The Current State of the Market for US-listed China Stocks
posted by The Traveller on Sunday, September 30, 2012
Soon we have the opportunity to observe the second anniversary of the first Chinese delisting from Nasdaq. RINO International (RINO) was delisted just three weeks after short-seller Muddy Waters Research published a damaging report on the company and RINO had to concede that some of its claims about contracts were made-up. This was the beginning of two terrible years for U.S.-listed companies that are based in China. Many more frauds and severe accounting irregularities were uncovered, followed by dozens of delistings from NYSE and Nasdaq and a general hostility towards Chinese companies that led to a massive sell-off of Chinese stocks by foreign investors.
Small cap stocks were most affected while Chinese blue chips, mostly ADRs, survived the turmoil relatively unharmed. Of the ~280 U.S.-listed small- and micro-cap China stocks we are tracking at Trading China, only 9 stocks saw price gains between December 31, 2010 and September 30, 2012. The vast majority has lost more than half its value, and more than one third (94 stocks) dropped more than 90% during that time. And all of this happened while the general U.S. markets saw massive gains.
While Chinese blue chips have seen the occasional hiccup, their performance since 2010 clearly shows that foreign investors have not abandoned them and that the sell-off has been mostly confined to the small cap space. An index of 20 U.S.-listed China-based blue chips has gained 5.5% since January 1, 2010, clearly underperforming the general U.S. markets (S&P 500 +29.19%, NASDAQ Composite 37.33%), but even more clearly outperforming the Chinese domestic market, as the leading Chinese index, the Shanghai Composite, lost 36.35% since the beginning of 2010.
In a series of articles we will recap the past two years for Chinese small cap stocks and look at the current state of those companies in the market.
1. The FatalitiesThe Fatalities
2. Delistings
3. Going Dark
4. Going Private
5. Reverse Mergers
All of the following companies lost their senior exchange listing and most are now quoted on the pink sheets. All of them have been delisted for good reason, many are blatant frauds, others had auditors and senior management resign or they stopped filing reports with the SEC. Those are all failed companies, whether or not there is fraud involved... it doesn't matter anymore. Investing in, or even trading those stocks comes with extreme risk, especially as the SEC has already revoked the registration for several stocks, and others will probably disappear as well.
ABAT -- Advanced Battery Technology
(Performance Dec 31, 2010 to Sep 30, 2012: -91.30%)
2012-02-06 -- Last SEC Filing
2011-11-30 -- Delisting from NASDAQ
2011-11-15 -- Trading halted by NASDAQ
2011-10-25 -- CFO Resignation
2011-08-15 -- Last Quarterly/Annual Report: Q2/FY2011 ended June 30, 2011
AOBI -- American Oriental Bioengineering
(Performance Dec 31, 2010 to Sep 30, 2012: -73.34%)
2012-06-15 -- Last SEC Filing
2012-06-15 -- Auditor Change
2012-05-29 -- Delisting from NYSE Amex
2012-03-16 -- Trading halted by NYSE Amex
2011-11-14 -- Last Quarterly/Annual Report: Q3/FY2011 ended September 30, 2011
APWR -- A-Power Energy
(Performance Dec 31, 2010 to Sep 30, 2012: -97.26%)
2011-11-08 -- Last SEC Filing
2011-10-04 -- Auditor Change
2011-09-26 -- Delisting from NASDAQ
2011-09-15 -- Auditor Engagement
2011-08-17 -- Receives SEC Subpoena
2011-07-05 -- CFO Change
2011-06-27 -- Trading halted by NASDAQ
2011-06-26 -- Auditor Resignation
2010-12-01 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
CAGC -- China Agritech
(Performance Dec 31, 2010 to Sep 30, 2012: -97.64%)
2012-06-27 -- Last SEC Filing
2012-01-16 -- CFO Resignation
2011-05-20 -- Delisting from NASDAQ
2011-04-06 -- Auditor Engagement
2011-03-14 -- Trading halted by NASDAQ
2011-03-14 -- Auditor Resignation
2010-11-13 -- Auditor Change
2010-11-10 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
CBEH -- China Integrated Energy
(Performance Dec 31, 2010 to Sep 30, 2012: -94.00%)
2012-09-24 -- Last SEC Filing
2012-09-18 -- CFO Change
2011-07-21 -- Auditor Engagement
2011-06-15 -- Delisting from NASDAQ
2011-05-19 -- CFO Appointment
2011-04-28 -- CFO Resignation
2011-04-26 -- Auditor Resignation
2011-04-20 -- Trading halted by NASDAQ
2011-03-16 -- Last Quarterly/Annual Report: FY2010 ended December 31, 2010
CCDM -- China Century Dragon Media
(Performance Dec 31, 2010 to Sep 30, 2012: -100.00%)
2011-10-17 -- Delisting from NYSE Amex
2011-09-01 -- Last SEC Filing
2011-03-22 -- Auditor Resignation
2011-03-21 -- Trading halted by NYSE Amex
2010-11-22 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
CCME -- China MediaExpress
(Performance Dec 31, 2010 to Sep 30, 2012: -100.00%)
2012-08-28 -- SEC Registration REVOKED
2011-05-19 -- Last SEC Filing
2011-05-19 -- Delisting from NASDAQ
2011-03-13 -- CFO Resignation
2011-03-11 -- Trading halted by NASDAQ
2011-03-11 -- Auditor Resignation
2010-11-09 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
CELM -- China Electric Motors
(Performance Dec 31, 2010 to Sep 30, 2012: -99.34%)
2011-09-20 -- Last SEC Filing
2011-09-16 -- CEO Appointment
2011-09-15 -- CEO Resignation
2011-06-14 -- Delisting from NYSE Amex
2011-05-31 -- Auditor Resignation
2011-05-31 -- CFO Resignation
2011-03-31 -- Trading halted by NYSE Amex
2010-11-12 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
CIIC -- China Infrastructure Investment
(Performance Dec 31, 2010 to Sep 30, 2012: -88.41%)
2011-12-16 -- Last SEC Filing
2011-11-18 -- Delisting from NASDAQ
2011-11-14 -- Last Quarterly/Annual Report: Q3/FY2011 ended September 30, 2011
2011-09-21 -- CFO Resignation
CILE -- China Intelligent Lighting
(Performance Dec 31, 2010 to Sep 30, 2012: -99.97%)
2011-12-28 -- Last SEC Filing
2011-12-21 -- CFO Resignation
2011-06-14 -- Delisting from NYSE Amex
2011-04-01 -- Auditor Engagement
2011-03-24 -- Trading halted by NYSE Amex
2011-03-23 -- Auditor Resignation
2010-11-08 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
CNEP -- China North East Petroleum
(Performance Dec 31, 2010 to Sep 30, 2012: -96.19%)
2012-09-24 -- Last SEC Filing
2012-06-21 -- Delisting from NYSE Amex
2012-03-01 -- Trading halted by NYSE Amex
2011-11-09 -- Last Quarterly/Annual Report: Q3/FY2011 ended September 30, 2011
CNGL -- China Nutrifruit
(Performance Dec 31, 2010 to Sep 30, 2012: -98.93%)
2012-05-10 -- Last SEC Filing
2012-06-15 -- Delisting from NYSE Amex
2012-04-26 -- Trading halted by NYSE Amex
2012-02-14 -- Last Quarterly/Annual Report: Q3/FY2012 ended December 31, 2011
CRTP -- China Ritar Power
(Performance Dec 31, 2010 to Sep 30, 2012: -71.16%)
2012-02-15 -- Last SEC Filing
2011-06-24 -- Delisting from NASDAQ
2011-04-18 -- Trading halted by NASDAQ
2010-11-15 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
CSKI -- China Sky One Medical
(Performance Dec 31, 2010 to Sep 30, 2012: -95.27%)
2012-04-03 -- Last SEC Filing
2012-03-12 -- Auditor Resignation
2012-03-08 -- Delisting from NASDAQ
2012-02-16 -- Trading halted by NASDAQ
2011-12-16 -- CFO Resignation
2011-11-09 -- Last Quarterly/Annual Report: Q3/FY2011 ended September 30, 2011
CTESY -- SinoTech Energy
(Performance Dec 31, 2010 to Sep 30, 2012: -100.00%)
2012-05-30 -- SEC Registration REVOKED
2012-05-14 -- Last SEC Filing
2011-10-19 -- Delisting from NASDAQ
2011-08-16 -- Trading halted by NASDAQ
2011-08-05 -- Last Quarterly/Annual Report: Q3/FY2011 ended June 30, 2011
CVVT -- China Valves Technology
(Performance Dec 31, 2010 to Sep 30, 2012: -95.42%)
2012-09-21 -- Delisting from NASDAQ
2012-09-11 -- Last SEC Filing
2012-07-16 -- Trading halted by NASDAQ
2012-07-09 -- Auditor Resignation
2012-05-08 -- Last Quarterly/Annual Report: Q2/FY2012 ended March 31, 2012
DEER -- Deer Consumer Products
(Performance Dec 31, 2010 to Sep 30, 2012: -79.44% | currently halted)
2012-08-13 -- Trading halted by NASDAQ
2012-08-09 -- Last SEC Filing
2011-08-09 -- Last Quarterly/Annual Report: Q3/FY2012 ended June 30, 2012
DGWIY -- Duoyuan Global Water
(Performance Dec 31, 2010 to Sep 30, 2012: -97.66%)
2012-05-11 -- Last SEC Filing
2012-01-26 -- Delisting from NYSE
2011-04-06 -- Trading halted by NYSE
2011-04-04 -- CFO Resignation
2011-03-22 -- Last Quarterly/Annual Report: FY2010 ended December 31, 2010
DYNP -- Duoyuan Printing
(Performance Dec 31, 2010 to Sep 30, 2012: -96.59%)
2012-04-16 -- Last SEC Filing
2011-04-13 -- Delisting from NYSE
2010-09-08 -- CEO/CFO Appointment
2010-09-08 -- CEO Resignation
2010-09-06 -- CFO Resignation
2010-09-06 -- Auditor Dismissal
2010-05-11 -- Last Quarterly/Annual Report: Q2/FY2010 ended March 31, 2010
FEED -- Agfeed Industries
(Performance Dec 31, 2010 to Sep 30, 2012: -86.06%)
2012-09-24 -- Last SEC Filing
2012-07-27 -- CFO Resignation
2012-04-18 -- CEO Appointment
2012-02-10 -- Delisting from NASDAQ
2011-12-19 -- Trading halted by NASDAQ
2011-12-16 -- CEO Resignation
2011-08-09 -- Last Quarterly/Annual Report: Q2/FY2011 ended June 30, 2011
FUQI -- Fuqi International
(Performance Dec 31, 2010 to Sep 30, 2012: -86.68%)
2012-07-26 -- Last SEC Filing
2011-07-30 -- CFO Resignation
2011-03-29 -- Delisting from NASDAQ
2009-11-09 -- Last Quarterly/Annual Report: Q3/FY2009 ended September 30, 2009
HEAT -- SmartHeat
(Performance Dec 31, 2010 to Sep 30, 2012: -23.49% | currently halted)
2012-08-28 -- Last SEC Filing
2012-08-20 -- Last Quarterly/Annual Report: Q2/FY2012 ended June 30, 2012
2012-07-10 -- CFO Appointment
2012-05-30 -- Trading halted by NASDAQ
2012-05-25 -- CEO Resignation
2012-05-25 -- CFO Resignation
HQSM -- HQ Sustainable Maritime
(Performance Dec 31, 2010 to Sep 30, 2012: -100.00%)
2012-04-10 -- SEC Registration REVOKED
2011-08-10 -- Last SEC Filing
2011-07-12 -- Delisting from NYSE Amex
2011-05-26 -- Auditor Resignation
2011-04-01 -- Trading halted by NYSE Amex
2010-11-09 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
JGBO -- Jiangbo Pharmaceuticals
(Performance Dec 31, 2010 to Sep 30, 2012: -98.78%)
2011-08-16 -- Last SEC Filing
2011-08-04 -- Delisting from NASDAQ
2011-05-31 -- Trading halted by NASDAQ
2011-05-23 -- Last Quarterly/Annual Report: Q3/FY2011 ended March 31, 2011
NIVS -- NIVS IntelliMedia Technology
(Performance Dec 31, 2010 to Sep 30, 2012: -99.08%)
2011-08-26 -- Last SEC Filing
2011-06-24 -- Delisting from NYSE Amex
2011-06-09 -- Auditor Engagement
2011-05-14 -- Auditor Resignation
2011-04-10 -- Auditor Engagement
2011-03-24 -- Trading halted by NYSE Amex
2011-03-23 -- Auditor Resignation
2010-11-04 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
ORSX -- Orsus Xelent Technologies
(Performance Dec 31, 2010 to Sep 30, 2012: -93.63%)
2011-11-15 -- Last SEC Filing
2011-10-21 -- Delisting from NYSE Amex
2011-08-22 -- Last Quarterly/Annual Report: Q2/FY2011 ended June 30, 2011
PUDA -- Puda Coal
(Performance Dec 31, 2010 to Sep 30, 2012: -99.51%)
2011-09-02 -- Delisting from NYSE Amex
2011-09-01 -- Last SEC Filing
2011-08-19 -- Auditor Engagement
2011-07-07 -- Auditor Resignation
2011-04-11 -- Trading halted by NYSE Amex
2011-03-16 -- Last Quarterly/Annual Report: FY2010 ended December 31, 2010
QXMCF -- Qiao Xing Mobile Communication
(Performance Dec 31, 2010 to Sep 30, 2012: -100.00%)
2012-08-23 -- SEC Registration REVOKED
2012-06-15 -- Delisting from NASDAQ
2012-05-02 -- CFO Resignation
2012-04-16 -- Trading halted by NASDAQ
2011-11-30 -- Last Quarterly/Annual Report: Q2/FY2011 ended June 30, 2011
SBAY -- Subaye
(Performance Dec 31, 2010 to Sep 30, 2012: -99.97%)
2011-11-04 -- Last SEC Filing
2011-11-01 -- CFO Resignation
2011-06-24 -- Delisting from NASDAQ
2011-06-01 -- CFO Appointment
2011-05-20 -- CFO Resignation
2011-05-12 -- CEO Appointment
2011-05-12 -- CEO Resignation
2011-04-08 -- Trading halted by NASDAQ
2011-04-01 -- Auditor Resignation
2011-03-13 -- CFO Appointment
2011-03-10 -- CFO Resignation
2010-12-23 -- Auditor Change
2010-12-23 -- Last Quarterly/Annual Report: FY2010 ended September 30, 2010
SCEI -- Sino Clean Energy
(Performance Dec 31, 2010 to Sep 30, 2012: -95.01%)
2012-09-28 -- Last SEC Filing
2012-09-25 -- Delisting from NASDAQ
2012-08-10 -- CFO Resignation
2012-05-21 -- Trading halted by NASDAQ
2012-05-15 -- Last Quarterly/Annual Report: Q1/FY2012 ended March 31, 2012
SIHI -- SinoHub
(Performance Dec 31, 2010 to Sep 30, 2012: -94.26% | currently halted)
2012-09-24 -- Last SEC Filing
2012-09-07 -- Trading halted by NYSE Amex
2012-08-31 -- Auditor Resignation
2012-05-15 -- Last Quarterly/Annual Report: Q1/FY2012 ended March 31, 2012
UTRA -- Universal Travel Group
(Performance Dec 31, 2010 to Sep 30, 2012: -88.73%)
2012-08-15 -- Last SEC Filing
2012-05-08 -- Delisting from NYSE
2011-11-14 -- Last Quarterly/Annual Report: Q3/FY2011 ended September 30, 2011
2011-04-12 -- Trading halted by NYSE
WATG -- Wonder Auto Technology
(Performance Dec 31, 2010 to Sep 30, 2012: -96.03%)
2012-09-19 -- Last SEC Filing
2011-12-13 -- Auditor Engagement
2011-12-06 -- Auditor Resignation
2011-09-12 -- Delisting from NASDAQ
2011-07-25 -- CFO Appointment
2011-07-12 -- CFO Resignation
2011-07-12 -- CEO Resignation
2011-05-09 -- Trading halted by NASDAQ
2010-12-06 -- Auditor Change
2010-11-09 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
WEMU -- Worldwide Energy and Manufacturing USA
(Performance Dec 31, 2010 to Sep 30, 2012: -100.00%)
2012-05-16 -- SEC Registration REVOKED
2011-05-30 -- CFO Appointment
2011-04-26 -- CFO Resignation
2011-04-25 -- CEO Appointment
2011-04-25 -- CEO Fired
2011-02-19 -- CFO Appointment
2011-02-19 -- CFO Resignation
2010-11-22 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010
XINGF -- Qiao Xing Universal Resources
(Performance Dec 31, 2010 to Sep 30, 2012: -100.00%)
2012-08-23 -- SEC Registration REVOKED
2012-06-15 -- Delisting from NASDAQ
2012-04-16 -- Trading halted by NASDAQ
2012-01-19 -- Auditor Change
2011-12-01 -- Last Quarterly/Annual Report: Q2/FY2011 ended June 30, 2011
YUII -- Yuhe International
(Performance Dec 31, 2010 to Sep 30, 2012: -98.55%)
2012-07-26 -- Last SEC Filing
2012-07-20 -- CFO Resignation
2011-08-10 -- Auditor Engagement
2011-07-21 -- Delisting from NASDAQ
2011-06-17 -- Trading halted by NASDAQ
2011-06-17 -- Auditor Resignation
2011-05-16 -- Last Quarterly/Annual Report: Q1/FY2011 ended March 31, 2011
Labels: ABAT, APWR, CAGC, CBEH, CCME, CELM, CIIC, CNGL, CRTP, CSKI, CVVT, DEER, DGW, DYP, FEED, HEAT, JGBO, NEP, NIV
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