Mecox Lane Limited - M18.com (MCOX)

[king888]

MCOX , the new JV with Giosis costs Mecox its own domain name and another $5 million for 40% ownership. And Giosis has to pay $15 to get 60% of new JV. That means new JV is about $25 million valuation.

As of 2012-09-30
Cash & Equivalents 7.36
Short Term Investments 35.48

no LT debt.

Short-term investment is 100% structured bank deposit which is very safe.
New distribution center is valued by $40 million (construction cost).

So buying Mcox today at $33 million market cap which is less than cash value .And buyer gets free 40% stake in new startup with Giosis (49% owned by eBay) and a new distribution center that can handle 200,000 parcels per day.