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goldminingXpert (29.46)

CCME halted, CHBT under $10, GHII -20%, ENHD -40%

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March 11, 2011 – Comments (12) | RELATED TICKERS: CCME.DL , CHBT.DL , CHINA.DL

Beautiful day, no? All these China-based probable scams RTO-plays are going down. Where's Glen Bradford when you need him, his picks are getting rocked?

CNAM -8% to a new 52week low.

China Agritech -7% to a new 52week low. (I warned you: http://seekingalpha.com/article/253406-avoid-china-agritech-despite-the-plunge )

Gold Horse -20% to a new all-time low.

Energroup -40% to a new all-time low. Bwahaha! 

China Biotics -12%

China Borun -5%

FUQI -5% (delisting less than 3 weeks away. http://seekingalpha.com/article/256995-despite-20-rally-fuqi-international-still-heading-for-delisting )

China Medicine -16% to a new 52week low.

China Ceramics -6% to a new 52week low.

etc. etc.

The big news, of course, is that CCME was halted from this morning on. We still await that shoe's impact with the floor. 

 

12 Comments – Post Your Own

#1) On March 11, 2011 at 5:19 PM, JaysRage (89.42) wrote:

For the record, the CCME halt was at the request of the company, not by the exchange.   This is done for positive or negative news that has potential to dramatically affect stock price if leaked.   I'm interested to see which one it is.   Unlike you, I'm not willing to assume that it is bad news. 

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#2) On March 11, 2011 at 5:37 PM, goldminingXpert (29.46) wrote:

Don't let the direction of the high-volume trading before the halt influence your opinion (Hint: it was trending toward the bottom of your screen).

I also missed Glen's stellar pick of CHNC which held up fairly well today, only falling 13% to a new all-time low. 

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#3) On March 11, 2011 at 7:14 PM, HarryCarysGhost (99.68) wrote:

GMX- Just want to say excellant call. Congrats. I don't get the proponents of CCME. When scandal hits a Chinese Co. my experience is that it's best to do the Monty Python bit and-

"Run Away! Run Away!"

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#4) On March 11, 2011 at 9:39 PM, Valyooo (99.41) wrote:

I would love to short FUQI before the delisting...but it takes serious balls to real life short them.  I will caps red thumb them ALL DAY though.

ERR DAY

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#5) On March 11, 2011 at 9:44 PM, TMFBlacknGold (98.68) wrote:

I read about the high amount of fraud in certain Chinese listed companies this summer. This is a good reminder to do your research!

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#6) On March 11, 2011 at 10:04 PM, Valyooo (99.41) wrote:

and the lawsuits begin

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#7) On March 11, 2011 at 10:56 PM, HarryCarysGhost (99.68) wrote:

BlacknGold

As one who fell into the trap. Honestly it was'nt obvious back then.

Numbers looked great, but they were'nt true. If a company lies I don't know a way to see their real balance sheet.

All I can say is lesson learned, and if something looks to good to be true it probably is.

Owned NEP, HEAT and CCME for awhile with very dissapointing results.

Glad I knew to treat these as speculative, so my positions were small.

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#8) On March 11, 2011 at 11:16 PM, goldminingXpert (29.46) wrote:

I fell for the XFML (now XSEL) scam back in 2007 and lost a little money and I made some bad green thumbs on Chinese RTO stocks last summer. I put two and two together, saw that the auditors are doing a terrible job, and realized -- hey -- there's tons of fraud in this area. The better the numbers look, the more likely something has gone wrong.

We all get fooled occasionally. I've taken more than my fair share of lumps. What separates the good investors from the bad is that the good figure out they messed up and learn from it whereas the bad blame the company, the short sellers, the journalists or whoever exposes one fraud and then buy into the next too-good-to-be-true story. 

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#9) On March 12, 2011 at 10:43 AM, naughtyguy (31.56) wrote:

The legit. honest Chinese companies have been beaten or held down because of the fraud in others. Would be nice if we could easily determine which are undervalued that are 100% legit!

My money is in SUTR...

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#10) On March 12, 2011 at 5:41 PM, goldminingXpert (29.46) wrote:

Wow! CCME wasn't even allowed to die with a little dignity. Instead Roddy Boyd had to go take a hilarious dump on their still-fresh grave: http://www.thefinancialinvestigator.com/

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#11) On March 12, 2011 at 9:23 PM, DragontoadX (24.51) wrote:

While this is all great drama, I would hardly say CCME is dead.  You are always so quick to jump to conclusions... let's wait and see what the "news" is first.

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#12) On March 17, 2011 at 1:28 AM, GreenCollegeGrad (78.59) wrote:

All I have to say is GoldMiningX for the win!

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