http://www.yicai.com/news/2015/06/4634066.html
VIE回归热潮不减 三类风险需如何应对？
一财网 秦伟 2015-06-18 15:43:00
毫无疑问，就像当初扎堆搭建VIE结构出海上市一样，如今，拆除VIE结构也正在形成一股新的趋势。艾瑞咨询6月17日发布的一份报告显示，截止目前已经有15家中概企业进入私有化流程，这一规模史无前例。历史上共计有21家中概企业完成了私有化，也就是说，当前正在筹备私有化的企业数量已经超过历史存量的一半。
暴风科技回归A股引发的VIE回归潮，正在海外上市的中国公司中掀起波澜。最近一个加入私有化大军的是奇虎360。 Continue reading
http://www.wsj.com/articles/how-chinese-billionaire-li-hejuns-solar-bet-soured-1434925566
How Chinese Billionaire Li Hejun’s Solar Bet Soured; Hanergy founder, once China’s richest man, now faces company investigation after stock implosion
Hanergy Holding Group chairman Li Hejun became China’s richest man by some estimates when shares in his energy company’s subsidiary, Hanergy Thin Film Power Group, soared. The share price fell 47% on May 20 and trading has remained halted since then.
WAYNE MA, BRIAN SPEGELE and JACKY WONG
June 21, 2015 6:26 p.m. ET
Three months before the bottom fell out for Li Hejun, the Chinese billionaire threw a party for his employees. There was a laser show, acrobats and a Mercedes-Benz giveaway. But the highlight, those in attendance said, was when Mr. Li, chairman of Hanergy Holding Group Ltd., declared in a rousing speech that he was building Hanergy’s publicly traded solar subsidiary into a $100-billion company. There was reason to celebrate. The subsidiary, Hanergy Thin Film Power Group Ltd., in two years had catapulted to a multibillion-dollar valuation and was a Hong Kong stock-exchange star. By April, its market capitalization would exceed $40 billion—more than Sony Corp.’s—making 47-year-old Mr. Li China’s richest man by some estimates. Mr. Li touted tie-ups with IKEA Group, Tesla Motors Inc. and Aston Martin Lagonda Ltd. as steps in his dream of bringing solar power to the masses. He had announced solar-energy projects around the world, from Ghana to Japan to the U.S. Then, on May 20, the subsidiary’s shares plummeted 47%, erasing $18.6 billion in value—and almost half Mr. Li’s fortune—before trading was halted. Shortly after, Hong Kong securities regulators announced they had been investigating the subsidiary. Trading in its shares remains suspended.
Court Appointee Chases (and Finds) Investor Cash That Vanished in China
Receiver Robert Seiden settled with Shengtai Pharmaceutical and is pursuing others
MICHAEL RAPOPORT
June 21, 2015 4:28 p.m. ET
For some U.S. investors trying to hold Chinese companies to account, Robert Seidencould be the last, best hope.
Shareholders lost billions of dollars when a wave of U.S.-traded Chinese companies were tarnished by accounting and disclosure concerns in recent years. But U.S. investors have largely been stymied when pursuing Chinese companies in court. Many have simply “gone dark,” abandoning U.S. markets and ignoring U.S. court judgments, and it is hard for investors to go after them in China’s semiclosed society. Continue reading
http://www.thestar.com.my/Business/Business-News/2015/06/20/Financials-in-turbulence/?style=biz
Financials in turbulence
Saturday, 20 June 2015
But analysts optimistic on outlook of turnaround for AirAsia associates in Indonesia and the Philippines
WHEN AirAsia Bhd released its first quarter results of its current financial year on May 28, most analyst reports the next day highlighted nothing out of the ordinary. Consensus earnings estimates were trimmed over the next few days but no alarm bells rang over the state of the low-cost carrier’s financials.
The one beef the market has with AirAsia is the money owed by its affiliates in Indonesia and the Philippines to the parent company, and that found space in a few reports. That sum is large and growing and analysts have wondered if there is going to be an impairment of those advances. But things took a turn for the worst after June 10 when little known research outfit from Hong Kong, GMT Research, came out with a 39-page report and a sell call. Continue reading
IOOF’s boiler room throws customers to the wolves
June 20, 2015 – 12:15AM
Adele Ferguson and Sarah Danckert
Insider trading, cheating and front-running – the allegations run thick and fast in the IOOF boiler room.
As Christmas parties spilled onto the side streets of Sydney’s CBD, two men from listed financial services group IOOF were not in the mood to party. One of the men, a senior equities analyst, was about to become a company whistleblower, a move that would expose another financial scandal and cost him his job. It was Friday December 12, 2014 and the other man, the company’s head of investigations Rob Urwin, wanted to discuss a few matters before heading home. The conversation turned to some questionable behaviour inside the company, most notably its research division and some of the antics of its head of advice research Peter Hilton, so Urwin suggested the discussion continue over a beer. As they settled in at the Shirt Bar, discreetly tucked away in an alley close to the company’s Kent Street offices, topics moved from IOOF’s aggressive sales culture to some possible serious breaches in the research division, which is the engine room of IOOF’s $150 billion funds under management.
“I was pissed off yesterday,” the equities analyst told Urwin, explaining how the company’s equities team wanted to start ramping financial advisers into stock ahead of a research report being issued. Continue reading
http://www.nytimes.com/2015/06/21/business/high-tech-fantasy-accounting.html?ref=business
Tech Companies Fly High on Fantasy Accounting
JUNE 18, 2015
Technology shares have been powering the stock market recently, outperforming the broader stock indexes by wide margins. The tech-heavy Nasdaq 100, for example, is up 19 percent over the last 12 months, almost twice as much as the Standard & Poor’s 500-stock index, which has risen 10 percent. Investor enthusiasm for all things tech is understandable, given the disruptions the industry is bringing to so many businesses and the potential profits associated with that upheaval.
But there’s a more troubling aspect of the current exuberance for technology stocks: the degree to which so many of the popular companies with premium-priced shares promote financial results and measures that exclude their actual costs of doing business. These companies, in effect, highlight performance that is based more on fantasy than on reality. Continue reading
Sebi bans Karvy Stock Broking for a year in IPO scam
16 June 2015
Deccan Chronicle
Mumbai: Hyderabad-based Karvy Stock Broking Ltd (KSBL) has been barred by the Securities and Exchange Board of India (Sebi) from taking up any new primary market assignments for a period of one year for alleged irregularities committed in 21 initial public offers (IPOs) between 2003 and 2005. The matter relates to a case in which few market participants reportedly used close to 60,000 fictitious demat accounts to corner share allotments meant for retail investors.The scam was unearthed after stock markets complained to Sebi in October 2005 about large scale off-market transactions immediately following the date of allotment and prior to the listing on the stock exchanges. Following this, Sebi ordered NSDL and CDSL to examine all 105 IPOs listed between 2003 and 2005. Continue reading
SEC Looks Closer at Stapled Secondaries — Market Talk
18 June 2015
Dow Jones Institutional News
11:52 EDT – Stapled secondary deals are coming under heightened scrutiny from the SEC, which is looking closely at whether private-equity firms are misleading or shortchanging sellers in these complex transactions. In them, investors in a P-E firm’s existing funds get the option to sell their portfolio stakes to new buyers who pledge additional fresh capital to the firm’s latest fund. “We’re looking to see how fiduciary duty is executed in that context,” Igor Rozenblit, co-head of the private-funds unit at the SEC’s Office of Compliance Inspections and Examination, said at the SuperReturn US 2015 conference. “The other thing we’re looking at is offering fraud.” (dawn.lim@wsj.com)
http://rakesh-jhunjhunwala.in/sebi-hauls-up-hbj-capital-for-misleading-investors-and-bans-it/
SEBI Hauls Up HBJ Capital For Misleading Investors And Bans It
Jun17th
201511 CommentsWritten by Arjun
HBJ Capital has landed itself into serious trouble with SEBI owing to repeated complaints from its clients. It has also contravened the law by collecting funds from investors and offering investment advice. SEBI has passed an order barring HBJ Capital from continuing its nefarious activities
HBJ Capital’s modus operandi for attracting clients was extremely simple. It played on the human emotions of greed and gullibility. Whenever a stock became a multibagger, HBJ Capital would release advertisements claiming to have discovered it. It also claimed that its subscribers were basking in great riches. HBJ also offered generous discounts to entice investors to join their services. Continue reading
http://www.ft.com/intl/fastft/346191/noble-group-michael-dee-tit-tat-continues
Michael Dee unconvinced by Noble’s response; issues reply to firm
Kelly Taykellytay@sph.com.sg@KellyTayBT
Latest: Goldman downgrades Noble to neutral; cuts target to S$0.77
BARELY hours after Noble issued an open letter to Michael Dee, the former chief executive for South-east Asia at Morgan Stanley has replied to the commodities firm, saying that “the only answer (Noble has) given is a denial with no detail”. He urged the company to go beyond letters drafted by Noble’s public relations (PR) team and “really speak to shareholders, debt holders and employees, and explain (the group’s) position”.
Said Mr Dee: “I only am interested in the facts and am willing to change my opinion based on real facts and not a letter drafted by Noble’s PR team. I write every word myself. I do my own analysis. My views are mine and mine alone. If I am presented information that changes my views I will be the first to change. “Nothing in Noble’s letter rises to the level needed to erase my concerns. Noble have had two months to respond to me, yet I am responding in one hour to their letter.” Continue reading
AsianExtractor: Unearthing Accounting Fraud in Asia 