Advanced Battery Technologies Inc. (fka ABAT)

[exlud]

You'd think this would be positive news for this company, yet they dip even further. I wonder if this paragraph in the PR has something to do with it:

On January 5, 2011 Cashtech Investment Limited, a wholly-owned subsidiary of the Company, purchased the land and buildings at 3 Middle, Qingxi Town, Dongguan City, Guangdong Province, China. The buildings consist of four industrial facilities with a total of 36,468 square meters of floor space, an office building with 5246 square meters, three dormitories with a total of 14,710 square meters, and a power supply facility, and the associated land use right. The purchase price was 176 million RMB (approximately $26 million). Those assets have been transferred to a wholly-owned subsidiary of the company named "Dongguan QiangQiang New Energy Technology Co., Ltd." For the past several months, with the approval of the Dongguan government, the Company has been outfitting the premises to serve as a battery manufacturing facility.

The reason one "wholly-owned subsidiary" purchased the property and then transferred it to yet another "wholly-owned subsidiary" may be completely legitimate. The problem is that anyone who has been around the pinkies at all has seen this type of language from less-than-reputable outfits. I realize this is a NASDAQ listed stock and I'm not putting ABAT in the same category as a pinkie scam, but given the beating they've taken and the general bad reputation that Chinese stocks have lately, ABAT should be a bit more careful in how they word things.