From a press release dated May 31, 2011:
“After extensive due diligence, we believe Yongye to be an exceptional company that has built significant brand recognition in China’s agriculture industry through its integrated marketing campaigns, distribution strategy and the benefits its Shengmingsu-branded products have brought to Chinese farmers,” stated Mr. Homer Sun, Managing Director of MSPE Asia. “The Company’s core products address an important need for farmers to enhance yield for crops planted on soil that has become degraded by decades of over-fertilization. In addition to product efficacy, we are impressed by the Company’s strategy and execution to develop an effective sales network directed at an underpenetrated segment of Chinese demand. We look forward to being long-term shareholders and partners with Yongye and intend to provide our full support to Yongye with respect to operating strategies and the capital markets.”
In connection with this transaction, Mr. Sun is joining the Company’s board of directors.
From March 18, 2013:
NASDAQ Halts Yongye International Inc.
NEW YORK, March 18, 2013 (GLOBE NEWSWIRE) — The NASDAQ Stock Market^® (Nasdaq:NDAQ) announced that trading was halted today in Yongye International Inc. (Nasdaq:YONG) at 09:28:56 Eastern Time for “additional information requested” from the company at a last price of $5.32. Trading will remain halted until Yongye International Inc. has fully satisfied NASDAQ’s request for additional information.
Do you think Mr. Sun regrets his glowing praise?
His claim of extensive due diligence is laughable. YONG was an obvious scam since it was a shell called Golden Tan, Inc (GDTN). The reasonable investor would have to ask is Morgan Stanley’s Homer Sun a moron or complicit?
Either way, should this play out in the same way as another Chinese fertilizer scam (CAGC), at least Morgan Stanley and, presumably, Homer Sun will have assets in the US that can be seized to make restitution to the scammed shareholders.