Good to see the disclosure coming through. Not happy about the numbers relating to the shares, but what's one to do? That's certainly a huge heap of shares.
It would be good to obtain information on the nature of the restricted shares. For example, shares are restricted from being transferred or cashed in for the period of 5 years. That would take 53% of the oustanding shares off the market for quite some time. Also, where is the other 47%? They really need to come through with that information, for any shareholder that holds over 5% of the shares outstanding.
Mr. Fan writes very clearly, a refreshing thing. If he maintains an honest/straight-forward perspective it'll go a long way in helping to restore some credibility to the Q name.
I wish that Frank Hagan wasn't named Frank, though. No need to explain why.