Industry Media Goes Crazy Over Ninestar in the USA
A December 7 2022 news story on MarketScreener has got industry media in a buzz in the United States. The article claims Chinese-based Ninestar has raised approximately CN¥1.41 billion (US$202.2 million) from a private issuance of stocks to be used on a number of projects in the US.
As a result, Wirth Consulting published its article, “Ninestar Investing Millions in Production and R&D Facilities in the U.S.”
In yet another article, TonerNews also quoted the MarketScreener article but suggested that a secret scam was involved and that US$63,481,355.00 had gone missing in the deal and was “probably going to be split by the executive team or it will just stay unaccounted for.”
A spokesperson at Ninestar has informed RT Media these reports are not accurate.
An article published by Actionable Intelligence, has revealed an entirely different view from that of MarketScreener, Toner News and Wirth Consulting. It claims the original MarketScreener story is either old news or poorly translated news because Ninestar pulled away from its plans to manufacture in the US market years ago and has since invested in a printer park and the expansion of its cartridge remanufacturing and manufacturing facilities in Zhuhai instead.
In response, TonerNews has admitted that it is going back to the source of the news at MarketScreener to seek a prompt reply “so we can get to the bottom of this.”
According to Actionable Intelligence, Ninestar disclosed on December 6, at a board of directors meeting, it had raised CN¥1.41 billion previously, which had been approved by the China Securities Regulatory Commission back on October 11, 2017. They surmise that MarketScreener “didn’t read much beyond that point in Ninestar’s disclosure” and relied on machine-translated English to complete their story. In other words, the news is old and the “investment never happened exactly as planned.”
Actionable Intelligence cites a number of reasons as to why Ninestar’s investment in the USA did not proceed, including the trade war between the USA and China, and the surprise decision by the U.S. Supreme Court in 2017 in the Impression Products v. Lexmark International case over OEM IP rights.
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