by Stockwatch Business Reporter
The TSX Venture Exchange continued its downward path on Tuesday, falling six points to 1,168. In the shell sector, the long-awaited cancelation of a qualifying transaction planned by Hilda Sung's Kaiyue International Inc. (KYU) has arrived.
In early December, 2010, Ms. Sung began planning Kaiyue's QT with a Chinese mobile payment company, China Easy-Pay. Despite the company changing QT sponsors, the resignation of a director, and making investors wait over a year and a half while the shell remained halted, Ms. Sung -- and only Ms. Sung -- showed unabated faith in completing this QT until Friday of last week. The company's documents revealed the underlying problem four quarters ago: Kaiyue waited, waited, and waited some more, for the QT target to present its audited financial statements. In each of the past four quarterly MD&A filings, Kaiyue stated, "The company is working with China Easy-Pay and its auditors to complete the updated financial statements ... ."