{"id":6881,"date":"2015-09-16T14:14:15","date_gmt":"2015-09-16T14:14:15","guid":{"rendered":"\/?p=6881"},"modified":"2015-09-16T14:39:28","modified_gmt":"2015-09-16T14:39:28","slug":"kirin-international-holding-inc-otcmktskiri-is-still-pushing-up","status":"publish","type":"post","link":"\/articles\/kirin-international-holding-inc-otcmktskiri-is-still-pushing-up\/","title":{"rendered":"Kirin International Holding Inc (OTCMKTS:KIRI) Is Still Pushing Up"},"content":{"rendered":"\n

The sudden green spike that Kirin International Holding Inc (OTCMKTS:KIRI<\/a>) charted on Friday extended in yesterday’s session as well. KIRI<\/a> shot up right out of the gates and closed another 18% in the green, encroaching on three dollars per share once more. Volume remained well above the last month’s average, at 89 thousand shares traded.<\/p>\n

KIRI<\/a>‘s recent green push seems to have been caused by a press release the company put up last week. KIRI<\/a> announced a memorandum of understanding signed with two private companies. The preliminary agreement includes plans for KIRI<\/a> to issue 166,000,000 new common shares in order to acquire 100% interest in an entity called the “Wuhan Yangtze River New Port Logistics Co.” – a company that operates a logistics center on the river, it seems.<\/p>\n

The PR states the shares will be curiously priced at $10 each, a massive premium even when compared against KIRI<\/a>‘s new price level. The amount of shares to be issued is also staggering, considering KIRI<\/a> last reported having just 20 million outstanding shares in total. Here is the brief version of the company’s balance sheet taken from its most current financial report for Q2:<\/p>\n