Bucket Shops

Presenting Lewis Fan, ex-Rodman analyst? (RODM)

A mid-weekend peek at the Rodman & Renshaw (RODM) website shows that, as predicted on Friday by Bloomberg and Dow Jones, the sad excuse that passed for a research group on Chinese companies has been shuttered. Surprisingly, Amit Dayal is still listed as an employee, but the name of another Rodman Chinese analyst cheerleader is missing. Mr. Lewis Fan is nowhere to be found on the RODM website now, but here is a link to a cahced copy of the old site. Your author also captured a copy of Lewis‘ coverage list as of the 14th of October. It is a who’s-who of reverse merger wonders, not one of which Lewis thought was a sell.

The list is a cheerleading performance rivaling Matthew Kaplan‘s love of Repros Therapeutics. There is Irving Kau’s SEED, Bryant Cragun linked SCOK, Christopher Wenbing Wang‘s GSI, Zhongpin, a stock even Global Hunter doesn’t love, and even Jesse Glickenhaus‘ favourite stock Crazy Gareth and Gene Michael Bennett‘s China Agritech. Full list after the jump:

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Not with a bang, but with a whimper, Rodman to shut Chinese “research” group.

According to a mid-day report from Bloomberg, famed PIPE shlock shop Rodman & Renshaw is shutting down its Chinese equity “research” group.

Oct. 14 (Bloomberg) — Rodman & Renshaw expected to close research operations in China-based stocks as interest deteriorates, DJ said, citing a person familiar.
• Rodman to make announcement Monday: DJ • Rodman didn’t immediately comment to DJ

One of Rodman’s chief Chinese stock pumpers analysts is Amit Dayal, who does not have a single sell recommendation in his entire active coverage list, which includes familiar names ABAT, a bunch of Westpark Capital WRASPs, Ping Luo favorite SinoHub, and AutoChina. Here is the complete list, according to Bloomberg:

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Quick Take – Echo Therapeutics makes a hire (ECTE)

In the last week there has been a large spike in traffic, and many new readers, looking at some old BuyersStrike! posts about tiny bio-dreadful reverse merger company Echo Therapeutics (ECTE) fka Sontra Medical fka Choicetel. (Catch up on Echo here, here, here and here and here).

The traffic spike was so intriguing that your author decided to take a look and see if anything had changed Echo. And, sure enough, the company has issued press release after press release lately. For example, today Echo announced a key new hire:

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Quick Take – Reuters on Chinese Stock Shenanigans

Two must read articles from Reuters on Chinese stock market shenanigans. The first, available here, discusses scandals in the Chinese domestic markets. The second, available here, reveals that the DOJ is finally looking into these scams. Of course, as touched on previously, good luck bringing the Chinese perpetrators to justice. Neither the DOJ nor the SEC have any authority in the PRC.

 

The Slow Road to Redemption – Global Pumper’s Joe Giamichael (HOGS)

Lost in the madness of 24 hour news coverage of Mean Irene, was the shocking downgrade on the 26th of August, of Zhongpin (HOGS), a Chinese pork processor and distributor, by notorious Chinese reverse merger schlock shop Global Hunter‘s Managing Director of China Research, Joe Giamichael. Shocking because Joe Giamichael had his own Ping Luo moment, defending scam YUII on the 15th of June. In an interview with Bloomberg, super analyst Giamichael fessed up that he esentially did no research at all, just believing the lies of outright crooks. Said Joe:

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Quick Take – Another dirty Chinese deal halted, and another Abax “buyout” . (AUTC,CHNG)

Oh my! Another dirty Chinese reverse merger SPAC deal has been halted this afternoon, AutoChina (AUTC). This is another Jay Srivatsa, of Chardan Capital fame, buy recommendation.  As of late March, Jay had buy rating and a $40 price target on the stock. The stock was halted this afternoon at a last sale of $29.19 and a fairly healthy $575mm market cap. Naturally, one can expect both to shink considerably once trading in AUTC reopens. That makes two Jay stocks that in the news this past week. Read about Jay’s defense of Spreadtrum (SPRD) here. And here is a little bit of the awesome contained within AUTC‘s press release:

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Quick Take – Chardan Capital vs. Muddy Waters (SPRD, LIWA)

Today saw the release of a short report from Muddy Waters on Chinese semiconductor company Spreadtrum (SPRD). Read the letter here.

And in the tradition of potentially career ending responses like that of LFT apologist Henry Ai, CCME booster Ping Luo, and Tree-X‘s one-time cheerleader Paul Quinn, an analyst from bucket shop Chardan Capital, Jay Srivatsa, told Bloomberg news there is “little to no merit” to the Muddy Waters report. Chardan has been responsible for such lovely Chinese companies as halted A-Power (APWR), Origin Agritech (SEED), home of CFO Irving Kau, the man who wouldn’t know a reverse-merger if he were working for one, and many more. Read about Chardan here.

Jay has a buy rating and a $31.00 price target on SPRD shares, and he is also a fan of reverse merger wonder Lihua International (LIWA) fka Plastron Acquisition I. Whom to believe, a sell-side analyst working for Chardan, a company responsible for foisting a bevy of bad Chinese merchandise onto the American markets, or Muddy Waters. Good luck Jay, you’re going to need it.

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.

Things we’re still waiting to see. (CAAS, ECTE, FSIN, SBAY)

Since the beginning of the year, there are many things that the folks here at BuyersStrike! HQ have been anticipating. Some, like the mythical short squeeze promised by the Yahooligans enamored with James T. Crane‘s former home, Subaye (SBAY) will clearly never happen.

Others, like word from the FDA on the 510(k) submission of Echo Therapeutics (ECTE) ‘s rehashed ultrasonic lidocaine machine, are perennial “any day now” stories. Echo, a favourite of Florida bucket shops and Meir “Mark” Nordlicht’s Platinum-Montaur, submitted its 510(k) for the new version of its old, failed, product, in the middle of November 2010. Here is what ECTE had to say last November:

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Just who buys this stuff – Guerrilla Update (YUII)

Add another name to the portfolio of halted Chinese reverse mergers owned by Peter Siris. This morning, after a painfully funny conference call by Yuhe International management, yesterday’s “suspension” in research coverage by crack analyst Joe Giamichael of Global Hunter, and the previous day’s reiteration of his buy rating, the NASDAQ halted trading in YUII.

As of the most recent filings, the stuckholders include old friend Tim Halter, whose Halter Financial held 948k shares (4.68% of the company), Ardsley Advisory Partners with a whopping 2.5mm shares (12.35% of the company) and Peter Siris‘ Guerrilla Capital, whom we met here, with over 488k shares (2.41% of Yuhe). Fine work gentlemen!

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.

Mega-Moron Update – Still not a ‘Sell’ (YUII)

The afternoon of the 16th Joe Giamichael of Chinese reverse-merger powerhouse Global Hunter Securities, the one-time home of Ping Luo, decided to “Suspend Coverage” of Yuhe International (YUII). Just a day before, in the face of overwhelming evidence, Giamichael reiterated his Buy rating and $16.00 price target. Read about yesterday’s hilarious note here.

Here’s what the GH brain trust had to say in today’s note:

Following the recent allegations and the formal response from management we were finally able to speak with Mr. Zheng to get his first-hand commentary regarding Yuhe’s public response to the allegations from GeoInvesting and the subsequent recorded conversation; in which, Mr. Zheng supposedly reiterated that the transaction never occurred and that the documentation that has been provided is false. Having contacted Mr. Zheng using the contact information provided in the SAIC documents, published by GeoInvesting.com, he confirmed to us what was previously stated in the GeoInvesting article.

But, GH didn’t tell its marks customers to sell, oh no, Joey G. did not even move his rating down to Hold. He just ‘suspended‘ it. Sadly, trading was not suspended YUII closed the day under $2. Global Hunter‘s long suffering marks customers lost 51.96% in just one day.

The content contained in this blog represents only the opinions of the author. The author may hold either long or short positions in securities of various companies discussed in the blog. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. This blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.