Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
China is banning traditional auto engines. Its aim: electric car domination
http://www.latimes.com/business/autos/la-fi-hy-china-vehicles-20170911-story.html
China Stocks Routed; SEC Accuses China Auditors of Withholding Documents
January 23, 2014 9:07 AM EST
China internet stocks declined early on Thursday, a day after the SEC accused China-based auditors of withholding documents. Affiliates of the four largest accounting firms were barred for six months from leading audits of U.S. listed companies after failing to comply with SEC orders.
From the SEC:
"This Initial Decision finds the Respondents should be sanctioned pursuant to Securities and Exchange Commission (Commission or SEC) Rule of Practice (Rule) 102(e)(1)(iii) for willfully violating the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley), Section 106 (Sarbanes Oxley 106), as amended by Section 929J of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), and codified at 15 U.S.C. § 7216, and the Securities Exchange Act of 1934 (Exchange Act).
This Initial Decision censures and denies the privilege of practicing or appearing before the Commission for a period of six months to Respondents Ernst & Young Hua Ming LLP (E&Y), KPMG Huazhen (Special General Partnership) (KPMG), Deloitte Touche Tohmatsu Certified Public Accountants Ltd. (DTTC), and PricewaterhouseCoopers Zhong Tian CP As Limited (PwC), and censures Respondent BDO China Dahua CPA Co., Ltd. (Dahua)."
Affected stocks include: NQ Mobile (NYSE: NQ), Qihoo 360 Technology Co. Ltd. (NYSE: QIHU), Dangdang Inc. (NYSE: DANG), SINA Corporation (Nasdaq: SINA), Ctrip.com International Ltd. (Nasdaq: CTRP), Baidu, Inc. (Nasdaq: BIDU), and Youku Tudou Inc. (NYSE: YOKU), Sohu.com Inc. (NASDAQ: SOHU), Renren Inc. (NYSE: RENN).
China Stocks Routed; SEC Accuses China Auditors of Withholding Documents
January 23, 2014 9:07 AM EST
China internet stocks declined early on Thursday, a day after the SEC accused China-based auditors of withholding documents. Affiliates of the four largest accounting firms were barred for six months from leading audits of U.S. listed companies after failing to comply with SEC orders.
From the SEC:
"This Initial Decision finds the Respondents should be sanctioned pursuant to Securities and Exchange Commission (Commission or SEC) Rule of Practice (Rule) 102(e)(1)(iii) for willfully violating the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley), Section 106 (Sarbanes Oxley 106), as amended by Section 929J of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), and codified at 15 U.S.C. § 7216, and the Securities Exchange Act of 1934 (Exchange Act).
This Initial Decision censures and denies the privilege of practicing or appearing before the Commission for a period of six months to Respondents Ernst & Young Hua Ming LLP (E&Y), KPMG Huazhen (Special General Partnership) (KPMG), Deloitte Touche Tohmatsu Certified Public Accountants Ltd. (DTTC), and PricewaterhouseCoopers Zhong Tian CP As Limited (PwC), and censures Respondent BDO China Dahua CPA Co., Ltd. (Dahua)."
Affected stocks include: NQ Mobile (NYSE: NQ), Qihoo 360 Technology Co. Ltd. (NYSE: QIHU), Dangdang Inc. (NYSE: DANG), SINA Corporation (Nasdaq: SINA), Ctrip.com International Ltd. (Nasdaq: CTRP), Baidu, Inc. (Nasdaq: BIDU), and Youku Tudou Inc. (NYSE: YOKU), Sohu.com Inc. (NASDAQ: SOHU), Renren Inc. (NYSE: RENN).
Your loss...
Board asked for a moderator when I was here earlier; your name was as an assistant moderator.
IH Admin Member Level
Tuesday, January 21, 2014 6:30:19 PM
Your recent Moderator request has been approved for Chinese ADR''s
Note: It may take a few minutes before this approval takes effect!
I'll just go back to the S&P board.
Enjoy
It's my board, I have several like it that I have set up just to keep an eye on charts of a whole sector. Don't plan on editing it but feel free to post on the board all that you would like.
&*(edit...Hey...tell me about you trading history/years of experience.
I have over 30 years experience and want people to beat the Market...I'm very tired of the crooks on Wall Street and I give alllll my trading secrets so people see what I see...I can be a fanatic and sometimes hard...but if you don't learn something...I'm not doing my job...
I saw no posts here for a long time so I put in for Moderator...I intent to make the "intro" section more interesting as you can see from the recent post...I'm pure technicals...
(I hope I'm not stepping on anyone's toes...?...especially yours since you've been here the longest...)
I think I'm on my last post for today...so may not respond right away or may put my response on the Intro section because I can still edit over there (15 post a day just doesn't work some times...I don't even get warmed up until around the 10 post....
Alexed is my expert chart man and I've ask him to be a moderator here also...
Enjoy
keep it coming! This is a sector everyone should be watching!
KNDI
From 1/16...Chinese vehicle maker Kandi Technologies (KNDI) can be a volatile name, but its near the high end of the 52-week range of $3.47 to $15 and call buyers yesterday where scooping up 15 strike calls in Jan and Feb, nearly 5,000 each. Some of this flow was closing (ouch) shorts but total call OI increased by 5,288 contracts.
(This is the NASD listing KNDI is a part of...
On July 1, 2006, the NASDAQ National Market was renamed the NASDAQ Global Market. In conjunction with this, NASDAQ created the new NASDAQ Global Select Market, a segment of the NASDAQ Global Market with the highest initial listing standards of any exchange in the world.
http://www.nasdaq.com/about/Top_Tier_Splash.stm
...also
The PowerShares Golden Dragon China Portfolio (Fund) is based on the NASDAQ Golden Dragon China Index (Index).
http://www.invescopowershares.com/products/holdings.aspx?ticker=pgj
FXI...China 25 Index....TimeFrames
60 minute
Daily
10 minute
http://stockcharts.com/c-sc/sc?s=FXI&p=10&b=5&g=0&i=p10206121702&a=282917587&r=1352689335739
15 minute
http://stockcharts.com/c-sc/sc?s=FXI&p=15&b=5&g=0&i=p95186866327&a=282917509&r=1352689289916
30 minute
http://stockcharts.com/c-sc/sc?s=FXI&p=30&yr=0&mn=0&dy=10&i=p49998379771&a=282917482&r=1352689231878
60 minute
http://stockcharts.com/c-sc/sc?s=FXI&p=60&b=5&g=0&i=p43850040023&a=282917458&r=1352689151725
Daily
http://stockcharts.com/c-sc/sc?s=FXI&p=D&b=5&g=0&i=p77779838707&a=282917353&r=1352689061042
FXI...TimeFrames
$SSEC
Note CCI indicator...as price has been trying to form a bottom; CCI has made 3 dips into oversold range and each CCI low is higher than the previous.
BUT...price says different=price has made lower price lows...so how...?...will this price divergence work itself out...who's right...?...Price or CCI...?
Note ULT indicator does not agree with CCI...
Daily chart
Already posted my dd I thought...here you go: http://blog.geoinvesting.com/?p=5689
Happy Trading
I don't have to check the chart again, the chart looks like shit, if your going to post on my board, bring some DD and not Pump Crap!
Solid plays here only buddy!
Check again...
geoinvesting is also long btw
Check out VLOV latest 10K and my geoinvesting blog...insane!
Not sure why they take boards away that are not stock specific anyways!
Don't do it man, lol
China Local Authority Debt 'Out of Control:' Auditor
A senior Chinese auditor has warned that local government debt is "out of control" and could spark a bigger financial crisis than the U.S. housing crash. The Financial Times reports.
Full Story:
http://www.cnbc.com/id/100646465
----------------------------------
There is clearly a lot of nervous shareholders in these Chinese ADR's of late, the new SEC crackdown on auditors seems to be causing a stir...
The SEC - At Last - Takes the Lid Off China Stock Scams
12/04/2012 @ 8:50AM
Robert Khuzami, Director, SEC Enforcement (Photo credit: Wikipedia)
Few episodes illustrate more clearly the pig’s ear the United States has been making of globalization than the scandal of “red collar crime.” The phrase has been coined by my Forbes colleague Joshua Brown to describe a pattern of stock scams emanating from mainland China and targeting millions of unsuspecting American investors. Until recently such scams, which have been facilitated by not only the Wall Street investment banking community but the American accounting profession, have been largely overlooked by the American and British financial press. Yet, according to an analysis by TheStreet.com, American investors’ losses had already by last year totaled $34 billion.
Now finally the Securities and Exchange Commission has acted. SEC enforcement director Robert Khuzami yesterday charged the Chinese affiliates of five big accounting firms on Monday with violating securities laws because they had failed to provide requested documentation on the audits of several China-based companies under investigation for fraud.
This puts Washington and Beijing on what could turn out to be an epic collision course. Certainly, if Khuzami, a tough Lebanese-American lawyer, has the guts to follow through, we will be treated to a rare insight into where the masters of the universe really hang their hats these days.
A basic issue is that in the case of all companies listed in the United States, the SEC insists it should have access to auditing documents worldwide. Meanwhile Beijing insists with equal vehemence that Chinese auditors, including those working for affiliates of the big international firms, should not cooperate with disclosure requirements of foreign regulators. Beijing has specifically barred America’s Public Company Accounting Oversight Board, established under the Sarbanes-Oxley Act, from reviewing China-based accounting firms. From the point of view of Chinese stock scam artists, this loophole enables them to use big-name international firms locally to set their seal on accounts that would not pass the laugh test in New York or London.
Adding to the furore is the fact that, as calculated by Thomson Reuters Lipper, 24 major offshore funds that invest solely in China’s mainland-listed A shares have lost 61 percent on average since November 2007, compared with a 40 percent decline for their Chinese peers. Tempers are not likely to be calmed by the fact that foreign funds in China suffer numerous regulatory disabilities and restrictions not imposed on their Chinese competitors.
If the relevant authorities in both China and America stick to their guns, the denouement could well be a highly acrimonious financial divorce. Not the least of the consequences would be the delisting from American markets of countless major Chinese companies. This poses major question marks for U.S. investors in such megastocks as SinoPec, PetroChina, China Life, Sina, and Baidu.
No Quick Fix for Chinese Inventory Stockpiles
By DONNY KWOK | REUTERS
Published: August 27, 2012
HONG KONG — Dah Chong Hong Holdings, a Chinese car dealer, has amassed so much inventory this year that it would take 63 days to sell all of its Bentleys, Isuzus and Toyotas, up from the 42 days’ supply it carried in December.
For Shanghai Jinfeng Wine, a maker of rice wine, a 14 percent increase in inventory plus slowing demand means it would take 22 months to clear stockpiles at the current pace of sales, compared with nine months at the end of last year, Thomson Reuters data show.
As China’s economic growth cooled to a three-year low in the three months that ended in June, inventories have swelled at consumer businesses like car dealers, food makers, liquor companies and department stores, according to a Reuters analysis of balance sheets from 350 Chinese companies.
The bloated inventories complicate Beijing’s efforts to shore up growth as it prepares for a once-a-decade leadership change this year. If China pours in more stimulus money when demand is weak, it could just make the surplus worse by encouraging companies to produce more goods than the market can digest.
About one in three consumer companies recorded inventory growth of at least 10 percent between December 2011 and June 2012. Dah Chong Hong’s jump of $296.5 million in inventory was the largest among the companies examined.
With demand slowing — Chinese retail sales growth eased to a 17-month low in July — it will take longer to clear out the goods.
“To resolve the inventory problems may have to take two to three years to see the results, and it’s impossible to see a major effect within a couple of months,” Kim Jin-goon, executive vice chairman of Li Ning, a maker of athletic apparel, said last week as his company predicted a full-year loss because of inventory backlogs and marketing costs.
These consumer companies primarily feed China’s domestic economy, which must pick up some of the slack from sluggish exports to keep the country on track to meet its 2012 growth target of 7.5 percent. Second-quarter growth slowed to 7.6 percent, and early indicators of July and August point to a lackluster third quarter.
A Chinese manufacturing survey released Thursday showed heavy inventory backups and a sharp decline in new export orders in August.
The Chinese authorities told state-owned companies in July that they should focus on clearing inventories for the rest of the year. That is healthy for long-term growth, but in the short term it curbs demand as companies hold back on ordering new supplies.
It can also squeeze corporate profit margins when firms cut prices to dispose of excess inventory. Profits at nonfinancial state-owned companies fell 13.2 percent year-on-year through the first seven months of 2012, the Ministry of Finance said Aug. 15.
At Dah Chong Hong, inventory rose 38 percent to $1.07 billion between December and June, according to Thomson Reuters data. The company did not immediately respond to multiple requests for comment. In its earnings statement Aug. 15, it acknowledged that margins were getting squeezed.
“Rising inventory levels and price competition have exerted pressure on profit margins and have led to consolidation in the market,” Hui Ying-bun, the company’s chairman, said in the statement.
At Shanghai Jinfeng Wine, a unit of Bright Food, average inventory days — a measure of how long it would take to sell off the stockpile — soared to 678 as of June, up from 284 in December, Thomson Reuters data show.
An official in the chairman’s office who provided only his surname, Mr. Liu, because he was not authorized to speak to the media, said Jinfeng did not consider its inventory level high. Mr. Liu said such stockpiles were necessary to ensure adequate supplies for year-end banquets that are popular in China.
However, in June 2011, Jinfeng held 493 days’ worth of inventory. Its current tally of 678 days is the highest in Thomson Reuters data as far back as September 2007.
The net value of inventory on the books of all 350 companies sampled rose 2.3 percent between December 2011 and June 2012. It was up 6 percent among companies listed on the Shenzhen stock exchange, but down about 4 percent for Hong Kong-listed firms.
The better performance for Hong Kong-traded stocks was primarily because of a $472 million inventory drop at one company: Weiqiao Textile, China’s largest cotton textile firm. Weiqiao curbed production of yarn, fabric and denim “to lower the output with a view to reduce inventory levels,” according to an earnings statement.
China’s textile exports rose just 1.3 percent in the first half of 2012, a drop from the 28.8 percent jump it recorded in the same period of 2011, Weiqiao said.
China Confronts Mounting Piles of Unsold Goods
Published: Thursday, 23 Aug 2012 | 9:23 PM ET Text Size
By: Keith Bradsher
After three decades of torrid growth, China is encountering an unfamiliar problem with its newly struggling economy: a huge buildup of unsold goods that is cluttering shop floors, clogging car dealerships and filling factory warehouses.
The glut of everything from steel and household appliances to cars and apartments is hampering China’s efforts to emerge from a sharp economic slowdown. It has also produced a series of price wars and has led manufacturers to redouble efforts to export what they cannot sell at home.
The severity of China’s inventory overhang has been carefully masked by the blocking or adjusting of economic data by the Chinese government — all part of an effort to prop up confidence in the economy among business managers and investors.
But the main nongovernment survey of manufacturers in China showed on Thursday that inventories of finished goods rose much faster in August than in any month since the survey began in April 2004. The previous record for rising inventories, according to the HSBC/Markit survey, had been set in June. May and July also showed increases.
“Across the manufacturing industries we look at, people were expecting more sales over the summer, and it just didn’t happen,” said Anne Stevenson-Yang, the research director for J Capital Research, an economic analysis firm in Hong Kong. With inventories extremely high and factories now cutting production, she added, “Things are kind of crawling to a halt.”
Problems in China give some economists nightmares in which, in the worst case, the United States and much of the world slip back into recession as the Chinese economy sputters, the European currency zone collapses and political gridlock paralyzes the United States.
China is the world’s second-largest economy and has been the largest engine of economic growth since the global financial crisis began in 2008. Economic weakness means that China is likely to buy fewer goods and services from abroad when the sovereign debt crisis in Europe is already hurting demand, raising the prospect of a global glut of goods and falling prices and weak production around the world.
Chinese export growth, a mainstay of the economy for the last three decades, has slowed to a crawl. Imports have also practically stopped growing, particularly for raw materials like iron ore for steel making, as industrialists have lost confidence that they will be able to sell if they keep factories running. Real estate prices have slid sharply, although there have been hints that they might have bottomed out in July, and money has been leaving the country through a variety of legal and illegal channels.
Interviews with business owners and managers across a wide range of Chinese industries presented a picture of mounting stockpiles of unsold goods.
Business owners who manufacture or distribute products as varied as dehumidifiers, plastic tubing for ventilation systems, solar panels, bedsheets and steel beams for false ceilings said that sales had fallen over the last year and showed little sign of recovering.
RELATED LINKS
The Worst Is Yet to Come for China's EconomyBank of China Posts Weakest Profit Growth in 3 YearsChinese Acquisitions in US Near Record
“Sales are down 50 percent from last year, and inventory is piled high,” said To Liangjian, the owner of a wholesale company distributing picture frames and cups, as he paused while playing online poker in his deserted storefront here in southeastern China.
Wu Weiqing, the manager of a faucet and sink wholesaler, said that his sales dropped 30 percent in the last year and he has piled up extra merchandise. Yet the factory supplying him is still cranking out shiny kitchen fixtures at a fast pace.
“My supplier’s inventory is huge because he cannot cut production — he doesn’t want to miss out on sales when the demand comes back,” he said.
Not bad calls...
$FSIN - that scam be poppin'!
US charges six Chinese citizens with insider trading
WASHINGTON, April 6 | Fri Apr 6, 2012 10:31am EDT
(Reuters) - The U.S. government froze the assets of six Chinese citizens and one company charged with trading on confidential information that a China-based pork processor, Zhongpin Inc, was about to go private.
The U.S. Securities and Exchange Commission on Friday said the six people and the company, British Virgin Islands-based Prestige Trade Investment Ltd, made more than $9 million by trading in the U.S. shares of Zhongpin before it announced a plan to go private.
Zhongpin's Chairman, Xianfu Zhu, said on March 27 he wanted to buy the company for $13.50 a share, which the SEC said was a 46 percent premium over the previous day's closing price. Zhongpin's stock price jumped 21.8 percent that day.
"The defendants in this action - all with seemingly limited resources - suddenly and inexplicably purchased more than $20 million in Zhongpin securities just before an important public announcement," said Merri Jo Gillette, director of the SEC's Chicago regional office.
"The SEC's swift action to secure a judicial freeze order prevented millions of dollars from moving offshore."
The SEC said the six defendants and Prestige Trade bought Zhongpin stock between March 14 and March 26, in amounts that were inconsistent with prior trading behavior.
These purchases also made up the bulk of trading in Zhongpin during that time, even though most of the people charged had never traded in the company before.
The SEC said it is also seeking permanent injunctions, the surrender of gains, and financial penalties against Siming Yang, who formed Prestige Trade in March, along with Caiyin Fan, Shui Chong (Eric) Chang, Biao Cang, Jia Wu and Ming Ni.
Followers
|
3
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
157
|
Created
|
06/09/11
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |