May 22, 2015 1:31 am JSTTrouble in China
Lixil’s overseas ambitions hit snag amid accounting probe
TOMOKO WAKASUGI and SO MATSUI, Nikkei staff writers
Grohe subsidiary Joyou was an important part of the emerging-market strategy laid out by Lixil President Yoshiaki Fujimori, right.
TOKYO — Accounting irregularities at a German unit that operates in China pose an unexpected obstacle to Lixil Group President Yoshiaki Fujimori’s efforts to boost the Japanese company’s overseas sales to more than 1 trillion yen ($8.19 billion) by fiscal 2020.
The Tokyo-based company acquired Germany’s Grohe, a maker of high-end faucets used in famous hotels around the world, in 2014, giving it a 72% stake in Grohe subsidiary Joyou. Although Lixil had bought Grohe to gain a foothold in Europe, Joyou, with its roughly 4,000 Chinese stores, was key to Lixil’s emerging-market strategy. It apparently logs annual sales of around 50 billion yen a year. Continue reading
Chinese ‘Virus’ Spreads To Germany: Meet The Company That Went From Record High To Zero In 1 Week
Tyler Durden on 05/21/2015 13:30 -0400
It appears the frauds, falsehoods, and f##king fallacies are all being exposed at the same time. While we have noted three companies that have collapsed in the last week – destroying their billionaire owners’ wealth in the process – it appears the Chinese capital destruction virus has spread to Germany. Joyou AG – a Chinese affiliate of German bathroom manufacturer Grohe – has collapsed from record highs a week ago to 0, pending bankruptcy, after admitting balance sheet manipulation.
The following ‘real company’ employs over 4000 people in Nan An, China. Jianping “Dorothy” Wu is the CFO. It was a €400 Million company a week ago… And this just happened…
Hong Kong Investors Want More Oversight After $35 Billion Wipeout
byBelinda CaoKyoungwha Kim
May 22, 2015
After $35 billion in market value was erased from three Hong Kong-listed companies over two days, investors are asking if the city’s regulator should have done more to prevent the sudden selloff.
Goldin Financial Holdings Ltd. and Goldin Properties Holdings Ltd., controlled by billionaire Pan Sutong, plunged more than 40 percent Thursday. A day earlier, Hanergy Thin Film Power Group Ltd. tumbled 47 percent in 24 minutes before trading in the Chinese solar company’s shares was suspended. The stocks, which had surged at least 500 percent in the 12 months before the rout, can also be bought and sold by mainland investors through an exchange link. Continue reading
Fri May 22, 2015 12:21am EDT
Toshiba extends accounting probe to three more business units
Japan industrial conglomerate Toshiba Corp said on Friday it would investigate accounting practices in its TV, computer and chip businesses, extending a probe already under way into irregularities that led to profits being overstated by at least $415 million in recent years. Continue reading