It appears we have a buyer at this point for FCPG stocks.
It is February and Marcum was asked by the board of First China Pharmaceutical Group, Inc. to be the new accountant on October 4, 2013. According to the 8k dated October 4, 2013 Marcum was supposed to complete their due diligence by October 31, 2013. It is hard to say when the due diligence was completed because Marcum was not officially brought on board until this year.
Maybe we are coming to the end and we might start to see financials soon.
I realize I have said this before. Marcum seems to be more entrenched in the Chinese business seen that the previous account was. Marcum has auditors living and breathing Chinese in China. So understanding the differences between the Government, the Chinese business cultural and the international reporting requirements will bode well for First China.
This might be the reason for the run up today.
We all know First China Pharmaceutical is a real business but for this company to go to the next level the reporting of the financials is paramount. If the financials are not done by the end of March we can just place this company on the trash heap with the rest of the failed small China caps listed in the US stock markets.
I for one believe we will see the financials between now and the end of March because of the involvement of Marcum. It appears they have completed their due diligence and are fully engaged in the auditing process of First China.
That could explain today’s action. If we start to see more trading days like today over the next couple of weeks then all of us longs will be very happy.
Time will tell.
Good investing to all
AI
