136,000,000 USD fraud, 100,000 USD fine... Seems like a profitable business even if you get caught... And that is even after being caught 3 times before receiving any fine at all.
Its profitable if it does not turn into a criminal investigation with jail time in the balance. Chinese jails are not the "retirement homes" that exist in the USA and Europe, they are hell- holes out of Dante's Inferno.
@@reaperzeero yep. but if they were going to jail at all, that would have happened years ago already, as many already knew the fraud since 2014. From all the recent occurrences with chinese stocks i would deeply question if the chinese government cares about that at all. Most of the people losing money in this are international investors outside of china, as the regular chinese citizen usually doesn't invest in stocks. For the CCP, they're making money as well from these frauds by taxes, and it is money coming from their 'adversaries'.
Moving the scallops to 3 year old shells sounds hilariously labour intensive. How much more profit could they have made from doing this?!?? 3 times? So stupid hahaha
I like how they first defrauded buyers by selling them 1yo Scallups as 3yos AND THEN turned around and defrauded investors and employees by embezzling the revenue from those sales. The audacity!
Was really interested in ant finance when it was about to be listed. After the other scandals like Luckin Coffee and hammering by regulators on tech companies it does feel risky now.
@@Evan-yv7rn please, fraud exists in every nation. with thousands of companies you only ever hear of either the massive successes or the fraudulant ones.
@@goldsilvervscrisiscollapse4320 fraud exists at different rates in different nations. If possible I'd look for the places where fraud is less prevalent. That's just me...you do your own thing!
@@goldsilvervscrisiscollapse4320 fraud exists in every country but there are countries like China that excell in the number of cases of frauds. Same as every country has its racists but China takes the cake by having a group of people being imprisoned in camps.
I think the reasoning behind that is the sudden drop in temperature kill them, which sound plausible enough. Still it doesn't make sense when all the other ranch are unaffected.
@@AA_OnTheEdge yup, for an unfertilized egg, heat denatures the egg white and yellow protein or misfold it and kill the cell, but you can use chemicals to unfold the protein again, wash away the chemicals and the protein will fold back to normal. The cell is still dead, so most likely they replace the zygote cell with a donor which will continue to use the reverted back egg white as nutrient.
I don't understand how this can work. Like, how do workers not leak "Yeah, we take the scallops and put them in different shells". Like, there's gotta be at least several dozen people doing it.
Some of the loss is credible, and with sea-water warming, as has occurred in "wild" salmon farming in New Zealand. The remedy is to move into deeper, colder water.
my uncle has been a "Howe Street Hooker" since the dirty stock mining days in fifties and sixties. But New York ADOPTED many of the dirty stock exchanges techniques they criticized for ages in Barrons' and the Wall Street Journal when Ronnie deregulated. They now do the same thing, except more Zero's.
Bruh, when I read the title, I thought scallops is some kind of new financial instrument. Then I saw the video and turns out, it's just a type of fish. ☠️☠️
Another week and another Chinese scam video!!! WSM can have dedicated channel just on Chinese stocks/company scams and have enough content for a decade!!
Zoneco group of companies? Why is it called a group, the only area of business it is involved in is scallop farming. That in itself makes it a scam company...
If scallops are high priced as stated early in this story... Then how, at 4 minutes are 7 billion animals worth an average of .20c each? Just to ask a similar question. Why would any company, knowing a product has a 3 year production cycle, ONLY produce every 3 years? Why am I a sea food farming innovator genius if I say, setup farms and harvests so that 1/3 is harvested annually, and the 3 production cycles are all coordinated to produce an efficient corporate income stream with roughly the same income stream in each harvest?
Scallops escaping brings a whole new meaning to the term "net-loss"...
good one Herp.
: D
🤣🤣🤣🤣
This is so funny
2:35 "our scallops ran away" has to be the best excuse for a net-loss in the history of public sea food companies
Cant stop laughing this is a good one, they ran away huh
Seafood company suffers “net” loss - classic pun 😄
What they need is a scallop Wrangler. For rounding up herds that go walkabout.
Hope the executives ran away too, before they got consigned to spare parts.
ALL chinese companies operate this way. Only fools would go invest in china!!
136,000,000 USD fraud, 100,000 USD fine...
Seems like a profitable business even if you get caught... And that is even after being caught 3 times before receiving any fine at all.
Its profitable if it does not turn into a criminal investigation with jail time in the balance. Chinese jails are not the "retirement homes" that exist in the USA and Europe, they are hell- holes out of Dante's Inferno.
There must be a few people high up in the CCP party involved in the fraud to warrant such low fine.
@@4evertrue830 or a bribe was used
@@reaperzeero yep. but if they were going to jail at all, that would have happened years ago already, as many already knew the fraud since 2014. From all the recent occurrences with chinese stocks i would deeply question if the chinese government cares about that at all. Most of the people losing money in this are international investors outside of china, as the regular chinese citizen usually doesn't invest in stocks. For the CCP, they're making money as well from these frauds by taxes, and it is money coming from their 'adversaries'.
@@4evertrue830 Yup. CCP party hacks refer to this money as a "licensing fee". Ask me how I know.
"their lack of arms and legs..." best line ever.
The ol 'Disappearing Scallop' trick. Classic.
You just gotta love it when a little scallop disappears
@Thomas R. Piner Well played, sir.
My dad's in prison for disappearing scallops
Scallops killed my father and raped my mother
@@jaimeeee8589 fk scallop killed my mother and raped my father
I'm shell shocked to hear this company is still trading on the stock exchange
Moving the scallops to 3 year old shells sounds hilariously labour intensive. How much more profit could they have made from doing this?!?? 3 times? So stupid hahaha
considering they have slave handwork, probably they paid their slaves with plastic rice and plastic eggs
I like how they first defrauded buyers by selling them 1yo Scallups as 3yos AND THEN turned around and defrauded investors and employees by embezzling the revenue from those sales. The audacity!
Finding honest people to work with is so hard.
I think you should never invest in Chinese businesses.
I don't care if others do, but I sure won't!
Was really interested in ant finance when it was about to be listed. After the other scandals like Luckin Coffee and hammering by regulators on tech companies it does feel risky now.
@@Evan-yv7rn please, fraud exists in every nation. with thousands of companies you only ever hear of either the massive successes or the fraudulant ones.
@@goldsilvervscrisiscollapse4320 fraud exists at different rates in different nations. If possible I'd look for the places where fraud is less prevalent. That's just me...you do your own thing!
@@goldsilvervscrisiscollapse4320 fraud exists in every country but there are countries like China that excell in the number of cases of frauds. Same as every country has its racists but China takes the cake by having a group of people being imprisoned in camps.
Their elaborate way of them moving very young scallops and put them one by one in a three years old recycled shell, is just sickening
The greed and lust of Communist Chinese knows no bounds and limitless.
@@jmshwood2801 Yeah...
Prison break: scallops edition.
the real reason was me. Couldn't resist the all-you-can-eat scallops.
another chinese company telling investors our dog ate our financials.
This country never do anything without cheating or fake.
Thank you so much for sharing stories not commonly shared, yet very interesting to watch! Looking forward to your next story!
unexpected cold current? shellfish LOVE cold water. they actually do best in arctic waters.
I think the reasoning behind that is the sudden drop in temperature kill them, which sound plausible enough. Still it doesn't make sense when all the other ranch are unaffected.
I thought Zoneco was a shell company.
"the most Bizarre"? They have published science study showing reverting a boiled egg and hatching it.
I’ve seen that. Bizarrely bizarre!
Science background here - actually in theory that should be possible. Just don’t scramble it
@@Alex-jb8wr you do know they did it with actual eggs and resulting in lively chicks right?
@@AA_OnTheEdge yup, for an unfertilized egg, heat denatures the egg white and yellow protein or misfold it and kill the cell, but you can use chemicals to unfold the protein again, wash away the chemicals and the protein will fold back to normal. The cell is still dead, so most likely they replace the zygote cell with a donor which will continue to use the reverted back egg white as nutrient.
@@Alex-jb8wr ok so you believe their published result is credible, got it.🙃
Sounds like investors where scalloped
When grown adults do the *Dog eat my homework* oldest trick in the book 😂😂😂😂
might as well tell that mermaids raided scallop farm..
To use the shells as bras
Coming next in china: exclusive unicorn meat!
I might become a patron cause you are insanely consistently well made
I had no idea that scallops could move like that, jet water propulsion I think.
Literally Playing a shell game.
Wow 100k fine thats it. That's less then there ceo probably makes a year
I don't understand how this can work. Like, how do workers not leak "Yeah, we take the scallops and put them in different shells". Like, there's gotta be at least several dozen people doing it.
You make great videos brother ✋
no jail time?
You don't go to jail when your buddies are in the party. Jail is for ordinary people.
Wow, they made one of the most dumbest decisions I've ever heard. Unbelievably dumb.
So they were just scamming their investors for personal gain all along? That's incredibly shellfish of them.
Some of the loss is credible, and with sea-water warming, as has occurred in "wild" salmon farming in New Zealand. The remedy is to move into deeper, colder water.
What about squid token fraud?
Chinese stocks are on one level with Canadian stocks. Some serious ones and many frauds.
my uncle has been a "Howe Street Hooker" since the dirty stock mining days in fifties and sixties. But New York ADOPTED many of the dirty stock exchanges techniques they criticized for ages in Barrons' and the Wall Street Journal when Ronnie deregulated. They now do the same thing, except more Zero's.
Bruh, when I read the title, I thought scallops is some kind of new financial instrument. Then I saw the video and turns out, it's just a type of fish. ☠️☠️
Another week and another Chinese scam video!!!
WSM can have dedicated channel just on Chinese stocks/company scams and have enough content for a decade!!
Chinese people am i right
I love it. what a hilarious trash country
This was actually really interesting
Poor scallops...
"make a claim through litigation"???? which means the lawyers (even in China) will end up with all the money anyway.
I thought cold water was what brought the good plankton up from the depths
Scallops migrate and travel for miles off the coast of Florida. 😅😅😅
If the penguins don't spot them as they fly overhead, that is, and eat them
Plankton from Spongebob did it
The limitless and unimaginable greed and lust of the Communist Chinese. . .
AH...... CHINESE BUSINESSMEN..
.......... FAKE RICE, FAKE EGGS, FAKE MILK...........
Zoneco group of companies? Why is it called a group, the only area of business it is involved in is scallop farming. That in itself makes it a scam company...
Come on..... you intended the pun....!
Chinese regulatory agency… haha! Good one
$100k fine 😂😂😂 peanuts 🥜
wait...they actually punish financial criminals over there? thats weird man.
If scallops are high priced as stated early in this story...
Then how, at 4 minutes are 7 billion animals worth an average of .20c each?
Just to ask a similar question. Why would any company, knowing a product has a 3 year production cycle, ONLY produce every 3 years?
Why am I a sea food farming innovator genius if I say, setup farms and harvests so that 1/3 is harvested annually, and the 3 production cycles are all coordinated to produce an efficient corporate income stream with roughly the same income stream in each harvest?
Sounds like someone’s been “scalloped”😜
How bad would it suck to be known for your "texture and flavor"?
Something Fishy 😅
Definitely sounds like some Chinese ish
Our scallops ran away = modern day crypto "hacks"
mmmm scallops!
They never were there , billion dollar scallop farm ? Nonsense
I dump it and pump it to get Woljak mad
What a scaloper
This sounds very fishy 🙄
Spongebob....???...
The company had to give and explanation WHERE CHINESE
Sounds fishy to me
China even sells knock-off, low quality scallops
I think they stole scallop to eat. NOthing wrong with that :p
damn scalop thiefs
Sounds FISHY.
China all in
Chinese ppl amirite
How not to invest in china
china.. China... CHINA....
-Trump voice 😑
Let’s go Brandon!
Lol
★ ★ Lord Sminem...please continue pump Silver $100+. Thank you My Lord. ★ ★
First comment 💪🏾💪🏾
No you are not loo
Congratulations this will be something to tell the grandkids.
@@viewtifuljon8105 basically lying to your grandkids
He should run a listed Chinese company
I prefer smart comments over first comments.