@User: Yongye's auditor, KPMG Huazhen, was charged in December with violating the Securities Exchange Act and the Sarbanes-Oxley Act, which requires foreign public accounting firms to provide the SEC upon request with audit work papers involving any company trading on U.S. markets (see http://1.usa.gov/10y9QGr ). So it appears the SEC does not respect Yongye's auditor and won't accept a fraudulent 10K at face value. Sorry.
Yongye International: Risky Business [View article]
@Deep: Hey, didn't you tell us that the saga was over and that the company was being taken private? Who said "Congratulations to the longs, and my condolences to the shorts?" and was kicking himself prematurely for not buying any YONG?
The fact is, if your patent describes a chemical process that results in dirty table salt (toxic to plants) mixed with a cheap fertilizer, and then you let your "inventory" rot under the hot Hohhot sun releasing ammonia, and then you try to sell it for 100x its cost, nobody will buy it, no matter how much you bribed those KPMG China partners (and KPMG China is not KPMG US and is not a top-four auditor).
And, by the way, the 10K filed on April fools day is indeed quite fraudulent - it is obvious, if you read it. As a result, the stock is halted.
This is the only NASDAQ-listed company that has to wait till March 14 to determine its revenues as of the end of December 2012. Essentially, the company admits here that its financials are not prepared in accordance with GAAP, therefore implicating itself and its auditor in fraud. But Yongye's difficulties are not hard to understand. Those receivables simply don't exist to begin with.
For fun, just read the rest of the April fool's day 10K, paying particular attention to the Exhibits, specifically, the guarantee fee amount and the "fufaiting" (sic) of the large amount of export receivables (from a company that does not export anything).
Yongye: When A Halt Is Just A Start [View article]
@Dutch: Then you will have no problem explaining this fufaiting (sic) of EXPORT BUSINESS receivables to NASDAQ ( http://1.usa.gov/YWNi1Y ), because they are having trouble digesting it. There is no private equity deal, it is a non-binding proposal, as explained in my article.
Yongye: When A Halt Is Just A Start [View article]
@pmcmullen100: Don't you realize that the Chairman is playing a joke on you? For example, in the 10K, Yongye claims that "In February, March, May and December of 2011, January of 2012 and March of 2013, there were reports published by the Seeking Alpha website, analysts, and other web-based publishers that contained misleading statements about us. Although we HAVE RESPONDED TO EACH OF THESE REPORTS in press releases dated February 7, 2011, March 24, 2011, May 19, 2011 and December 15, 2011, there are predictions that there will continue to be more short seller attacks against Chinese companies." [my CAPS]
So, in 2011, Yongye responded to my report that was written more than a year in the future (March 2013), per the 10K. Yongye not only makes a magic fertilizer but is also capable of time travel and clairvoyance!
Plus there are some other things in that 10K that make it a nice April 1 joke.
Yongye International: Risky Business [View article]
@Charlie: Mr. Wu signs for it, but you are right, he has not disclosed why this entity was set up, and who actually owns it. I have had the nagging suspicion that it is co-owned by Mr. Wu's original co-investor and partner in crime, Mr. Sun Taoran, but I have no proof. Allan is welcome to clue us in.
Yongye International: Risky Business [View article]
Charlie, look at the bottom to see who signs the filings for Full Alliance: http://1.usa.gov/Zrss9U Of course, Full Alliance has never bought even one share of Yongye. What I really want to know more about is the role of China Consolidated Investments Limited (CCIL) in this scam. Maybe Allan will lend a helping hand?
Yongye: When A Halt Is Just A Start [View article]
@cmonIan: Where does Yongye's property end? The auditors did not sign the 10K and the stock is halted, so I wouldn't count that as zero. And now the CDB has been informed of my findings. Oops.
Yongye International: Risky Business [View article]
Yongye International's Management Discusses Q4 2012 Results - Earnings Call Transcript [View article]
Yongye International: Risky Business [View article]
The fact is, if your patent describes a chemical process that results in dirty table salt (toxic to plants) mixed with a cheap fertilizer, and then you let your "inventory" rot under the hot Hohhot sun releasing ammonia, and then you try to sell it for 100x its cost, nobody will buy it, no matter how much you bribed those KPMG China partners (and KPMG China is not KPMG US and is not a top-four auditor).
And, by the way, the 10K filed on April fools day is indeed quite fraudulent - it is obvious, if you read it. As a result, the stock is halted.
Yongye International's Management Discusses Q4 2012 Results - Earnings Call Transcript [View article]
For fun, just read the rest of the April fool's day 10K, paying particular attention to the Exhibits, specifically, the guarantee fee amount and the "fufaiting" (sic) of the large amount of export receivables (from a company that does not export anything).
Yongye: When A Halt Is Just A Start [View article]
Yongye: When A Halt Is Just A Start [View article]
Yongye: When A Halt Is Just A Start [View article]
So, in 2011, Yongye responded to my report that was written more than a year in the future (March 2013), per the 10K. Yongye not only makes a magic fertilizer but is also capable of time travel and clairvoyance!
Plus there are some other things in that 10K that make it a nice April 1 joke.
Yongye: When A Halt Is Just A Start [View article]
Yongye International: Risky Business [View article]
Yongye International: Risky Business [View article]
Yongye International: Risky Business [View article]
Yongye International: Risky Business [View article]
Yongye International: Risky Business [View article]
Yongye International: Risky Business [View article]
Yongye: When A Halt Is Just A Start [View article]