I don't know when the annual financials will come out, but I believe that they will have to be audited and consolidated, if they are planning on moving up to NASDAQ. Audited annual financials are a requirement for listing and a PPS higher than $4 is needed, so consolidated figures are needed for the PPS to go above that.
Quarterly financials do not need to be audited, but they do need to report what was merged in November 2017, so consolidation should be shown on the annual and the quarterly financials from year-end forward.
As far as the ZJMY 37.7% ownership of Guangxi long star, I don't know what is going on with that. I am not sure if Han Zhiming sold some of his ownership or whether he got bought out. Since the company has been very quite, I would say we won't know what transpired unless they choose to tell us on the annual report or the quarterly report.
My background is in accounting, so what I can say relates to why it is taking so long. IMHO, if the financials are not being audited or will not show consolidated results in the annual report, it shouldn't have taken this long to produce them. The third quarter financials were out 60 days after they were due. If the annual financials were going to be more of the same as the third quarter, they should not be taking over 105 days to produce. Anyone who understands accounting would understand that the more complex a company becomes, the more complex the financial reporting becomes. My opinion of what is happening now is that it is taking longer than we anticipated to prepare the consolidated financials and to audit them.
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