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I loved the answer Joe. It was full disclosure and made complete sense.
I can see where he felt people (short sellers) may take any chance to use any discrepency and attack the company even though it would be a simple misunderstanding. The company than would have to defend itself yet again. Why put that out there when you really don't have to?
XIN - Fantastic conference call, maybe the best I've ever listened in on. Very impressed with what's going on here.
XIN - Wow!
Not in my wildest dreams did I imagine these kind of numbers. There is no doubt in my mind that XIN is the single best chinese stock to own right now. If you're not familiar with it, here are some things you should know.
At yesterday's closing price of $2.59, the company pays an annual dividend of 6.1%
The company has a market cap of $189 million yet has cash of $375.8 million after debt.
XIN has $635.3 million of property under development.
$20 million buyback in place.
Do your own DD. XIN is the biggest holding in my portfolio.
Agreed. Someone is buying here and they must have a good reason.
I'm going to float this theory, as wild as it may seem....
China Northeast Petroleum has had a buyback in place since June of 2011 of which they have used very little. Now that the stock price has depreciated to pennies, the company can use this buyback to purchase almost the entire float and take the company private.
It may seem far-fetched but for a company that has constantly been under fire from the SEC, is it too much to believe they'd want to get out of the US markets and possibly relist in China or Hong Kong?
LPH is likely going to trade in a $1.20 - $1.40 range until the acquisition is completed. When it's done, we'll know that we can trust management.
Has anyone received any info at all? I've sent several emails to several different people and have got no response. That includes emails to Petrochina.
That would be incredibly dissapointing. If everything was actually on the up and up, this would be a $50 stock in 2013. A buyout at $5.00 would be sad.
I think if the company is operating as normal than they will relist in Hong Kong. If they're not, well, there wouldn't be a buyout anyway......
Couldn't agree more. XIN still the best company in the china space.
CKGT - starting to move after the latest filing.
CNEP was delisted due to concerns over an old outstanding loan. It had absolutely nothing to do with the revenue or earnings of the company.
If Petrochina is CNEP's only customer, do you think they'd allow them to list publicly and use their name if what they were saying was untrue? Do you think one of the largest oil companies in the world would knowingly tarnish their reputation? I don't. And let's not forget, CNEP is not some 'fly by night' company. This is a company that at one time had a $300 million market cap.
My take on the entire process was that CNEP felt that they would never get the real value for their stock, didn't fight the delisting, and they intend to relist the stock in Hong Kong or China where the true value of the company will be realized. Longer term, I think Petrochina buys them.
As you know I've long been a fan of NEP or CNEP as we know it today. I'll agree with your point that selling exclusively to Petrochina and being a public company, they would have been exposed long ago if they were a fraud.
I want to believe I'm missing something here but it's getting very hard. Someone could make a lot of money if they just stop at their headquarters and get the real story.....
Big news! I picked up some more shares this morning...
XIN - still my favorite chinese company!
BEIJING, July 24, 2012 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd. (XIN), a residential real estate developer with a focus on high growth, strategic Tier II & III cities in China, today announced that its Board of Directors has declared its second quarterly cash dividend payment for 2012 of US$0.02 per common share, or US$0.04 per American Depositary Share (ADS), which will be payable on August 20, 2012 to shareholders of record as of August 3, 2012.
In April 2012, the Company announced the initiation of a quarterly cash dividend of US$0.02 per common share, or US$0.04 per ADS, equivalent to an annual cash dividend of US$0.08 per common share, or US$0.16 per ADS. The first quarterly dividend was payable to shareholders in May 2012.
Mr. Yong Zhang, Xinyuan's Chairman and Chief Executive Officer commented, "We are pleased to announce the second quarterly dividend payment for 2012, which further demonstrates our confidence in our business outlook in 2012 and our long term financial strength. We will continue to focus on ways to maximize shareholder value."
Well in that case Bank of America is a rip off too! It was trading at $25 and now at $8. Must be one piece of crap company?
The fact that the stock isn't performing well for you isn't a reflection on the actual company. IGC has taken massive steps to improve their balance sheet and I think we've seen the last quarter where they post a loss.
It can't break $0.30 because of traders who keep flipping it. Eventually enough shares will be locked up by long term holders that IGC will fly straight back to the $2.00 mark it was once at.
I'm in on PEOFF at $4.08.
POEFF- No brainer here. Paying a $0.75 special dividend shortly as well.
My last correspondence with him was in June....
"Thank you for your inquiry. At this time, management is assessing the latest developments related to the NYSE delisting process. It is my hope that they will address the NYSE delisting situation with investors shortly. I’ve communicated your concern to management as well. Unfortunately, I do not have any further information at this time but stay tuned for future announcements by the company"
Try Bill Zima at IR as well. William.Zima@icrinc.com
I have called previously and was referred to the voice mail of Chao Jiang on three seperate occasions by three different people. The only correspondence I've had through the company recently was with Bill Zima at IR but there was very little information he could give me.
I have never received a return call or email. You can email to Chao.Jiang@cnepetroleum.com.
I agree. If nothing else, Petrochina could step in and buy CNEP for petty cash.
It's a great morning to be a North Bay stockholder! Nothing like waking up to good news on a Monday!
CNEP - This is a huge bunch of BS. I think CNEP just told the SEC to go screw themselves in the end. There is absolutely nothing in this document that I was not aware of and the fact that they were delisted for it is crap in my opinion. The SEC should be embarassed....
A few of my favorite quotes:
“Despite certain remedial actions announced by the Company after the revelations contained in the JLA report, the Company has repeatedly failed to have adequate board and committee control.”
-like the SEC would have any clue what type of “board control” there is. Do they have a member in the boardroom I'm unaware of?
“Staff has determined that the Company is not in compliance with Sections 134 and 1101 of the Company Guide based on its failure to file its Form 10-K for the year ended December 31, 2011.”
-the company couldn’t possibly file without violating SEC law and opening themselves up to a lawsuit
“Further, the decision by the SEC to temporarily suspend trading in the Company’s securities in March 2012 casts additional doubt on whether the Company’s financial performance is accurately portrayed by its financial statements.”
-Zero proof, none, zilch, zip
“On December 5, 2011, the Exchange notified the Company that, as a result of the retirement of Mr. Edward Rule as a member of the audit committee, it was not in compliance with Section 803(B)(2)(a) in that it only had two out of the requisite three members on its audit committee.”
-The company has until the next annual meeting to come into compliance and that meeting isn’t scheduled till later this year.
“The Company did not appeal the Panel’s decision to the Committee on Securities within the requisite time period or at all and has not otherwise regained compliance with the continued listing standards.”
-They finally said “screw this, we’re outta here”
I’m buying more on Monday.
CNEP - This is a huge bunch of BS. I think CNEP just told the SEC to go screw themselves in the end. There is absolutely nothing in this document that I was not aware of and the fact that they were delisted for it is crap in my opinion. The SEC should be embarassed....
A few of my favorite quotes:
“Despite certain remedial actions announced by the Company after the revelations contained in the JLA report, the Company has repeatedly failed to have adequate board and committee control.”
-like the SEC would have any clue what type of “board control” there is. Do they have a member in the boardroom I'm unaware of?
“Staff has determined that the Company is not in compliance with Sections 134 and 1101 of the Company Guide based on its failure to file its Form 10-K for the year ended December 31, 2011.”
-the company couldn’t possibly file without violating SEC law and opening themselves up to a lawsuit
“Further, the decision by the SEC to temporarily suspend trading in the Company’s securities in March 2012 casts additional doubt on whether the Company’s financial performance is accurately portrayed by its financial statements.”
-Zero proof, none, zilch, zip
“On December 5, 2011, the Exchange notified the Company that, as a result of the retirement of Mr. Edward Rule as a member of the audit committee, it was not in compliance with Section 803(B)(2)(a) in that it only had two out of the requisite three members on its audit committee.”
-The company has until the next annual meeting to come into compliance and that meeting isn’t scheduled till later this year.
“The Company did not appeal the Panel’s decision to the Committee on Securities within the requisite time period or at all and has not otherwise regained compliance with the continued listing standards.”
-They finally said “screw this, we’re outta here”
I’m buying more on Monday.
XIN - not the best title for the article but the author does a great job making points on both sides and concluding that fraud is very unlikely at XIN.
XIN not a fraud
XIN - ready to rocket...
BEIJING—China's battered real-estate market appears to be turning around, strengthening an important pillar of growth and reducing the chances that China's slowing economy will stall in the second half of the year.
According to a survey of property developers and real-estate firms, the average price of housing in 100 major Chinese cities rose in June from May, after nine straight months of decline. The survey follows other signs that the Chinese market has bottomed out, including a pickup in real-estate investment in May and a far shallower decline in property sales during that month compared with April.
An improvement in China's property market would be important for the domestic and international economy. Real estate and property construction account for about 11% of the Chinese economy, according to GK Dragonomics, and about twice that share when accounting for other industries like appliances and furniture that are tied to real estate.
Internationally, steel, iron ore, copper and other commodities depend on the Chinese real-estate market for growth, as do construction-equipment makers in the U.S. and Europe.
"The worst-case scenarios [about Chinese growth] have been built around a collapsing property market," said Mark Williams, Asia economist for Capital Economics in London. "If the market isn't collapsing and is rebounding, the future looks a lot brighter."
The average price of housing in June rose 0.05% to 8,688 yuan ($1,368) per square meter, according to data released on Monday by China Real Estate Index System, which tracks property prices.
Although housing prices declined in 55 of the cities tracked, compared with 45 where they increased, some of the largest increases came in some of China's biggest cities. In Beijing, prices rose 2.29% in June from a month ago, while in Shanghai the increase was 0.65%; in Shenzhen, prices rose 0.8% from a month earlier. The largest monthly decline tracked, 3.87%, was in Zhangjiagang, a city of 1.3 million in eastern China.
In Beijing, housing sales also rose 10.5% in June, to 25,602 units, Xinhua news agency reported on Monday. That is a 50.6% increase from a year earlier.
Separately, Standard Chartered recently reported that the slide in real-estate sales moderated in the second quarter of 2012, while sales of apartments in China's largest cities have started to increase.
Two years of declining prices have made apartments more affordable to ordinary Chinese, while an interest-rate cut in June has reduced mortgage costs. China's highly publicized effort to boost growth also may have encouraged buyers to believe that prices may be headed up.
Florrie Tang, who bought an apartment in a Shanghai suburb in June, said she had been searching for a place since March and felt that prices had fallen close to the bottom of the market. She said she figures the apartment is a good hedge against inflation, though the 27-year-old design-company manager said she didn't believe property prices would increase at the pace they once did. In major cities, prices nearly doubled from 2006 to 2010.
Cher Cai, assistant president at Shimao Property Holdings, a property developer in Shanghai, said that "as the property market warms up, we will definitely be more aggressive in launching projects and speeding up construction."
Since 2010, the Chinese government has tried to deflate what had become a housing bubble without battering the Chinese economy. The campaign was aimed primarily at the high end of the real-estate market by making it much more difficult to speculate in real estate by buying multiple apartments. The government raised down payments for second homes to 60%—twice as high as for first homes—among other measures.
To prevent the real-estate market from crashing, China also started a massive public-housing program aimed at lower-income workers. While that program is riddled with problems, ranging from phony reporting to substandard construction, it appears to have put a floor under the real-estate market, analysts say.
Even so, the drooping real-estate market, combined with declining demand for Chinese exports in Europe and elsewhere, pulled back China's economy to an 8.1% pace in the first quarter of 2012, the slowest growth since the spring of 2009.
SOHU - under the radar announcement. I didn't see a press release but I did catch this filing this morning.
On June 27, 2012, the registrant, through its wholly-owned subsidiary Sohu.com (Search) Limited, entered into a Series A Preferred Share Purchase Agreement
(the "Share Purchase Agreement") with Alibaba Investment Limited ("Alibaba")
pursuant to which the registrant agreed to purchase from Alibaba, and Alibaba agreed to sell to the registrant, 24,000,000 Series A Preferred Shares of the registrant's majority-owned online search and browser subsidiary Sogou Inc., which shares represent approximately 10.88% of the outstanding share capital of Sogou Inc., for a purchase price of $25,800,000. The transaction contemplated by the Share Purchase Agreement closed on June 29, 2012.
The XIN $20 million buyback should kick in any day. I think XIN is going to fly north of $4.00 when it does.
I also think we're going to see more from CNEP. This is a very promising company that got the short end of the SEC stick in my opinion.
XIN - about to take off with the new buyback....my target is $4.10, 41% from here...
I believe in CNEP and continue to hold all of my shares. They were one of the first chinese companies to list on an American exchange and I think they'll now relist to a chinese or Hong Kong exchange.
That is my opinion, yes.
Some companies choose to "dual list" on an American and a foreign exchange. In this case, you would have dilution but the proceeds from the IPO would go to cash. What makes this different is that NEP is no longer listed on an "american" exchange so they would simply "uplist" to China or Hong Kong. There wouldn't be any dilution in this case.
Important Note on China Stocks:
I've spoken via email with Chief Councel at the NYSE Regulation board and have made some deductive reasoning.
It should be noted that if the SEC suspends the trading of a stock for any reason, the company is basically forced to hold off on giving any information (earnings, quarterly reports, etc.) Because the SEC and the NYSE are two seperate entities, not completing these reports puts the company in violation of NYSE listing procedures.
Using NEP (CNEP) as an example, they were not in compliance of NYSE reporting (they couldn't be for legal reasons with the SEC) and therefore had to be delisted. However, they could not possibly comply due to the SEC investigation which, as to my knowledge, has still yet to be completed.
Long story short, the SEC is basically responsible for the stock being delisted because of the period of time their investigation is taking. Whether or not they find anything inaccurate at the company at this point is completely irrelevant. The damage is done.
Let this be a lesson to all of us on why some chinese companies have either been delisted or have chosen to delist.
In my opinion they would most likely "upgrade" exchanges from the pinks to one of the china exchanges. Let us not forget that "NEP" was one of the first chinese companies to list in the US and I believe they'll be one of the first to bring their listing back home to China.
After calling the offices on Friday and receiving an email response from IR this morning all I can say is that i will not be dumping my shares. In fact, I'll likely be picking up more shares in the near future.
It may take a little while before the true value of the company is realized again but I'll wait it out. Don't be surprised to see them relist in China or Hong Kong.
XIN - huge $20 million buyback announced this morning along with news that the previous $10 million buyback as been completed. $20 million is equal to 10% of the market cap of the company and almost half of the float!!!
XIN at today's levels also pays a hefty 6% dividend!
In my opinion, XIN is the single best stock out there and should be added to any chinese portfolio.
CBP - Earnings look solid. 6 month EPS of $0.54. Stock trading at $0.69.
Anyone seen anything on NEP in the last day or so?
Did I miss something? NEP is in my brokerage account at $0.40 a share?
Did I miss something? NEP is in my brokerage account at $0.40 a share?
Plenty of news today. It'll be interesting to see if the stock reacts to the fact that the quarter will not be profitable or to the forward looking news that the company "remains confident" they will post a profitable 2013.
Even more interesting is that the MOU for the new mine gives the company the option of paying in stock valued at $1.00 per share.
I expect the stock to react positively and I think I'm a buyer here on any dip.