I've never really been fond of CNOA although the gains have been great. Kudos on that. While I haven't looked at the stock in a while I would doubt that I would be a buyer. It didn't seem like that good of a value relative to what I could get with other Chinese stocks when I looked at it a while back.
One thing to realize is that almost all Chinese stocks listed in the US have been on a tear in the past couple of months. Just look at what has happened to CPHI, CKGT, CAGC and a host of others. I'm almost entirely out of Chinese stocks because they really aren't that cheap anymore. I captured a lot of gains on my Chinese stocks in the past month.
The other thing about many Chinese stocks is that most of them have some significant warts on them. I recall one with CNOA is a standby equity agreement. Another one is a suspiciously low SG&A. A third is a very high SG&A (equivalent to more than 6 months of sales) which is common with Chinese stocks. The significant warts are the reason that many of these stocks carried low PEs. The other thing to realize about Chinese stocks is that fraud is much more common in these stocks than in their US counterparts. I'm not specifically stating that CNOA is a fraud. It is just something to keep a close eye on.
Having said that, I wouldn't be surprised if it continues to go higher. Chinese stock mania still seems to be alive and well. Unfortunately, all bubbles tend to end badly.
Mike
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