I know that all chinese stocks are in the #$%$per, but AMCF still amazes me (btw, I have shares of WKBT, it hit 12 cents today and "supposedly" has $2.50 per share in cash and no debt, go figure that one)......So the conspiracy theory is that An fengbin buys shares on the open market in 2010. Than in 2011 he offers to go private at 4.21. This is all done so the shares rise to near $4.00 and his frineds are all able to sell (he bought his shares to make it look good). Than they hire Duff & Phelps to once again make it look legit.........Than Al Fengbin rescinds his offer...........I know its a long shot, but now that this piece of #$%$ is 50 cents, it has to make one wonder.
The strange thing about this company is from what I can see it really is legit. This was a regular IPO over $6 and not an RTO.
There was this little pos Chinese stock a few years back symbol ORS which ran up from where AMCF is now to over $7 in a matter of weeks. I traded the momentum and made a killing on it. Why it ran up like that is still a mystery to this day because the company was a complete and total scam. Even back then it was a known scam but for some reason momentum traders ran the stock up anyways. When they were investigated it was found that another business was actually occupying their address. Even on the trading day before they were delisted after hours the stock ran up another 30%. You just never know with Chinese stocks. Some of them defy all reality like this one. If this ever breaks $1 it will likely go back to $6. It's all about the momentum.