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为何海外上市中国公司频曝丑闻?

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小编摘要:就像任何新兴市场一样,中国也存在相当数量的欺诈、诈骗和公司治理丑闻。但在纽约、香港和多伦多上市的中国企业近期接连爆发丑闻,令投资者日益不安。

为何海外上市中国公司频曝丑闻? 

就像任何新兴市场一样,中国也存在相当数量的欺诈、诈骗和公司治理丑闻。但在纽约、香港和多伦多上市的中国企业近期接连爆发丑闻,令投资者日益不安。
Like any emerging market, China has its fair share of fraud, scams and corporate governance fiascos. But a spate of scandals at Chinese companies listed in New York, Hong Kong and Toronto is increasingly unsettling investors.
近几个月来,卖空者对数量空前的海外上市中国企业发起攻击,指控其存在欺诈或其它不当行为。此举已导致这些企业的股价出现暴跌,使一些非常知名的投资者遭受亏损。 “这似乎发酵到了歇斯底里的程度,给寻求在美国市场募资的所有中国企业蒙上了一团不幸的阴影,”Kobre & Kim律师事务所常驻香港的合伙人、美国证交会(SEC)前执法官威廉•麦戈文(William McGovern)表示。“现在情况已变得让投资者难以区分事实与假象。”
In recent months, short-sellers have attacked an unprecedented number of Chinese companies listed on international stock exchanges, accusing them of fraud or other wrongdoing. This has caused their shares to tumble and inflicted losses on some very prominent investors
在多伦多上市的中国林业集团Sino Forest自上周四以来市值蒸发逾三分之二。此前,由卖空者卡森•布洛克(Carson Block)创立的浑水摸鱼研究公司(Muddy Waters)指控称,Sino Forest夸大了销售额及其林地的价值。
“It seems to have bubbled into a hysteria and creates an unfortunate overhang over all Chinese companies seeking to raise capital in the US markets,” says William McGovern, Hong Kong-based partner at Kobre & Kim and former enforcer at the US Securities and Exchange Commission. “It has become hard for investors to separate fact from fiction.”
对此,Sino Forest在上周五作出反击。该公司发表措辞强烈的声明,否认上述指控,并称浑水摸鱼的做法是“自私自利的”,但该公司股价继续下滑。此举已导致Sino Forest的最大股东、由亿万富翁约翰•保尔森(John Paulson)管理的370亿美元对冲基金遭受了近5亿美元的账面亏损。
Sino Forest, a Chinese forestry group listed in Toronto, has lost more than two-thirds of its market value since Thursday after Muddy Waters, a research firm founded by short-seller Carson Block, accused the company of overstating its sales and the value of its forest land.
保尔森并不是卷入这场风暴的唯一大牌人物。美国私人股本集团凯雷(Carlyle)是在香港上市的中国森林(China Forestry)的最大外国投资者,这家中国内地林业运营商的股票自1月份其首席执行官因涉嫌挪用460万美元公款而被捕以来,一直处于停牌状态。
Sino Forest hit back on Friday with a strong denial, dismissing Muddy Waters’ “self-interested” approach, but the shares continued to slide. The move has inflicted a paper loss of almost $500m on Sino Forest’s largest shareholder, the $37bn hedge fund run by billionaire John Paulson.
但是,在这两家大公司吸引了最多报道版面的同时,还有几十家在海外上市的规模较小的中国企业也陷入了麻烦。
Paulson is not the only big name caught up in the storm. US private equity group Carlyle is the biggest foreign investor in China Forestry, a Hong Kong-listed operator of mainland plantations whose shares have been suspended since January after its chief executive was arrested for the alleged embezzlement of $4.6m.
美国是这场风暴的中心。仅在过去六个月期间,就有超过25家在纽约上市的中国企业要么披露其存在会计问题,要么看到其审计师辞职。
But while these two large companies have attracted the most publicity, scores of smaller Chinese companies listed on overseas bourses have also been running into trouble.
“尽管这些中国公司中绝大多数也许是正当的企业,但事实证明,它们当中有越来越多的公司存在显著的会计问题,或是存在明目张胆的欺诈行为,”美国证交会执法官路易斯•阿吉拉尔(Luis Aguilar) 4月在一个投资者论坛上表示。
The US is at the centre of the storm. In the past six months alone, more than 25 New York-listed Chinese companies have disclosed accounting discrepancies or seen their auditors resign.
这些中国公司多数规模较小,它们在近年通过买壳上市的方式进军美国证交所,这种做法使它们得以避开首次公开发行(IPO)的审查程序。
“While a vast majority of these Chinese companies may be legitimate businesses, a growing number of them are proving to have significant accounting deficiencies or being vessels of outright fraud,” Luis Aguilar, an SEC enforcer, told an investor forum in Washington in April.
纳斯达克(Nasdaq)和纽约证交所-泛欧交易所(NYSE Euronext)在过去一年期间已对至少21家小型及微型中国公司实施停牌,并已对其中5家实施摘牌。
Most of these companies are small and slipped on to US exchanges in the past few years through reverse mergers, a practice that allowed them to bypass the scrutiny of an initial public offering.
面对来自投资者的强烈抗议,美国证交会已对这些公司以及将它们推销给公众的美国审计师和中介网络展开调查。但由于中国监管机构不够合作,美国证交会的调查进展不顺利。
Nasdaq and NYSE Euronext have halted trading in the shares of at least 21 small and micro-cap Chinese companies in the past year, and kicked five of them off the exchanges.
投资者日趋担心的是,他们能否把许多中国公司的财务报表当回事。
Facing an outcry from investors, the SEC has begun investigating these companies as well as the network of US auditors and middlemen who marketed them to the public. But the SEC has been hamstrung by a lack of co-operation from regulators in China.
2007年在德意志银行(Deutsche Bank)和高盛(Goldman Sachs)安排下在纽约进行首次公开发行、募资2.1亿美元的中国软件公司东南融通(Longtop),上月被其审计机构德勤(Deloitte)指控存在“非常严重的缺陷”,包括伪造其银行对账单。东南融通表示,已展开一项内部调查。
Investors have become increasingly worried about whether they can take the financial accounts of many Chinese companies at face value.
随着这样的案例越来越多,许多投资者开始抛售在海外上市的中国股票。他们担心股价会进一步下跌,或者更糟的是,因这些股票被停牌而被套牢。
Longtop, a Chinese software company that raised $210m in 2007 via a New York IPO organised by Deutsche Bank and Goldman Sachs, was last month accused by its auditor Deloitte of “very serious defects”, including faking its bank statements. The company says it has begun an internal investigation.
彭博(Bloomberg)编制的通过买壳在美国上市的中国股票指数,今年已暴跌近40%,市值缩水逾100亿美元。
As the cases mount, many investors have been dumping foreign-listed Chinese stocks. They fear further price declines or, worse, being unable to sell their shares due to trading halts.
但是,对一些个股来说,潮流可能正在逆转。在纳斯达克上市的中国肥料生产商永业国际(Yongye International)就是一个突出的例子,该公司股价上月大跌20%,原因是总部位于美国怀俄明州的对冲基金Absaroka Capital Management指控其欺诈。
A Bloomberg index of US-listed Chinese reverse-merger stocks has tumbled almost 40 per cent this year, losing more than $10bn in market value.
针对这些指控,永业为自己进行了辩护。上周,摩根士丹利(Morgan Stanley)的亚洲私人股本部门对永业注资5000万美元,称其为“一家出众的公司”。此举促使永业股价暴涨40%,使持有相反头寸的卖空者遭受重创。
But for some individual stocks, the tide may be turning. A striking example is Yongye International, a Nasdaq-listed Chinese fertiliser producer that last month plunged 20 per cent after being accused of fraud by Wyoming-based hedge fund Absaroka Capital Management.
私家侦探公司Kroll的中国主管何越(Violet Ho)表示,在海外上市的中国公司多数在根本上是靠得住的,即便它们有时候达不到美国的披露和公司治理标准。
Yongye defended itself against the allegations, and last week Morgan Stanley’s Asia private equity arm injected $50m into Yongye, calling it “an exceptional company”. The move triggered a 40 per cent surge in the group’s share price, hammering short-sellers who had taken the opposite position.
但何越警告称,也存在一些蓄意欺骗的案例——整个企业就是精心构筑的骗局。就像安然(Enron)和伯纳德•马多夫(Bernard Madoff)一样,从事欺诈的中国企业在被戳穿之前,可能多年受到市场追捧。
Violet Ho, head of China for Kroll, the private intelligence agency, says the majority of Chinese companies listed overseas are fundamentally sound, even if they sometimes fall short of US disclosure and corporate governance standards.
“这一切仍在继续曝光,”何越表示。“你将看到更多丑闻。”
But she warns that there are also cases of deliberate deception, where entire businesses are elaborate fictions. Just as with Enron and Bernard Madoff, fraudulent Chinese companies can be market darlings for years before being rumbled.
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2011-06-08 10:32 编辑:典典
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