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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (40004)11/11/2010 10:03:18 AM
From: Spekulatius  Read Replies (1) of 78594
 
re CCCL
>>ok once again you have forced me to do more research.<< <g>

I don't know if CCCL is a fraud. I said maybe, which really does not say much with respect to Chinese microcaps.

I did go through the filings and looked for what I considered BS statements. The brand name value is surely one of them that is fairly obvious. The other one is that CCCL claims to concentrate on Tier II and Tier III cities. But even if that were the case, if the RE building boom in Tier I cities stops, the tile market would still break down just about everywhere since tiles are more or less a commodity.

CCCL like many other Chinese microcaps has a 4 layer cooperate structure with two holding companies between the US subsidy and the Chinese operating company (one HK holding and one offshore (Cayman)). Again this does not prove of imply fraud, it just makes it more convenient for management and virtually assures that in the case of cases nothing will be left for shareholders.
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