Kirin International Holding Inc (OTCMKTS:KIRI) Back at Three Dollars
After shifting its heaviest daily volume for the past month in yesterday’s session, the share price of Kirin International Holding Inc (OTCMKTS:KIRI) hit three dollars once more. As 143 thousand KIRI shares changed hands, the stock landed at $3.00 flat, up in double digits again.
There is precious little going on with KIRI, if the lack of any press releases for over a month may is any indication. The last bit of news the company put up was the announcement of a MoU with two private companies. The planned deal involves KIRI acquiring 100% interest in an entity called “Wuhan Yangtze River New Port Logistics Co”. Obviously this entity runs what is described as a lucrative logistics center located on the Yangtze river in China.
This is probably a good place to note that KIRI itself is headquartered in China, which might be of interest to warier traders.
Here is what the company last reported on its books:
- $10.4 million in cash
- $359 million in total assets
- $300 million in total liabilities
- $36 million in Q2 revenues
- $4.3 million in Q2 net income
The company had 20.5 million common shares outstanding as of late August 2015. The memorandum of understanding for the logistics center involves KIRI issuing 166,000,000 shares for the acquisition, with shares priced at $10 per share. The $1.66 billion is an “independent valuation” of the Yangtze river logistics center.
This news sent KIRI up to just over three dollars per share back in September but the ticker was quick to slump below $2 in a matter of days. This new climb happened on zero news, filings or more recent developments from the company, so a new retreat down the chart is not out of the equation.
