May 16, 2012 05:15 PM

Hard Lesson for China-Concept Stock Investors

By staff reporters Wang Xiaoqing and Shen Hu, and Washington D.C. correspondents Zhang Tao and Ni Weifeng

(Beijing)–Imagine discovering on your first day as a new CEO that your employer is merely a shell destined for a shameful delisting on the Nasdaq Stock Market.

That's what happened recently to ChinaCast Education Corp. CEO Feng Yiyi, who is now trying to sort out what's left of a gutted business that once attracted US$ 200 million from American investors and ran three Chinese universities with a combined 35,000 students.

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