I think the Chinese were extremely unpleased at the detiorization of their stock price in lieu of company expansion and progress. They could not identify the manipulation but tried to take steps address it.
The buyback plan and reduction of A/S and O/S was their action plan.
It wasn't working fast enough or with visable effect and then the buy out offer took them off course.
I still believe a large part of current O/S is from the Private Placement and am very interested in knowing how big the large block of shares is that could be returned to the treasury if the audit isn't completed.
After the initial buyout they started considering other options and mergers.
It is apparent that their expansion plans are dependant on finances being raised even if they in fact still have a healthy cash position.
The reason the buy out never happened is because of the change in direction they took and the lack of effect their share reduction plan was having.
Where we go from now is anyones guess.
I agree with Dark Lady. If the company wants to be successful as a Publicly Trading Company here, they not only have to treat their shareholders better, they have to act in the best interest of their shareholders as well. If they don't they will never gain more investors and current investors will take out their investmetns even at losses and never come back.
I think the best thing the company could do at this point is cancel or return the shares from the Private Placement back to the treasury and obtain Asset based funding without dilution.
That would get them back on track to share reduction and would reinstill some investor confidence which at this point is dismal.
What would even be better is if they could secure it through one of the banks in China they are currently dealing with.
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