"So, it seems that SEC is going after CBEH because they did not reaudit and refile their 2009 financials."
I think it's more likely these (straight from CBEH's 2011 Form 10-K):
"For the convenience of the reader, the following items will have to be filed with the Securities and Exchange Commission::
• Annual Report on Form 10-K for the year ended December 31, 2010 and 2012;
• Form 10-Q for the Quarterly periods Ended March 31, 2011, 2012 and 2013;
• Form 10-Q for the Quarterly periods Ended June 30, 2011, 2012 and 2013; and
• Form 10-Q for the Quarterly periods Ended September 30, 2011, 2012 and 2013."
To paraphrase the old radio show:
"Who knows what silliness guides the SEC? The Shadow knows."
Can't think of any better explanation.
"Surprising there wasn't a trading suspension in conjunction with the OIP. "
Same here. One possibility that occurs to me is that the SEC simply dropped the ball. There are four other issuers named in this particular OIP, and so far as I can tell, none of the other four are currently trading anywhere (and may possibly have never traded anywhere). In that field, CBEH may have merely been overlooked.
China Integrated Energy (CBEH) was the subject of an OIP issued yesterday by the SEC, seeking to revoke the registration of CBEH and four other foreign-domiciled firms (see SEC release 34-72456).
CBEH, you will recall, did file their delinquent 10-K for 2011 earlier this year, but in that document acknowledged that it "owed" the SEC a number of other delinquent filings, and expressed some uncertainty as to whether they might be forthcoming.
Also of interest-this is the first occasion of which I'm aware that the SEC issued the OIP with a simultaneous Chinese translation. Purely speculation on my part, but might indicate that someone has offered as a defense imperfect service by virtue of absence of a native language version of one of these Orders.
On 24 June, tyhe SEC issued an Order Instituting Proceedings against, inter alia, China Integrated Energy (CBEH) to determine whether the registration should be revoked:
"China Integrated Energy, Inc. (CIK No. 1070045) is a delinquent Delaware corporation located in Xi’an, China with a class of securities registered with the Commission pursuant to Exchange Act Section 12(b). China Integrated Energy, Inc. is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-K for the period ended December 31, 2011. As of June
12, 2014, the company’s stock (symbol “CBEH) was quoted on the over-the-counter markets on an unsolicited basis only and was not eligible for the “piggyback” exception of Exchange Act Rule 15c2-11(f)(3)."
Refer to SEC Release 72456 (34-72456) of 24 June 2014 for further details.
Chicago Bridge & Iron (CBI on the NYSE) was the subject of a 40-page Prescience Point "exposé" yesterday. Judging from the volume over the last couple of weeks, one might be forgiven for suspecting that Prescience started front-running the story last Wednesday or Thursday.
CBI's response has thus far been a bit tepid; should be interesting to watch as it unfolds.
Hard to tell the players without a program.
I've also seen the Dongguan facility called "Dongguan Amperex", etc., on ABAT's own site (notably on their ISO certificates)..
I know that there is another battery maker known as Amperex that has other facilities in Dongguan; makes me wonder whether ABAT bought one of their underutilized shops.
Released today via PR Newswire:
"ZAP (ZAAP), an Electric Vehicle (EV) automotive company incorporated in California and headquartered in Santa Rosa, California has entered into a strategic alliance with Tianjin Battery Company Ltd ("Lishen"), whereby Lishen will provide financing several thousand full vehicle EV conversion of US EV fleet vehicles using Lishen's latest technology in lithium Ion batteries and ZAP's proprietary patented Vehicle Control Unit (VCU)...."
So much for the exclusive partnership between ZAAP and ABAT.
This descriptive paragraph regarding Lishen comes form the same piece:
"Lishen is the premier Li-ion battery supplier in China, and is the qualified supplier to Apple, Samsung, LG, HP, Dell, Lenova and the State Grid of China. It is the largest supplier of automotive EV battery packs in China, supplying to the majority of the electric bus companies, and the new line of EV sedans supplied by Geely, SAIC, GM, Foton (First Auto of China), ChangAnn and many others, and is the largest volume producer of lithium batteries for energy storage in China. It is majority owned by China National Off-shore Oil (CNOOC), various Tianjin funds and large energy corporations in China. "
I wish you the best of luck in your pursuit.
I can't help but believe, though, that you would be better served by pursuing this through the Delaware Court of Chancery. You'd at least have a reasonable prospect of gaining control of the shell corporation (for whatever that's worth).
Trying to pursue what is essentially a private matter via diplomatic channels will, in my view, most likely result in the matter being ignored. Getting where they are with the Deloitte-Touche matter has been like pulling teeth; at the very least, I'd expect inaction until that matter has wound its way through to a final result.
Those intimately familiar with ABAT should also be aware of China Digital Animation Development (CHDA), a firm once headed by Foo Qiang, with Foo Zhiguo (and John McFadden) serving on its BoD.
The SEC today issued a OIP against CHDA for filing delinquencies.
"Economic Times India: Beijing - In a move to reduce air pollution, China is set to discard six million high-polluting vehicles before the end of 2014."
I'd like to see the original Ministry announcement. Reuters had this figure at 5.33 million vehicles in their story on 26 May.
Regardless the number, there's a very interesting paper available on the program:
"Market-Based Solutions for Vehicle Emissions in the United States and China"
By Brian Marshall (Vermont Law School) and #$%$ Po (China University of Political Science and Law)
Written in conjunction with the U.S.-China Partnership for Environmental Law 2011-2012 Joint Research Project.
Most particularly of interest are the technical definition of a "Yellow Label Vehicle", and the various levels of emissions standards technical compliance for different vehicle classes and model years.
"Bultaco is a direct competitor with ABAT, not a 'partner'!"
I suppose that's true in the sense that Porsche competes with Yugo.
Go to Bultaco's top-domain site (bultaco DOT es). (Both Spanish and English, by the way.)
They have a PDF of their press release (17 pages) available in English. They also have spec.'s for the two bikes they currently propose to build. These aren't scooters; they're 90MPH plus cafe racers. Batteries are modules integrating Li cells with ultracapacitors. Engineering is either in -house or in cooperation with University of Madrid.
This is very clearly an entirely European (if not entirely Spanish) venture, and they are taking great pains to advertise that.
BULTACO IS BACK ON THE MARKET WITH HIGH-PERFORMANCE MOTORCYCLES FEATURING THE TRACTION OF THE FUTURE
- Bultaco is back with a solid project and an international team with extensive technological, industrial and commercial experience.
- Bultaco's values today are the same as when it was founded: innovation, passion and competition.
- The first models will have an advanced electrical propulsion system.
- The product range was envisioned for people who appreciate the sensations of a motorcycle and for clients who are seeking a new kind of mobility.
- The project will create around 500 jobs, either directly or indirectly, in Madrid at its innovation centre and in Barcelona at its manufacturing plant.
London, 17 May 2014. Today, on the anniversary of the founding of the brand and the birth of its creator – Don Paco Bultó – Bultaco is announcing its return to the motorcycle market.
The four most noteworthy features of this project are:
- Advanced technology developed in-house. Just like in the 20t h century, in the 21s t century Bultaco will stand out for its advanced technological solutions. Bultaco is offering motorcycles with their own disruptive technology which will become a benchmark internationally, along with future developments in electrical and hybrid traction and ultra-light materials.
- A solid industrial project, with total control over the value chain: research and development, operations, finances, marketing and sales.
- A prestigious brand name. Bultaco is a legend in the world of motorcycles, a brand with numerous successes in competition, worldwide fame and a strong perceived image in the market.
- A highly professional team. The entrepreneurial team includes first-rate international professionals, executives and engineers with renowned technical prowess in the automotive sector worldwide.
FINRA's short interest figures published this afternoon for the period ended 15 May.
ABAT's short interest reportedly 34,298 shares, down 1,872 (close to 5.2%) from the previous reporting period. To all appearances, now an orderly, leisurely diminution of short interest down to some minor level (I'd guess there will ultimately be 2,000-3,000 that persist eventually).
As thin as the trading is here, volume-weighted average price is a useful metric to do away with the "noise".
For today, it worked out to $0.284834; yesterday was $0.304116.
"Today's ABAT stock chart looks like a bat ready to take off, or the top of the head of Gotham city's caped crusader, Batman; or even a lithium-ion battery powered wifi access point device..."
I was thinking more along the lines of the "bathtub" graph one typically sees in a time-referenced failure analysis.
My recollection is that ABAT did, back in 2009-2010, bring their e-scooter products to one or two trade fairs here in the U.S.. Evidently they have abandoned those efforts.