The first private company to listed as a H Share, no less is crashing with fraud and burning shareholders. The China state governments are stepping in and taking it's assets. In this case burning it's biggest shareholder the IFC a member of the World Bank Group.
Last report 2009 (interim):
Net Assets of $2.79b
Interest bearing debt : $5.3b
Cash: $63m
What is Hong Kong's Securities and Futures Commission doing? ... Nothing, this is most useless and incompetent organization on the planet. Their focus it seems is on smaller, easier, local individual targets, like traders manipulating illiquid derivatives.
H Shares - China companies listed on the HK market are riddled with fraud paired with no non-existent enforcement by the SFC/HKEX, a pit covered with SFC's facade of governance, trap laid with shards of sharp bamboo spikes.
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