In the United States listed Liaoning emerging good
bellows manufacturing company limited to expressed a few days ago,
the Nasdaq stock exchange company was unfairly, decided to take legal means adults. At present, the company has been to the United States federal court in New York, NASDAQ, and $300000000 in damages for loss.
NASDAQ senior vice president said in response, emerging to
provide better error information leads to delisting, NASDAQ will continue to
serve customers in china.
Liaoning province small and medium-sized enterprise office has sent a letter to
the United States Secretary of Commerce and thereon the United States trade representative, please the United States
government departments impartial investigation, condemned and prohibition of any discrimination on
Chinese enterprises.
The expert points out, Chinese companies directly sued the very rare, so the case is significant, the result or the final guidelines for future shares over overseas development direction. The case will be in January 26th in the United States.
Delisted by stock prices
Emerging good chairman Lv Bei, the source of the event
in January 13, 2011, the United States NASDAQ delisting warning issued suddenly to emerging good,
that developing good failing to disclose the financial restructuring of the relevant circumstances.
In early 2010 July, emerging good landing OTCBB (Pink Sheets Market ),
and in 2010 December successfully turning plate of the Nasdaq stock market. Good times don't last long, before long new good came from the NASDAQ Exchange to the delisting warning, and pointed out that the company did not have a $20000000 financing timely disclosure, and conceal information.
While emerging Jia said," the company has been in accordance with the provisions of timely disclosure, no problem."
But after the Nasdaq Stock Exchange will still emerging preferred stock delisting. Emerging Jia said in the indictment, which led to its
reputation suffered irreparable damage, the share price from $9 per share
and eventually fell to
less than 70 cents, company value to shareholders lost $220000000.
The indictment says, company by the NASDAQ Exchange high-level unfair treatment, they through the reverse takeover of listed Chinese companies have
a skeptical attitude, leading to new good without delisted; while the NASDAQ in the decision making process with racist intent and purpose.
NASDAQ response
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At this point,
the United States NASDAQ OMX group senior vice president Frank said, the responsibility is to survey company to ensure they provide financing operation and accurate information to potential investors. The NASDAQ emerging good provided on the one
associated with the personal information, emerging good intentionally provide error
and inaccurate information leads to delisting.
Frank said, the emerging good current charged with no legal basis,
while the NASDAQ and companies around the world and smooth cooperation that problem.
Well-known U.S. website I stocks content director Zhong Rixin said, the NASDAQ whether discrimination exists really bad judgment, including the United States Securities and Exchange Commission in the United States, the authority is a compliance audit, but Chinese companies sued the very rare.
Chinese companies need to strengthen management skills
Shares over questioned is a commonplace talk of an old scholar. As early as in 2010 March to April, the United States Securities and Exchange Commission issued a signal is investigated through the reverse acquisition board listed company 's financial problems and audit institutions, and after several times in China concept stocks questioned.
One of the
big four international accounting firm Ernst & young, an unnamed manager says, Chinese company compliance also needs a lot of work,
many companies have no legal or only one or two people responsible for, so that not only is easy to slip, the company in the overseas when they encounter problems can not start.
Zhong Rixin said, some Chinese companies in the market are not ready for, also don't know
a lot of information disclosure, even do not understand the
quarterly conference call.
According to statistics, there have been nearly 1/4 in any business, met with varying degrees of financial question, the Chinese concept stock plate into the crisis
there was no parallel in history. Chinese companies in doubt
after often choose to remain silent, due to delisting, rotating plate
high cost and less selective, stick and decadence has become the
inevitable choice of the enterprise.
But now
things have changed. Prior to this, strange tiger 360, cent is numerous and innovation in Chinese companies listed in the United States, questioned immediately after the fight. Now emerging better
more cases that Chinese companies have begun to" straighten"
speak for yourself, if successful will become new preferred shares over
overseas milepost.
In addition, Chinese companies should better understand the
rules governing the listing of the United States of america. Zhong Rixin and other experts said
, China company before appear on the market to fully understand the
American market have any request, better corporate governance,
strengthen and American capital market communication, increase transparency. "
To the market of others should abide by their rules." Zhong Rixin said.
