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Right Bogey! This will set a liquidity record in the pinks for the first few days...
If we go to pinks, MM's will be jumping over each other to make a market.
That's what I thought. Thanks Traderfan!
I own CCME long in an e-trade account. I never had a stock go "pink" on me either. So I would like an idea of the sequence too. But I'm quite sure allocation of pink shares takes place for all stockholders before trading ever begins.
anyone own ccme long on an e-trade account
never having had a stock go "pink" on me I called etrade and asked if it goes pink next tues. when can i sell my shares, I was told I could start trading my shares when they recieve instruction/shares from the company and that can take possibly up to several days.
can some explain to me how this normally works because the rep at etrade corp action trade team made it as clear as mud.
thanks
Same here Andrew. It was DTT and Ping that gave me enough confidence to overweight CCME.
Today's China fatalities (We're not alone...)
CGS
CFMI China Pharmaceuticals $2.55 -49.91% 10-K delayed
CKGT China Kangtai Cactus $0.60 -20.00% GeoInvesting note
XNYH Xinyinhai Technology $0.06 -19.88% 10-K delayed
DGW Duoyuan Global Water $4.42 -19.49% Muddy Waters report
DYNP Duoyuan Printing $0.93 -19.14% Delisting today, DGW association
JGBO Jiangbo Pharmaceuticals $3.60 -18.74% dismissed Frazer Frost a little too late
AJGH American Jianye Greentech $0.65 -17.10% 10-K delayed
CHME China Medicine $0.74 -16.86% 10-K delayed, restatements looming
CSOL China Solar & Clean Energy $0.21 -16.00% 10-K delayed, CFO resigned
CMDI China New Media $0.45 -11.77%
CECX China Executive Education $4.00 -11.12% 10-K delayed
CGPI China Redstone Group $1.60 -11.12% (old) fraud allegations
TPI Tianyin Pharmaceutical $1.98 -10.82%
CVVT China Valves Technology $4.04 -10.43% (old) fraud allegations
SPU SkyPeople Fruit Juice $3.45 -10.39% Roth downgrade?
SBAY Subaye $2.10 -10.21% fraud allegations
LTUS Lotus Pharmaceuticals $0.95 -9.53% (old) fraud allegations
SRRY Sancon Resources Recovery $0.21 -8.70%
CNBI China BCT Pharmacy $2.10 -8.70%
SGTI Shengtai Pharmaceutical $2.10 -8.70%
CCCL China Ceramics $5.54 -8.28%
SCEI Sino Clean Energy $4.52 -7.95% down since earnings
CLTT China Lithium Technologies $10.10 -7.77% still trading 10x higher than it should
AMCF Andatee China Marine Fuel $3.60 -7.69% down since earnings
PFGY Perfectenergy International $0.05 -7.55%
YHGG Yasheng Group $1.80 -7.22% positive news release today
CSWG Sen Yu International $2.70 -6.26%
KNDI Kandi Technologies $2.82 -5.69%
NEWN New Energy Systems $4.54 -5.62%
EMDY Emerald Dairy $0.85 -5.56% 10-K delayed
Thanks to Rames putting this together...
This has been a big CYA (Cover Your...) by DTT, Analysts, Starr etc. running from FUD and hit pieces. I'd be surprised if it was anything more than discrepancies in US & Chinese accounting practices.
CCME 11.88 on MSN Money - Yahoo still 0.0001
I bet if they looked under the "hood" of their darling BIDU they would find the same accounting discrepancies. I bet if MW did a hit piece on BIDU it would have to stop trading too! It's just nobody bothered to look closely enough to see the gaping chasm between PRC-GAAP (China rules) & US-GAAP (US rules) in their case.
I feel the responsibility rests with the auditors (i.e., Deloitte, etc.) to make sure the veritable chasm between PRC-GAAP (China rules) to US-GAAP (US rules) is properly dealt with in the first place. If it was wrong, why did it take two years for it to come to light?
Remoteshots take on it.
This rash of halts seem to fit in with the posts by Remoteshots and myself:
Excellent post Remoteshots. I agree, this whole process is in the netherworld between PRC-GAAP (China rules) to US-GAAP (US rules). This is a veritable chasm of grey areas that are relatively new arenas in the capital markets. Were it not for Hong Kong's long history of participating in the capital markets of the West it could be even worse how things would get "lost in translation." I think it behooves us to be patient until more facts come to light. Wouldn't we feel stupid if this was the result of a disconnect between PRC-GAAP & US-GAAP protocols?
That being said, I feel really stupid for breaking my own investment rules on weighting & risk on this one. But I don't blame the group of intelligent hardworking people that have been contributing on this board for so long.
But yet, I still keep in mind that Sino-American capital markets are a new frontier.
.1051 cents for 1,051 shares - not bad!
I too, it appears, have lost terribly through CCME - set me back years; but I try to maintain my spirit through humor. If you thought it was intended to be at your expense, I sincerely apologize.
DS, Too funny!
"regarding its 10K fling with NASDAQ."
Yeah but 10% of what he says is really good. Although, I have to admit, I prefer not to read with wading boots on.
Also, there are terms for stock transactions that are worked out in advance; by the time it is done it seems like a steep discount due to recent price action.
Marty, You Rock!
Thanks Red, that's what I think - and I'm sticking with it....
Nice post Andrew! Especially in light of all the "experts" that have miraculously appeared as of late. Keep up the good work...
That's encouraging!
I saw that FUQI.PK
Hilarious! Express Comedy with "Expressway Happy Beans" is a personal fav. I'm just not sure why it is supposed to be funny?
Expressway Happy Beans
Thanks Kelvin that's much clearer. John
I agree, smells like CYA lawyer-speak so they're not locked into one avenue of recourse given the alleged "unforseen" results of discovery that could arise. This opinion is offered "Without Prejudice."
Andrew once again you're too funny! Bwahaha! !!
That's unintelligible. Maybe someone can do a real translation.
I assume he means CCME is contracted with many bus companies.
1. China Media Express is the only company that authorized by China Government and Main business is Bus Audio media system. It has many companies in China.
Glad he confirms the gov't monopoly, but do you know what he means by CCME having many companies in China?
The difference is CCME gets their media free from two satellite TV companies. Just look at this post by Shermadog:
FMCN
We have discussed this ad nauseum (pun intended) and if our DD means anything - he's totally wrong. That's, of course, given we haven't been fed a line of BS all along by a room full of people conspiring to fool us - which isn't likely.
"It is investors mistake to believe that a companies selling simple ads on screens can earn high margins and extend into competitors territories with little effort..."
Advertising is an old whore with smeared lipstick. They will follow the warm bodies wherever they can find them.
Just think, someday I could be a Thousandaire!
Just in case we forgot, it really is a business. Sentiment almost always goes too far. Wouldn't it be something if Starr's "lawsuit" is just a big bear trap to catch Boo Boo with his hand in the cookie jar. ("I'll fix them") Snap!!! Ouch, Short Squeeze of epic proportions... But then again - maybe that is why he introduced no new evidence. Because their wasn't any... Bwahaha!!! Ah, you can dream.
P.S. Please, forgive me for my madness.
Not enough info, all we can do is speculate. Good luck!
Andrew, Don't you think Greenberg has hedged through offshore accounts and will need to cover too? Not to mention other insiders...
At this point there is no way of knowing, as we don't have anything to base it on. After the forensic audit, if that actually happens, and if "real" earnings are established, in 12 months if it maintains it's listing on the NASDAQ it should begin to trade based on valuation.
You could transfer your portfolio to another broker that trades pinks like etrade.
I have very possibly devastated my finances and what do I see? I just rolled with it... We all deal with things differently. I always try to find humor in everything; but I can understand why many wouldn't think it's funny. Because - really, at this point - it isn't...
P.S. Did you hear the one about the chicken that crossed the road? He got run over by a bus. Seems the driver was watching TV...
Yeah but SHZ was around $9.80 in Jan and now it's "up" to $4.58 from $3.39!!!
Ah yes! The Starr Lawsuit, what a joke! As I said:
Starr files their case with virtually no new info - MW, Citron, etc? I think it was done intentionally in a manner that doesn't expose them to any additional liability and distances them from the position of fiduciary responsibility of Dorothy Dong/Starr Board Member.
Like kingfrogcash said in WCTBills blog:
Starr is just creating a seat in the court room or settlement table. Rather than pick one of the law firms who want to lead a class action. Nothing new was in Starr's lawsuit. If nothing else, we learned that there is no smoking gun. However in the part of the lawsuit that indicates, in the event CCME clears it's name, Starr may be looking for compensation anyway for failure to be responsible. So it may make sense for stockholders to join a class action anyway even if CCME clears the audit.
Based on this Starr lawsuit, with no additional information, it appears that CCME will come out of this with only the minor adjustments mentioned by the CEO to the GH analyst. Like NEP, staying halted until the forensic audit is complete is good for the Longs.
Alledgedly, would Citron and Muddy Waters have been paid by check, wire transfer (or large unmarked bills in briefcases)?