(Kuala Lumpur, 10th) Dongyi Electronics $GTRONIC (7022.BMS)$ External auditor PricewaterhouseCoopers resigned, causing the stock price to plummet by more than 30%!
Dongyi Electronics also issued a statement this evening in an attempt to "reassure" investors, emphasizing that the auditor's resignation will not affect financial integrity and stating that UHY Malaysia has been selected as the new auditor.
The company first announced to Bursa Malaysia at noon today that it received a written notice from PricewaterhouseCoopers on September 9, resigning from the position of company auditor.
The announcement has caused concerns among investors, and the stock price plummeted at noon, hitting the limit down at one point and being banned from short selling. In the end, it fell 26 cents or 32.50% for the whole day, closing at 54 cents, marking a new low in the past 12 years.
优华扬 has been appointed as the new auditor.
Reviewing past annual reports, it was found that the company has been appointing PwC as its external auditor since 2019 and has continued to do so. According to the announcement, PwC's resignation is voluntary.
In an afternoon statement, Dongyi Electronics announced that they will actively strengthen the audit process. It has preliminarily selected Yuhua Yang Malaysia as the new auditor and will officially appoint them after the formal documents are completed.
According to the company's official website, UHY is the 19th largest global accounting firm alliance organization; it is also ranked ninth in Malaysia, serving over 60 listed companies.
The announcement also stated that "the financial report for this year has not been audited by KPMG, so it will not have an impact on financial integrity."
0.73 billion has been evaporated.
Dongyang Electronics...

$PBA (5041.BMS)$
I wouldn't trade PBA anymore. Just bought on last week, suddenly price dropped dramatically with paper loss 1.3k++.
Luckily, managed to sale PBA at RM 2.66 today with few hundreds profitability.

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Review of last week👉🏻Market review + position analysis (08/26-08/30 2024)
Market behavior this week:
$NASDAQ 100 Index (.NDX.US)$ $S&P 500 Index (.SPX.US)$ Distributed on Tuesday and Friday;
$Russell 2000 Index (.RUT.US)$ Distributions are on Tuesdays and Thursdays.
RUT > SPX > NDX
This week the market has returned to a distribution rhythm, and it is worth noting that NDX has had 7 distribution days in the past three weeks, while SPX has had 6; the sole accumulation day last Friday clearly failed to change the trend, and many strong stocks are struggling against the headwinds, causing individual accounts to slowly withdraw cash.
Weekly charts:
NDX has slightly broken below the upward trendlines since January 2023, which is the second time in the short term, and has also slightly fallen below the 30MA; SPX is still within the upward channel, currently near the 20MA; RUT is relatively better, with two weeks of declining on reduced volume, the structural breakthrough of the first stage in the larger timeframe is still holding up well.
Breadth records and weekly notes:
The breadth turned red on Friday, the last time was on August 5th;
The weekly notes have helped me a lot, and it is worth continuing this habit for myself: concise and clear.
Market Sentiment:
The AAII bearish ratio remains low, indicating continued market sentiment contrary to expectations; the fear index has returned to the fear range.
Current positions:...

$Polygon (MATIC.CC)$ There is a chance for ADA to show an upward trend, but the magnitude is moderate.But I think it's just a rebound, now waiting for an adjustment.

$Riot Platforms (RIOT.US)$
declining all way .., bottom not reached yet .. still some way to go

$NIO Inc (NIO.US)$ Its actually quite a terrible result. Way below my expectation. Margin is good but net loss is almost the same as last quarter even though deliveries almost double. I wonder what would it takes for them to be profitable if selling more cars don't help. Not surprised if it end red today, hope I'm wrong though.
Vested in Nio.

$GraniteShares 2x Long NVDA Daily ETF (NVDL.US)$ I bought this with the intention to dca. Now it goes down as expected and I buy more. If you trade this than use a stoploss. The one thing not to do is buy, expect it to only go up and than sell at a loss.

$NVIDIA (NVDA.US)$ Once it stands above 100, if it can't go down, it will go up; if it can't go up, it will fall. It's just a bit of a large magnitude, you'll get used to it, and you'll grasp the pattern.