cvdpro, I have to disagree with you on this one. The CEO is not stupid, He is actually very smart. XIN has desperately needed cash for new projects for years. Instead of raising money when it was $2, he announced dividend and buybacks to distribute some cash. Aided by the dividend and buybacks, he eventually makes his dream come true, i.e. offering new shares to raise capital. He could not risk to wait for another few months. Who knows where the Chinese market is going to go after that time? He told us that he feels XIN is fairly valued at around $5.