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Re: TCPI
Yeah, I saw the same info at the county court site, but I didn't see a way to read the full 19 page complaint. That $25k may represent the amount of damages that the plaintiff claims to have suffered. To that would be added some punitive damage. And of course whatever fallout comes from whatever misconduct occurred.
It might be that the plaintiff's primary goal is a defensive strategy of insulating herself from blame when the company blows up. If the company blows up.
Re: TCPI
Anybody (besides the Rosen Law Firm) know how to get a copy of the complaint filed in County Court?
Weird that this company executive filed a personal lawsuit rather than reporting misconduct to the SEC and Nasdaq.
Re: CNTF
Like I said, I think Techfail's CEO just made up the number. 9 month revenues were -20%. Now he's saying full year revenues were +30%? OK...
Real estate leasing should start in late 2014 or early 2015. It may depend on receipt of some govt permit. JV partner is a local govt enterprise so there's no doubt about the receipt of any permits, just the timing.
Cash balance was definitely not a winning theme in 2014, but if it's going to draw interest in 2015 then Chiscams are a ripe hunting ground.
Re: CNTF
CEO was recently interviewed in Chinese media and said 2014 revenues were up 30% and that 2015 budget was for another 30% increase. If correct, the stock should be higher on this long awaited turnaround. OTOH, my guess is that he just made up the numbers for PR purpose.
Re: FENG
Might be worth keeping track of Xiaomi connected companies ahead of formal product launch in the US market and monster IPO. XNET is another one.
FENG: JPMorgan research comments
----------------------------------------------------------------------
Phoenix New Media Ltd (FENG US)
Extending strengths in news service to mobile
Overweight
Price: $7.35
24 Feb 2015
Price Target: $12.00
PT End Date: 31 Dec 2015
Phoenix New Media recently announced a US$57.6m strategic investment in Particle (US$30m for 21% new shares and US$27.6m for a 13.8% stake from existing shareholders). Particle operates Yidian Zixun, a personalized mobile news aggregator (similar to Flipboard) that sees fast-growing popularity among the Chinese audience. Upon the completion of the deal (expected in 2Q15), Phoenix will become the largest shareholder of Particle, with a 46.9% stake, along with Xiaomi, one of Yidian’s earliest investors.
· We view this as a long-term strategic effort to extend PNM’s leading position in news and lifestyle information from PCs to the mobile Internet space. Riding on the high-quality in-house content from PNM and the growing distribution power of Xiaomi, Yidian is likely to become a competitive player in personalized news aggregation service, in our view, in which Jin Ri Tou Tiao, or Today’s Headlines, is the current market leader, with over 10m DAU. However, we do not expect the monetization of Yidian Zixun to ramp up meaningfully in the near future and believe Yidian’s main focus will be user acquisition (Yidian had 6m DAU as of Dec-14). In the long run, we see significant monetization potential in Yidian through native ads.
· We expect synergies with PNM’s own news service, as Yidian’s and PNM’s in-house news services are complementary, in our view: (1) PNM is strong at current-affairs-related news, while Yidian covers a wider range of verticals, including fashion, health and finance; (2) the news content offered by PNM is primarily traditional editor-selected content, while Yidian offers customized content based on user behavior and preferences; and (3) we believe Yidian is an ideal platform to integrate PNM’s native marketing solution.
· Xiaomi helps on distribution. Yidian has also reached a strategic agreement with Xiaomi to pre-install the Yidian app on all Xiaomi smartphones and tablets in China. We believe the collaboration with Xiaomi will help Yidian quickly expand its user base in 2015. Our channel checks suggest that Yidian has already been built into Xiaomi 4 smartphones. Yidian is also in talks with Cheetah Mobile, one of Xiaomi’s affiliates, on distributing Yidian’s English version in overseas markets, according to Forbes China.
We are Overweight on Phoenix New Media due to our positive outlook on Yidian’s market positioning and long-term monetization capability, despite short-term financial pressure arising from investments.
Did you read the T-3?
Conversion is at the market price. If the company is in bad shape then the bondholders want their cash back and shareholders will be left with nothing. If the company is in good shape then the bondholders want the share price (and conversion price) to be as low as possible in order to seize as much equity as possible for themselves and leave as little as possible for current shareholders.
If there were no convertibility then the shares would have very attractive optionality.
Did you read the T-3?
http://www.sec.gov/Archives/edgar/data/1385424/000119312515011511/d851414dex99t3c1.htm
In particular:
in connection with the principal payment due on Initial Maturity Date, at the option of the Super Majority Holders, which may be exercised one or more times, notifying the Company, the Trustee and the Conversion Agent in writing 15 Business Days prior to the Initial Maturity Date (or any subsequent Maturity Date as extended by the Super Majority Holders as permitted herein, as the case may be), (i) the relevant Maturity Date will be extended as stated in the written notice of the Super Majority Holders and/or (ii) the Company shall make the payment of principal and interest due on the Maturity Date with ADSs at VWAP for 20-trading-day period immediately prior to (but excluding) the relevant Maturity Date, as so extended, in which case the Company shall issue to the Holder within five Business Days following the relevant Maturity Date certificates evidencing the relevant number of Ordinary Shares on the basis of the Conversion Price at the Conversion Rate or Interest Conversion Rate, as the case may be, equal to the price per Ordinary Share by referring to the VWAP of ADSs for the 20-trading-day period immediately prior to (but excluding) such Maturity Date (except for any cash payment in lieu of a fractional Ordinary Share or ADS which may be payable under SECTION 9.02(b)), with further deposit of such Ordinary Shares for the issuance of ADSs by the ADS Depositary to comply with provisions of SECTION 4.13, SECTION 9.01 and SECTION 9.02 (as applicable); provided, however, that, to the extent that any of the Ordinary Shares contemplated under this SECTION 2.13 shall constitute a Restricted Security, if issued or delivered, the Company shall issue such Ordinary Shares with the certificates to bear the Private Placement Legend until the Ordinary Share Restriction Termination Date;
Re: LDK
This is potentially interesting, but it looks to me like the existing debt is being exchanged for a small number of shares plus a new convertible bond with a strike price based on the 20day VWAP at the time of conversion. This toxic feature means the long-term dilution potential is nearly infinite. That would explain why there is so little buying interest in LDKYQ shares.
Maybe i misunderstood the terms, but that's how it looks to me.
And it was a long idea ... a "paper-energy-plantations-logistics conglomerate".
http://www.bollore.com/en-us
Remember the Focus Media scam?
Link to Muddy Waters research
Went private in 2013. Shorts were on this until the last minute claiming the deal wouldn't close. Recent research report from UBS says the company is now preparing to go public in china at 3X the privatization value:
-----------------------------------------------------------------------
Event: Focus Media plans share placement in preparation for IPO
Sina News reported today that Focus Media, a digital media group in China, is planning
a placement of 20% of existing shares to strategic investors and employees, in
preparation for an IPO in the A-share market this year. The placement-implied market
cap for Focus Media is RMB46bn, or approximately 3 times the valuation at
privatisation in May2013. The news article indicated that market cap could reach
RMB50bn at IPO. Currently, Jason Jiang is the largest shareholder of Focus Media with
a 26.7% stake, while Carlyle/ Fosun/ Citic Capital/ other investors hold 19.7%/ 17.4%/
9.9%/ 6.6% stake respectively
Hebe stopped filing and went dark
CJJD Pumps itself
Note that this is not an exclusive agreement so the actual financial benefit could be close to nothing.
http://www.streetinsider.com/Corporate+News/China+Jo-Jo+Drugstores+%28CJJD%29%2C+Alibaba+Health+Information+Technology+%28BABA%29+Enter+Agreement+for+Online+Prescription+Sales/10246715.html?si_client=intbro
China Jo-Jo Drugstores (NASDAQ: CJJD) has entered into a service agreement with Alibaba Health Information Technology Ltd.(HKSE: 0241) ("Alibaba Health") to utilize the electronic prescription platform in preparing for the upcoming authorization from the China Food and Drug Administration (CFDA) on the online sales of prescription drugs in China.
Through Alibaba Health's recently launched mobile app, Alijk, patients are able to upload and send photocopies of doctor's prescriptions to nearby pharmacies so as to check the availability of medicines, compare the prices and eventually make the payments. Those qualified pharmacies partnering with Alibaba Health, such as China Jo-Jo, can then fill the orders via in-store purchase or home delivery service. By combining Alibaba Health's online platform with the Company's offline pharmacy expertise, China Jo-Jo believes this innovative business model will greatly benefit its customers, and open up new growth opportunities.
According to industry statistics, the annual Chinese pharmaceutical sales exceeds one trillion RMB (or $160 billion USD), and 80% of that are from sales of prescription drugs. Until now, the vast majority of prescription drugs are controlled by state-owned hospitals that rely on pharmaceutical sales for profits. With little or no competition, prescription drugs sold by these hospitals are overpriced, and doctors tend to over prescribe. Chinese government, to reform its rigid health care system, is therefore adopting zero percent drug markup policy in hospitals and allowing online sales of prescription medicine. We expect that the official policies for online sales of prescription drugs will be released in 2015.
Ms. Li Qi, Secretary and Director of the Company, stated, 'We are very excited to team up with Alibaba Health to build a new future for ecommerce of pharmaceutical products. Besides assembling a dedicated team to work with Alibaba Health, we have also been actively focusing on procuring more products and building inventories, as well as recruiting qualified physicians and licensed pharmacists. As more and more sales of prescription drugs will be shifted from hospitals to both online and offline drugstores, all of these new initiatives are aim to capture new businesses.'
KBSF: 2014 SPAC deal
How could I have missed this? A new entrant in the red-hot us-listed china menswear sector!
http://en.kbsfashion.com/
XNY: Shah Capital has been buying.
Owned 1.347mm shares at 9/30
Owned 1.685mm shares at 12/31
Owned 1.837mm shares at 1/20
CXDC: Launch of 3D Printing Technology Innovation Alliance
http://scitech.people.com.cn/n/2015/0114/c1057-26379115.html
CHOP : looks like a partial loss in a court case in China. Will have to pay 36mm RMB plus costs and interest.
http://stock.jrj.com.cn/share,disc,2015-01-13,002407,0000000000000apkvq.shtml
Citron/Left in trouble with Hong Kong regulators
http://www.mmt.gov.hk/eng/rulings/Evergrande_22122014_e.pdf
"The information in the Citron Report (“Information”) was false or misleading
as to a material fact, or was false or misleading through the omission of a
material fact: the company was not insolvent and nor had it consistently
presented fraudulent information to the investing public."
Re: LIWA
"It is not expected that any funds will remain after payment of the foregoing."
Nothing for shareholders.
XNY WARNING
Reverse split ex-date is tomorrow according to Bank of New York ADR Department
http://www.adrbnymellon.com/dr_calendar_company.jsp?coid=241168
Re: XNY
The company is real but the business is doing really badly (Fall/Winter orders -48% and Spring/Summer 2015 orders -40%)
I believe the cash is real, but the CEO is willing to spend all of it to fix the business. Maybe it will work and maybe it wont.
There has been a pretty steady 50000 share bid under the market. Keeps getting filled and reloading. Somebody thinks they know what is going on.
Re: CISG
Very optimistic outlook on the cc. Said 2015 revenues should be +30%. Will also consider share buyback now that the company transformation is largely complete.
Re: CISG
Company provided new long-term guidance last month of 25% annual revenue growth to 2017 with expanding profit margins. Either it doesn't matter or nobody noticed.
Steel prices have fallen because iron and coal prices have fallen. Chinese steel-maker operating margins have expanded this year.
AMCN - strong buying pressure after weak earnings
ALN: Wang pulls out
for personal reasons ...
----------------------------------------------------------------------
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 28, 2014, American Lorain Corporation (the "Company") received the resignation of Dick Wang, Chief Financial Officer of the Company, effective immediately. Mr. Wang indicated that his resignation is for personal reason and not because of any disagreement with the Company.
On October 28, 2014, the Board of Directors approved the appointment of Xiang (Johnny) Zhou, age 39, as interim Chief Financial Officer ("CFO") of the Company, effective October 28, 2014. Since March, 2014 and presently, Mr. Zhou serves as Vice General Manager for Nuveen (Shanghai) Asset Management Ltd. From March, 2011 to February, 2014, Mr. Zhou served as Vice President of Corporate Finance for Halter Financial Group in Shanghai, China. Mr. Zhou was an Audit Manager in the International Business Department for BDO China in Shanghai from August 2002 to February 2011, during which he was assigned to work at BDO Limited, Hong Kong from March, 2008 to March 2009.
Mr. Zhou received his Bachelor of Arts degree, major in Economics, from International Business College of Shanghai University in 1998 and received his Master of Accounting degree from University of Macquarie in Australia in November 2001. Mr. Zhou is a Certified Practicing Accountant ("CPA") of CPA Australia and is a Certified Public Accountant of Hong Kong Institute of Certified Public Accountants.
In connection with his appointment as the interim Chief Financial Officer, the Company entered into an employment agreement with Mr. Zhou on October 28, 2014 (the "Agreement"). The employment agreement provides that Mr. Zhou will receive compensation in the amount of RMB 20,000 per month (approximately $3,333) and an option to purchase 57,695 shares of the Company's Common Stock, par value $0.001, at an exercise price equal to the closing price per share of the Company's Common Stock on the grant date approved by the Board of the Directors of the Company (the "Grant Date"). The option shall vest and become exercisable as follows: (a) the option shall vest and become exercisable as to 50% of the total number of shares of stock subject to the option on the six-month anniversary of the Grant Date; (b) the option shall vest and become exercisable as to remaining 50% of the total number of shares of stock subject to the option on the one-year anniversary of the Grant Date; The vested stock options shall expire on the fifth anniversary of the Grant Date. The option may only be exercised to the extent that the option has become fully vested and exercisable. The vesting schedule requires continued employment through each applicable vesting date as a condition to the vesting of the applicable installment of the option and the rights and benefits under this Agreement; provided employment for a portion of the vesting period will entitle Mr. Zhou to the vesting of shares proportionate to the period of time from the beginning of the vesting period through his termination date, subject to the termination conditions in the Agreement. The term of the employment agreement is for one year and it can be terminated at will by the parties with written notice in advance.
Mr. Zhou was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Zhou and the directors and executive officers of the Company.
Re: CHOP
Restricted cash doesn't count because it's really an advance payment against a liability. Free cash at CHOP is very tight. Good luck with it.
Re: GIGM
They are from Taiwan, not China.
GIGM is tiny compared to the major mainland Chinese gaming cos (Tencent, Perfect World etc...)
RE: GIGM
company just filed an 8-k disclosing insider buying
http://www.sec.gov/Archives/edgar/data/1105101/000119312514384525/d812678d6k.htm
----------------------------------------------------------------------
Purchase of GigaMedia shares by CEO Collin Hwang
The company has been informed by its Chief Executive Officer Collin Hwang that he purchased a total of 365,000 shares of GigaMedia stock at an average price of $0.99 on October 27, 2014. The purchases were made during an open window period and in full compliance with all company and legal guidelines. Mr. Hwang indicated his decision to purchase shares reflects his firm belief that the company’s shares are undervalued.
XIN: Xinyuan Real Estate: Williamsburg Project Site Visit
http://seekingalpha.com/article/2595555-xinyuan-real-estate-williamsburg-project-site-visit
Re: WH
It's probably a zero. No financial statements since 12/31/12. Most of the Directors resigned.
It looks to me like all of the Chinese assets are gone.
They sold the US operation in 2012 - where did the cash end up?
They have assets in Thailand, but I don't see any detailed valuation. And they have debt in Thailand too.
It might be a zero because all the money and value is gone. It might be a zero because there was money but the CEO took it. If there was value remaining then maybe some of these directors would have stayed.
For some reason they are still making occasional SEC filings so maybe it's not a zero.
Re: CCCL
It's not the only one. 21 Chinese stocks down >5% right now:
http://finviz.com/screener.ashx?v=111&f=geo_china,ta_change_d5&ft=3
SUTR down 25%. 10K is due by tomorrow (filed for extension from 9/30 deadline). Stock was bouncy at the end of last week like it was going to be fine. The collapsed today.
Re: LLEN
No cash for shareholders but $795000 for the lawyers
-----------------------------------------------------------------------
2. Terms of the Settlement
2.1 L&L shall, within thirty calendar days after entry of the Judgment, formally
express and/or implement and maintain in substance the corporate governance reforms, additions,
amendments, or formalizations identified in Exhibit A attached hereto, for a period of no less than
seven years.
2.2 Defendants have agreed to seek reimbursement from L&L's insurers for any
covered costs and expenses required by the Settlement that they incur.
2.3 Defendants acknowledge and agree that the corporate governance reforms,
additions, amendments, or formalizations identified in Exhibit A attached hereto are extensive
and confer substantial benefits upon L&L and its shareholders. Defendants also acknowledge
that the prosecution and settlement of the Actions were substantial factors in their decision to
adopt and/or implement the corporate governance reforms set forth in Exhibit A, and in the
settlement of the Washington Securities Class Action and the New York Securities Class Action.
4. Attorneys' Fees and Expenses
4.1 In recognition of the substantial benefits conferred upon L&L as a direct result of
the prosecution and Settlement of the Actions, and subject to Court approval, L&L's insurer shall
pay Plaintiffs' Counsel attorneys' fees and expenses in the agreed-to amount of $795,000 (the
"Fee and Expense Amount"). The Fee and Expense Amount was negotiated with the help of the
Mediator after the Settling Parties had substantially negotiated the material terms of the
Settlement and was the result of arm's-length negotiations between the Settling Parties.
Re: CGA - LOL
That's a pretty overwhelming report:
http://seekingalpha.com/article/2533965-china-green-agricultures-imaginary-fertilizer-production-and-vanishing-cash
Borrow rate is 88% at IB with no stock available.
CGA - Two spins in one day, Alibaba + dividend
XI'AN, China, Oct. 1, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company's Board of Directors (the "Board") has declared the Company's first cash dividend of US$0.10 per share to the Company's stockholders of common stock.
XI'AN, China, Oct.1, 2014 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "we" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today provides an update on the development of the Company's business strategies.
The agriculture industry in China is currently ongoing a revolutionary restructuring throughout the country. Such restructuring is characterized by the massive consolidation of arable farming lands along with the ongoing urbanization, the replacement of traditional distribution of agricultural material and goods by the new online, offline, online-to-offline channels, and the emerging of new large-scale farming organizations from historically smaller farmer families and farms. Recently, new competitors, including certain high profile players, such as Alibaba Group ("Alibaba"), and Evergrande Real Estate Group, had penetrated into the sales business in the agriculture industry. While untraditional, these new competitors' actions had significantly reshaped the landscape and outlook of the agriculture industry.
To accommodate the Company's growth in such restructuring environment, we are currently establishing a comprehensive business framework that consists of various online, offline, online-to-offline ("O2O") infrastructure channels to enhance the sales strategies of the Company's products. Owning such infrastructure assets is critical for us to induce offline demand, and transform such demand to online orders via offline network of retail outlets.
Our efforts for the above framework include the development of the Company's proprietary internet platform to the sale of the Company's fertilizer products at subsidiary level. The platform is currently under beta testing and expects to become live at http://www.900cga.com by the end of October 2014.
In addition to developing proprietary internet platform, we are utilizing existing internet channels from third-parties to enhance the availability of the Company's products to enlarged customer base. Specifically, for instances, we had recently signed with Alibaba and registered online stores to sell our products at both Alibaba's B2B wholesale portal and its B2C retail platforms.
What becomes especially noteworthy in our business strategies is the build of an agricultural ecosystem that breaks barrier among separate sales channels by universally integrating the sales of basic materials such as fertilizers and the sales of agriculture products together.
We build such ecosystem in two steps.
Step one is centering at the innovation in payment methods. In addition to the traditional monetary methods through which we collect payment in cash from clients, we are currently planning to accept organic grains and quality agriculture products as an alternative payment or credit from our fertilizer customers in exchange for the Company's fertilizer products. Traditional farmers are risk averse and therefore prefer the non-monetary alternative payment for fertilizers to monetary payment as they are typically cash stringent. With that, we are in a better position to exchange fertilizer for quality agriculture products that would have cost more cash for us to procure with cash otherwise. We are working with our peer partner who had already contracted hundreds of farming clients on its own large-scale bases and thus secured reliable source of quality agriculture products across the country. Such innovation in payment is based on the Company's existing offline sales network of fertilizer products nationwide.
Step two in the ecosystem consists of the successful resale of these quality agriculture products that we collect from countryside to urban residents. Although distant from countryside field, the urban residents have been familiar with ecommerce and go shopping on internet regularly.
We are planning to sell quality agriculture products and organic grain to urban residents online at http://www.900lh.com, offline, and online-to-offline by working with our peer strategic partner, Xi'an Gem Grain Co., Ltd. ("Gem Grain")
Gem Grain was founded on March 2014, and is currently a private subsidiary of of the Xi'an Techteam Investment Holding (Group) Co., Ltd,. Gem Grain focuses on producing high-end private customized organic agricultural products and fresh agricultural products sales online, offline, and online-to-offline. Techteam Investment is a holding company owned and controlled by Mr. Tao Li, Chairman and CEO of the Company. Gem Grain has established more than 200 planting and breeding bases in the world, it requires the farmers in the bases to purchase the Company's fertilizer, that will enhance our fertilizer sales.
Mr. Tao Li, chairman and CEO of the Company, said, "We had researched, explored, and tried numerous approaches to transform our business model. The outlook of our industry had changed. I am challenged to grow the company in the new landscape of competition. In the new fiscal year, I am very confident that we are much better positioned than our competitors in having achieved early steps in developing new strategies. I will lead my team, to take the leadership role of business model innovation ahead of giant companies in the agriculture industry."
Re: Me and Peter and GURE
Not me. I haven't followed the company at all, don't really know anything about it, and did not participate in the call.
Sometimes the operators don't identify the callers. Sometimes the callers are identified during the call but names are omitted from the transcript. Sometimes hostile questions don't make it into the transcript (I don't know who is responsible for that).