Thursday, January 08, 2015 1:15:37 PM
Seemed like it was worth mentioning that the SEC only requires Chinese companies to submit annual reports to be compliant. Those who have done their DD know that BIGG replaced their CEO and CFO in 2014. Even though BIGG has an established track record of submitting 10-Q's and they submitted a NT 10-Q late notice on 11/17/14 it is entirely possible that management decided not to submit the 10-Q for Q3 and defer to the annual report. Although they would not meet the criteria for QB status on OTC they would be in compliant with SEC foreign company reporting standards.
“Any US company with registered securities is required to file quarterly and annual financial statements, among other disclosures. This is a requirement by the SEC and is stated accordingly within the both the Securities Act of 1933 and the Securities Exchange Act of 1934. Similarly, Chinese ADRs with registered securities in the US are required to file financial statements, among other disclosures. A significant factor, however, is that Chinese ADRs are only required to file annual reports and other disclosures.”
GO BIGG
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