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发帖数: 11523 | | g**********2
发帖数: 2408 | 2 这个分析很有意思。呵呵
我昨天就分析了，这九家公司不可能包括新东方
Web Stocks Slip on Delisting Concerns: China Overnight
By Belinda Cao & Victoria Stilwell - Dec 4, 2012 5:11 PM GMT-0500
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Most Chinese stocks fell in New York, led by Internet companies, after U.S.
regulators accused units of the Big Four auditors of refusing to cooperate
on a fraud probe of China-based companies.
The Bloomberg China-US Equity Index of the most-traded Chinese shares in the
U.S. dipped 0.1 percent to 91.87 yesterday as 41 companies on the gauge
retreated. New Oriental Education & Technology Group Inc. (EDU) tumbled the
most since July as Wells Fargo & Co. said the education services provider is
at risk of being delisted after the Securities & Exchange Commission
accused the auditors of refusing to cooperate in a fraud probe of companies
based in China. Sina Corp. (SINA) and Baidu Inc. (BIDU) tumbled to two-year
lows and Youku Tudou Inc. sank the most since September.
The SEC said Dec. 3 that Deloitte Touche Tohmatsu CPA Ltd., Ernst & Young
Hua Ming LLP, KPMG Huazhen and PricewaterhouseCoopers Zhong Tian CPAs Ltd.
have refused to cooperate with accounting investigations into nine companies
traded in the U.S. Wells Fargo said the probe puts New Oriental and Ambow
Education Holding Ltd., both traded in the U.S., at risk of being delisted,
according to a report by analyst Trace Urdan. The SEC hasn’t named the nine
stocks it’s focused on.
The regulator’s allegations against the auditors “just clearly adds risk
onto those U.S.-listed Chinese (CH55BN) stocks,�?Sam Mahtani, who
oversees about $5 billion as director of emerging markets at F&C Asset
Management Plc, said by phone from London. “It creates short-term
uncertainty and volatility, which as an investor you really don’t need at
the moment.�?
Double Volumes
The auditors claim Chinese law prevents them from assenting to the SEC’s
demands, hindering U.S. efforts to probe allegations of fraud that have
contributed to the 18 percent slump in the China-US gauge since January 2011
. Chinese law bans the removal offshore of audit papers, while foreign
regulators aren’t allowed to work inside the nation’s borders.
BDO China Dahua Co. was also named by the SEC in the action, according to
the Dec. 3 administrative order.
New Oriental dropped 11 percent to $18.08, its steepest one-day decline
since July 18. Volumes were quadruple the daily average over the past three
months. Wells Fargo’s Urdan retained ratings equal to buy on both New
Oriental and Ambow, according to the note.
American depositary receipts of New Oriental sank 34 percent on July 17
after the Beijing-based company said that the SEC was investigating the
consolidation of its units�?financial statements.
New Oriental has been targeted by short seller Carson Block and his research
firm Muddy Waters LLC for allegedly inflating cash balances to gain auditor
approval. The company said in September that a committee of independent
company directors found no evidence to back up Muddy Waters�?
allegations. Block countered this by saying he was “more convinced than
ever�?they were misleading investors.
Block Backdown
Carly Westerman at public relations firm Brunswick Group LLP said yesterday
by e-mail in New York that she would relay questions on whether New Oriental
will delist or had further contact with the SEC to its management in
Beijing.
Block said in a Bloomberg TV interview last week that he had lost interest
in shorting Chinese stocks listed in North America, alleging that the
government in China was protecting companies by helping them conceal public
records.
Sina, owner of China’s Twitter-like Weibo service, tumbled 7.4 percent to $
42.09, the lowest level since Aug. 30, 2010. ADRs of Baidu, owner of the
nation’s most-popular search engine, slid 5.9 percent to $90.24, the least
since Sept. 20, 2010. Ctrip.com International Ltd. (CTRP), the no. 1 online
travel company, retreated 8.1 percent to $17.93, the biggest slump since
July 25. Youku Tudou, which owns the biggest video websites in China,
plunged 7.8 percent to $15.27.
‘Less Faith�?
“The result of this is that, unfortunately, there is a lot less faith among
investors in U.S.-listed Chinese companies that have audits done by
auditors based in China,�?Kevin Pollack, a managing director at
Paragon Capital in New York, said by phone. “As an investor, if a company
has a China-based audit firm, it’s a factor to take into consideration. It
’s not necessarily a red flag, but it’s an area where there could be a
potential problem.�?
Ambow (AMBO), a Beijing-based private education provider, climbed 1 cent in
New York to $2.85, after falling as much as 2.8 percent earlier. Jenny Zhan,
Ambow’s chief strategy officer, said by phone from Beijing yesterday that
the company’s auditor is PWC and that it hasn’t received any SEC documents
regarding the allegations. She declined to comment on whether the company
was delisting.
Ambow said Sept. 6 that an internal probe found its tutoring centers are
legally registered. The investigation was sparked by reports on China state
television that an Ambow unit exaggerated training results and that school
registrations were incomplete. |
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