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Doubts among US-listed Chinese firms prompt planned exodus,[link widoczny dla zalogowanych]
U.S.-listed Chinese companies are suffering from growing doubts on the market and from the public after two NASDAQ-listed Chinese firms were de-listed and an audit firm was fined for "improper professional conduct" in connection with a Chinese company accused of fraud at the end of 2010.However,[link widoczny dla zalogowanych], experts in finance and legislation pointed out that the censure actions taken against U.S.-listed Chinese companies were exaggerated, confusing U.S. investors and providing chances for short-sellers and speculators.
Firms de-listed
According to the U.S. Securities and Exchange Commission (SEC), the probes against China Energy Savings Technology Inc. were launched in 2006. The company was de-listed in the same year.The SEC said in a statement that the firm Moore Stephens Wurth Frazer & Torbet LLP "did not exercise professional skepticism and due professional care" in audits of the company and was not allowed to accept "any new issuer audit clients with operations located in China, Hong Kong or Taiwan for an unspecified time period."
On Nov. 17,[link widoczny dla zalogowanych], 2010, NASDAQ halted trading of China-based RINO International Corp. and de-listed the company. Another Chinese company FUQI International received last September a receipt of a determination letter from NASDAQ that the company's common stock is subject to de-listing. Both RINO and FUQI were accused of providing unreliable financial statements.Firms alleged of fraud are often hunted by short-sellers in the United States. RINO International,[link widoczny dla zalogowanych], Universal Travel Group,[link widoczny dla zalogowanych], BORN Group and Oriental Paper Inc. have all suffered hunting, and their share prices dropped 40 to 60 percent.
"Innocent" of fraud
In order to take a shortcut to enter the U.S. capital market,[link widoczny dla zalogowanych], many Chinese companies chose reverse merger and backdoor listing,[link widoczny dla zalogowanych], which provided convenience as well as hidden troubles.Via backdoor listing, firms do not have to pass the SEC's strict investigation,[link widoczny dla zalogowanych], leaving higher possibility for problems, including providing unreliable financial statements.
Peter Siris, managing partner at Guerrilla Capital, said that the high executives lacked experience of U.S. capital market and they needed time to get familiar with the laws and regulations. They would make mistakes,[link widoczny dla zalogowanych], but some were innocent,[link widoczny dla zalogowanych], he said.Siris' funds have been invested in over 150 Chinese firms, and many of these firms chose backdoor listing.
Wall Street evacuation
Affected by the massive doubt and hunting by short-sellers, the average price-earnings ratio of U.S.-listed Chinese firms was only 8.8, according to Ma Jun,[link widoczny dla zalogowanych], an analyst with Roth Capital Partners.A large number of Chinese companies that have gone public via backdoor listing are now considering privatization or a return to the Chinese capital markets.
Zhou Ming,[link widoczny dla zalogowanych], deputy general manager of the Shenzhen Stock Exchange,[link widoczny dla zalogowanych], said last weekend that 114 private companies completed overseas listing in 2010,[link widoczny dla zalogowanych], most of which are players in the strategic emerging industries.He proposed that China's Growth Enterprise Board should attract leading companies,[link widoczny dla zalogowanych], including Baidu and Tencent,[link widoczny dla zalogowanych], to return to the domestic capital market and then tempt more qualified companies.
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