My guess is the 130nm chips didn't pass testing and are faulty. That would explain the full month setback.
I suspect that might be the case as it would explain their creepy behavior. If it is and management is going through all these contortions to hide this fact then there's no reason to hold shares. Their 65nm chips are still a ways off and management has already demonstrated a disturbing lack of transparency.
If you held this long and you know for certain its an issue they can fix within a matter of weeks then why not hold for another few weeks? I don't see a point in dumping at a loss when you can hold and know for sure its not a scam.
The issue is people would rather know the chips didn't pass the test and failed than to not know anything at all. If the chips wont work until October 30th that would be perfectly fine as something could be arranged. They could do what Ciphermine is doing and offer a bond/loan and let investors buy that instead of shares and then use the bond/loan money to fix the problem with the bad chips. They can produce more chips to make up for it or outsource deployment.
My guess is they messed up on the deployment side and on the chips. My guess is the chips don't work but they are stuck holding millions of dollars and not knowing how to explain that the chips don't work. They also probably don't want to alert the competition that the chips don't work.
Transparency would be better here but there may be cultural differences. Chinese culture is very difficult in this.