From what I understand the company is still operating. There is just no one that wants to own the stock, so each sale takes the price down further. Attorneys and Auditors continue to work for the company. Investigation is ongoing. I think Dr. Jiang's hands are tied until the Chinese government rules or releases the company from any wrong doing. I am waiting. It's like holding a private company with no pricing. I would like to make contact with someone in China to get a better understanding of what is happening.
This is a micro cap company, operating in China. I don't like what has happened, but I think that they will eventually release their financials. I don't think they will steal the company. I suppose I could bring a lawsuit against the company in the US, but I am not sure what they have done wrong. We still don't know what evidence the Chinese have on the company and what the consequences are. Is it a good old shake down, looking for a payoff? Buchang has outside institutional investors. Maybe its worth contacting some of the institutional investors in Buchang. AIF Capital?
I think the market (very thin float / trading) has it wrong. There are very few true investors outside of the insiders in this company. The institutions that hold this stock appear to be algorithm traders. Remember, there are roughly only 29 million shares outstanding. Insiders/Executives hold more than half of the shares. The company is currently valued at less than $2 million. The disparity lies in that the $3.25 + book value is with assets in China (They own factories, patents, contracts, etc. US investors don't have much trust with the Chinese. However, there is plenty of outside investment into China. ChinaBio Today is a great source of news. The company / executives have never indicated they are shutting down. They have made some strong moves in partnering with Buchang. The US auditors (Paritz & Co.) /attorneys (Hunter, Taubman, Fischer) should do more to encourage better communications. However, maybe the company wants to remain quite to appease Chinese regulators.