The following press releases and media reports about Chinese companies were carried on November 15. To view a full article or story, click on the link next to the headline. ══════════════════════════════════════════════════════
The following press releases and media reports about Chinese companies were carried on November 8. To view a full article or story, click on the link next to the headline. ══════════════════════════════════════════════════════
US Sees Talks With China on Corporate Audits (English article)
YY Sets IPO Price Range, To Raise Up To $97.5 Mln (Chinese article)
Lenovo (HKEx: 992) Reports Interim Fiscal Year Results (HKEx announcement)
Monster Worldwide (NYSE: MWN) Exploring China Business Sale; Shares Rise (English article)
I had to smile this morning when I read the latest reports on Sohu (Nasdaq: SOHU), one of China’s oldest web firms, which I’m officially christening as “China’s biggest little Internet company” following word that it plans to make an IPO for its Sogou search engine. If readers note some sarcasm in my tone, it’s certainly there. But at the same time, I do have a certain level of fascination with this company, which seems determined to spin off as many of its units as possible into separate publicly listed companies.
The year 2012 will easily go down as the worst for New York IPOs by Chinese firms since the global financial crisis, though there’s still some hope we could see one or 2 offerings in the next couple of months by cash-starved Chinese firms. A social media website named YY surprised many when it made a preliminary New York IPO filing earlier this month (previous post), and now video and music sharing site Xunlei is also emitting signals that indicate a filing could be near for its own stalled public offering.
Chinese Internet executives are providing steady entertainment in their recent counter-offensive against short sellers who have attacked their stocks repeatedly for more than a year, with industry elder statesman Lee Kai-Fu now preparing to sue one short-seller over defamation. When the history books are written, Lee, a former high-level executive at both Microsoft (Nasdaq: MSFT) and Google (Nasdaq: GOOG), could well emerge as the white knight that ultimately rescued battered Chinese tech companies.
The following press releases and media reports about Chinese companies were carried on October 9. To view a full article or story, click on the link next to the headline.
The following press releases and media reports about Chinese companies were carried on September 11. To view a full article or story, click on the link next to the headline. ══════════════════════════════════════════════════════
China’s Haier (HKEx: 1169) Sounds Out Takeover of NZ’s F&P (NZ: FPA) Appliances (English Article)
CIT (NYSE: CIT) Closes New 2.2 Billion Yuan Lending Facility in China (Businesswire)
China to Issue 4G Licenses In About a Year – Regulator (Chinese article)
Qihoo 360 (NYSE: QIHU) Integrates User Ratings with Search Rankings (English article)
China Aug Vehicle Sales Up 8.3 Pct, Pickup Seen in Autumn (English article)
An entertaining war of words has broken out this week between one of the most outspoken short sellers of US-listed Chinese stocks over the last year and an China-based Internet veteran whose company is helping to fund many similar companies to the ones under attack. Followers of China’s Internet will know that the short seller I’m referring to is a California-based company called Citron, whose most recent attacks have targeted Internet security software maker Qihoo 360 (NYSE: QIHU) by questioning the company’s user data. The Internet veteran, meantime, is Lee Kai-Fu, a former top executive at Microsoft (Nasdaq: MSFT) and Google (Nasdaq: GOOG) who left Google in 2009 to start his own company called Innovation Works to fund Chinese high-tech start-ups. (English article; Chinese article)
The accounting scandal surrounding education services firm New Oriental (NYSE: EDU) continues, with a US law firm announcing a class action lawsuit against the company after its shares plummeted when it disclosed it was being investigated by the US securities regulator. (lawsuit announcement) But in what may be a positive development, it appears that investors have largely ignored many of the claims made by an opportunistic short seller immediately after New Oriental’s original disclosure. That means that after more than a year of watching a non-stop stream of short seller attacks that have hammered overseas-listed Chinese stocks, investors may finally be growing skeptical of such attacks and their accusations of accounting misdeeds.
The following press releases and media reports about Chinese companies were carried on July 4. To view a full article or story, click on the link next to the headline.
New developments from Trina Solar (NYSE: TSL) and LDK Solar (NYSE: LDK) reflect the financial turmoil gripping the struggling solar sector, boding poorly not only for these 2 major players but also for the China arm of Deloitte, the controversial auditor that has just been dumped by Trina. The developments are all part of a bigger picture that has seen the solar sector gripped by its worst-ever downturn for more than a year now, sending all manufacturers into the red and possibly pressuring some to resort to creative accounting to mask the gravity of their situations.
I had to smile this morning when I read the latest reports on Sohu (Nasdaq: SOHU), one of China’s oldest web firms, which I’m officially christening as “China’s biggest little Internet company” following word that it plans to make an IPO for its Sogou search engine. If readers note some sarcasm in my tone, it’s certainly there. But at the same time, I do have a certain level of fascination with this company, which seems determined to spin off as many of its units as possible into separate publicly listed companies.
The year 2012 will easily go down as the worst for New York IPOs by Chinese firms since the global financial crisis, though there’s still some hope we could see one or 2 offerings in the next couple of months by cash-starved Chinese firms. A social media website named YY surprised many when it made a preliminary New York IPO filing earlier this month (
Chinese Internet executives are providing steady entertainment in their recent counter-offensive against short sellers who have attacked their stocks repeatedly for more than a year, with industry elder statesman Lee Kai-Fu now preparing to sue one short-seller over defamation. When the history books are written, Lee, a former high-level executive at both Microsoft (Nasdaq: MSFT) and Google (Nasdaq: GOOG), could well emerge as the white knight that ultimately rescued battered Chinese tech companies.
The accounting scandal surrounding education services firm New Oriental (NYSE: EDU) continues, with a US law firm announcing a class action lawsuit against the company after its shares plummeted when it disclosed it was being investigated by the US securities regulator. (
New developments from Trina Solar (NYSE: TSL) and LDK Solar (NYSE: LDK) reflect the financial turmoil gripping the struggling solar sector, boding poorly not only for these 2 major players but also for the China arm of Deloitte, the controversial auditor that has just been dumped by Trina. The developments are all part of a bigger picture that has seen the solar sector gripped by its worst-ever downturn for more than a year now, sending all manufacturers into the red and possibly pressuring some to resort to creative accounting to mask the gravity of their situations.
