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FUQI INTERNATIONAL Message Board

  • akjmi akjmi Feb 15, 2012 2:27 PM Flag

    Current Situation

    Here, what I know from my contact in China:

    1) FUQI is not going to open new store until the SEC matter is resolved

    2) The current one or two months is hectic as couple of newly hired lawyers and accountats working round the clock. They are expecting to resolve with SEC within these 2 months.

    3) They are trying to get the 2009 financial out if Mercum agrees to sign with a HOLD condition for the cash transfer. Mercum is and will be still their auditor. Target within 1 or 2 months.

    4) They don't need to hire new independent directors. As per condition they already have two minimum independent directors.

    5) The current holiday season was extremely busy. They are still coping up with the transactions.

    6) Due to fluctuating gold price, they are not increasing inventory like before. Wait and watch situation.

    7) Business is good. hiring new people. Factory production increases and factories are very sound with increased space.

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    • How do you know this information?

    • "They are trying to get the 2009 financial out if Mercum agrees to sign with a HOLD condition for the cash transfer."

      What do you mean "HOLD" condition for cash transfers? I think you making this up since their is no such thing!

    • Here, what I know from my contact in China:

      1) FUQI is not going to open new store until the SEC matter is resolved
      why does opening new store have anything to do with SEC matter, is Fuqi running out of cash that prevent it from opening more stores?

      2) The current one or two months is hectic as couple of newly hired lawyers and accountats working round the clock. They are expecting to resolve with SEC within these 2 months.
      why current one or two months is hectic, did Fuqi sleep last two years and woke up this months?

      3) They are trying to get the 2009 financial out if Mercum agrees to sign with a HOLD condition for the cash transfer. Mercum is and will be still their auditor. Target within 1 or 2 months.
      After spending 2 millions dollar on legal expense, why cash transfer issue still not resolved and on hold. Another question, since this problem was discovered by the auditor before June of 2010, why did the cash transfer last until end of October of that year. Is there any foul play other than cash transfer?
      4) They don't need to hire new independent directors. As per condition they already have two minimum independent directors.
      I don't think they have money to do that at this moment, and when the company is not listed, hiring new independent director is just waste of money.

      5) The current holiday season was extremely busy. They are still coping up with the transactions.
      Everybody in gold/precious metal business in China was extremely busy. But it seems Fuqi is going downward against its competitors.

      6) Due to fluctuating gold price, they are not increasing inventory like before. Wait and watch situation.
      Is that anothe sign that Fuqi running out of cash now?

      7) Business is good. hiring new people. Factory production increases and factories are very sound with increased space.
      how good is it? can you get 2010 and 2011 SAIC financial report of Fuqi?

    • May I ask, who exactly is holding up the resolution of the matter between the Security and Exchange Commission and Fuqi International. Is it the government agency or is it the company that must act to get the ball rolling?

    • 2009? how about 2010 & 2011

      • 1 Reply to moviecrazy100
      • They cannot file 2010 and 2011 until 2009 financial is completely filed with SEC.

        You can get 2010 SAIC filing which is posted many time before by different contributors in this board - $ 880 million US.

        Earlier filing record from 2006 to 2008 shows insignificant difference between SAIC and SEC filing.

        If you are still interested to know more, the you can visit yourself or use your contacts to know about the business and share with us - wheether good or bad, positive and negative.

 
FUQI
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