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
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’
PUBLISHED : Friday, 17 July, 2015, 9:16pm
Brendan Clift firstname.lastname@example.org
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.