Here’s a list of ideas I’ve talked about on this blog that could be relevant today.
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china biologic products CBPO
CBPO – What their joint venture partner is saying
CBPO’s Shandong Taibang subsidiary is 82.76% owned by CBPO (image). I believe that the rest is partially or wholly owned by the “Shandong Institute of biological products” (山东省生物制品研究所). The Institute’s website seems to say that their joint venture with CBPO has projected revenues of $900M annually (Renminbi) and projected income of $17.24M annually. This works out to an income margin of 1.91%. Gurufocus.com shows that CBPO’s net income margin for YE2013 was 26.85%. The discrepancy seems large.
(*EDIT 5/8/2015: Changed the net income margin number from 2014 to 2013.)
CBPO’s strange web presence
CBPO is a Chinese reverse merger with a market cap of $2.45B.
The WHOIS record for Ctbb.com.cn shows “山东泰邦生物制品有限公司” under the registrant name. This translates to “Shandong Taibang Biological Products Co., Ltd.” according to Google Translate. According to CBPO’s SEC filings, “Shandong Taibang Biological Products Co., Ltd.” is a 83.76% owned subsidiary of CBPO. That is weird because the SEC filings suggest that CBPO is the owner of Ctbb.com.cn. Many of the 10-Ks such as the YE2014 10-K say something to the effect of:
In addition, we had registered three domain names as of December 31, 2014, namely, http://www.chinabiologic.com, http://www.ctbb.com.cn and http://www.taibanggz.com.
So if CBPO registered ctbb.com.cn, why does the domain registration show “山东泰邦生物制品有限公司” under the registrant name? Why is the site registered to a partially-owned subsidiary? Is this another case of multiple personality disorder?
