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Honor Protects Itself from US House of Representatives
Last week 14 US House of Representatives Republicans sent a letter to the Department of Commerce requesting that Honor be included in the DOC’s ‘entity’ list of companies with whom suppliers must petition the US government to receive a license to trade, which in most cases is not granted. Honor then sent a letter to its core dealers indicating that it may be listed in the near future and those dealers can purchase original shares. According to the source, the subscription ranges from 5m yuan ($772,300) to 50m yuan ($7.72m) depending on the location of the dealer and the timing of the decision, as some regions require an almost immediate answer while others do not. The top 10 dealers in each province have received the notice and are eligible to purchase shares.
Some of the distributors stated that “We believe that the main purpose of the listing is to avoid US suppression. If Honor has private shares after its listing, it will not be easy to suppress,” which does little to answer that question, but a recent comment from the President of Honor stated that while he does not exclude future listings, there is no plan to go public in the near future. “Glory (Honor) independence has only been eight or nine months, and we have never pursued overnight wealth.
Last week 14 US House of Representatives Republicans sent a letter to the Department of Commerce requesting that Honor be included in the DOC’s ‘entity’ list of companies with whom suppliers must petition the US government to receive a license to trade, which in most cases is not granted. Honor then sent a letter to its core dealers indicating that it may be listed in the near future and those dealers can purchase original shares. According to the source, the subscription ranges from 5m yuan ($772,300) to 50m yuan ($7.72m) depending on the location of the dealer and the timing of the decision, as some regions require an almost immediate answer while others do not. The top 10 dealers in each province have received the notice and are eligible to purchase shares.
Some of the distributors stated that “We believe that the main purpose of the listing is to avoid US suppression. If Honor has private shares after its listing, it will not be easy to suppress,” which does little to answer that question, but a recent comment from the President of Honor stated that while he does not exclude future listings, there is no plan to go public in the near future. “Glory (Honor) independence has only been eight or nine months, and we have never pursued overnight wealth.
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