it translates to this
Ji Chen
Longtop concern really would be out of the NYSE, and finally have the answer.
Longtop submitted in the July 28 U.S. Securities and Exchange Commission (SEC) documents showing that the company did on July 26 has received a warning letter from the NYSE regulatory authorities, said it has continued to trade does not meet the conditions for the protection of investors interests, Longtop will start delisting procedures.
Shenzhen, a Wall Street investor Yao, May 10 this year, to $ 18.20 per share price to buy 1 million shares of Longtop. "I believe that Longtop's strength in software outsourcing, hope it was about to publish a quarterly earnings report." However, I did not expect a week later, Longtop on emergency suspension, and as of yet to resume trading yesterday, I recall that the impulse, Yao annoyed.
Delisting the company counterclaim only three trading days around the corner
Public information display, the NYSE said Longtop "does not meet to trade" grounds, there are 5 July 2011 the company three independent directors and audit committee members to resign, and did not announce the other members of the Audit Committee and Board of Directors appointment, so far no independent Longtop sound audit committee. New York Stock Exchange by the U.S. law firm Jones Day advised, due to lack of audit, internal investigations Longtop's almost at a standstill, the law of the company access to all files and system have been limited, and the company did not make adequate explanation for this . According to the U.S. Manual requires listed companies, audit committee members did not leave cause the Company's audit committee, outside the main issue to be temporary in five days to submit written evidence, but has still not submitted Longtop.
Meanwhile, the NYSE also noted that the listed company or the management involved in conflict with the interests of public investors, business activities, the company will face delisting procedures, or financial reports of listed companies or against the existence of defects in other public accounting standards.
Notification display, Longtop within 10 working days the decision can be rebutted on the NYSE. From the July 26 notification date, leaving only three days Longtop, still no news.
"Once the OTC market retreated from the motherboard, it can not keep the $ 2 share price do not know yet, just Feizhi Stock Fundamentals the same." Yao said in an interview, "Who would have thought to do the audit company Deloitte financial information will be false? rights it can go? "
Yao has looked down the drain of Longtop's investor relations department headquarters, to give an explanation that the other party, but have been repeatedly rejected. He said a lot of damage to the interests of small retail investors have been cheated badly this time, far in the United States to join the class action law firm, perhaps he did not feel a sense of trust.
Many small investors have a similar choice, using the Internet, Mr. Yao and his understanding of a lot of the same retail investors, in its order to provide a list of retail holdings, the correspondent on hold anywhere from thousands to see them , as many as several million.
"Southeast chaos," Ethics and corporate executives
Once wore, "China's first NYSE-listed IT services outsourcing company" aura of Longtop, the United States in May this year was short research CITRON (citron) questioned, except for emergency stock trading was suspended, the company has presented "control" of the elephant.
SEC documents show, May 23, Longtop announced that Chief Financial Officer (CFO) on May 19, has resigned, the audit company Deloitte & Touche also on May 22 and lift the relationship between the audit company. Meanwhile, Longtop CFO at the Department of NYSE Regulation and the reasons for the resignation of the staff explained that the company's bank statements and certain accounting staff is very worried.
Auditing firm Deloitte said in the letter of resignation, the company's financial records as bank deposits and loans of false information, as well as members of the independent audit of the management company's interference, including the seizure of Deloitte & Touche audit documents, hereby that can not continue to provide audit services for the South East Combination and refused the company in 2010 and 2011 fiscal year report in any way.
An anonymous former employee of Longtop told reporters, after the crisis, the company's management did not consider more than 8,000 employees throughout the company and the way out, but the first thought of the transfer of assets to help themselves, there are about the transfer of nearly 2 billion, only 2 months of salary employees in cash, and has set up a new company in Xiamen.
In this regard, the "Financial Times" correspondent investor relations department by calling Longtop confirmation, no one answered the phone.
Senior industry sources told reporters that, if indeed there Longtop transfer of assets such behavior, even during the suspension, as a listed company, still has the responsibility and obligation of information disclosure, or alleged violations of fraud, but also on other Chinese listed in the U.S. company caused a very bad negative impact.
The industry sources admitted that a listed company to enter the delisting process, and then turned the Pink Sheets, do not rule out that some unscrupulous management of listed companies, will try to spin-off core assets, leading to the final stay in the U.S. market but is a "shell" .
Forbes Chinese network shows that in 2010 40 richest Fujian, Xiamen Longtop System Co., Ltd., chairman, 62-year-old Jia Xiao work, worth $ 310 million Ranking to No. 36, Longtop is the first Chinese a software company listed on the NYSE. Meanwhile, the Hurun Network show, Gu Xiao working to wealth 2.3 billion yuan, ranking Hoogewerf IT Rich List 2009, the first 34; Fortune 2010 jumped to 3.2 billion yuan, an increase of 39%.
Longtop's website at, the customer has a column impressively, "Bank of China [3.02 2.37% share it research report], Agricultural Bank of China [2.64 2.33% share it research report], China Life Insurance [16.15 3.33% share it research report] , Ping An of China [42.46 4.56% share it research report], China Petrochemical [7.34 2.95% of shares it research report], China National Offshore Oil [14.64 2.95%] Corporation, State Grid "and dozens of homes across the banking, insurance, energy, Securities and other areas of the state-owned large enterprise customers. Longtop will soon be the target delisting Pink Sheets
