started to rush down, losing about 13% on its shares yesterday. However, nobody knows what’s behind the frequent ups and downs of CSGH.On Tuesday, China Sun Group announced its agreement with Huanyu Power Source Co., Ltd. for supplying it a minimum of 40 tons of Lithium Iron Phosphate by the end of this year. The management team of CSGH is completely satisfied with its new agreement and defines it as “a great start as we seek to expand our LIP market, and begin the industrialization of our LIP production line.”
As soon as the news was released, the stock jumped up, though, it fell down on the next day.[BANNER]
Today, the company has reported it has hired the international law firm, Reed Smith LLP as its corporate and securities counsel, however, the market position of CSGH doesn’t look much stable.
China Sun Group High-Tech Co., through its operating subsidiaries in the People’s Republic of China, is engaged in the production and sales of cobaltosic oxide and lithium cobalt oxide, both anode materials used in lithium ion rechargeable batteries. The company started this year on a high-trade, though since January, the price has fall down. Currently, it is below $1 and it’s moving up and down too often.
The quarterly results of CSGH reported higher revenue and gross profit, as well as a higher operating loss. The company has more assets than liabilities on its balance sheet, though, its stockholders’ equity has increased.
Though China Sun Group claims that it is pleased with its results, according to its financial report, “The Company is actively exploring more suitable financing alternatives”, while the stock price jumps up and down constantly.
