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Wall Street Scion Lost in China Agritech as Shorts Pile On Reverse Merger (27.4.2011)
Jesse Glickenhaus learned about investing in China the hard way: The first shares he bought, in an organic fertilizer company, lost half their value in four months after short-sellers questioned the firm’s credibility. When Glickenhaus, 29, joined his family’s New York asset- management company in October, he wanted to bring its stock picking into the era of global warming. That led to a $4 million investment in China Agritech Inc. (CAGC), a Beijing-based firm listed on the Nasdaq Stock Exchange and 22 percent owned by Carlyle Group. It was, Glickenhaus said, a way to profit from the need to feed China in an environmentally responsible way... Or so it seemed. The same week in November that Glickenhaus & Co. bought most of its 326,130 shares, China Agritech replaced its auditor. Three months later, investors who had bet against the stock attacked the firm as a scam with no real operations. Shares tumbled to $6.88 on March 14, when trading was halted for failure to file financial data, from $15.87 on Nov. 8.
In a reverse merger, a closely held corporation buys a publicly traded shell company and retains its U.S. listing. China Agritech came into being after China Tailong Holdings Co., a fertilizer maker founded in 1993 by Yu Chang, merged in 2005 with Basic Empire Corp., a shell company that began life in Nevada in 1925 as Argyle Mining Co. and no longer had any business operations, according to a China Agritech filing.
Neusoft To Invest In Israeli Medical Solutions Company (26.4.2011)
SHENYANG, China, April 26, 2011 /PRNewswire-Asia/ — Neusoft Corporation (“Neusoft”, 600718.SH), a leading IT solution and service provider in China, recently announced that its wholly-owned subsidiary Neusoft Europe Inc. (“Neusoft Europe”) has signed a subscription agreement with Aerotel Medical Systems Ltd. (“Aerotel”), a leading global manufacturer of modular, mobile and home based telemedicine and telecare solutions based in Israel, under which Neusoft Europe will subscribe for 26915 shares of Aerotel with 1.77 million US Dollars to hold 30.77% of its outstanding shares.
Israel Signs R&D Cooperation Agreement with Shanghai (11.4.2011)
An industrial R&D cooperation agreement was sign today by the Israeli Minister of Industry, Trade and Labor and the Chinese chairman of the Shanghai Municipal Science and Technology Commission. The agreement followed two years of negotiations between the Office of the Chief Scientist and the Shanghai Municipal Science and Technology Commission.Under the agreement, collaborating Israeli and Shanghai companies will be eligible for grants: Israeli companies can receive grants for up to 50% of a project's R&D costs from the Office of the Chief Scientist, and the Shanghai Municipality will provide a similar level for the Chinese companies. The Ministry of Industry said that the agreement will expose companies from the countries to the needs of different markets, while the governments will provide financial support.
China 'to Overtake US on Science' in Two Years (28.3.2011)
China is on course to overtake the US in scientific output possibly as soon as 2013 - far earlier than expected. That is the conclusion of a major new study by the Royal Society, the UK's national science academy. The country that invented the compass, gunpowder, paper and printing is set for a globally important comeback. An analysis of published research - one of the key measures of scientific effort - reveals an "especially striking" rise by Chinese science.
Fair to Encourage Chinese Enterprises to Invest Abroad (23.2.2011)
China will hold a trade fair this year to encourage investors to go abroad,according to the China Industrial Overseas Development and Planning Association (CIODPA). The Third China Overseas Investment Fair, approved by the National Development and Reform Commission, would be held in Beijing on Nov 8 and 9. Representatives of multinational companies, overseas financial institutions and enterprises that carry out investment projects would be invited. About 10,000 Chinese enterprises, including centrally administered enterprises, private enterprises and listed companies, are also expected attend the fair.