I'm probably wasting my time in responding to this post, but for those of you who still have an open mind regarding this issue I feel somewhat obligated to explain what I know about the stock. First off, I sold my shares better than a year and a half ago, before the stock became relegated to the "Pink Sheets". I do not currently have a position in this issue, either long or short, and have nothing here to gain.
When news got out that TXIC was being de-listed I contacted other large shareholders and eventually got in touch with the manager of Koyote Capital who owned a fairly large number of TXIC shares. This gentleman had quite a bit of inside information and informed me that the two Chinese insiders (one of whom was a high-ranking card-carrying member of the Communist Party) weren't the slightest bit interested in where TXIC shares were trading price-wise. The reason is simple; as insiders and senior management Tongxin was their own personal piggy bank, and for larger capital transfers they could always use Meihua Bus, a customer of Tongxin which was 100% privately owned by these same two individuals. In the opinion of this fund manager these insiders were content to simply see TXIC die on the vine in terms of its US listing, since in essence and for all intent and purposes they still "owned" the company. Looking back, that's exactly what happened.
To sum it up, I'm convinced you will never see audited financials, which would ultimately expose the company to charges of fraud and looting, and in the end TXIC will wither and eventually fade away from lack of interest.
Again, I'm not selling anything and have nothing to gain or lose by offering this information, but thought there still might be some shareholders and/or prospective shareholders that might be interested in this perspective.
3.) Waste time having the CEO write communications letters.
4.) Provide results even if they are unaudited.
5.) Keep extending the warrants.
Yes the insiders were looting the company and some have been kicked out for doing so. The company has even settled the investor lawsuit resulting from that with their insurance company picking up the costs.
You say, "I'm convinced you will never see audited financials, which would ultimately expose the company to charges of fraud and looting.." But they have already been found guilty of just that and the lawsuit has already been settled.
Tongxin may be worthless since management may just go completely dark someday. But although they are very heavy foot dragers, they havent yet. Hard to tell what is eventually going to happen here, but there is hope - however slight that might be.