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"Risk comes from not knowing what you're doing" Warren Buffett I look and sift the world for such misplaced bets. When I occasionally find one, I first exploit it for profit. Then, I write about it for anyone else interested in such ideas. Twitter: @unemon1 Scribd:... More
  • FU: It's Really A Fabulous "DEBT”! 0 comments
    Nov 15, 2013 4:39 PM | about stocks: FU

    Assumption: the name of Beijing FAB Digital Entertainment Products Co. Ltd is: 北京精彩无限音像有限公司! ** (Satisfied)

    It's really a Fabulous "DEBT"!

    In the 10Q for period Ending June 30, 2013, FU had no "Long term Debt" other than $2M in LT Deposits from customers and $18M in Deferred Revenue.

    However, apparently FU does have a Bond listed on the "Shenzhen Stock Exchange"!

    Here is the Page: http://quote.eastmoney.com/sz118089.html

    (118089) It was issued on 2013-04-25, it bears an interest of 11% and it has a face Value of RMB100m (about $16m). It matures in 3 years (2016-04-25)

    On the website of the Shenzhen Stock Exchange it is clearly reported that the debt security was issued by (北京精彩无限音像有限公司) FAB Chinese Operating Subsidiary!

    www.szse.cn/main/disclosure/bsgg_front/3....shtml

    The following Document also confirms that the Debt was already outstanding as per June 30, 2013 (page 6, 2nd box, 3rd row). Daton Securities Co. Ltd. (大通证券股份有限公司) report:

    www.estock.com.cn/wwwroot/upload/2013715....pdf

    ** I do believe the assumption is satisfied

    北京精彩无限音像有限公司 was established on the 3rd of September 2003. Reg No: 110101006106764 ... with RMB1m in Capital.

    So did FAB Digital (according to the 10K):

    "FAB Digital was incorporated as a private enterprise in the PRC in September 2003 with a registered capital of 1 million Renminbi ("RMB") and is a wholly owned subsidiary of FAB Media"

    In BJ no other companies were established (with similar names) till 2011. (We already know some them from FAB 10K)

    Here are all the FAB companies in BJ (below) with the respective legal representative and date of incorporation:

    最多显示10条记录!

    Top of Form

    序号

    主体名称

    注册号

    法定代表人/负责人

    成立日期

    企业状态

    1

    北京精彩无限音像有限公司

    110101006106764

    马继良

    2003-09-03

    开业

    2

    北京精彩无限音像有限公司东城第二文化传媒分公司

    110101015332505

    马继良

    2012-10-24

    开业

    3

    北京精彩无限音像有限公司东城文化传媒分公司

    110101014337408

    张国柱

    2011-10-04

    开业

    4

    北京精彩无限音像有限公司西城分公司

    110102013490191

    马继良

    2011-01-04

    开业

        

    共4条记录,显示1到4

    Bottom of Form

    Disclosure: I am short FU.

    Themes: Fraud, China, Debt, SEC Stocks: FU
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