Can someone explain to me what has happened to CHBT over the last 2 weeks? I see that it was downgraded by Maxim on 6/1, but wtf?
I feel like there's an easy lesson here, but I want to hear opinions from the informed.
Btw - before I get laughed out of here - I only own a few hundred shares and am almost at break even on the covered calls I sold. If prices stay in this area I'll probably sell July out of the money calls and recoup any losses. However, if it keeps tanking I'm definitely at risk.
Yea dude like most Chinese companies it is most likely a fraud. Sino Forest is getting hammered right now from 18 a share to 2.50 a share because Muddy Waters came out wih a report saying the entire company is a ponzi scheme fraud.
I dont know anything about China Biotics but if it is a Chinese Reverse Merger company I would say 90% chance its a fraud.
AND sure enough I just did a quick google search and China Biotics is a reverse merger. I would advise to sell or you most likely will lose your entire investment when the stock is suspended and never reopens.
Goodluck
Yeah, I sold out. I'm going on vacation in a few hours and just decided to take my loss now instead of compounding the problem.
So the real question now is puts....
I am a dumbass
Man you are not dumb. Trust me you will learn from this mistake. You are only losing a fraction of your capital yet you have gained a huge insight for your future trading, just remember to REMEMBER that mistake and not let it happen again.
But yea maybe you should have done a bit more research into these chinese reverse mergers. Goodluck man !
I am never investing in a chinese reverse merger company again. It's like holding a ticking time bomb. I've held 3. CBEH (broke even, but its down like 90% since) SCEI (eked out a profit, 3 months late, down like 30%), and DEER (lost a little). If I had waited like 3 days on CBEH, I would have gotten destroyed. Like losting 50k destroyed. Lack of real reporting makes it really hard to see what's real. You'd think that the energy stocks listed above would be real since they own refineries, but not so. I evade all but the largest Chinese companies, and no reverse mergers anymore.
http://finance.yahoo.com/q/ta?s=CBEH&t=1y&l=on&z=l&q=l&p=&a=&c=
Yea...never again. I know someone who held this from $9.5 to $2
I was suspicious which is why I bought small and took the conservative option. Im glad I did, I think after fees I'll only have a loss of a few %.
The real question is why the F is this listed on the NASDAQ. And should I be looking for this scenario in the future and buy puts?
Prodigy, I appreciate the sentiment but it didn't feel right at execution. I never should have pulled the trigger.
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