China HongXing: Chart Pattern Turns Bright!

China HongXing looks like forming a Higher High, Lower High type of up trend chart pattern. China Hongxing is finding a good support at $0.155 which is the 200D MA support and the 38.2% Fibonacci Support.  Next immediate resistance is $0.18 which is also the 61.8% Fibonacci Resistance.  It is important to watch whether this $0.18 can turn resistance into support. Breaking this $0.18 resistance, China HongXing may have a chance to go up to $0.198 followed by $0.22.

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  1. Marubozu 31 Jan 2011

    Some traders purposely push China HongXing down today… You can see all those ONE LOT selling in Time & Sales… Base on past observation, normally there will be BIG purchase after ONE LOT SELL DOWN.

  2. Marubozu 22 Feb 2011

    China HongXing breaks support! Current chart is no longer valid.

  3. Marubozu 22 Feb 2011

    China HongXing Trading Halt pending for announcement. Shortie use this opportunity to short the share down to $0.115.

    Not sure whether the coming announcement is good news or bad news. This is the latest news I can find for China HongXing.

    http://www.sjfzxm.com/news/xieye/20110113/209284.html

    2011年1月11日，鸿星尔克2010年度总结表彰大会暨2011年战略启动会议在厦门国际会展中心隆重举行。鸿星尔克集团高层、国内外嘉宾以及来自全国各地两千多名鸿星尔克代理商、经销商、公司员工代表怀着激动与喜悦的情怀共同出席了本次盛会。

    吴荣光总裁为本次大会致词，并对2010年鸿星尔克发展进行了总结回顾，借鉴2010年总结中的优秀经验为2011年做出新的战略规划。随后吴荣光总裁向全体鸿星尔克人敬酒，奏响了鸿星尔克新一年的辉煌乐章。据了解，本次大会特别表彰了一批2010年度为鸿星尔克发展做出过突出贡献的优秀拓展团队和个人，公司领导人还亲自给获奖者颁发了证书和奖金，这是对这些奋斗在前线的鸿星尔克人的极大鼓舞，也激发了全体鸿星尔克人的昂扬斗志。

    　　回首2010年，这一个令人血脉贲张、激情澎湃的体育大年，国内外各大运动品牌也激起新一轮百花争艳的局面。在这样激烈的竞争之下，鸿星尔克犹如一只展翅高飞的鸿鹄，用不断挑战、不断创新的拼搏精神，克服困难，化危为机，以70.95亿的品牌价值第七次荣膺中国500最具价值品牌，综合排名位列第130名。也就在这一年，鸿星尔克迎来了品牌发展史上的第一个十年，十年风雨见证了鸿星尔克的成长，由小到大、由弱到强，鸿星尔克向世人展示了一个民族品牌勇于革新、与时俱进的峥嵘岁月。挥别2010年，展望2011年，社会在不断进步和发展，鸿星尔克也面临着新的机遇和挑战。面对新一轮的竞争压力，鸿星尔克将以企业文化为根基，本着“脚踏实地、演绎非凡”的经营理念和“TO BE No.1”的品牌精神，继续深化品牌建设，不断增强企业的凝聚力和向心力。通过提升企业的管理水平，在终端运营及品牌的推广上另辟蹊径，寻求创新突破，增强品牌的核心竞争力，逐渐实现战略转型，向着全球领先服饰品牌这一企业愿景大步迈进。

    会上，鸿星尔克的员工还自编自演了众多精彩节目，赢得了在场观众的掌声与喝彩，为本次大会增添了亮点。此外，为答谢广大员工一年来的努力，公司还设置了三大奖品，分别是IPAD电脑、索尼数码相机、IPOD，并随机抽取了一、二、三等奖，随着盛主任抽出获得一等奖IPAD电脑的三位幸运儿时，也将本次大会推向高潮。最终，共有18名员工幸运地获得了公司送出的时尚奖品。这些不仅体现出鸿星尔克对员工的关怀，也充分展示出鸿星尔克人积极向上，倡导“年轻、时尚、阳光”的生活方式。

    相信2011年，在吴荣光总裁的领导下，全体尔克人将继续高举“TO BE No.1”的精神旗帜前进，不断强化“诚信、创新、协同、高效”的品牌核心价值观，深耕企业文化，通过“德才并举，共同成长”的人才战略，将所有员工的心凝聚成一股强大的力量，共同完成我们企业的宏伟愿景。

  4. Marubozu 22 Feb 2011

    Another news of counterfeit shoes.

    http://www.sjfzxm.com/news/xieye/20110113/209185.html

    1月13日讯 武汉一家体育商行，囤放的1655箱假冒品牌鞋子被工商查获。因案值较大，此案日前被移交武汉公安机关。昨日，国家工商行政管理总局在苏州的通气会上，将该案列入近期全国打假“十大典型案例”。

    　　去年12月，根据福建省鸿星尔克体育用品有限公司举报，武汉市工商局派出17人，对硚口区胜琴体育用品商行的仓库进行了检查，仓库位于原武汉国棉一厂俱乐部舞台。

    　　现场检查发现，仓库内有工作人员3名，正在搬运、销售货物，仓库内存放有大量标称“鸿星尔克”的鞋类商品，分别有男女户外跑鞋、男女滑板鞋、男女网球鞋、男女休闲鞋、男棉鞋等品种，共计1655箱(19860双)。

    　　经鸿星尔克技术人员现场指认，这批鞋系高仿真鞋，涉嫌侵犯了“鸿星尔克”注册商标专用权。执法人员依法当场扣留555箱，现场就地封存1100箱。后经生产厂商检验鉴定，这批鞋子是假冒“鸿星尔克”注册商标的侵权产品。

    　　据初步调查，去年3月，硚口区胜琴体育用品商行何某，从云南昆明鸿星尔克经销商苏某处，购进标称“鸿星尔克”的鞋子1721箱，案发前已销售66箱。因该案涉案数额较大，武汉工商日前将此案移交给武汉市公安局。

  6. Marubozu 25 Feb 2011

    China HongXing request for suspension.

    Further to the request for trading halt on 22 February 2011, the Board of Directors (the
    “Board”) of China Hongxing Sports Limited (the “Company”) wishes to announce that the
    Company and its Auditors (Ernst & Young LLP (the “Auditors”) face certain difficulties in
    respect of the finalisation of the audit of the Group’s financial statements for the year ended
    31 December 2010.
    The Audit Committee has been informed by its Auditors on 22 February 2011 that they have
    noted irregularities in the cash and bank balances, accounts receivables, accounts payables,
    and other expenses during the course of their audits of its subsidiary companies in the
    People’s Republic of China (“PRC”). These subsidiaries are Fujian Hongxing Erke Sports
    Goods Co., Ltd and Quanzhou Hongrong Light Industry Co., Ltd. (“PRC Subsidiaries”). As
    such, the Auditors will not be able to give audit clearance in respect of the financial results
    for year ended 31 Dec 2010 without performing additional procedures and tests relating to
    these account balances. The Auditors also recommend that the Audit Committee
    immediately commence a fact-finding process to verify such irregularities. The Auditors were
    appointed auditors of the Company effective from the financial year ended 31 December
    2010.
    In view of the above, the Board has resolved to appoint an Independent Special Auditor
    (“SA”) to the Company to carry out a thorough investigation into the matters raised and
    thereafter to announce the report of the SA. The appointment will be made by 1 March 2011.
    The Board has also authorised that the Audit Committee to oversee the investigation and
    take any further actions as they deem fit. The SA will report to the Audit Committee and the
    Singapore Exchange Securities Trading Limited (“SGX-ST”). In the meantime, the AC will
    take steps to safeguard the assets of the Company and continue the operations smoothly.
    In view of the above, the Company will apply to convert its trading halt into a trading
    suspension.
    The Company will apply to SGX-ST for an extension of time in relation to Rule 705(1) of the
    Listing Manual for the Company to announce its full financial year statements for the year
    ended 31 December 2010 (“FY2010”) as the Company will not be able to make the
    announcement of its FY2010 financial year statements by 1 March 2011.
    The Company has appointed KhattarWong as the Company’s legal advisers in the matter on
    Singapore laws. The Company will appoint a Bermuda legal adviser to advise on Bermuda
    Law and a PRC law firm to advise in the matter in relation to the PRC Subsidiaries on the
    PRC laws, if necessary.

    http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_3A083542C04BF3C14825784200471E1F/$file/CHX_final.pdf?openelement

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