The last minute buying is very suspicious. One block was over 3 million shares. I guess someone may have noticed some actions in QIHU's current conversion, which implies the closing will happen soon. Additional large-block buying tomorrow will confirm it.
No new news on QIHU so far. If the last news is true, we will probably hear something before 6/15.
I saw an indirect news about China Merchants Bank. It will provide a loan for another Chinese company to go private from Hong Kong stock market. The China Merchants Bank is the lead underwriter for QIHU $3.4 billion loan. It is a good news since the bank is not shy away from more privatization deals.
See any of that supposed buyout money from QIHU? Now watch. That troll jinhuac2000 will post more of the same BS he's been fertilizing the board with the last two years..
I can't stop laughing..
After the approval, QIHU buyout group can work directly with the banks for the currency conversion. SAFE is concerned about the monthly report, but won't care which day the conversion is done during the month. QIHU buyout group have strong connections with banks and financial institutions, they will get it done quickly with SAFE's approval. There is prediction that RMB will go to 6.8 to 1 dollar in the near future, the buyout group is aware that the delay can potentially cost them several hundred million RMB extra.
Very important and good point. The thought occurred to me that some of this recent RMB f/x weakness may be due to about 20 billion RMB being converted to 3-4 billion dollars with the QIHU transaction. The second batch in early June may add to the downward pressure of the RMB. There haven't been too many block conversions for RMB to dollars of the size of QIHU in the past. No wonder SAFE wants it in batches. And I also think doing so over two different months is a way for China to show a smaller monthly drawdown of dollar reserves. Spreading this out over two months smooths the downard effect on foreign reserves. If that's a major concern, SAFE won't care if conversion happens in early June or late June. But QIHU buyout group would presumably care. Thus, I agree that final conversion could happen next week and this wraps up fairly quickly.
QIHU is firmly above 74 today. I think the up trend will continue until the buyout closing. QIHU will probably be back to 75 in the next couple trading days.
Due to RMB weakness (lowest in five years) and upcoming Fed rate hike, QIHU has a big incentive to close as soon as possible. If the news about the SAFE approval is reliable, the closing may happen in the beginning of June. The current funding for QIHU only allows exchange rate up to 7 RMB to 1 dollar. The current RMB exchange rate is 6.59 to 1 and going higher. It will be unwise for QIHU's buyout group to wait too much longer.
Nonsense dummy very smart trader who pretend to be short BIDU but actually long. He make short look dumb. Fast Freddy fall for ruse and sell BIDU at low price. After that stock double. Fast Freddy sour on China ever since.
SEC investigation is definitely bad. I think it puts short term pressure on BABA. However, it is still the biggest and most profitable internet company in China, so it will bounce back in the long term. I don't have any position in BABA, may buy some if it is close to 60.
They are not releasing earnings and haven't for 2 quarters now. Obviously the result of going Pvt and delisting
it seems the news about SAFE approval is credible to the market. Most people start to ignore the "impasse" nonsense from Bloomberg. Since China still has over $3.3 trillion foreign current reserve, the conversion will be done quickly after the approval. The first batch is probably done now and the second half may be converted as early as next week. If the market expects the closing to be around next Friday, we will see strong move to 75 -76 level by this weekend.
Excuse me, who is this nonsense guy he's talking about? I don't recall seeing him on this board, do you?
Sentiment: Strong Buy