AFBR I have been reviewing the filings and there are numerous errors.
1, All figures are stated in RMB which RMB is not freely convertible into foreign currencies & you have to divide by 8.3 so the RMB83M is actually 10M US dollars and thus RMB6M is only 722K us dollars and thus the net profit is .0238 per share not .24 as stated in the filings. the net should be stated RMB.24 EPS, which would have to be divided by 8.3 variable to convert to US dollars. This is stated in the filings:
Translation of amounts from RMB into US$ for the convenience of the reader has been made at the Exchange Rate on December 31, 2000 of US$1.00 = RMB8.27 and, accordingly, differs from the underlying foreign currency amounts. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2000 or at any other date.
The market risks associated with changes in exchange rates and the restriction over the convertibility of RMB into foreign currencies are discussed in note 17 to the financial statements.
Rule of thumb is to move the decmal one position in order to get a rough conversion so 88M (RMB) is 8.8M (US)
2. From the filings. On March 14, 2001, the authorized capital stock of the Company was decreased from 2,760,000,000 shares (consisting of 2,750,000,000 shares of Common Stock and 10,000,000 shares of Preferred Stock) to 85,000,000 shares (consisting of 75,000,000 shares of Common Stock and 10,000,000 shares of Preferred Stock).
3. 20.5M are held by the partners as follows:
Hearty Holdings Limited 6,069,261 = 40.66%
Rm. 2005 Universal Trade Centre
3-5A Arbuthnot Road
Central, Hong Kong
Megastone Development Limited 2,601,111 = 17.42%
20/F Asia Pacific Finance Tower
Citibank Plaza, 3 Garden Road
Central, Hong Kong
Liu Ming Xue (1) 3,034,631 = 20.33%
Rm. 2005 Universal Trade Centre
3-5A Arbuthnot Road
Central, Hong Kong
Cao Yu Shan (1) 3,034,631 = 20.33%
Rm. 2005 Universal Trade Centre
3-5A Arbuthnot Road
Central, Hong Kong
Well Gain Investments Limited 1,050,954 = 7.0%
Room 2103-2104
21/F Treasure Centre
42 Hung To Road
Kwun Tong, Hong Kong
Zhu Yi Xin (2) 1,050,954 = 7.0%
Rm. 2005 Universal Trade Centre
3-5A Arbuthnot Road
Central, Hong Kong
NJI No. 2 Investment Fund 2,988,651 = 20.0%
6 Battery Road, No. 42-01
Singapore 049909
Total 19,830,193 and non 144 stock of Registrant had 24,881,319 shares of common stock, $0.01 par value per share
outstanding as of March 30, 2001.
Now the 10Q it states he number of shares of Common Stock, par value $ .01 per share, outstanding as of March 31, 2001 is 30,244,284, which is an increase of 5,363091 in one day.
Apparently was accounted for in the form 4s of 2,642,629 @$0.33 on 6/12/01 and another on 6/11/01 3,775,185 @ $0.237 so there is why the drop by the market.
IMO the filings are quoted in RMB and all figures have to be divided by 8.27 so the number can reflex US $. PLus the 6.417M at an average cost of .27 they still have a double out. Also since I do not see any mention of restrictions all stock is free trading.
At least now I know what the market sees.
But there is no on going concern by the account and it is profitable by when dealing with conversions always make sure you use the coversion variable and with this company it is 8.27 presently.
:=) Gary Swancey
