Annual report pursuant to Section 13 and 15(d)

LONG-TERM INVESTMENT

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LONG-TERM INVESTMENT
12 Months Ended
Dec. 31, 2013
Investment [Abstract]  
Investment [Text Block]
7.
LONG-TERM INVESTMENT
 
Long-term investment represents the Company’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 completed its registration as a shareholder on October 17, 2012 and paid RMB 21 million, or approximately $3.4 million to subscribe to 15,113,250 shares, or 5% of the common stock of Pingtan Rural-Commercial Bank. There shares were as collateral for the company’s long term loan amounting to $2.3 million as of December 31, 2013. None of these shares were collateralized as of December 31, 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.  The Company determined that there was no impairment on this investment as of December 31, 2013 and 2012.
 
Long-term investment for which there are no quoted market prices, a reasonable estimate of fair value could not be made without incurring excessive costs.