Weekend Update – Ping Luo and Larry Goldman Edition (WATG)

Just a few days ago at BuyersStrike! we promised a deeper look into the doings of one Larry Goldman. Well, after the close on Friday the 6th of May, Ping Luo stock Wonder Auto Technology, Inc. (WATG) was halted.  And in what Jung would only describe as synchronicity, WATG features ex China Intergrated Energy (CBEH) director and Audit Committee member, the handsome Larry Goldman on its Board Of Directors.

WATG still has not filed its 10K for 2011. Everyone at Wonder, Larry included, must have been surprised by the halt. After all, the NASDAQ had allowed such Chinese gems as Fuqi International (FUQI) to continue trading for over a year without filing a 10K.

Wonder, like many Chinese companies, merged into a shell. This one was a Nevada corporation called MGCC Investment Strategies (MGIS). In December 2005, old friend Timothy Halter of China reverse-merger shop Halter Financial took control of the shell, with an 86.4% ownership position. In June 2006, just six months later, the MGIS shell merged with whatever ratty piece of Chinese crap could be stuffed into the shell, giving birth to Wonder.

Said one Wonder executive, CEO Qinjie Zhao, at the time of the deal:

“we want to thank our financial advisor, Halter Financial Group, for facilitating our efforts in connection with our private financing and the going public transaction.  These transactions have given us access to the U.S. capital markets, with the intent of capitalizing on significant growth opportunities.”

At the time of the merger, Global Hunter Securities, the low tier banking shop that employed wonder-analyst Dragonlady Ping Luo, co-managed a massive $20mm capital raise for the combined company ($12mm)  and certain existing shareholders ($8mm).

But enough about Wonder, what about Larry? More to come.

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.
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