"Still, I'm skeptical because so many of them come in loaded with cash on their books. Very few explain where that came from. And, even fewer can be verified."
An excellent point we should all be looking at closer. The cash is mostly coming through the distribution abuse. Likely real money and all tucked away into chinese banks. CXTI ran off with $20M cash on it's books.
While reviewing those SUWN 10-K's, I came across this boilerplate one will find in most ALL these china stock filings. Or is it just boilerplate? Might just jump up one day and bite a few on the ass?
"IT MAY BE DIFFICULT FOR STOCKHOLDERS TO ENFORCE ANY JUDGMENT OBTAINED IN THE UNITED STATES AGAINST US, WHICH MAY LIMIT THE REMEDIES OTHERWISE AVAILABLE TO OUR STOCKHOLDERS.
Substantially all of our assets are located outside the United States and substantially all of our current operations are conducted in China. Moreover, all of our directors and officers are nationals or residents of China. All or a substantial portion of the assets of these persons are located outside the United States. As a result, it may be difficult for our stockholders to effect service of process within the United States upon these persons. In addition, there is uncertainty as to whether the courts of China would recognize or enforce judgments of U.S. courts obtained against us or such officers and/or directors predicated upon the civil liability provisions of the securities law of the United States or any state thereof, or be competent to hear original actions brought in China against us or such persons predicated upon the securities laws of the United States or any state thereof."
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