Pappy, it is clear that nobody believes their numbers and that this isn't going to change for the better without swift action from management - which I wholly believe is not going to happen. This is just another Chinese company that is questionable due to the fact that their management team is sitting on their ass while shareholders take a brutal pounding. No response from them about RedChips's PR, no PR about their quarterly numbers, no announcements about plans for use of their cash. Because of these reasons, the market is fairly valuing this stock at under $1 which is where it belongs until they take the steps necessary to show any sense of fiduciary responsibility to their shareholders. I put half my shares up for sale already and if we don't hear from mgmt soon I will be dumping my remaining position.
Every public company has to do two things properly to command a meaningful valuation; run the business legitimately and well, and maintain good investor relations. Without good IR there is no way to know if they are doing the first properly. How can anyone feel comfortable maintaining a stake in a company that they don't know at all because they mgmt team doesn't communicate the state of the business, especially in the wake of severely eroding valuation?
This mgmt team is shamefully unresponsive and, in my recent experience, shamefully unresponsive = fraud.
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