufacturer of ceramic tiles, which are used for exterior siding, interior flooring, and design in residential and commercial buildings, today announced that it will conduct a conference call at 8:00 a.m. eastern time on Tuesday, June 1, 2010 to discuss the first quarter 2010 financial results.
To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: +1 (866) 672-3985. International callers should dial +1 (706) 902-4207. When prompted by the operator, mention conference pass code 78094622.
If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Tuesday, June 1, 2010, at 10:00 a.m. eastern time. To access the replay, please dial +1 (800) 642-1687, international callers dial +1 (706) 645-9291, and enter the pass code 78094622.
About China Ceramics Co., Ltd
China Ceramics Co., Ltd., formerly China Holdings Acquisition Corp., is a leading manufacturer of ceramic tiles in China. The company's ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. China Ceramics' products, sold under the Hengda or "HD" brand, are available in over 2000 styles, colors and sizes combinations and are distributed through a network of exclusive distributors or directly to large property developers. For more information, please visit http://www.hengdatile.com .
For more information, please contact:
China Ceramics Co., Ltd.
Edmund Hen, Chief Financial Officer
Email: info@hengdatile.com
CCG Investor Relations Inc.
Mr. Ed Job, CFA - Account Manager
Phone: +1-646-213-1914
Email: ed.job@ccgir.com
Mr. Bryan Blake, Sr. MI Executive
Phone: +1-646-833-3416
Email: bryan.blake@ccgir.com
Web: http://www.ccgirasia.com
This company guided for $0.9 eps for the year ended in March 2010 and $1.2 for the following year ... seems like it's gotten silly cheap below $4. 10K should be coming out in the near future, as well.
I appreciate the work you've apparently done on SIAF, but in reality, how would it be possible for the company to make restitution to only one shareholder and not to all? Would you have to sign a gag order? Would that then make the payment 'hush money'?
Given your findings, it seems like the most noble course would be to just push the litigation publicly.
WSJ article -- FXI trading at high premium to underlying
China Looks Good From Afar
By ALEX FRANGOS
There is something to be said for local knowledge. But what if the locals have it wrong?
That's a bet some foreign investors are making on China. With locals fleeing Shanghai stocks—the Shanghai composite is down 20% this year—foreign funds are clamoring to get their hands on highly restricted mainland shares, and paying a premium to do it.
Demand is evident in the price of exchange-traded funds that are listed outside the mainland but mirror the Shanghai market. On Monday, the iShares FTSE/Xinhua A50 China Index ETF was trading at 7.5% above the value of its underlying shares. The fund's average premium since the start of 2009 is 1%.
The premium is a byproduct of Beijing's restrictions on foreign investment. Regulators dole out investment quotas which are managed by investment banks. When demand for the ETFs is higher than the quota available, investors have to pay up. Last week investors poured $288 million into these funds, a Citi analysis of data from fund tracker EPFR shows. That's the most since December 2009.
So what do foreigners know that the locals don't? Outsiders tend to take a longer-term approach to China. Mainland investors are momentum players, holding stocks for two months on average, compared to six months in Hong Kong and a year in the U.S., says Morgan Stanley's Jerry Lou. The domestic crowd has recently been worried that government attempts to temper growth will overshoot the mark.
It's a common concern among investors at this stage of an economic recovery, and a correction is certainly warranted as investors wait to see the impact of tighter monetary policy. But foreigners see a market that's been sulking too long. Chinese stocks began their retreat last August, long before the global market rally came to an end. Outsiders are looking past the horizon of China's tightening program, betting that the economy will grow at a healthy clip even once monetary policy has returned to normal. Plus, valuations are compelling with Shanghai's shares trading at 14.6 times expected earnings, 17% below their eight-year average, according to Macquarie Research.
Certainly, the outsiders might be overlooking real risks. A slowing of the lending spree credited for China's recovery and massive fundraising plans by banks looking to shore up balance sheets could hang over stocks for some time.
But that's not stopping some fund managers from betting that when things turn around, the extra 7.5% they're paying for exposure to China will be small beans.
http://online.wsj.com/article/SB10001424052748704026204575265723761864184.html?mod=WSJASIA_hps_LEFTTopWhatNews
LIWA business update --
DANYANG, China, May 24 /PRNewswire-Asia/ -- Lihua International, Inc. (Nasdaq:LIWA - News) ("Lihua" or the "Company"), a leading Chinese developer, designer, manufacturer, marketer and distributor of low cost, high quality alternatives to pure copper products, such as refined copper products and superfine and magnet wire, including copper clad aluminum ("CCA") wire, today provided an update on several key business initiatives including customer growth and production capacity expansion.
Growth in Customer Base:
Since the beginning of 2010, the Company has added 30 new customers, bringing its total customer count to approximately 330. This represents a 10% increase in Lihua's customer base compared with 300 customers on December 31, 2009.
"The momentum from our strong first quarter performance has continued into the first half of our second quarter, as we have added 30 new customers since the beginning of the year and continue to expand agreements with our existing customers," said Jianhua Zhu, Chairman and CEO of Lihua. "Volume demand continues to exceed manufacturing capacity, and we are working diligently to expand capacity in an effort to better address this significant opportunity."
Mr. Zhu added, "Lihua is uniquely positioned as a provider of low-cost alternatives to pure copper, with a business model that allows us to pass raw material exposure to our end customers. As such, our business is relatively unaffected by changes in commodity pricing. Based on our proprietary refinery technology, which qualifies our refined, recycled, high-purity material as pure copper, we are able to maintain a material cost advantage over other suppliers of pure copper products who require newly-mined or imported copper."
Production Capacity Expansion:
In order to meet increasing market demand, Lihua has been aggressively expanding both its scrap copper refinery and wire production capacity. Additionally, Lihua is considering an expansion of its portfolio of refined copper products to address a broader range of customer requests. During the first quarter of 2010, Lihua added two new proprietary high-speed production lines, increasing annual capacity to 20,000 tons. The Company plans to further increase both its copper wire and CCA wire production capacity during the remainder of the year. With the net proceeds of $32.5 million from its April 2010 public offering, Lihua is planning to complete a land purchase for the construction of a new smelting facility in the fourth quarter of 2010, and expects this new facility to come on line during the fourth quarter of 2011. Lihua expects to add 75,000 tons of annual smelting capacity upon completion of the new facility.
"We are working hard to expand our scrap copper refinery capacity, while continuing the previously announced expansion of our copper wire and CCA wire drawing capacity. With clear market advantages and a compelling demand environment, we expect to achieve growth consistent with our guidance throughout the remainder of the year," Mr. Zhu concluded.
2009 SAIC Annual Report Filing:
On May 14, 2010, the Company filed the 2009 annual reports of its two Chinese operating subsidiaries (Lihua Electron and Lihua Copper) with the State Administration for Industry & Commerce (SAIC) in the People's Republic of China. The SAIC is the Chinese government agency responsible for issuing and renewing companies' business licenses. The SAIC reports were prepared in accordance with Chinese accounting rules and policies, and reflect financial information relating to Lihua Electron and Lihua Copper on an unconsolidated basis. By giving effect to reconciliation adjustments, the results contained in these reports are consistent with results reported in the Company's audited financial statements as filed with the U.S. Securities and Exchange Commission. The original filing documents are available on Company's website: at www.lihuaintl.com .
2010 First Quarter Results:
On May 5, 2010, Lihua reported sales of $63.2 million for its first quarter ended March 31, 2010, an increase of 208% over the first quarter of 2009. Gross profit increased 107% year-over-year to $11.8 million. Net income for the quarter was $7.4 million, or $0.28 per share, an 85% increase over $4.0 million or $0.18 per share for the year-ago period.
Additionally, in conjunction with the release of its first quarter 2010 results, the Company raised its full-year 2010 gross profit and net income guidance. Lihua now expects its 2010 gross profit to be between $48.9 million and $50.7 million, and non-GAAP net income to be between $35.1 million and $36.3 million. This compares with previous guidance of $47.1 million to $48.9 million in gross profit and $34.6 million to $35.8 million in net income.
About Lihua International, Inc.
Lihua International, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China's rapidly growing copper wire and copper replacement product market. Lihua is one of the first vertically integrated companies in China to develop, design, manufacture, market and distribute lower cost, high quality alternatives to pure copper magnet wire and pure copper alternative products. Lihua's products include copper-clad aluminum wire ("CCA") and pure copper products including copper wire and copper rod, which are produced from recycled scrap copper. Lihua's products are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua's corporate and manufacturing headquarters are located in the heart of China's copper industry in Danyang, Jiangsu Province. For more information, visit: http://www.lihuaintl.com .
LIWA business update --
DANYANG, China, May 24 /PRNewswire-Asia/ -- Lihua International, Inc. (Nasdaq:LIWA - News) ("Lihua" or the "Company"), a leading Chinese developer, designer, manufacturer, marketer and distributor of low cost, high quality alternatives to pure copper products, such as refined copper products and superfine and magnet wire, including copper clad aluminum ("CCA") wire, today provided an update on several key business initiatives including customer growth and production capacity expansion.
Growth in Customer Base:
Since the beginning of 2010, the Company has added 30 new customers, bringing its total customer count to approximately 330. This represents a 10% increase in Lihua's customer base compared with 300 customers on December 31, 2009.
"The momentum from our strong first quarter performance has continued into the first half of our second quarter, as we have added 30 new customers since the beginning of the year and continue to expand agreements with our existing customers," said Jianhua Zhu, Chairman and CEO of Lihua. "Volume demand continues to exceed manufacturing capacity, and we are working diligently to expand capacity in an effort to better address this significant opportunity."
Mr. Zhu added, "Lihua is uniquely positioned as a provider of low-cost alternatives to pure copper, with a business model that allows us to pass raw material exposure to our end customers. As such, our business is relatively unaffected by changes in commodity pricing. Based on our proprietary refinery technology, which qualifies our refined, recycled, high-purity material as pure copper, we are able to maintain a material cost advantage over other suppliers of pure copper products who require newly-mined or imported copper."
Production Capacity Expansion:
In order to meet increasing market demand, Lihua has been aggressively expanding both its scrap copper refinery and wire production capacity. Additionally, Lihua is considering an expansion of its portfolio of refined copper products to address a broader range of customer requests. During the first quarter of 2010, Lihua added two new proprietary high-speed production lines, increasing annual capacity to 20,000 tons. The Company plans to further increase both its copper wire and CCA wire production capacity during the remainder of the year. With the net proceeds of $32.5 million from its April 2010 public offering, Lihua is planning to complete a land purchase for the construction of a new smelting facility in the fourth quarter of 2010, and expects this new facility to come on line during the fourth quarter of 2011. Lihua expects to add 75,000 tons of annual smelting capacity upon completion of the new facility.
"We are working hard to expand our scrap copper refinery capacity, while continuing the previously announced expansion of our copper wire and CCA wire drawing capacity. With clear market advantages and a compelling demand environment, we expect to achieve growth consistent with our guidance throughout the remainder of the year," Mr. Zhu concluded.
2009 SAIC Annual Report Filing:
On May 14, 2010, the Company filed the 2009 annual reports of its two Chinese operating subsidiaries (Lihua Electron and Lihua Copper) with the State Administration for Industry & Commerce (SAIC) in the People's Republic of China. The SAIC is the Chinese government agency responsible for issuing and renewing companies' business licenses. The SAIC reports were prepared in accordance with Chinese accounting rules and policies, and reflect financial information relating to Lihua Electron and Lihua Copper on an unconsolidated basis. By giving effect to reconciliation adjustments, the results contained in these reports are consistent with results reported in the Company's audited financial statements as filed with the U.S. Securities and Exchange Commission. The original filing documents are available on Company's website: at www.lihuaintl.com .
2010 First Quarter Results:
On May 5, 2010, Lihua reported sales of $63.2 million for its first quarter ended March 31, 2010, an increase of 208% over the first quarter of 2009. Gross profit increased 107% year-over-year to $11.8 million. Net income for the quarter was $7.4 million, or $0.28 per share, an 85% increase over $4.0 million or $0.18 per share for the year-ago period.
Additionally, in conjunction with the release of its first quarter 2010 results, the Company raised its full-year 2010 gross profit and net income guidance. Lihua now expects its 2010 gross profit to be between $48.9 million and $50.7 million, and non-GAAP net income to be between $35.1 million and $36.3 million. This compares with previous guidance of $47.1 million to $48.9 million in gross profit and $34.6 million to $35.8 million in net income.
About Lihua International, Inc.
Lihua International, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China's rapidly growing copper wire and copper replacement product market. Lihua is one of the first vertically integrated companies in China to develop, design, manufacture, market and distribute lower cost, high quality alternatives to pure copper magnet wire and pure copper alternative products. Lihua's products include copper-clad aluminum wire ("CCA") and pure copper products including copper wire and copper rod, which are produced from recycled scrap copper. Lihua's products are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua's corporate and manufacturing headquarters are located in the heart of China's copper industry in Danyang, Jiangsu Province. For more information, visit: http://www.lihuaintl.com .
Also looking at good spots to write covered calls ... I just think now is a great time to be selling vol.
... now watch the VIX spike to 80 =P
Naked at the moment, but might throw some put spreads on as well just in case.
I really don't think these levels of volatility are sustainable unless we go back to a Fall 2008 scenario, which I personally think is out of the question.
No doubt, the negative gamma can hurt, but I don't do it for extremely large amounts.
I only do it if I'd definitely buy the common at the strike price anyway and only on companies I'm very comfortable with if I do get assigned.
Options strategy --
I'm trying to sell put options in this relatively high implied vol environment. The premiums are soo juicy. Going for both in-the-money and near-the-money
May 2010 Rodman & Renshaw London conference presentation
http://wsw.com/webcast/rrshq17/liwa/
LIWA -- Agreed. Over $2 net cash/share and solid eps growth going into 2011. Also now trading below the price of their recent institutional financing (which was all equity)
CKGT - I just wish the company had provided a bit more color on the $8m purchase of a livestock feed patent. It's certainly a sizable purchase for them so a little background and insight into what specific feed it is and maybe some sales/margin projections would have been nice.
NEP -- The good news is is that it's priced for a complete disaster right now. Anything short of that and it should pop once all of the issues have been aired and the numbers released.
Heck, I'll bet it even pops in a worst case scenario when the filings come out due to 'sell the rumor, buy the news' .
SKBI - I just listened to the cc replay. The expenses in question that are non tax-deductible relate to any US based expenses that the company incurs (legal, audit, banking fees, etc) ... essentially the expenses relating to running a US listed company.
Would love to see Rodman's take on the recent Q ... hoping they update their research.
CCME -- Institutional buying
More institutions have been coming on board. I sleep so well at night with this bad boy in my portfolio.
http://www.mffais.com/ccme
I hadn't noticed this before
http://www.sec.gov/Archives/edgar/data/1470683/000143935710000001/0001439357-10-000001-index.htm
I've actually met Brian Taylor before in a previous life when I did research for a hedge fund-of-funds. Pine River is a fairly large player in the equity derivatives space (CBs/warrants). They do a lot of vol arb, but also take outright positions in fundamentally undervalued securities ... I assume that's what their play is here since the warrants are
a) cheap
and b) there's zero chance of getting borrow/using the common to delta hedge given the liquidity =)
Looks like they began buying in mid March
Arg, need to stop jumping into financial statements before breakfast.
Yes, I think you're right.
Here is the verbiage from the 10K.
It looks like there is still more to book in Q1:
"On March 25, 2009, Harbin Hainan Kangda entered into an Asset Purchase Agreement (the “Agreement”) with Qitaihe Kangwei Biotechnology Co., Ltd. (“Seller”). Under the terms of the Agreement, the Company was to acquire (i) land use rights of state-owned land located in Shuguang Village of Xinxing District in Qitaihe City, covering an area of 49 thousand square meters, with a use life of 43 years, (ii) housing ownership of 5,606.20 square meters in Shuguang Village of Xinxing District in Qitaihe City, HeiLongJiang Province and (iii) fixed assets consisting of machinery, equipment and facilities (including equipment, information, file data, spare parts and office supplies) located on the acquired premises. The land use rights, housing ownership and fixed assets were collectively referred to as the “Assets”. Total purchase price under the Agreement was RMB 37,000,000 ($5,413,100).
On December 19, 2009, the Company entered into a draft agreement with the Government of Qitaihe City and agreed to give up all the rights acquired from the above purchase to the Qitaihe local government for rebuilding the city of Qitaihe. In return for forfeiting the properties purchased, the Company received a total of RMB 36,304,461 (approximately US$5.3 million) as compensation from the City of Qitaihe. The agreement of forfeiting was signed on January 27, 2010.
On December 20, 2009, the Company sold certain equipment it had previously acquired to an unrelated third party in the amount of RMB 4,313,620 (approximately $631,000).
As a result of transactions described in the preceding two paragraphs, the Company recognized a net gain of RMB 3,378,675 ($495,348) on the “Disposal of property, plant and equipment,” which is included within “Other Income (Expense) in the Statement of Operations for the year ended December 31, 2009.
The balance due from Land Center of Qitaihe and proceeds receivable from sale of equipment are included in “Other receivables” totaling 25,618,801 RMB ($3,747,926) at December 31, 2009, of which the $631,083 receivable from the sale of equipment was collected in January 2010 and $3,116,843 receivable from the sale of the Qitaihe City Assets was collected in the first quarter 2010."