Finally taking a hard line. Get rid of all Chinese stocks. I mean how many can you really trust, 20%? There is a reason there is a PE of 2 here. I would sell any rally in ANY CHINESE STOCK. Muddy Waters has been right all along.
Take your chances with a good American stock. Why not own APPL instead of this? The SEC could get them ALL DELISTED. The question is, what price do we get when they all get DELISTED? I expect the selling to intensify unless the Chinese regulatory officials capitulate, and that ain't gonna happen.
U.S. regulators, in a move to sanction auditors for blocking investigations at China-based companies, have set a course that jeopardizes the listing of more than 100 stocks from the world’s most populous nation.
In a Dec. 3 enforcement action against the China-based affiliates of the Big Four accounting firms, the U.S. Securities and Exchange Commission escalated a three-year impasse between the two nations over whether auditors can share work documents with regulators investigating possible accounting fraud at companies selling securities in the U.S.
“Chinese companies that are listed on U.S. exchanges are being held captive in a sovereignty dispute,” Jim Feltman, senior managing director at Mesirow Financial Consulting in New York. “This is a step in the process to deregister companies that can’t comply with U.S. audit rules. They’ll have to leave the U.S. marketplace if their auditors cannot or will not be responsive to the SEC.”
Of about 400 Chinese companies that trade in the U.S., at least 115 have been audited by the domestic subsidiaries of the Big Four accounting firms, according to data on stocks with market values of at least $5 million compiled by Bloomberg. More than half are audited by units of Deloitte, Ernst & Young, KPMG or PricewaterhouseCoopers.
If I remember correctly Wal, you spouted the same thing about another one of your Chinese stocks
while attacking anyone who disagreed with you. They are no longer trading or if they are on the pinks it's at .02. Isn't that right Wal? And who are you saying is ALWAYS wrong? You wish I were, so dream on df.