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In 2019, CNBC surveyed some of 
the largest companies in the 

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world and found that one in five
North American companies were 

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claiming that Chinese 
competitors had stolen 

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intellectual property from them 
within the last year alone. 

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That's a fairly shocking 
statistic, but we learned this 

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summer that it's not just 
corporate IP that's being 

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stolen. 
Investors lost billions of 

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dollars this summer after 
investing in a group of US 

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listed Chinese stocks that 
collapsed in value shortly after

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being promoted on social media. 
The Chinese, it seems, are 

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ripping off 1 of America's 
greatest innovations, the meme 

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stock. 
Now, there's nothing I love more

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than a good meme stock story, 
and I think we all know that 

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meme stocks were invented in 
America by Americans. 

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Well, the meme stock craze 
exploded in 2021 with GameStop 

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and AMC. 
Bloomberg had already declared 

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2020 the year of the meme stock,
highlighting Hertz, Kodak and EV

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companies. 2022, unfortunately, 
was a tough year for the meme 

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investors. 
The meme stock ETF, which is a 

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real thing that you can meme 
fest in, collapsed in 2022, 

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falling from $70 a share to 25. 
There was a bit of a resurgence 

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in 2024 as GameStop and a few 
other meme stocks made a 

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comeback. 
But this summer saw the rise of 

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a new crop of good old fashioned
American meme stocks dubbed the 

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Dork Stocks by Investors 
Business Daily. 

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Krispy Kreme, Open Door Rocket 
Companies and Kohl's, whose 

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ticker symbols spell out Dork, 
cost ME investors $13 billion 

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this summer as they rose and 
fell while entertaining the rest

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of us. 
This was all good, wholesome 

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American fun. 
American stocks been pumped by 

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American me investors on 
American message boards traded 

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on American exchanges. 
But while everyone was 

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distracted by these dorks, 
another seven NASDAQ listed 

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stocks, Concord International, 
Austin Technology, Top King Win,

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Skyline Builders, Everbright 
Digital Park, HA Biological 

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Technology, and Feton Holdings 
were being pumped up, only to 

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collapse by 80% or more over a 
few trading sessions. 

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Why has no one heard of these 
stonks? 

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Well, the answer is they were 
Chinese stonks, knockoffs 

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promoted by foreigners in 
WhatsApp groups, Reddit message 

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boards, Facebook, and on the 
Everything app formerly known as

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Twitter. 
You could tell these weren't 

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American meme stocks. 
There were no hedge fund 

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managers accused of being short.
There were no charismatic CEOs 

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live streaming in their 
underwear. 

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There weren't even thousands of 
pages of online rants being 

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posted and described as due 
diligence that people were told 

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to read. 
These were low quality 

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knockoffs. 
The number 8 is the luckiest 

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number in China because aid is 
associated with wealth. 

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But there were only 7 Chinese 
meme stocks. 

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How sloppy is that? 
the FT wrote about this a few 

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weeks ago saying that the 
collapse wiped out $3.7 billion,

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which isn't even close to the 
$13 billion loss on the dork 

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stonks. 
This is a low quality RIP off of

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an American innovation. 
The FBI said last month that it 

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had seen a 300% year on year 
increase in victim complaints, 

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referencing ramp and dump stock 
fraud. 

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It added that investors were 
being targeted on social media 

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by people impersonating 
legitimate brokerage firms or 

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well known stock analysts. 
Now this is a huge increase in 

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complaints, so you would hope 
that the FBI is arresting some 

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criminals. 
But both the FBI and the Justice

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Department have been overworked 
and under a lot of stress this 

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summer with over 1000 agents 
working 24 hour shifts, removing

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politicians names from the 
Epstein files, meaning that 

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there's no time left to 
investigate investor fraud, 

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according to the Wall Street 
Journal. 

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NASDAQ, the exchange on which 
these Chinese stocks were all 

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listed, announced this week that
it's seeking to tighten its 

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rules for small Chinese stocks 
as it says that these listings 

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have become a hotbed for fraud 
and manipulation, which you 

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would have hoped would have all 
moved to crypto where it's 

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legal. 
NASDAQ proposed a new rule 

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requiring that companies 
principally operating in China 

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will now have to raise at least 
20, $5,000,000 in an IPO in 

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order to go public on NASDAQ. 
They're also seeking to increase

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the minimum flow for future 
listings to $15 million, and 

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they're saying that there should
be faster D listings for 

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companies that no longer meet 
listing standards. 

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The changes will require 
approval from the SEC before 

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they can be implemented. 
With this 300% increase in fraud

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complaints, I imagine that the 
SEC are quite busy, especially 

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because Reuters reports that key
divisions of the agency lost 

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between 15 and 19% of their full
time headcount earlier this 

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year. 
According to NASDAQ, a record 

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number of Chinese companies 
applied to list on US exchanges 

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both this year and last, with 
China and Hong Kong based 

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companies dominating the US 
micro cap IPO market. 

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The PCAOB, the US audit 
regulator which was threatened 

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with being shuttered earlier 
this year, has faced 

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difficulties in the past 
inspecting many of the Chinese 

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accounting firms that audit US 
listed companies. 

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In such cases, the PCAOB can 
initiate actions that lead to a 

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company's delisting from U.S. 
stock exchanges if it doesn't 

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provide an audit from a 
compliant auditor. 

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So how are people losing money 
in Chinese meme stocks and what 

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has caused them to invest in 
these meme stocks when meme 

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crypto tokens, many of which are
backed by our most respected 

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politicians and influencers, 
exist? 

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Well, the FT describes how an 
executive coach lost all of her 

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savings after clicking on an 
advert on Facebook and being 

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added to a WhatsApp group 
talking about investments. 

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Another retail investor told a 
similar story, saying that they 

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clicked on a Facebook ad which 
seemed to be endorsed by a well 

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known American TV pundit. 
These people then described how 

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the WhatsApp groups had around 
40 members, most with British or

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American phone numbers, and they
appeared to be run by a 

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legitimate US broker who began 
recommending investments. 

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Amusingly, one of these victims 
explained that some of the group

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members accused him of being an 
AI bot early on, forcing him to 

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defend himself from being kicked
out. 

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According to the article, all of
the information that was given 

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to the victims in these groups 
came from fake participants and 

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that the only real people in the
groups were the people being 

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scammed. 
A man named Matthew Michael, who

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runs a business called Investor 
Link, noticed a lot of this 

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unusual stock market activity 
and began contacting the 

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Financial Times along with 
American regulators and 

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exchanges, pointing out the 
unusual social media activity 

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around certain US listed micro 
cap stocks which were being 

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pumped up. 
He noticed clusters of 

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coordinated activity on Reddit 
which appeared to have been 

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happening at the same time as 
these stocks were being pumped 

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in the WhatsApp groups. 
His analysis suggests that many 

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of the Reddit accounts were 
based in Russia and Iran, a 

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trend he said his firm Investor 
Link had identified in other 

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pump and dumps. 
Now the FBI in their public 

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service announcement are 
describing these as ramp and 

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dump stock manipulation schemes.
But if you read the full 

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description of the scam and the 
announcement, it describes a 

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classic pump and dump scheme 
where perpetrators impersonate 

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legitimate. 
Brokerage firms are well known 

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stock analysts. 
They secretly control a large 

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volume of a low price stock and 
coordinate to inflate its price 

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by encouraging investment club 
members to purchase shares over 

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a period of several weeks or 
months. 

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Once the stock has been ramped 
up, they then dump their stock 

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out of profit. 
I'm not sure why the FBI are 

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using the term ramp and dump 
rather than pump and dump, but 

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they seem to be using this new 
term and they say that if you've

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been scammed you should contact 
them and they might even do 

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something once this whole 
Epstein thing has been dealt 

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with. 
So what do these Chinese meme 

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stocks look like? 
Well, the one that appears to 

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have been pumped up the most was
called Regen Cell Biosciences. 

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It's stock price was pumped up 
an impressive 60,000%. 

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Yes, that's right, 60,000%, 
which gave the company a market 

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value of $38 billion before the 
dump. 

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Now if we look at biotech 
companies, that's almost four 

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times the size of Moderna. 
It's bigger than Baxter, bigger 

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than Biogen, Tiva, Bayer, 
companies that you'll have heard

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of. 
Now, I wouldn't claim to be an 

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expert on bioscience firms, but 
I did do an internship about 20 

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years ago working with a 
pharmaceutical analyst. 

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So I thought maybe I should 
check out Regen Cell Bioscience.

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And I don't need to be negative.
Who knows, it might be a great 

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stonk. 
I imagined that a few ME 

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investors took a look at the 
company's website before putting

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their life savings into a $38 
billion firm that they hadn't 

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heard of before. 
So that's probably a good place 

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for me to start. 
So here's the website. 

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Look at me doing due diligence 
like a meme stock investor. 

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Step one, check if the company 
has a website and look, there 

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are all these graphics of what 
I'm going to guess are neurons 

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and the slogan natural formula 
that works. 

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That's a great slogan. 
And then there's this little red

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flag thing in the bottom corner 
that says error for site owner 

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invalid domain, which isn't 
exactly confidence inspiring, 

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but they at least have a website
and it hasn't crashed yet. 

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So let's Scroll down about our 
formula, it says. 

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And then there seems to be a 
collection of herbs and spices. 

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Is this the KFC website? 
I I might have found the secret 

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recipe of 11 herbs and spices 
here. 

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What have we got anyhow? 
I'm not sure what the first one 

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is, but then we've got what 
looks like coriander seeds, but 

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they might be white peppercorns.
Then we've got some sliced 

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cinnamon twigs. 
We've got some steaks that looks

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like dried turmeric. 
We're well on the way to making 

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a Curry here. 
There's some cloves, green 

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cardamom, and I think that's 
vanilla pods. 

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Yeah, delicious. 
Let's click on about our 

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formula. 
Maybe they'll be a recipe. 

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Oh, sorry, I forgot that. 
It's a bioscience company. 

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It says they have treatments for
ADHD and ASD. 

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Now, I'm not sure what ASD is, 
so let's look that up. 

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It seems to be a heart defect. 
I'm not sure what the 11 herbs 

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and spices will do for that. 
Hold on. 

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No, it seems to be autism. 
OK, there are some charts on the

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size of the markets for their 
products. 

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And here's the founder. 
And it says that he has a brain 

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theory, OK, Something about 
blood flow and 

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neurotransmitters, that that's a
brain theory, all right. 

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It says he went to Berkeley and 
has degrees in electrical 

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engineering, so nothing to do 
with cooking or healthcare. 

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But nonetheless, he's now 
dedicating all his efforts to 

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treat people afflicted with 
incurable diseases, illnesses 

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and and disorders. 
Now, I'm no expert, but what I 

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do is focus on curable diseases 
because the thing about 

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incurable diseases is that 
they're incurable. 

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So you're, you're kind of 
wasting your time there. 

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What else have we got here? 
Patient case studies, 

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testimonials. 
Oh, look at that. 

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They have a COVID cure. 
Maybe that's why this stock 

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ramped 60,000%. 
Maybe this guy got on Rogan, JFK

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Junior. 
He'd love a COVID cure made out 

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of things you find lying around 
the kitchen. 

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And look, there's a guy who 
rides motorbikes and he posted a

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video where he says that the 
COVID cure works. 

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00:13:07,040 --> 00:13:11,100
There are loads of testimonials.
This guy felt sick, took a COVID

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test, took the herbs and a bit 
later he was better. 

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00:13:14,560 --> 00:13:16,800
Well, there you go. 
That's all the proof that I 

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need. 
Everyone else who got COVID 

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died, so the 11 herbs and spices
must work. 

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00:13:22,680 --> 00:13:26,440
I noticed that no one wrote in 
saying that the secret recipe 

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killed them, so it's probably 
safe too. 

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In fact it it definitely is. 
TCB here says I contracted COVID

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and was eating western medicine.
Well, I think that's where TCB 

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went wrong. 
You get sick, you don't just 

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start eating medicine. 
You should probably continue 

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eating food as normal, but 
consult a doctor. 

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If at the first sign of illness 
you start eating medicine, 

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you're likely only going to 
complicate the problem. 

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What else have we got, Louisa? 
She says that it worked and she 

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00:14:00,480 --> 00:14:03,720
recommends it. 
Oh, but look at that, it tastes 

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bitter. 
I mean, the whole point of this 

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is that it should taste good. 
I'd maybe put a bit more vanilla

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in, but don't listen to me, I'm 
not a a doctor. 

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She says the night bottle can 
make you feel slightly drowsy. 

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Now I'm not sure if the night 
bottle is referring to this 

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medicine or something else that 
she's drinking. 

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I'm not really sure how reliable
a witness Louisa is. 

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I would have left a few of these
off the website if it was me. 

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00:14:31,680 --> 00:14:33,760
Well, there you go. 
Anyhow, the guy with the 

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motorbike and all these other 
crackpots seem to say that it 

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works, so it probably does. 
No wonder this stock went up 

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00:14:41,360 --> 00:14:44,360
60,000%. 
If they sort out the flavor, 

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00:14:44,360 --> 00:14:47,440
it'll be even better. 
What else have we got here? 

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Well, they seem to have a 
foundation, a non profit they're

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giving back to the community. 
This is great. 

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00:14:54,200 --> 00:14:56,840
They probably give a percentage 
of the profits to the 

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foundation. 
So, yeah, let's, let's check out

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00:14:59,840 --> 00:15:05,120
those profits, Investor 
relations, financial data, 2024.

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Let's see where the accounts, 
oh, it looks like they lost $4.3

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million in 2024. 
But on the bright side, it's 

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better than the $6.1 million 
that they lost the prior year. 

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00:15:18,240 --> 00:15:22,880
Now, as impressive as this 
deceleration of losses is, it's 

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still a little bit hard to see 
how this justifies a $38 billion

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market cap. 
I mean, how are they even losing

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00:15:30,240 --> 00:15:31,320
money? 
For God's sake? 

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You're selling a bunch of stuff 
from the supermarket as medicine

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00:15:34,680 --> 00:15:36,720
and somehow still losing money 
on it. 

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What are they doing? 
I'll be furious if this was all 

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00:15:39,880 --> 00:15:42,840
blown on R&D. 
Let's see, here we have 

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00:15:42,880 --> 00:15:46,720
operating expenses, a breakdown 
of expenses. 

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00:15:46,720 --> 00:15:50,560
Wait, where is the income? 
What's going on with these 

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accounts? 
Are revenues on another page? 

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00:15:55,800 --> 00:15:58,920
Ah, no, you have to be joking. 
There's a footnote. 

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00:15:59,360 --> 00:16:03,320
We've not generated any revenue 
from the sale of any products 

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00:16:03,320 --> 00:16:06,760
for the years 2024 and 2023 
respectively. 

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00:16:07,480 --> 00:16:10,680
I mean really, can you have a 
cost of goods sold if you 

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haven't sold any goods? 
I mean, they have a line for 

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selling and marketing expenses 
when they clearly didn't sell or

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market anything. 
How do you have customer 

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testimonials when you don't have
any customers? 

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You know, I've kind of changed 
my mind. 

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This might be the best meme 
stock ever. 

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I don't mean to buy for me, meme
stocks aren't something that you

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00:16:31,320 --> 00:16:33,360
buy. 
You'd never do that. 

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00:16:33,560 --> 00:16:35,400
They're about entertainment 
value. 

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00:16:35,560 --> 00:16:41,280
And whatever this one is called,
it's just excellent. 60,000% the

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00:16:41,280 --> 00:16:43,800
Chinese have put the Americans 
to shame. 

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Anyhow, now you know. 
With Chinese meme stocks, that's

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00:16:48,200 --> 00:16:51,640
now a thing. 
Obviously don't invest in stocks

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00:16:51,640 --> 00:16:54,200
that you've only heard about 
from a stranger in a WhatsApp 

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00:16:54,200 --> 00:16:57,520
group or on Reddit. 
And watch out for the fake 

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00:16:57,520 --> 00:17:00,880
comments on their videos on 
YouTube where a bunch of bots 

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00:17:00,880 --> 00:17:04,119
are talking about their amazing 
broker or where they're 

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00:17:04,119 --> 00:17:07,720
impersonating Youtubers and 
telling you to contact them. 

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00:17:07,960 --> 00:17:11,040
If you think you're being 
contacted by me in the comments 

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00:17:11,040 --> 00:17:15,119
section, it's a scam. 
No one reputable will ever pitch

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00:17:15,119 --> 00:17:17,560
an investor listening to 
strangers on social media 

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platforms. 
While I have some help deleting 

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00:17:20,839 --> 00:17:25,040
scam comments that are posted 
under my videos, it's still hard

285
00:17:25,040 --> 00:17:28,440
to catch them all, and we can't 
always delete them as quickly as

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00:17:28,440 --> 00:17:31,040
we'd like to. 
My friend Richard, who runs the 

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00:17:31,040 --> 00:17:34,960
Plain Bagel YouTube channel, 
recently discovered that someone

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00:17:34,960 --> 00:17:39,400
was using an AI deepfake to 
impersonate him and pitch crypto

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00:17:39,400 --> 00:17:42,560
to his audience. 
Obviously, anyone who's watched 

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00:17:42,560 --> 00:17:45,520
his videos would know that he 
wouldn't pitch anything like 

291
00:17:45,600 --> 00:17:48,000
that. 
The scammers video also looked 

292
00:17:48,120 --> 00:17:51,240
about as fake as the audience at
a Will Smith concert. 

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00:17:51,520 --> 00:17:54,720
But we should remember that the 
scammers are growing more and 

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00:17:54,720 --> 00:17:57,960
more sophisticated, and there 
doesn't appear to be any law 

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00:17:57,960 --> 00:18:01,600
enforcement around fraud. 
So you really have to look out 

296
00:18:01,600 --> 00:18:05,400
for these scams yourself and 
equally warn friends and 

297
00:18:05,400 --> 00:18:07,600
relatives if you hear them 
talking about a great 

298
00:18:07,600 --> 00:18:11,480
opportunity that they came 
across online pitched by a total

299
00:18:11,480 --> 00:18:14,000
stranger. 
Thanks for tuning into this 

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00:18:14,000 --> 00:18:16,520
week's podcast. 
The podcast's really been 

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00:18:16,520 --> 00:18:19,840
growing in leaps and bounds and 
I have to thank you guys for 

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00:18:19,840 --> 00:18:23,560
recommending the podcast to your
friends as that's how podcasts 

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00:18:23,560 --> 00:18:25,800
grow. 
Have a great week and talk to 

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00:18:25,800 --> 00:18:27,200
you again soon. 
Bye.