Month: April 2015

Japan’s exchange operator is taking steps to restore confidence in the stock market after an investor outcry over a recent string of questionable IPOs with accounting fraud in mobile online game developer Gumi, energy start-up Eneres, etc

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http://www.ft.com/intl/cms/s/0/b9f6b6a8-d796-11e4-849b-00144feab7de.html#axzz3W2lbGkvE

March 31, 2015 2:30 pm

Japan to tighten scrutiny of IPOs

Kana Inagaki in Tokyo

Japan’s main exchange operator is taking steps to restore confidence in the stock market after an investor outcry over a recent string of questionable initial public offerings. Atsushi Saito, chief executive of Japan Exchange Group, said on Tuesday that JPX will toughen the screening process for companies seeking listings by requiring them to disclose more detailed information on their earnings outlook. It will also tighten checks on accounting practices. The move came after several Japanese companies over the past year disclosed accounting irregularities or revised their guidance shortly after their shares floated on the Tokyo Stock Exchange. Continue reading →

S.E.C. Charged Financier Lynn Tilton of Defrauding Investors for allegedly hiding the poor performance of loan funds her firm managed, and collecting almost $200m in fees that it did not deserve

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http://www.ft.com/intl/cms/s/0/ef286144-d6ee-11e4-97c3-00144feab7de.html#axzz3VweklAP0

http://www.nytimes.com/2015/03/31/business/dealbook/sec-accuses-financier-lynn-tilton-of-defrauding-investors.html?emc=edit_dlbkpm_20150330&nl=business&nlid=36114517&_r=0

http://www.bloombergview.com/articles/2015-03-31/distressed-diva-loved-her-companies-too-much-to-mark-them-down

Distressed Diva Loved Her Companies Too Much to Mark Them Down

5 MAR 31, 2015 9:42 PM EDT

By Matt Levine

Yesterday, the Securities and Exchange Commission brought civil securities fraud charges against Lynn Tilton and her firm, Patriarch Partners. Lynn Tilton once had a television show called “Diva of Distressed.” “It’s only men I strip and flip,” she said in the pilot. “My companies I keep long-term and close to my heart.” Here is a Jessica Pressler profile of Tilton in which a former employee complains that “the experience of working for Tilton was so emasculating that it took him months after leaving the firm to have sex again.” Lynn Tilton is what people call a colorful character, is the point I am trying to convey.  Continue reading →

Morgan Stanley-Backed China Nature Flooring (2083 HK) Profit Warning: Net loss due to the recognition of a substantial decrease in fair value of the Group’s biological assets

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(2083) China Flooring Holding Company Limited: Nature Home Holding Company Limited issued profit warning for the year ended 31 December 2014 due to the recognition of a substantial decrease in fair value of the Group’s biological assets.

Related: Late audits halt trading in Morgan Stanley-backed stocks Tianhe Chemicals (1619 HK) and Sihuan Pharmaceutical (460 HK)

Hanergy Is Still a Head Scratcher; Out of $1.2 billion of revenue in 2014, 62% comes from selling equipment to its closely held parent, Hanergy Holding Group, who plans to sell panels back to listed Hanergy worth as much as $6.1 billion; 38% of revenue came from selling solar power-station assets to an investment fund and related party Beijing Hongsheng Photovoltaic Industry

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http://www.wsj.com/articles/hanergy-is-still-a-head-scratcherheard-on-the-street-1427785577

Hanergy Is Still a Head Scratcher

ABHEEK BHATTACHARYA

Updated March 31, 2015 4:44 a.m. ET

Hanergy_Receivables ex Other Receivables

For anybody who expected big numbers out of the world’s most valuable clean energy company, Hanergy Thin Film Power didn’t disappoint. The Chinese solar company whose shares have vaulted 450% in the past year reported late Monday that its 2014 revenue nearly tripled, and net profit rose 64%. As common as these numbers might start to look, though, they are still strange. Hanergy makes equipment to build niche kinds of solar panels that are either so inefficient that they have been abandoned by peers, or so new that the economics are untested. How this business commands a $36 billion market value, more than Tesla’s, raises doubts.

A closer look at Hanergy’s 2014 results keeps raising doubts, too. Out of $1.2 billion of revenue in 2014, 62% comes from selling equipment to its closely held parent, Hanergy Holding Group, who then builds solar panels. But much of what goes to the parent seems to come back, since between 2015 and 2017, the parent plans to sell panels back to listed Hanergy worth as much as $6.1 billion, according to separate filings in February. Continue reading →