No. of Recommendations: 1
I'll add Duoyuan Global Water and Rino International to your list of Chinese IPO frauds.

I bought RINO on 10/22/2010 for $18.20. Not more than 5 weeks later, this comes out:

... reporting $193 million of revenue for fiscal 2009 to the SEC while reporting only $11 million of revenue for 2009 in the Company's annual report filed with the Chinese authorities. According to the complaint, after a market research and trading firm named Muddy Waters reported this discrepancy and that: Company management diverted $3.2 million to purchase a luxury home in Orange County, CA; many of the Company's customer relationships do not exist; Company management is draining cash for its own business and personal use; and the Company's actual profits are really one-half to one-third of what was reported to investors, the value of RINO stock declined significantly.

Sold out for $2.86 12/10/10 after trading on the OTC market resumed.
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