is this new?
from latest 20
You may not receive distributions on our ordinary shares or any value for them if it is illegal or impractical to make them available to you.
The depositary of our ADSs has agreed to pay you the cash dividends or other distributions it or the custodian for our ADSs receives on our ordinary shares or other deposited securities after deducting its fees and expenses. You will receive these distributions in proportion to the number of our ordinary shares your ADSs represent. However, the depositary is not responsible if it is unlawful or impractical to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities Act but that are not properly registered or distributed pursuant to an applicable exemption from registration. The depositary is not responsible for making a distribution available to any holders of ADSs if any government approval or registration required for such distribution cannot be obtained after reasonable efforts made by the depositary. We have no obligation to take any other action to permit the distribution of our ADSs, ordinary shares, rights or anything else to holders of our ADSs. This means that you may not receive the distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make them available to you. These restrictions may have a material and adverse effect on the value of your ADSs.
My quote is from the bottom of page 109 of the 20F
I don't believe anyone could be so clueless as to not find it using search.
Either you are a complete idiot or you are a BS artist.
I suppose you could be a paid basher, since they tend to accuse others of their own behavior.
latest 20f/a also includes new disclosures (corrections) of the LCD and Movie theater network counts. They may have been prodded by the SEC as they have been before. http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001330017&type=upload&dateb=&owner=exclude&count=40
I can only speculate on the price effect and diversion that this dividend announcement affords.
Looks like this clause is NOT new to this amended 20
Some other Chinese listings have similar disclosures.
Still find it somewhat suspect as a dodge to paying cash, but less so than in the past.
Still don't see management as fundamentally honest, therefore still short
Page 109 of the 20F:
"Any dividend will be distributed by the depositary, in the form of cash or additional ADSs, to the holders of our ADSs. Cash dividends on our ADSs, if any, will be paid in U.S. dollars.
Get a clue...
or better, short this more since it's up 10% to $21. Keep adding to your short position as it climbs to $30.
Get a clue. Repeating the quote I showed you earlier from the form 20:
"Any dividend will be distributed by the depositary, in the form of cash or additional ADSs, to the holders of our ADSs. Cash dividends on our ADSs, if any, will be paid in U.S. dollars."
"The depositary of our ADSs has agreed to pay you the cash dividends OR OTHER DISTRIBUTIONS it or the custodian for our ADSs receives on our ordinary shares or other deposited securities after deducting its fees and expenses"
CAP emphasis mine,
you have been warned by management, but please,
back up the truck, hit $19 today
Wow, you are really over-reaching to create fear from legal disclaimer.
The statement amounts to "We are not responsible for getting the distribution to you if it is illegal or can't give you the money for reasons outside our control."
How about this "I am not responsible for making you understand if you do not have intelligence or are too stubborn to listen."
Both statements are perfectly true. Both statements suggest conditions that are unlikely to exist.
So you have checked, and this disclaimer is standard boiler plate.
It doesn't sound like boiler plate to me, particularly when they go into how their are a holding company and their income is dependent upon dividends from companies they own. So if they are paid in shares, and they in turn pay the ADS trust in shares, and they can't pass on to ADS holders because they aren't registered in USA, which of course they are not, then don't blame us if we can't pay you the dividend, and your ADS drop in price, is pretty much what they are saying.
To me, it sounds like a threat.
If this boiler plate, common to all Chinese dividend paying ADS, please post to this forum your research.
To me, sounds exceedingly fishy, particularly in context of their "too good to be true" sounding 55% payout ratio