Hujaie facility valued at $119 million by 3rd party
According to an article on Seeking Alpha on Nov. 29, 2012:
"...on October 22, 2012, the company published an independent appraisal of its Huajie facility done by a third-party accounting firm and showing that the fair value of the facility was $119.4 million, or about 7.5% above the price Longwei paid for the facility."...
This facility alone is TWICE the market cap of LPH at this moment.
Google the article: "Simply Put, Longwei Petroleum Worth $6 Or More Per Share" then follow the link to read the appraisal of the third party accounting firm.
You just don't get it. Haven't you been watching as one after another of these Chinese companies have been proven frauds?
Now if you still want to buy them, please buy WKBT and help me out. I bought it when they had an auditor independently verify their cash.
The Audit Committee of the Board of Directors today announced that Grant Thornton (GT) has verified that the cash amounts listed on the Company's SEC filings for 2010 and the first quarter of 2011 are consistent with account statements obtained from WKBT's banks directly by GT.
(Source: PR Newswire, 2011-06-07)
They have over $2 in cash but trade for only 17 pennies. Why?
Because, as has been proven over and over, who can trust any figures coming out of China?
Also, who can stop the CEO from stealing all the cash anytime he feels like it? And the #1 method is via a fake deal similar to the one LPH just made. Study LTUS if you want to understand how its done. They were the most creative ever at stealing the $3 in cash once there!