The're about 15 Fund / institutions holding about 17 Million sharesof XIN ;
I don't think these managers would be holding a fraud since most institutions / funds don't usually buy into stocks under $5. without during a good bit of DD and research; accompanied via the largest making a few personal phone calls to the top management for personal reference, (may not be inside info.) but I'm sure interesting conversations take place on that level.
If we then consider that the majority of XIN is held by insiders and that the rest is being bought back from the company , drawing conclusions is so easy that I leave it to the reader. And to the few people who do not get it, well I am sorry for you, just keep selling or shorting XIN, as you deserve it :-)