2017.01.09 14:59 8bitaficionado frugalauto
2024.05.14 01:02 JonB505 What lines of Commercial claims is the best to get into? I hear property is good but what if you have no property experience.
2024.05.14 01:01 Frosty-Ad-6817 kick magouille
2024.05.14 00:52 CachuHwch1 Excessive JEA advertising on Amazon Prime
2024.05.14 00:51 EchoJobs Hiring Commercial Project Manager - MPL (Material Part Localization) [Remote]
submitted by EchoJobs to remoteworks [link] [comments] |
2024.05.14 00:51 JohnSMosby Suspension package advice for NC2
2024.05.14 00:48 HogwashDrinker Kendrick Lamar vs Drake—The End of an Era?
2024.05.14 00:39 SolidusSnake57432 (FNV) TTW mod support-I may have went a bit crazy with mods and now need help to fix the mess ive made. Was working until i installed Dyanvision and a few other mods. Now CTDs upon loading into a worldspace. pls help(removed ENB for Reshade as i was told it helps with performance)
2024.05.14 00:38 craftytoonlover I may be a petty jersey, but at least I got away from a "toxic" friend.
2024.05.14 00:29 HogwashDrinker [DISCUSSION] Kendrick Lamar vs Drake—The End of an Era?
2024.05.14 00:26 Koala1a Traded in for a 2021 E350 4Matic
TLDR: Traded in my 2014 E350 at 96k+ miles and paid $38k+ cash (including tax, tags and fees) for a CPO 2021 E350 4Matic at 19k miles which would be at least $45k including tax, tags and fees. What do you all think about this deal? (We are in Sunshine State 🌴🏝️☀️FL…) submitted by Koala1a to mercedes_benz [link] [comments] ⬇️ Long version: I bought my 2014 E350 base Luxury back in early 2019 for $16k and put about 40k+ miles on it since then. Last year, Mercedes dealership quoted me $9k+ to repair AC issues and replaced some parts when I took it in for a maintenance service. I paid $1.8k for the service but took it to a reputable auto shop that specializes in European cars to get it done for $3800+ instead. Last week, I had to take my 2014 E350 in for another maintenance service and the Mercedes dealership quoted me $7k to fix and replace some stuff AGAIN!! I basically just left the car there and went home and called another reputable foreign car shop for a second quote. I showed them everything Mercedes showed me, photos included and they estimated $2k or less to get it done. At this point, my husband and I thought maybe it’s time to look at a newer CPO instead of pouring more money into an older car. CarGuru and KBB estimated $9k for my 2014 E350 at excellent condition. But we all know my 2014 E350 is not at excellent condition. While we looked at CPO on CarGuru, there was actually an E350 that checks off lots of boxes for us at our local Mercedes dealership. So we went in this past weekend and tried to make a deal with the MB dealership. This CPO 2021 E350 4Matic at 19k+ miles was $41.8k+ before tax and fees; after taxes and fees it would be at least $44.8k. The CPO has only one previous owner and no accident or anything. We ended up negotiating and being at the dealership for like 3 hours… 💵 The ultimate deal we came down to is: The dealership would accept our car’s current condition as is trade-in at $6k AND wouldn’t need us to pay for the $1.3k maintenance service. And we drove off this CPO 2021 E350 4Matic with $38k cash 💰 after the trade in and including all the taxes and fees! 🤔 I’m not sure if this is a good or bad deal. But so far I absolutely LOVE my new CPO. This is my 4th Mercedes and the best car I’ve ever had. 😍 I love the large screen and touch screen panel; HD aerial and backup cameras; the handling and performance; the matte interior wood trim (because I hate how blinding it is when the sun reflects on the glossy trim in my 2014 E350); the list goes on!!!! Definitely would love to hear everyone’s thoughts or experiences with dealerships and what not😊 |
2024.05.14 00:22 xcskigirl13 Understanding lease language for term rollover and base rent reset
2024.05.14 00:15 car_nubster12 2012 Civic DX (9th Gen) rear brake callipers + pads RockAuto
Hey fellow redditors, submitted by car_nubster12 to civic [link] [comments] I am looking to buy rear brake pads + callipers on RockAuto for my 2012 Civic DX. When I specify my model, I notice that there are quite a few parts specific to EX, EX-L model, and some that have no trim model information at all. Of all the provided options for both callipers + pads, I don't see DX at all. Is it safe to go with any listed here, or is it just the case that RockAuto doesn't carry these parts for the DX trim? Thanks in advance callipers pads |
2024.05.14 00:05 A_Nap Signal Booster submitted by SHENZHEN HUAPTEC CO., LTD
2024.05.13 23:44 littlemunchkin52 Sellers can now message Mercari & get their payment released within 24 hours of buyer receiving the item?
2024.05.13 23:41 NinjaFartin 30 million dollars
2024.05.13 23:40 BaseballBot Game Thread 5/13 ⚾ Marlins (11-31) @ Tigers (20-20) 6:40 PM ET
Team | Starter | TV | Radio |
---|---|---|---|
Marlins | Sixto Sánchez (0-1, 7.50 ERA) | BSFL | FOX940AM, WAQI (ES) |
Tigers | Matt Manning (0-1, 4.24 ERA) | BSDET | 97.1 |
MLB | Fangraphs | Reddit Stream | IRC Chat |
---|---|---|---|
Gameday | Game Graph | Live Comments | Libera: ##baseball |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | R | H | E | LOB | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
MIA | 0 | 0 | 0 | 2 | 1 | 2 | |||||||
DET | 0 | 3 | 3 | 3 | 0 | 0 |
DET | AB | R | H | RBI | BB | SO | BA | |
---|---|---|---|---|---|---|---|---|
LF | Greene, R | 2 | 0 | 1 | 1 | 0 | 0 | .252 |
DH | Canha | 1 | 0 | 0 | 0 | 0 | 0 | .234 |
CF | Pérez, W | 1 | 0 | 0 | 0 | 0 | 1 | .278 |
RF | Carpenter, K | 1 | 1 | 1 | 0 | 0 | 0 | .281 |
2B | Keith, C | 1 | 1 | 0 | 0 | 0 | 0 | .175 |
1B | Torkelson | 1 | 0 | 0 | 0 | 0 | 0 | .223 |
3B | McKinstry | 0 | 0 | 0 | 0 | 1 | 0 | .220 |
SS | Báez, J | 1 | 1 | 0 | 1 | 0 | 0 | .171 |
C | Kelly, C | 1 | 0 | 1 | 1 | 0 | 0 | .183 |
DET | IP | H | R | ER | BB | SO | P-S | ERA |
---|---|---|---|---|---|---|---|---|
Manning | 2.0 | 2 | 0 | 0 | 0 | 2 | 25-18 | 3.79 |
MIA | AB | R | H | RBI | BB | SO | BA | |
---|---|---|---|---|---|---|---|---|
CF | Chisholm Jr. | 1 | 0 | 0 | 0 | 0 | 0 | .250 |
DH | De La Cruz, B | 1 | 0 | 0 | 0 | 0 | 1 | .262 |
1B | Bell | 1 | 0 | 1 | 0 | 0 | 0 | .208 |
RF | Sánchez, J | 1 | 0 | 0 | 0 | 0 | 0 | .234 |
3B | Burger | 1 | 0 | 0 | 0 | 0 | 0 | .181 |
LF | Gordon | 1 | 0 | 1 | 0 | 0 | 0 | .222 |
2B | Lopez, O | 1 | 0 | 0 | 0 | 0 | 0 | .310 |
SS | Bruján | 1 | 0 | 0 | 0 | 0 | 1 | .253 |
C | Bethancourt | 0 | 0 | 0 | 0 | 0 | 0 | .137 |
MIA | IP | H | R | ER | BB | SO | P-S | ERA |
---|---|---|---|---|---|---|---|---|
Sánchez, S | 1.2 | 3 | 3 | 0 | 1 | 1 | 32-22 | 6.86 |
Attendance | Weather | Wind |
---|---|---|
80°F, Partly Cloudy | 16 mph, Out To CF |
HP | 1B | 2B | 3B |
---|---|---|---|
Dan Iassogna | Ben May | CB Bucknor | Adam Beck |
2024.05.13 23:35 BaseballBot Game Thread 5/13 ⚾ Blue Jays (18-22) @ Orioles (26-13) 6:35 PM ET
Team | Starter | TV | Radio |
---|---|---|---|
Blue Jays | José Berríos (4-3, 2.85 ERA) | SN1 | SN590 |
Orioles | Corbin Burnes (3-2, 2.83 ERA) | MASN | 98 Rock |
MLB | Fangraphs | Reddit Stream | IRC Chat |
---|---|---|---|
Gameday | Game Graph | Live Comments | Libera: ##baseball |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | R | H | E | LOB | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
TOR | 0 | 0 | 0 | 0 | 1 | 0 | 1 | ||||||
BAL | 0 | 0 | 0 | 1 | 0 | 1 |
BAL | AB | R | H | RBI | BB | SO | BA | |
---|---|---|---|---|---|---|---|---|
SS | Henderson | 1 | 0 | 0 | 0 | 0 | 0 | .269 |
C | Rutschman | 1 | 0 | 0 | 0 | 0 | 0 | .302 |
DH | O'Hearn | 1 | 0 | 1 | 0 | 0 | 0 | .300 |
1B | Mountcastle | 1 | 0 | 0 | 0 | 0 | 0 | .278 |
RF | Santander | 1 | 0 | 0 | 0 | 0 | 0 | .217 |
LF | Cowser | 1 | 0 | 0 | 0 | 0 | 0 | .255 |
3B | Westburg | 1 | 0 | 0 | 0 | 0 | 0 | .302 |
CF | Mullins | 0 | 0 | 0 | 0 | 0 | 0 | .192 |
2B | Mateo | 0 | 0 | 0 | 0 | 0 | 0 | .250 |
BAL | IP | H | R | ER | BB | SO | P-S | ERA |
---|---|---|---|---|---|---|---|---|
Burnes | 3.0 | 1 | 0 | 0 | 1 | 1 | 37-26 | 2.66 |
TOR | AB | R | H | RBI | BB | SO | BA | |
---|---|---|---|---|---|---|---|---|
LF | Schneider | 2 | 0 | 0 | 0 | 0 | 1 | .272 |
CF | Varsho | 1 | 0 | 0 | 0 | 0 | 0 | .213 |
1B | Guerrero Jr. | 1 | 0 | 0 | 0 | 0 | 0 | .271 |
SS | Bichette | 1 | 0 | 1 | 0 | 0 | 0 | .208 |
DH | Vogelbach | 0 | 0 | 0 | 0 | 1 | 0 | .097 |
C | Kirk | 1 | 0 | 0 | 0 | 0 | 0 | .195 |
2B | Kiner-Falefa | 1 | 0 | 0 | 0 | 0 | 0 | .274 |
RF | Biggio | 1 | 0 | 0 | 0 | 0 | 0 | .202 |
3B | Clement | 1 | 0 | 0 | 0 | 0 | 0 | .254 |
TOR | IP | H | R | ER | BB | SO | P-S | ERA |
---|---|---|---|---|---|---|---|---|
Berríos | 2.0 | 1 | 0 | 0 | 0 | 0 | 22-14 | 2.74 |
Attendance | Weather | Wind |
---|---|---|
75°F, Partly Cloudy | 9 mph, Out To LF |
HP | 1B | 2B | 3B |
---|---|---|---|
Chris Conroy | Chad Fairchild | Brennan Miller | Brian O'Nora |
2024.05.13 23:29 Then_Marionberry_259 MAY 13, 2024 AOT.TO ASCOT REPORTS FIRST QUARTER 2024 RESULTS
https://preview.redd.it/tsxynee0i90d1.png?width=3500&format=png&auto=webp&s=616474707538de01b837d7ace47799ab73f53192 submitted by Then_Marionberry_259 to Treaty_Creek [link] [comments] VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. ( TSX: AOT; OTCQX: AOTVF ) (“ Ascot ” or the “ Company ”) is pleased to announce the Company’s unaudited financial results for the three months ended March 31, 2024 (“ Q1 2024 ”), and also to provide a construction update on the Company’s Premier Gold Project (“ PGP ” or the “ project ”), located on Nis g a’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three months ended March 31, 2024, please see the Company’s filings on SEDAR+ (www.sedarplus.ca). All amounts herein are reported in $000s of Canadian dollars (“ C$ ”) unless otherwise specified. Q1 2024 AND RECENT HIGHLIGHTS
Project financing On February 20, 2024, the Company closed a bought deal private placement for gross proceeds of $28,751 and a financing package of US$50 million for the completion and ramp-up of PGP. The financing package consisted of a royalty restructuring and a cost overrun facility. Construction progress key performance indicators At the end of Q1 2024, overall construction was 98% complete, compared with 86% complete at the end of Q4 2023. With first gold having been poured on April 20, 2024 via gold recovered through the gravity circuit, the project construction is 100% complete on schedule and on the most recently provided budget of approximately C$339 million. Commissioning and ramp-up activities in the processing plant and in the mine continue towards achieving commercial production in Q3 of 2024. Safety The Project had no lost time injuries in Q1 2024. There was an increase in recordable injuries at the end of the quarter which in part, can be attributable to seasonal changes and the transition from construction to operations. As the Project continues its transition from construction into operations, focus has been placed on the ongoing development of standard operating procedures, in field job hazard analysis and worker training. There was a small increase in property damage reported in the quarter due in part to weather conditions and the onboarding of a significant number of new workers to the site. The re-enforcement of reporting to the operating team remains a key focus to ensure that all learnings are identified and applied to prevent re-occurrence and reflect in the future training plans. In Q2 2024, significant work will be placed to support the operational teams to begin to operate the newly constructed plant through the final stages of C4 and C5 commissioning. Processing plant and site infrastructure Mechanical and electrical work in the mill was substantially completed in Q1 2024 with minor associated systems and punch list items to complete. Focus has shifted to commissioning the process plant and ramp up as well as completing minor deficiencies. Stage one of the tailings storage facility (“TSF”) raise was completed and accepted by the Engineer of Record for use. Earthworks activities in 2024 will focus on raising the spillway dam by three metres, producing material for the 2025 raise and advanced work on the Cascade Creek Diversion in preparation for the 2025 works and final completion of the diversion. The new water treatment plant was substantially mechanically and electrically completed in Q4 2023 with some minor areas remaining. The high-density sludge circuit was commissioned in Q1 2024 and is advancing towards full ramp up. The MBBR circuit was substantially complete in Q1 2024 and will begin full commissioning as the process plant continues to deposit tailings into the TSF and feed nitrogen species into the MBBR circuit. The site power reticulation was completed in Q1 2024. Sustaining capital works in 2024 will focus on reticulation to the Premier portal as well as the Big Missouri portal. Mine development Procon Mining & Tunnelling (“Procon”) a mine contractor with extensive experience in BC and the Golden Triangle continued to advance mine development at two portal areas: S1 about 9 kilometres north of the mill which accesses the Big Missouri and Silver Coin deposits, and the mill adjacent Premier Northern Light (“PNL”) portal which accesses the Premier and Northern Light orebodies. As of the end of Q1 2024, Procon had about 57 people on site, 40 of whom were miners and 10 were maintenance personnel. At Big Missouri, Procon advanced development into several ore headings in the A zone, as well as reactivating the S1 ramp heading that goes to Silver Coin deposit. In Q1 Procon developed 936 metres at Big Missouri (258 metres in ore and 678 metres in waste, and by April 29, 2024, development advanced to 905 metres in waste and 507 metres in ore total in 2024. Including the development completed in late 2022 and late 2023, the total development to date is approximately 2,710 metres in both ore and waste. Productivities at Big Missouri have continued to improve, with availability of key equipment such as Maclean bolters being made a priority. During Q1 2024, the geological team continued to encounter high grade material occurrences in both face sampling and probe hole drilling in multiple areas of the A zone. As previously reported, these occurrences are in or very near existing wireframes or logical extensions of wireframes. At the end of March 31, 2024, a total of approximately 30,000 tonnes of ore was mined from Big Missouri and stockpiled at Diego pit. At PNL, Procon dealt with issues related to near surface structure and weak ground. These issues seem to have abated at the end of April, and Procon has started to make better progress as they move into the better ground conditions expected at Premier given what was seen historically. In Q1 2024 approximately 85 metres were advanced at PNL, and at the end of April this increased to approximately 150 metres as ground conditions improved. Mining development is being advanced down into the Premier deposit for initial mining in the Prew Zone, with ore development now anticipated to begin in early Q3 2024, and initial longhole stope production following later in Q3 2024. The ramp has been strategically laid out to allow for underground drilling on the Sebakwe Zone in 2024 and will eventually connect a footwall ramp over to the 602 area at the southern end of the Premier deposit. Although progress has been slow, the quality of the resultant work with ground control and shotcrete arches has been excellent, allowing for a secure and stable ramp for the life-of-mine production to come from this area approximately 350 metres from the Premier Mill. Recruitment At the end of Q1 2024, total site recruitment has reached approximately 90% of the planned operational team. A key achievement was the successful recruitment for some challenging roles pertaining particularly to some of the maintenance roles, health and safety (specifically, mine rescue), and technical roles for the mine and processing area. Policies and procedures development have been ongoing throughout Q1 2024 and key documents will be rolled out in Q2 2024. Permitting and Environmental Compliance A Joint Permit Amendment Application (“JPAA”) was required to be re-aligned with the project completion dates and was submitted in October 2023. The JPAA underwent first round comments through February 2024 and second round comments were received in late April 2024, with our responses anticipated to be submitted in May 2024. The air permit was received on March 25, 2024. The updated environmental permit PE-8044, including the sewage treatment facility discharge permit is anticipated to be received in late May 2024. 2024 EXPLORATION PROGRAM Planning for the 2024 exploration program is in full swing with an anticipated start date in late June. There are several areas on the properties that will be targeted by new drilling. Near the Premier mill, several drill holes have been planned around the Prew and Sebakwe zones of the Premier deposit. The new holes will complement the existing drill pattern at Prew and test induced polarization geophysical anomalies from last year’s survey. Additional drill holes have been planned for the Big Missouri deposit where underground development is rapidly providing access to different parts of the deposit. The new holes will be designed for resource conversion and mine plan addition at this deposit. Specific new drill targets have been identified at the Day Zone on the western edge of the deposit, where geophysical anomalies seem to outline previously untested mineralization along strike of known ore zones. Additional exploration drill holes are targeting a large geophysical anomaly to the west of the Dilworth deposit that extends surface showings to the north onto Ascot’s PGP property. This target has a large strike extent and may require drilling over more than one exploration season. The Company anticipates a drill program of between 15,000 and 20,000 metres distributed over the areas described above. The program will require utilization of two drill rigs into late September or early October 2024. FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 The Company reported a net loss of $6,208 for Q1 2024 compared to $7,589 for Q1 2023. The lower net loss for the current period is primarily attributable to a $2,170 decrease in the loss on extinguishment of debt and a $1,196 decrease in financing costs, partially offset by increases in other expense categories. LIQUIDITY AND CAPITAL RESOURCES As at March 31, 2024, the Company had cash & cash equivalents of $47,028 and working capital deficiency of $33,030. The working capital deficiency is caused by an estimated $23,024 as the current portion of the deferred revenue only to be settled with future production from the Project and the $25,180 value of the Convertible facility, which is classified as current due to the lender’s right to exercise the conversion option at any time at a variable exercise price. Excluding these non-cash current liabilities, working capital was $15,174. In Q1 2024, the Company issued 67,807,135 common shares, 10,164,528 warrants, and granted 110,000 stock options and 28,667 Deferred Share Units. Also, 100,766 stock options expired or were forfeited, 24,427 Restricted Share Units were forfeited, and 99,039 stock options, 137,533 Deferred Share Units and 158,726 Restricted Share Units were exercised in Q1 2024. MANAGEMENT’S OUTLOOK FOR 2024 In 2024, the Company will transition from the construction of the mine and related infrastructure to the operation of the entire site and becoming a gold producer. Despite the challenges associated with this transition, there are many opportunities for the Company to grow and create value. The key activities and priorities for 2024 include:
John Kiernan, P.Eng., Chief Operating Officer of the Company is the Company’s Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release. On behalf of the Board of Directors of Ascot Resources Ltd. “Derek C. White” President & CEO, and Director For further information contact: David Stewart, P.Eng. VP, Corporate Development & Shareholder Communications dstewart@ascotgold.com 778-725-1060 ext. 1024 About Ascot Resources Ltd. Ascot is a Canadian mining company focused on commissioning its 100%-owned Premier Gold Mine, which poured first gold in April 2024 and is located on Nis g a’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia. Concurrent with commissioning Premier towards commercial production anticipated in Q3 of 2024, the Company continues to explore its properties for additional high-grade gold mineralization. Ascot’s corporate office is in Vancouver, and its shares trade on the TSX under the ticker AOT and on the OTCQX under the ticker AOTVF. Ascot is committed to the safe and responsible operation of the Premier Gold Mine in collaboration with Nisga’a Nation and the local communities of Stewart, BC and Hyder, Alaska. For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca or visit the Company’s web site at www.ascotgold.com. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Cautionary Statement Regarding Forward-Looking Information All statements and other information contained in this press release about anticipated future events may constitute forward-looking information under Canadian securities laws (" forward-looking statements "). Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeted", "outlook", "on track" and "intend" and statements that an event or result "may", "will", "should", "could", “would” or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including statements in respect of the terms of the Offering, the closing of the Offering, the advancement and development of the PGP and the timing related thereto, the completion of the PGP mine, the production of gold and management’s outlook for the remainder of 2024 and beyond. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks associated with entering into definitive agreements for the transactions described herein; fulfilling the conditions to closing of the transactions described herein, including the receipt of TSX approvals; the business of Ascot; risks related to exploration and potential development of Ascot's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and indigenous groups in the exploration and development of Ascot’s properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time in Ascot's filings with Canadian securities regulators, available on Ascot's profile on SEDAR+ at www.sedarplus.ca including the Annual Information Form of the Company dated March 25, 2024 in the section entitled "Risk Factors". Forward-looking statements are based on assumptions made with regard to: the estimated costs associated with construction of the Project; the timing of the anticipated start of production at the Project; the ability to maintain throughput and production levels at the PGP mill; the tax rate applicable to the Company; future commodity prices; the grade of mineral resources and mineral reserves; the ability of the Company to convert inferred mineral resources to other categories; the ability of the Company to reduce mining dilution; the ability to reduce capital costs; and exploration plans. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Although Ascot believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Ascot can give no assurance that such expectations will prove to be correct. Ascot does not undertake any obligation to update forward-looking statements, other than as required by applicable laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. https://preview.redd.it/ids8mfh0i90d1.png?width=150&format=png&auto=webp&s=7f8fbd8e22dcba10df9e1048999e0a9f852aa6a5 https://preview.redd.it/nx7hjai0i90d1.png?width=4000&format=png&auto=webp&s=20c83933c4dcb513bb9aaef1f4e57aef5f738496
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2024.05.13 23:28 AlfrescoDog The Great Wall and Wall Street: Become a Better Trader by Understanding the Perils of 🇨🇳 Chinese Companies on 🇺🇸 U.S. Exchanges
⚠️ Attention all traders and holders of Chinese stocks: You should read this if you don’t know what a VIE is. Sure, most of you will be repelled by the great wall of text here (so many words!), but you might want to keep this post nearby. submitted by AlfrescoDog to wallstreetbets [link] [comments] Hello. You are aware that Wall Street’s bustling bazaar hosts a veritable Forbidden City of Chinese companies draped in ticker tape rather than silk. Today, I will provide background and data on all allowed Chinese companies listed on three of the largest U.S. stock exchanges: New York Stock Exchange (NYSE), Nasdaq, and NYSE American. I should note that a bustling troupe of 26 national securities exchanges are registered with the SEC in the United States. Most are owned by the Nasdaq, NYSE, or the Chicago Board Options Exchange (CBOE). Nonetheless, based on data from the World Federation of Exchanges as of August 2023, the NYSE and Nasdaq were the top two exchanges behemoths of the global financial stage, accounting for 42.4% of the total $110.2 trillion in valuation traded across 80 major global exchanges. 🖼️ I had a photo of Wall Street to add here, but I'm only allowed to include one attachment. 2022 vs. 2023 According to the U.S.-China Economic and Security Review Commission, as of January 8, 2024, there were 265 Chinese companies listed on the three U.S. exchanges, with a total market capitalization of $848 billion. That valuation is down from a year prior—January 9, 2023—when a slightly lower 252 Chinese companies were tracked, but they represented a total market capitalization of $1.03 trillion. Since January 2023, 24 Chinese companies have entered the spotlight of the three U.S. exchanges, raising $656 million in combined initial public offerings (IPOs). On the other hand, eleven Chinese companies have folded their tents and delisted. China Securities Regulatory Commission The American stock exchanges witnessed a springtime bloom of Chinese IPOs in the first quarter of 2023. However, this listing activity came to an abrupt halt as the clock struck March 31, 2023. Why? The China Securities Regulatory Commission (CSRC) implemented a revised approval process for companies going public overseas. I won’t get into the details, but China has rules to cap foreign investment and ownership in sectors deemed strategic, such as technology. In the past, those regulations have driven several Chinese firms to the legal gymnastics of a Variable Interest Entity (VIE) structure—a clever contrivance that allowed them to leapfrog domestic constraints. However, under the revised review mechanism, every company, regardless of its corporate ownership structure, must now bow before the China Securities Regulatory Commission (CSRC) to register its intent to list overseas. 🖼️ I had a photo of the CSRC building to add here, but I'm only allowed to include one attachment. The gatekeeper Therefore, although the CSRC touted this regulation as a necessary measure for enforcing regulatory compliance and preventing fraud (which is true), it also helps regulators act as gatekeepers poised to block any proposed listing they deem poses a risk to their national security or jeopardizes China's national interests. This process is wide-ranging. For instance, it includes an evaluation of the company’s safeguards against disclosing what the Chinese Communist Party considers potential state secrets. But we’re not talking about top-secret black-ops projects meant to be hidden from international oversight committees. No… any company that collects personal information on more than one million users requires stern data security review mechanisms for its cross-border data flows. For perspective, TikTok has over 150 million users in the U.S. alone and is not subject to the same scrutiny from the Western nations. Currently, the CSRC approval process is reportedly taking upward of six months. Audit inspections and investigations in China You’re probably unaware of the HFCAA, so let’s start there. The Holding Foreign Companies Accountable Act of 2020 (HFCAA) is a law that requires companies publicly listed on stock exchanges in the U.S. to disclose to the United States Securities and Exchange Commission (SEC) information on foreign jurisdictions that prevent the Public Company Accounting Oversight Board (PCAOB) from conducting inspections. That law laid down a stern ultimatum: If Chinese authorities kept obstructing the Public Company Accounting Oversight Board (PCAOB) from inspecting audit firms in China or Hong Kong for three consecutive years, the companies audited by these entities would face a ban from the bustling arenas of the U.S. exchanges. Basically, either China allowed the PCAOB to inspect the audit firms, or the companies had to change to another auditing firm within three years. Then, as 2022 waned to its final days (literally, on December 29), President Joe Biden signed a Consolidated Appropriations Act, which contained a provision that will tighten the noose, shortening future timelines from three consecutive years to only two. Once they looked under the rock Finally allowed to conduct full investigations of audit firms in mainland China and Hong Kong after over a decade of obstruction, the PCAOB announced the findings of its first round of inspections in May 2023, identifying deficiencies in seven of eight audits conducted by the auditing firms KPMG Huazhen and PricewaterhouseCoopers (PwC) Hong Kong. Audits of Chinese Companies Are Highly Deficient, U.S. Regulator Says On November 30, 2023, the PCAOB announced fines against three audit firms in China, totaling $7.9 million for misconduct. For perspective, that number included the second and third-largest fines ever doled out by the PCAOB. Why were the fines so bad? Those sneaky Chinese accountants Imagine a gaggle of accountants in the far reaches of PwC China and Hong Kong applying for a U.S. auditing curriculum. But alas, these foreign accountants find the U.S. auditing training tests a trifle tedious, so someone came up with the answers and decided to pass them around like a secret note in a schoolroom. From 2018 to 2020, over 1,000 of these busy bees completed their U.S. auditing online exams by copying the answers from two unauthorized apps with a fervor that would make a gossip columnist blush. When confronted with the evidence, PwC China and PwC Hong Kong response: 🤷♂️ And let me remind you, this happened late last year. Both firms are expected to provide reasonable assurance that their personnel will act with integrity in connection with internal training and to report their compliance to the PCAOB within 150 days—April 2024. 🖼️ I was planning on using an AI-generated image of Chinese accountants cheating, but I'm only allowed to include one attachment. State-owned enterprises According to the U.S.-China Economic and Security Review Commission, this graph represents the total market capitalization of Chinese companies listed in the three U.S. exchanges. Market Capitalization of Listed Chinese Companies The number of listed companies has stayed at around 260. However, all Chinese state-owned enterprises (SOEs) have delisted themselves from U.S. exchanges, most of them soon after the PCAOB announced it had secured complete access to Chinese auditors’ records. Variable Interest Entities (VIEs) Most traders—and that means you—are unaware that 166 Chinese companies currently listed on the three major U.S. exchanges use a VIE structure. As of January 8, 2024, these companies have a market capitalization of $772 billion. For perspective, that represents 91% of the total market capitalization of all the Chinese firms listed on the three major U.S. exchanges. What the hell is a VIE? It is a complex corporate structure that grants shareholders contractual claims to control via an offshore shell company without transferring actual ownership in the company. A Variable Interest Entity (VIE) is a bit like a riverboat casino’s cleverest trick, allowing a company to sell its chips on a foreign table without ever letting the players hold the cards directly. A VIE is a structure used primarily by companies that wish to partake in the financial streams of another country (the U.S. exchanges) without breaking local laws (Chinese laws) that prevent full ownership. Remember, Chinese companies structured themselves as VIEs to circumvent China’s restrictions—not U.S. restrictions—on foreign ownership in industries the CCP deems sensitive. Therefore, when you hold stock in one of these Chinese companies, you’re not officially holding any actual ownership in the company. Because if you did, then that company could be breaking Chinese restrictive caps on foreign investment and ownership. That’s why they set up a façade, or a legal entity, that controls the business on paper, but the true power and profits are funneled back to the company pulling the strings. Granted, it’s not as shaky as asking a random stranger to hold your shares, but it is crafty, and you should be aware of the risks. Wait. What are the risks? You need to understand that there’s a shadow of potential risk looming. Potential. Now, don't mistake me for the town crier of doom; I'm not proclaiming that the sky is falling on these shares. Nor am I declaring that disaster is certain for Chinese stocks. What I am pointing out, however, is the presence of a risk—a subtle beast that might just catch you off guard if you remain unaware. And let’s face it: Most of you are completely oblivious to these issues. There are two sides here: 🇺🇸 & 🇨🇳 🇺🇸 Since July 2021, the SEC has imposed additional disclosure requirements for Chinese companies using a VIE to sell shares in the U.S. These requirements include greater transparency about the relationship between the VIE and its Chinese operating companies. In summary, the SEC aims to push VIEs toward the company behind them to offer more clarity on U.S. investor ownership in the Chinese operating company. 🇨🇳 On the other side, Chinese companies that list overseas using a VIE were not required to register their listings with the CSRC, as the VIE is not considered a Chinese company under China’s law. This is the reason VIEs were used in the first place. However, as I mentioned earlier, after March 31, 2023, the CSRC established requirements for all new Chinese companies to register and receive permission before going public overseas—even those planning to use VIE structures. That’s why there was a boom of Chinese IPOs before that deadline. Granted, on September 14, 2023, a Chinese auto insurance platform became the first company that received the elusive blessing of the CSRC to list, and it did so using a VIE arrangement, breaking the long, dry spell that had plagued Chinese IPOs when she listed on the Nasdaq four days later. However, even though VIEs received some sort of recognition from the CSRC, the VIE corporate structures still hold dubious legal status under China’s laws. Remember, VIEs purpose is to avoid being considered a Chinese company under China’s laws. So… do you see the potential risk here? Umm… No, I don’t get it. Think about it. Either country could potentially increase regulations for VIEs, but if the SEC forces them to be more transparent, the VIE would not be able to circumvent China’s restrictions. That’s one risk. Also, at some point, China’s CSRC might question whether it’s appropriate to recognize a corporate structure that was created to circumvent its laws. Which leads me to this: What’s keeping the CCP from deciding to start reigning in those VIEs? The answer is simple: They’re not in a hurry to do so because if misfortune should befall, it’ll be the foreign investors who’ll see their assets deflated like a punctured balloon. 🖼️ I would've added a nice image or two by now, to balance all the text and make this more appealing, but I'm only allowed to include one attachment. If a VIE-listed company goes private at a lower valuation, businesses fail, or there’s a valuation discrepancy, the enforceability of a VIE’s contractual arrangements is unproven in Chinese courts. With VIE-listed companies, foreign investors’ recourse in the Chinese legal system is as elusive as a catfish’s whisper. Yeah, but that’s unlikely… Sure. Of course, I’m not saying every Chinese stock will have these issues. But it can happen. And it has happened. The unlucky case of Luckin Coffee Due to the lack of compliance with international audit inspections, Chinese corporate financial statements’ reliability for valuation and investment is not assured. Such is the case of Luckin Coffee. In a bold bid to capture Wall Street’s hearts and wallets, Luckin Coffee showed up dressed in finery, flaunting alluring figures of revenue, operations, and bustling customer traffic. At her grand debut, the stock sashayed onto the Nasdaq at $17, swirling up a storm of interested buyers to the tune of $561 million in capital. For a fleeting moment, Luckin shimmered like a star over the financial firmament, boasting a market capitalization that soared to a heady $12 billion, with shares peaking just over $50. Ah, but as the adage goes, ‘Truth will out.’ And out it came—the revelation of those embroidered numbers caused the company's stock to plummet like a stone tossed from a bridge, leaving a wake of investor losses and culminating in a disgraceful delisting from Nasdaq 13 months after her debut. Luckin Coffee Drops Nasdaq Appeal; Shares to Be Delisted 🖼️ I would've added an AI-generated image of a cup of Luckin Coffee jumping from a bridge, but I'm only allowed to include one attachment. Well… but that won’t happen to me… Uh-huh. On April 2, 2020, after announcing that employees—including its chief operating officer—falsified 2.2 billion yuan (about $310 million) in sales throughout 2019, Luckin's shares nosedived -80%. This is from one of you unluckin bastards: I've lost 240k on Luckin Coffee, all my life savings. Now I'm broke af. I’m sure many of you might reckon yourselves immune to a similar debacle since you think you’re smart enough to use stops to escape any runaway losses. It's time to wake up and smell the Luckin coffee. Chinese news catalysts often strike like lightning at night, and the stops you set under the sun cannot shield you from storms that explode in the moonlight. Dumbass. Chinese regulators can be mercurial Even though the PCAOB is currently able to perform its oversight responsibilities, concerns remain around the possibility that Chinese regulators might backtrack, potentially clamping down once again on the PCAOB's ability to access audit firms and personnel across mainland China and Hong Kong. If that happens, the PCAOB can quickly declare a negative determination. HOWEVER, this action would only start the countdown under the HFCAA, giving U.S.-listed Chinese companies a window of TWO years to secure services from an auditor in a compliant jurisdiction or face a trading ban. That’s it. Of course, within that time, Chinese regulators could agree once again to allow access to the PCAOB, thus resetting the two-year countdown without significant consequences. What lurks in the shadows Although the risk of PCAOB non-compliance looms over these financial engagements, it is the ghost of potentially misconstrued—or, let's say, creatively presented—earnings reports coming to light that should scare you most. Or, on the flip side, present the biggest opportunity. I believe it is possible that there are several ghosts out there—ghastly financial figures dressed up a tad too finely—lingering in the shadows, unchecked and unchallenged. If they’re found and unveiled under the harsh spotlight of scrutiny, the fallout would be immediate and severe, leaving investors scrambling. And if that happens, it’s not about diamond-holding through the plunge since the company might opt (or be forced) to delist from the U.S. exchanges. 🖼️ I would've added an AI-generated image of an attractive young Chinese ghost woman, implying both the allure of Chinese stocks, but also the risk of getting closer. However, I'm only allowed to include one attachment. You need to understand a crucial concept. Many traders believe that if a company messes up, plunges, and gets delisted, it means the company is basically over—dead. But that’s not the case here. A delisting does not equal death. I mean, Luckin Coffee is still out there, alive and kicking. 16,218 stores and counting, covering 240+ cities across China.You would think that a company like that would not be able to cheat on its balance sheet. Yeah, just like you would think PwC China would notice 1,000 accountants cheated their way through the U.S. auditing curriculum. 🖼️ I would've added an AI-generated image of a Chinese accountant dabbing like a boss for getting his cheated accounting diploma, but I'm only allowed to include one attachment. So… is it too far-fetched to believe more ghosts might come to light, now that the PCAOB can supervise the numbers? I mentioned a flip side since you could specialize in tracking everything the PCAOB does. If you can get a whiff about increased auditing on a certain company, you might decide to play a short position in anticipation of a potential ghost coming to light. Be warned, though, that it’s not as if they tweet out which companies they’re auditing. If I were to do it, I would research and join whatever digital saloon young Chinese ledger-keepers convene in. Perhaps I’d stumble upon a post by SumYungGuy or another pleading for advice on how to parley with the PCAOB Laowai making a fuss over his figures. The poor lad's in a pickle, you see, since he cheated the exam and doesn’t know squat. Methodology For the purposes of this table, a company is considered Chinese if:
I should also point out that this list does not include companies domiciled exclusively in Hong Kong or Macau. ⚠️ Remember, this list only considers Chinese companies listed on three of the largest U.S. stock exchanges: New York Stock Exchange (NYSE), Nasdaq, and NYSE American. Oh, and btw, this isn’t a list I came up with. This info was compiled by the U.S.-China Economic and Security Review Commission. It’s their methodology and list. Since the majority is a VIE, I’ve marked the ones that are not registered as a VIE with an asterisk (*). This is determined using the most recent annual report filed with the SEC. A company is judged to have a VIE if:
Chinese companies listed on U.S. exchanges Companies are arranged by the size of their current market capitalization. All companies utilize a VIE corporate structure, except those marked with an asterisk (*). BABA Alibaba Group Holding Limited PDD Pinduoduo Inc. NTES NetEase, Inc. JD JD.com, Inc. BIDU Baidu, Inc TCOM Trip.com International, Ltd. TME Tencent Music Entertainment Group LI Li Auto BEKE KE Holdings BGNE BeiGene * ZTO ZTO Express (Cayman) Inc. YUMC Yum China Holdings Inc. EDU New Oriental Education & Technology Group, Inc. HTHT H World Group Limited * NIO NIO Inc. YMM Full Truck Alliance Co. Ltd VIPS Vipshop Holdings Limited TAL TAL Education Group LEGN Legend Biotech * MNSO Miniso * BZ Kanzhun Limited XPEV Xpeng BILI Bilibili Inc. IQ iQIYI, Inc. HCM HUTCHMED (China) Limited * ATHM Autohome Inc. QFIN Qifu Technology RLX RLX Technology LU Lufax ATAT Atour Lifestyle Holdings * WB Weibo Corporation ZLAB Zai Lab Limited * ZKH ZKH Group Ltd * YY JOYY Inc. GOTU Gaotu Techedu, Inc. MSC Studio City International Holdings Limited * GCT GigaCloud Technology Inc GDS GDS Holdings Limited ACMR ACM Research, Inc. * HOLI Hollysys Automation Technologies, Ltd. * FINV FinVolution Group JKS JinkoSolar Holding Co., Ltd. * DQ Daqo New Energy Corp. * MOMO Hello Group Inc. CSIQ Canadian Solar Inc. * EH Ehang TUYA Tuya Inc. NOAH Noah Holdings Ltd. HUYA HUYA Inc. KC Kingsoft Cloud YALA Yalla * These are only 51 of the 261 Chinese companies currently listed on the major U.S. exchanges to comply with rule three. I kept the market cap minimum at $750M to allow for some wiggle room. I mentioned earlier that the U.S.-China Economic and Security Review Commission had 265 tickers, but that was on January 8, 2024. Since then, three companies have been acquired, and the other one has voluntarily delisted. As you can confirm, the vast majority is structured as a VIE. I was going to include charts to illustrate how several Chinese stocks—aside from the ones with the biggest market caps—tend to display sudden rallies, followed by after-hours reversals. It is important to recognize them, whether you want to capitalize on them, or avoid them entirely. But I can't add any more attachments, so... Besides, it's unlikely that many of you have even read this far without images. Have a good day. |
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