November 21, 2011 at 09:07 AM EST
Fuqi International, Inc. (PINK:FUQI) Hits a Brand New Low
Last Friday, Fuqi International, Inc. ( PINK:FUQI ) closed at a new low. The company is still not providing relevant information, and there isn't much clarity about what's going on at FUQI. One FUQI share was worth $1.80 at the close on Friday - 5.76% down. Approximately 111 thousand shares changed hands, which is very far above the average for FUQI, but there doesn't seem to be a particular reason for the volume increase.[BANNER] FUQI used to be traded on the NASDAQ, but was delisted earlier this year. The company still hasn't filed a single financial report since Nov. 2009 when it filed its quarterly for Q3 of 2009. The company is supposedly engaged in the luxury goods market in China through its subsidiary Shenzhen Fuqi Jewelry Co., Ltd. The lack of information has all but destroyed the credibility of the company. There were some changes in the management back in August, but they didn't seem to help the market performance of FUQI. Right now, FUQI is nothing more than a gamble.
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