Ecomike
11 years ago
Interesting news here for all china stocks like CGYV
HONG KONG—A Chinese copper recycling firm that was taken private by its owner from a New York listing 15 months ago has completed a Hong Kong initial public offering at almost ten times its delisted value.
Gushan was taken private by founder Yu Jiangqiu in October 2012 at a valuation of US$31 million. China Metal, which holds most of Gushan’s assets, priced its Hong Kong IPO at HK$1.13 per share, in the middle of its indicated HK$1.00-HK$1.20 range, and values the firm at about US$306 million, a person familiar with the matter said Monday. The company sold 618.5 million shares and is scheduled to list in Hong Kong on Feb. 21.
http://blogs.wsj.com/moneybeat/2014/02/17/hk-ipo-provides-windfall-for-us-delisted-china-metal-resources/
Ecomike
12 years ago
A little more info on the CGYV filing of the SEC form 15:
1manband Member Profile 1manband Member Level
Thursday, May 09, 2013 12:39:19 PM
Re: Ecomike post# 43580
Post # of 43581
Considering the recent history of Chinese R/M deals, they may just be trying to escape direct SEC oversight, or perhaps stop their auditor from asking uncomfortable questions, but the history post-Form 15 of these companies is not good at all.
The deregistration will end their ongoing reporting requirements with the SEC and, assuming the SEC allows the Form 15 to become effective, will end any chance of revocation. But, it will not stop any SEC investigations into their dealings or the original R/M. It also does not guarantee that the Company and their business is real and will not just fade away and disappear. Which a lot of Chinese R/M's have done once they deregistered as they no longer needed to keep up the impression that they are actually doing real business.
Ecomike
12 years ago
I got an answer here:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=87749657
See my reply to that post too!
I don't think there will be any problem trading shares, but it sounds like they may stop filing disclosures, and go dark, but they can continue PRs and financials on paper napkins via pink sheets alternative reporting methods, and save a lot of money not paying auditors and accountants. Also may reduce substantially the risk of BS lawsuits, and SEC action.