The Company distributes and sells natural gas to commercial, industrial and residential customers in the Xian area, including Lantian County and the Lintong and Baqiao Districts, of Shaanxi province of The Peoples' Republic of China.
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CHNG announced that they would be restating the 4th Quarter and 1st Quarter results over restricted bond holdings. It shouldn't affect earnings but it could cause other problems with their investors. I posed some ethical questions with the financial reporting in the January 19th issue when the CFO resigned and at that point we sold half our holdings at twice the price at which the stock is exchanged today. In an interview I had with the company's public relations company Red Chip, they denied that wrongdoing was involved with the CFO's resignation. But, I seem to have been on the right track. Usually when a CFO resigns without being discovered, the reason is because ethical pressure is coming from above. I expect that the company knew this would eventually be discovered. This likely motivated the hiring of Red Chip to run public relations and reduce the fall-out. Last week, they eventually came clean on these accounting issues. The company needs a shake-up of leadership and I hope this will be the catalyst. The company has some valuable operations that should eventually be reflected in the stock price. So, a minimum amount of investment in the company is warranted. We won't be selling but also I will not advocate picking up any more. The Street chooses CHNG as a top energy pick in China. However, the information presented in the article doesn't project that they are any closer to the company than we are, so their knowledge is also limited.