{"id":6889,"date":"2015-09-17T13:13:13","date_gmt":"2015-09-17T13:13:13","guid":{"rendered":"\/?p=6889"},"modified":"2015-09-17T13:39:24","modified_gmt":"2015-09-17T13:39:24","slug":"kirin-international-holding-inc-otcmktskiri-tries-for-three-dollars","status":"publish","type":"post","link":"\/articles\/kirin-international-holding-inc-otcmktskiri-tries-for-three-dollars\/","title":{"rendered":"Kirin International Holding Inc (OTCMKTS:KIRI) Tries for Three Dollars"},"content":{"rendered":"\n

The green march that Kirin International Holding Inc (OTCMKTS:KIRI<\/a>) is charting over the last few sessions continued yesterday. The stock put on another 7% and stopped at $2.95 per share, after briefly hitting prices over three dollars per share a couple of times over the session.<\/p>\n

KIRI<\/a> is a bit of a weird case, as it’s a public company traded on the U.S. OTC marketplace, but it is headquartered in China and conducts its operations in China as well. KIRI<\/a> cropped up among the most heavily traded OTC stocks by dollar volume after a press release that is just as curious.<\/p>\n

KIRI<\/a> announced that it signed a memorandum of understanding with two other privately held companies with the intention to acquire from them 100% interest in an entity named “Wuhan Yangtze River New Port Logistics Co.”, which operates a logistics center on the Yangtze river. The deal appears to be a little out of KIRI<\/a>‘s league, with its $1.66 billion valuation.<\/p>\n

To secure the deal, KIRI<\/a> intends to issue 166,000,000 common shares, valued at $10 a pop – a massive difference from the company’s price on the open market. The planned share issuance is also a lot to take in, considering KIRI<\/a> last reported having 20 million outstanding common shares.<\/p>\n

Here is the company’s balance sheet published in its latest quarterly report:<\/p>\n