Cooked Books force CCP China Co.s out of capital markets!

Posted in the China Forum

Mirolyuba

Port Moody, Canada

#1 Dec 6, 2012
China listings may soon flee U.S., expert says

Asia Stocks to WatchDecember 04, 2012|Chris Oliver, MarketWatch

HONG KONG (MarketWatch)— A mass exodus of Chinese companies listed on U.S. exchanges looks increasingly possible as an accounting rift between the two countries reaches a dangerous stage, a Chinese accounting expert says.

Paul Gillis, a financial author and professor of accounting at Peking University, believes the window to prevent a worst-case scenario of wholescale delistings of Chinese firms in the U.S. is rapidly narrowing.

He puts the odds of China companies having to pull up stakes from U.S. exchanges at 80%. In June he assigned a 20% probability of such an outcome, while seeing 70% odds that the “can is kicked down the road,” and U.S. and Chinese regulators find some way to defer the issue.

“We are in a very difficult position right now because there is an indication that diplomacy has failed,” Gillis said.

The Securities and Exchange Commission on Monday charged the Chinese affiliates of the big four U.S. accounting firms, plus another firm known as BDO, with violating U.S. securities laws by refusing to produce audit work papers.

The big four are Ernst & Young, PricewaterhouseCoopers, Deloitte Touche Tohmatsu and KPMG.

Specifically, the SEC charged that the audit firms violated the Sarbanes-Oxley Act, which requires overseas companies listed on a U.S. exchange use an auditor registered with the Public Company Accounting Oversight Board, or PCAOB.

...
Mirolyuba

Port Moody, Canada

#2 Dec 6, 2012
...
The body exercises its oversight of the registered auditors by inspecting their audit papers. Since 2009, however, China has prohibited the locally based auditors — which audit the U.S.-listed Chinese firms, and are registered with the PCAOB — from sharing accounting papers with foreign regulators.

Chinese officials have argued that sharing such information would be in violation of their own laws involving state secrets.

Part of the reluctance, according to Macquarie analysts, may also be tied to national-sovereignty concerns and the view that “foreign governments should not be able to come onto Chinese soil and regulate Chinese citizens.”

A meeting between U.S. and China regulators last week “was the last chance to avoid a regulatory confrontation,” Gillis said, with the parties now at a crossroads that makes any future deal less likely.

Stakes are huge
The disappearance of Chinese listings from the U.S. could have tremendous financial consequences.

When ranked by value, the biggest 200 Chinese American Depositary Receipts have a market capitalization of $951 billion, according to July calculations by investment bank Macquarie.

Chinese companies listed solely in the U.S., meanwhile, have a combined market value of about of $101 billion, according to the research house.

Gillis said the SEC’s actions will take some time to play out. The next likely step, he said, is for an administrative trial judge to assess what sanctions to impose, a process that could take months.
Mirolyuba

Port Moody, Canada

#3 Dec 6, 2012
Told you so.

Since: Dec 10

Location hidden

#4 Dec 6, 2012
i believe the history will turn into another page between china and us soon in terms of both deplomatic relationship and trading partnership.

Since: Dec 10

Location hidden

#5 Dec 6, 2012
china does follow the rules, and us needs to learn how to deal with the situation make both parties win if possible.
Mirolyuba

Port Moody, Canada

#6 Dec 6, 2012
livingcreature wrote:
china does follow the rules, and us needs to learn how to deal with the situation make both parties win if possible.
Do not make such sick jokes.

The Chinese Communist Party cannot even come clean to its own people about the CCP's own frequent mass-murders of Chinese.

It is certainly too weak to expose the extent of its corruption.

The CCP's "house of cards" is obviously collapsing, both within China and overseas, and there is nothing you can do but watch it fall.

Since: Dec 10

Location hidden

#7 Dec 6, 2012
Mirolyuba wrote:
<quoted text>
Do not make such sick jokes.
The Chinese Communist Party cannot even come clean to its own people about the CCP's own frequent mass-murders of Chinese.
It is certainly too weak to expose the extent of its corruption.
The CCP's "house of cards" is obviously collapsing, both within China and overseas, and there is nothing you can do but watch it fall.
&#65309;&#65309;&# 65309;&#65309;&#65309; &#65309;&#65309;&# 65309;
china does not follow the rules, typo...
Mirolyuba

Port Moody, Canada

#8 Dec 6, 2012
livingcreature wrote:
<quoted text>
&#65309;&#65309;&# 65309;&#65309;&#65309; &#65309;&#65309;&# 65309;
china does not follow the rules, typo...
Sorry.

It was such an obviously absurd statement after all, that I have no problem accepting your explanation that it was a typo.
CHINA HUMILIATED by CCP

Surrey, Canada

#9 Dec 9, 2012
"He puts the odds of China companies having to pull up stakes from U.S. exchanges at 80%. "

The Chinese Communist Party way of doing business is based on fraud, making it difficult for the Chinese companies forced to serve the whims of the dictatorial, secretive regime before shareholders.

The CCP is bad for business.
lct

Beijing, China

#10 Dec 9, 2012
mirotard, it is China's desire to get all the US listed company back to China.

everyone in business world knows US adopt false accounting method and the public listed company didn't pay dividends to their shareholders.

US stock market is another source to openly rubber shareholders money.

Fed has been delay Bassil III standard agreed by all nations as global finacial practice.

the entire nasque will be China's.

Since: Dec 10

Location hidden

#11 Dec 9, 2012
lct wrote:
mirotard, it is China's desire to get all the US listed company back to China.
everyone in business world knows US adopt false accounting method and the public listed company didn't pay dividends to their shareholders.
US stock market is another source to openly rubber shareholders money.
Fed has been delay Bassil III standard agreed by all nations as global finacial practice.
the entire nasque will be China's.
=========
:P good riddance

Since: Dec 10

Location hidden

#12 Dec 9, 2012
one man's trash is another's treasure :D

well, thinking of a store full of trash, it is amazing
OVERTHROW COMMUNIST PARTY

Surrey, Canada

#13 Dec 9, 2012
lct wrote:
mirotard, it is China's desire to get all the US listed company back to China.
everyone in business world knows US adopt false accounting method and the public listed company didn't pay dividends to their shareholders.
US stock market is another source to openly rubber shareholders money.
Fed has been delay Bassil III standard agreed by all nations as global finacial practice.
the entire nasque will be China's.
Pathetic propaganda fantasies are all you can come up with?

Can't you even read?

"He puts the odds of China companies having to pull up stakes from U.S. exchanges at 80%. "

The Chinese Communist Party way of doing business is based on fraud, making it difficult for the Chinese companies forced to serve the whims of the dictatorial, secretive regime before shareholders.

The CCP is bad for business.
lct

Beijing, China

#14 Dec 9, 2012
OVERTHROW COMMUNIST PARTY wrote:
<quoted text>
Pathetic propaganda fantasies are all you can come up with?
Can't you even read?
"He puts the odds of China companies having to pull up stakes from U.S. exchanges at 80%. "
The Chinese Communist Party way of doing business is based on fraud, making it difficult for the Chinese companies forced to serve the whims of the dictatorial, secretive regime before shareholders.
The CCP is bad for business.
the problem is when.

before they delist from US, they will have to list in China first.

you idiot.
lct

Beijing, China

#15 Dec 9, 2012
the US stock market is become play ground of US bank themselve only, eventually, it will be going down hard.

and rest of the world will move on.
OVERTHROW COMMUNIST PARTY

Surrey, Canada

#17 Dec 9, 2012
lct wrote:
<quoted text>
the problem is when.
before they delist from US, they will have to list in China first.
you idiot.
The problem is your tiny, useless, CCP propaganda saturated brain!

Can't you even read?

"He puts the odds of China companies having to pull up stakes from U.S. exchanges at 80%. "

The Chinese Communist Party way of doing business is based on fraud, making it difficult for the Chinese companies forced to serve the whims of the dictatorial, secretive regime before shareholders.

The CCP is bad for business.

They SHOULD list their FAKE companies on CCP China FAKE (and collapsing!) "stock markets"!

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