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China Precision Steel, Inc. Message Board

  • longtimefollower longtimefollower Oct 4, 2013 1:08 PM Flag

    I sold all remaining 78,000 shares of this POS scam stock.

    I was fleeced! The NT 10-K is out, and it reveals another HUGE loss, which GARGANTUAN write downs of current assets, receivables, advances to suppliers.

    Just who were these idiots advancing money to? Relatives of the CEO?

    Bilk gullible U.S. investors, and hand the money over to cronies and buddies in China.

    There's no revenues here...or no business model.

    I was scammed. The CFO, Leda Li, seemed perfectly educated and honest, which fooled me, more than anything. But when you finance current assets like this company did, and then end up writing off half of your shareholders' equity in one year, that's either gross negligence or naivete....or outright scamming.

    I'm moving on. I lost money in SIHI and CPSL, big time, but luckily made out on HEAT, before that scam was exposed. I own a small position in SORL, which SEEMS legit, but who really knows. And I own a LARGE position in COGO, which also seems legit. I The better place to make money in Chinese stocks are the ones that have been around for years, and/or were not reverse mergers. I still own GAI and ACTS, and consider both of them attractive. GAI's management is sleazy, but I think the balance sheet is otherwise "legit." ACTS is buying back stock, which is always a good measure of good faith, on management's part. (COGO is also massively buying back stock.)

    I'm not sure who was buying all of my shares today, of CPSL, and allowing me to get out at $1.20+, but I have to think it's someone that didn't see the NT-K filing. Sure, the company has a $10+ book value, but is any of that really real? Also, they are in default on their debt, and the debt level looks all the more higher now, relative to equity....which suggests to me that the bank is going to own this thing, sooner rather than later.

    Sentiment: Strong Sell

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