rose over 2.5 million shares traded.Though, the progressive move looks unexpected, considering the fact that there is no recent news about China Tel’s operations. The only announcements on the company’s website concerns some interviews and conferences.
The latest post is from Nov 8, reporting that China Tel was to speak at RCR Local Speaker Series yesterday. The company would participate in a discussion on Mobile Broadband and search for new investment opportunities.
Apart from this announcement, no information on CHTL’s activities has been provided and the details from the RCR Series are yet to come up.[BANNER]
ChinaTel Group provides fixed telephony, conventional long distance, high-speed wireless broadband and telecommunications infrastructure engineering and construction services. Historical records show that last month the stock was promoted three times, when it hit another gain. Though, at the beginning of this year CHTL used to trade much higher.
The company’s 10-Q report states that since its inception China Tel has accumulated losses of over $201 million, while its available cash totals about $138 thousand. As CHTL has current liabilities of approximately $26 million, the auditors express substantial doubt about the company’s ability to continue operation.
Considering these facts, it looks like the short-term gains of China Tel have been supported mainly by positive news and promotions and if the company doesn’t find additional capital, it may need to give up its business.
