Scoobey,
In brief, the article notes that typical China accounting practices leave something to be desired in comparison to GAAP. The govt. is beginning to require businesses to prepare their reports to be more in line with Intl Financial Reporting Standards. An inference can easily be made from this article that there can be quite a bit of work to be done on the books when Redwood looks to introduce a China company to the markets. In the process, some could well fall out depending upon what they uncover. That being said, understand that this process is not a 90 day wonder.
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