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FUQI INTERNATIONAL Message Board

  • godspeedrich godspeedrich Feb 11, 2011 10:10 AM Flag

    Is 5 gonna hold today?

    I am not asking Wisi, I know what he is going to say but his opinion is not welcome. However, all others feel free to comment, short term doens't mean anything, just for fun now it's so close.

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    • Who are Muddy Water and Citron? Even if they don't file on time, it ain't going to be a $2 stock. Look at RINO that's proven to be a fraudulent company and is a pink sheet stock. It's still trading above $2 and was above $3 not too long ago. I really believe if they don't make it by the deadline, then they will continue to try and get back on the exchange.

    • It could trade on OTC, but then what if they choose to file to go dark? At that point it is pink.

    • There are only so many hours in a day. If you are a short seller you go after the $20 stock that should be $2, not the $5 stock that is probably worth $10 even odds with it being worth $2.

      If you have unlimited resources, you might waste time on grinding down something like FUQI, but small shops like Muddy Waters and Citron don't have unlimited time.

      Further, why go after a company like FUQI that has a real business when there is so much low hanging fruit trading on NASDAQ now that leaves their main factories and offices empty, that appear to be little more than shell operations?

    • Oh wait, when I called that public relation lady, I think I asked her what happens if the company can't file in time. Then she said: "well, we will just go to OTC". I don't think it's going to be traded on Pink. I brought this up because I'm reading about delisting and the difference between OTC and pink is that "Companies will trade here (OTC) if they are current in their financial statements."

      I think it's more likely that they are trying to file rather than ignore financial statements all together.

    • Has any company been in this kind of situation before and filed successfully?

    • Any comments on the probability of successful filing before the deadline? Another question, where would you buy it once it's on the pink?

      Thanks,

    • Yeah, I agree, the CFO has little clue, it is however, unimaginable that he still would underestimate it after all these months?
      My guess (just a guess, no more) at this moment is that they'd file on time 50%, intentionally get delisted 30% and technically running out of time 20%. Any comments? If you could eliminate the 20% technical failure, then the price is undervalued for sure. Otherwise, given the downside, I can UNDERSTAND why it's trading around 5. Of course, the probability decays really fast, everyday counts now.

    • If the CEO decides for what ever reasons they no longer want to be listed then there is nothing anybody can do.

      If you management team is dead set in making the deadline and whatever the cost then they could have hired a Big 4 accounting firm to do their books for them, may cost you a few million $ but they will get it done, you record what you have evidence to support, it might not be pretty but it can get done. Once you get a Big 4 accounting firm in, all the technical matters should be resolved and they will prepare all support for the auditors. FUQI auditors will then be able to breeze through it.

      Their CFO has been doing tax for the 8 years before he joined FUQI and 5 years before that worked for a Chinese company. He probably has no idea what US GAAP is and may have underestimated the restatement task in front of him. Australia, Canada and Hong Kong all used principle based accounting. US uses rule based accounting.

    • I'd do it if I was citron and muddy waters and if I am sure I can run them down to the ground and if the company is a fraud,one for reputation, second, with puts, there still woud be quite some money left. Even my little boy wisi is doing it everyday, but of course, he is still learning and doesn't know how to do it.

    • Best contribution on this board so far!
      I double checked, they only have to file 2009 and 1,2,3Qs of 2010 by 28 March, hence not another 2010 10K which would probably mean they certainly won't be able to make that, given the time pressure.
      I agree with you that material weakness has been componded with the retail accuqisition of Texim, which must be causing huge delays. However, I am not too sure about what you say that if they want, they could make the deadline? Marcum Hong Kong is pretty small and they may not be the top of the cream neither, so the auditor probably can't make it even if Fuqi wanted? What could Fuqi have done if they realize that the auditor is too understaffed to finish the job on time?
      Anyway, could you pls drop me an email at galaxyspaceship@hotmail.com? I'd like to discuss with you in greater details. Many Thx!

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FUQI
1.500.00(0.00%)Jun 28 3:18 PMEDT

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