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Alfred Little  

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  • Vascular Biogenics: 3x Upside Potential In Tumor Angiogenesis Inhibition [View article]
    Can you address the failure of VB-111 in Mullerian cancer discussed by another author, especially the safety concerns:
    http://bit.ly/1R0brBd
    Aug 20, 2015. 03:37 PM | Likes Like |Link to Comment
  • Jinpan Is Over 80% Cheaper Than Comparable China-Listed Companies [View article]
    For what its worth, my researchers visited each Jinpan factory last year and found them all to be active with satisfied workers who attested to the growth and stability of the business. I'm long a small amount of JST.
    Jul 17, 2015. 01:10 AM | 3 Likes Like |Link to Comment
  • Jinpan Is Over 80% Cheaper Than Comparable China-Listed Companies [View article]
    Wonderful report. I am long JST too
    Jul 1, 2015. 11:19 AM | Likes Like |Link to Comment
  • China Finance Online CEO Resigns From Key Posts In China Amid Anti-Corruption Probe [View article]
    This article includes multiple reasons why JRJC should be delisted and banned from ever trading in the U.S. again. I imagine JRJC insiders are secretly dumping as much stock as they can and using the proceeds to buy safe houses in Cali they can abscond to.
    Jun 3, 2015. 10:55 AM | 1 Like Like |Link to Comment
  • Was Kandi's Latest Investor Presentation An April Fools' Joke? [View article]
    Hainan would certainly be a great place to have a lot of EVs available for tourists. They'd need some significant range improvement or charging stations to let you wander this 33k sq km island that's a little larger than the state of Massachusetts. Huge potential
    Apr 16, 2015. 08:22 PM | 1 Like Like |Link to Comment
  • Was Kandi's Latest Investor Presentation An April Fools' Joke? [View article]
    Thanks Art. The incentives are certainly good. I think if you read between the lines, the provincial and municipal official visit to the Hainan Wanning site is the kind way of warning that KNDI had better get the factory built soon or risk losing the incentives.
    Apr 16, 2015. 03:59 PM | 2 Likes Like |Link to Comment
  • Was Kandi's Latest Investor Presentation An April Fools' Joke? [View article]
    Hi Art. To clear this up, KNDI really needs to explain the $50M of equipment purchased last year for the Hainan factory that is stalled in construction. The equipment purchase raised eyebrows at the time and consumed a huge amount of cash that could have been deployed to grow sales which have lagged guidance. Today, the equipment purchases seem like a big mistake. What can KNDI do about this?
    Apr 16, 2015. 01:36 PM | 5 Likes Like |Link to Comment
  • Was Kandi's Latest Investor Presentation An April Fools' Joke? [View article]
    My own research has found little progress on the Hainan Wanning new factory construction site other than basic concrete footers built in 2014. Few workers were present in January. None in March. The site looked unchanged over first 3 months of 2015 and a local claimed that the construction had been halted.

    Based on these observations, the large advance purchases of equipment begin to look questionable. This is something KNDI shareholders should press management to address. Disclosure: I have no position
    Apr 16, 2015. 11:02 AM | 12 Likes Like |Link to Comment
  • Synutra International, An Undervalued Opportunity In The Chinese Infant Formula Market [View article]
    HK comps' market caps are in HK Dollars, so divide by 7.75 to get USD. Otherwise great report.
    Apr 1, 2015. 11:33 AM | Likes Like |Link to Comment
  • 'Major' Findings Of FAB's Internal Investigation Continue To Leave Investors In The Dark [View article]
    Older, care to comment on the arrest of the Chairman and the suspension of FAB's Chinese business?
    Mar 2, 2015. 11:40 AM | Likes Like |Link to Comment
  • Where Are China Green Agriculture's 26,175 Branded Stores? [View article]
    Good question for IR - Jinong appears to running at capacity, so how will it fulfill those orders?
    Oct 28, 2014. 10:30 PM | 1 Like Like |Link to Comment
  • Where Are China Green Agriculture's 26,175 Branded Stores? [View article]
    Piggy - Can you tell more about your search for stores?
    Oct 28, 2014. 10:29 PM | 1 Like Like |Link to Comment
  • Where Are China Green Agriculture's 26,175 Branded Stores? [View article]
    Short sellers decrease their holdings for lots of reasons, including high borrowing costs and buy-ins by their brokers.
    Oct 28, 2014. 10:27 PM | 1 Like Like |Link to Comment
  • China Green Agriculture - Steps Towards Credibility/Bull Case Scenario [View article]
    Hey Ferdinando, could you provide any actual analysis of any of Geo's evidence and allegations?
    Oct 21, 2014. 09:45 AM | 4 Likes Like |Link to Comment
  • China Green Agriculture's Imaginary Fertilizer Production And Vanishing Cash [View article]
    CGA cut to Sell by Crystal Equity Research, the only analyst covering the stock


    http://bit.ly/1yaOG43


    CGA – Change in rating. Our rating of China Green Agriculture is changed to Sell from Buy. Since the collapse of valuations for small-cap, China-based companies, CGA has traded generally downward from a peak stock price in early 2010. Since taking profits during that period, we have been following a strategy of trading the stock on technical indicators in order to accumulate gains that would improve total return on our remaining shares. Our view has changed in recent weeks as we have become concerned the management team has been less than forthcoming regarding the Company’s fundamental performance.


    The Company recently announced investor events in Xian and Beijing. While the announcement provided only a two-week preparation time, we made arrangements for a representative to attend the Beijing event. Indeed, this is the first investor event ever held by a company in our coverage universe where we did not have at least a three-month notice of the date. Our attempts to register for the event were not acknowledged. We are aware of others that attempted to attend the event, but were also unable to register. Indeed, prior to the investor event announcement, we had made numerous attempts to contact the Company by e-mail and telephone. None of our messages were answered. We asked a senior executive of another public China company to contact China Green Agriculture with a reference for Crystal Equity Research and we presented the Company’s legal representation in the U.S. with details of our questions. None of these overtures were acknowledged, despite the U.S. attorney’s assurances that our questions would be answered.


    When we were unable to register for the investor event, we had again contact the Company’s attorney by e-mail and by phone. We received a receipt for the e-mail and our call was answered by the attorney, who then claimed she could not understand the conversation as soon as we identified Crystal Equity Research. Finally, after both investor events were over, we received an e-mail message from China Green Agriculture’s investor relations representative, indicating that it was too late to register for the events. The message provided evidence that all of our messages were more than likely received and that no technical problem existed to prevent China Green Agriculture personnel from answering our questions or giving our agent access to the investor event.


    The sequence of messages as well as the conduct of the U.S. attorney and investor relations representative, have given rise to suspicion that the investor events were staged. We suspect that China Green Agriculture management has deliberately not responded to questions and that they did not intend to allow legitimate analysts to attend the events.


    The appearance of misconduct casts a different light on other corporate actions, namely the significant investment in a marketing program that has required over $100 million dollars in cash investment over the past three years. Granted the number of participating retail store has increased dramatically to over 26,000 at the end of the last fiscal year. Yet the expenditure is significant on a per store basis given costs of signage and displays in China. If the investment leads to higher sales in the long term, then it is easily justified. However, the lack of transparency around the program and the change in accounting treatment now look deceptive. The marketing program is organized in such a way that it could be easily compromised by fraudulent retailers or unethical employees.


    Given that it appears the Company’s legal representation may be complicit in management’s efforts to avoid investor scrutiny, we also have less confidence in the Company’s financial reports. The reclassification of the marketing program assets from PP&E to deferred revenue was overlooked previously as an understandable mistake. Now we have concerns that the auditor could be more a conspirator as well. That casts new doubt on the integrity of the financial reports


    While we had been managing our position in CGA using technical analysis and paid only tangential attention to fundamental developments over the past couple of years, we find unacceptable the apparent lack of respect for legitimate investor inquiry. In our view, it is preferable to exit CGA with a loss than continue to hold a potentially toxic asset in the portfolio. We recommend divesting of this position as after the dividend record date of October 31st has passed. We note that the stock could appreciate in value if the broader market turns more favorably toward small-capitalization companies. Periods of trading strength would be preferable timing for position liquidation.
    Oct 20, 2014. 10:19 AM | 2 Likes Like |Link to Comment
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