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Technology Stocks : IMOT, the Yahoo of China??
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To: LTK007 who wrote (425)3/13/1999 5:13:00 PM
From: Retired41  Read Replies (2) of 781
 
Max, I think calling IMOT legitimate in China is stretching the connotations of the term. What the government may consider a legitimate pursuit in China - especially in this case - will not stand any reasonable western definition of the term.

Very little money is being spent in China from the offering's proceeds. Their own statement o expenses proves that. This leaves U.S. dollars that are unaccounted for. Consider that over $2MM shares traded Friday. With that kind of volume the U.S. people helping this operation along profit handsomely, and the Chinese get sorely needed hard currency with very little expense (their little web site).

So the purpose of the operation is not to do business, but to suck hard currency out of the U.S. This is not something that is new in China or other communist, or newly market oriented economies. I wouldn't be surprised if they run seminars on it.

Due to the benefits and negligible risk the government of China is of course fully supportive of any such schemes. Therefore since the purpose of the structure and type of business is not to build value through commerce but to bring hard currency into the country I think that terming it a legitimate business is misapplying the term.

The saddest part IMO is not that people are duped into buying these stocks, but the fact that Americans such as the supposed PR people in Florida are willing to help screw their own countrymen. And as far as I know they rarely serve any time over it.

I believe the new rule regarding mandatory reporting for BB stocks will have little impact as you still cannot touch the actual executives of the companies.

Just my opinion.
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