Quarterly report pursuant to sections 13 or 15(d)

LONG-TERM INVESTMENT

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LONG-TERM INVESTMENT
6 Months Ended
Jun. 30, 2013
Investment [Abstract]  
Investment [Text Block]
 
12.
LONG-TERM INVESTMENT
 
Merchant Supreme
 
Long-term investment represents Merchant Supreme’s VIE, Pingtan Fishing’s interest in Fujian Pingtan Rural-Commercial Bank Joint-Stock Co., Ltd. (“Pingtan Rural-Commercial Bank’’), a private financial institution.  Pingtan Fishing paid RMB 21 million, or approximately $3.4 million to subscribe to 13,434,000 shares, or 5% of the common stock of Pingtan Rural-Commercial Bank, and completed its registration as a shareholder on October 17, 2012.
 
Pingtan Fishing used the cost method of accounting to record its investment since Pingtan Fishing does not have the ability to exercise significant influence over the operating and financing activities of Pingtan Rural-Commercial Bank.  Merchant Supreme determined that there was no impairment on this investment during three and six months ended June 30, 2013 and 2012, respectively.