SAIC - tell me, who routinely falsifies any public form without a reason?
The U.S. census has no financial implications for you. Do you therefore randomly make up the numbers that you report? Are you a 60 year old female of Asian-Pacific ancestry living in Waco, TX making $15,000 a year?
Or did you report the truth?
Even for serial liars, the truth is always the default unless there is a reason to present something else. People aren't going to take on the cost of lying unless they benefit from it.
Also, tell me, if the mismatch excuses are true, then why do the SAIC filings for tier 1 Chinese names match so cleanly and consistently with the SEC filings? If the forms don't have financial implications, and therefore (?) Chinese companies routinely gundeck them, why don't we see any tier 1 companies--e.g., TSL, SPRD, and HSOL--doing that? Not coincidentally, the tier 1 companies are also the companies that get the deposit interest rate on their cash (as opposed to an impossibly low interest rate) and that don't do senseless public offerings with Rodman and Renshaw every few quarters.
Do you think it is all is a grand coincidence? Or can you see the pattern? I hope, at this point, the latter.
If SAIC filings do not match, then at a minimum, you have indications of shady corporate governance. If you are working with an FIE, you also have a greatly increased risk of tax fraud. Obviously, if a chinese company is willing to defraud tax authorities, you should assume they are willing to defraud you as well, particularly given the fact, as you will likely soon see with CCME, that there are zero consequences for defrauding you.
Speaking of which, I recall a lot of people being very confident that Chimin Sang "forged" CCME's SAT documents. Many were making that proclaimation rather loudly, with weak evidence IMO.
Do you still think that Chimin Sang fabricated those documents? I don't.
As I've said before, my view is that neither SAIC nor SEC documents are reliable. SAT documents are the best to use if you can get access to them and independently verify your source (with another source). But even they are likely to be manipulated by these companies. If you have a clean match to within US-PRC GAAP differences on all the filings (SEC/SAIC/SAT), then I think there is reason to trust. But otherwise, you have to throw everything out and try to estimate the earnings on your own.
The main reason to take SAIC filings seriously is because where there is one lie, there are usually many--and there are usually reasons, and they are usually not benign. That's commmon sense. And that's what we're seeing.
Finally, the fact that at this point, after all that has happened, we would still have frustrated longs getting angry at those who present well-reasoned negative viewpoints, is quite disappointing IMO. Seriously, wake up and smell the coffee. If you want to be angry at someone, be angry at yourself for believing in a Chinese field of dreams supposedly designed to make Americans, of all people, rich.
Or alternatively, give yourself a break, and move on. We all fell for the scam at one point or another. Even Chimin Sang, as he openly admits.
