Day: July 18, 2015

Hanergy Tests Hong Kong’s Power to Protect Investors; At issue is SFC’s request for documents related to Hanergy’s Beijing-based parent company and private loans taken out by Li Hejun who is chairman and controlling owner of both companies

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http://www.wsj.com/articles/hanergy-tests-hong-kongs-power-to-protect-investors-1437135512

Hanergy Tests Hong Kong’s Power to Protect Investors; At issue is SFC’s request for documents related to Hanergy’s Beijing-based parent company

WAYNE MA and JULIE STEINBERG

July 17, 2015 8:18 a.m. ET

HONG KONG—A standoff between a Chinese solar-equipment manufacturer and Hong Kong’s securities regulator is a major test of the watchdog’s ability to protect investors of Hong Kong-listed Chinese companies.

Hanergy Thin Film Power Group Ltd., whose shares have been suspended pending an investigation by Hong Kong’s Securities and Futures Commission, said Thursday it may challenge the watchdog in court. At issue is the SFC’s request for documents related to the annual financials of Hanergy’s Beijing-based parent company and private loans taken out by billionaire Li Hejun, who is chairman of both companies. Continue reading →

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Deloitte Anjin is drawing criticism over lax supervision of Daewoo Shipbuilding & Marine Engineering (DSME), which allegedly committed accounting fraud by hiding billions of dollars in losses.

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http://www.koreatimes.co.kr/www/news/biz/2015/07/488_182978.html

Updated : 2015-07-17 19:02

Deloitte Anjin criticized for lax supervision

By Kim Jae-won

Deloitte Anjin is drawing criticism over lax supervision of Daewoo Shipbuilding & Marine Engineering (DSME), which allegedly committed accounting fraud by hiding billions of dollars in losses. A local member of Deloitte Touche Tohmatsu said that it found nothing out of the ordinary with the shipbuilder’s financial report in the first quarter, which was submitted to the Korea Exchange in May. Deloitte Anjin also said DSME’s financial reports in 2013 and 2014 were written appropriately and they found nothing unusual with them.  Continue reading →

China LNG shares dive after research report says stock ‘wildly overvalued’; “They have no business. All they have are something like 12 memoranda. It’s basically a paper company. They just use their money to pump up the stock. They pump and dump

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http://www.scmp.com/print/business/commodities/article/1840942/china-lng-shares-dive-after-research-report-says-stock-wildly

China LNG shares dive after research report says stock ‘wildly overvalued’

PUBLISHED : Friday, 17 July, 2015, 9:16pm
Brendan Clift brendan.clift@scmp.com

Stock recovers from 32pc drop to end 17pc down on claim it is overvalued

China LNG Group shares plunged 32.2 per cent at one stage yesterday as the energy firm swapped blows with a US-based research group which said its stock was more than 18 times overvalued.

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