Yunnan Green-Land Biological Technology

YACF: Yet Another Chinese Fraud

"Yunnan Green-Land Biological Technology, a company traded on the SME board on the Shenzhen Stock Exchange, announced recently that chairman He Xuekui was detained by police for alleged cheating in the firm's initial public offering three years ago. Details of any fraud in the IPO have yet to be made public.

The chairman is the first company executive to have been arrested by police due to misbehaviour in a listing process.

The Green-Land case spooked investors, who fear that a series of similar scandals could be unearthed as the authorities step up investigations into questionable listed companies.

"It could result in another crisis of confidence, though it would not be as severe as the Guangxia scandal years ago," said Guotai Junan Securities analyst Shi Weixiang."

KPMG auditors chowing down with Hontex

scmp:

"Money Chow told the court that Sister Chan had given her an envelope with a box inside during a lunch in January last year.

"I refused to accept it as the company does not allow us to take gifts of more than HK$500," she told the court. "I considered the items inside the envelope could be valuable as Sister Chan tried to hide the envelope from the others"

SHLD last minute pop

It's in the last minute of trading before options expiry and the $80 calls are OTM and are going to expire worthless, what to do?

The chart says it all...

SFC pulls one knuckle out

and prosecutes China Forestry ex CEO. Hopefully the SFC continues to do their job and and pursue the Chinese fraudsters across the border.

The High Court today ordered that interim freezing orders be continued over assets of up to $398,219,458 held by Li Han Chun, the former Chief Executive Officer of China Forestry Holdings Co., Ltd. (China Forestry) and his company, Top Wisdom Overseas Holdings Limited (Top Wisdom) (Note 1).