China Growth Stocks

[CSykes]

GHII/SIAF

They did everything right, but the Auditor is throwing up barriers at the last minute due to some land-rights evaluation issue (Earlier this year, they took some land-rights for some A/R value as a trade).

Holy crap haha.. their auditor isn't Madsen and Associates is it? lol..

Same thing happened to SIAF and why they missed the opportunity to file the Form 10 in 2009. They completed the required two year back audit to file http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=22945

Then at the last minute the auditor threw up "barriers" like you just said about the land-rights evaluation. They made SIAF write off $19.6M in 2006 and $6.7M in 2007 of goodwill based on the land-rights acquisitions. The CEO was pissed and fought it, ended up loosing the fight and it ended up delaying the filing a whole year. Now he has to audit 2008-2009 lol before he can file.

Fwiw, had the auditor not made SIAF write off the $6.7M in 2007, their audited balance sheet and EPS would have been much much higher.