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Kuros
Joined: 27 Apr 2004
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 Posted: Tue Aug 14, 2012 7:23 pm Post subject: Chinese firms abandon US markets |
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Chinese firms leave US stock markets amid complaints about price, accounting scrutiny
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This week, Focus Media Holding Ltd., announced its chairman and private equity firms want to buy back its U.S.-traded shares and take the Shanghai-based advertising company private. The deal would value Focus Media at $3.5 billion, according to financial information firm Dealogic.
Smaller companies also are withdrawing from U.S. exchanges. In a sign of official encouragement, a Chinese business magazine said a state bank has provided $1 billion in loans to help companies with listings abroad move them to domestic exchanges.
The withdrawals follow accusations of improper accounting by some companies and a deadlock between Beijing and Washington over whether U.S. regulators can oversee their China-based auditors.
Some Chinese companies say they are pulling out of U.S. markets because a low share price fails to reflect the strength of their business. Withdrawing also eliminates the cost of complying with American financial reporting rules.
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Perhaps Chinese firms are engaged in improper accounting practices, but I find the scrutiny on them rather rich. I mean, aren't U.S. agencies being a bit selective here? |
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Titus
Joined: 19 May 2012
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| Posted: Tue Aug 14, 2012 7:58 pm Post subject: |
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| Major accounting scandals are on the way. |
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atwood
Joined: 26 Dec 2009
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| Posted: Thu Aug 16, 2012 6:10 pm Post subject: Re: Chinese firms abandon US markets |
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| Kuros wrote: |
Chinese firms leave US stock markets amid complaints about price, accounting scrutiny
| Quote: |
This week, Focus Media Holding Ltd., announced its chairman and private equity firms want to buy back its U.S.-traded shares and take the Shanghai-based advertising company private. The deal would value Focus Media at $3.5 billion, according to financial information firm Dealogic.
Smaller companies also are withdrawing from U.S. exchanges. In a sign of official encouragement, a Chinese business magazine said a state bank has provided $1 billion in loans to help companies with listings abroad move them to domestic exchanges.
The withdrawals follow accusations of improper accounting by some companies and a deadlock between Beijing and Washington over whether U.S. regulators can oversee their China-based auditors.
Some Chinese companies say they are pulling out of U.S. markets because a low share price fails to reflect the strength of their business. Withdrawing also eliminates the cost of complying with American financial reporting rules.
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Perhaps Chinese firms are engaged in improper accounting practices, but I find the scrutiny on them rather rich. I mean, aren't U.S. agencies being a bit selective here? |
There wasn't any perhaps with Sino-Forest. |
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