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Does APWR have any previously undisclosed VIE relationships

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boardname5533   Friday, 03/07/14 10:05:30 AM
Re: None
Post # of 1621 
Does APWR have any previously undisclosed VIE relationships
that might explain some of the issues with its business and its financials? I have wondered about this for some time. Most China companies listed abroad with most operations in China seem to have this kind of structure. I am just wondering out loud at this point, but I saw something interesting about how companies plan to deal with the transfer of funds from the (China) operating unit to the head company abroad. China has issues with transferring money offshore. People have been trying all kinds of ways to do this. If you are interested in this line of thought, here is the post: http://www.chinaaccountingblog.com/weblog/deferred-taxes-and-vies-2.html
But the part that caught my eye is: 'I understand a proposed idea is that the company will set up a new VIE, and then transfer the operating assets of the old VIE to the new VIE. Then the old VIE would be sold to the WFOE and then liquidated. That would move all the cash to the WFOE.' and there is another part that addresses the low value of the transfer, like in gaoke's case maybe. 'The second big assumption is that the old VIE can then be transferred by the VIE shareholder to the WFOE without triggering a capital gain to the old VIE shareholder. The only way this can be done is if the VIE shares are sold for cost, or less. In Ikang’s case, the retained earnings of the VIE are $8 million, which is the amount of cash that must be extracted. So if the cost basis of the VIE shares are $8 million or more this transfer would not result in any gain. I will bet dollars to donuts that the cost basis is near zero. So the shares have to be valued at less than the cash in the company...'



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