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An American in China

Archive for May 20th, 2011

Poorly Performing Chinese Companies in the USA

Posted by w_thames_the_d on May 20, 2011


Underperforming S&P

Chinese companies that have gone public in the U.S. this year have underperformed the Standard & Poor’s 500 Index by 6 percent on average from their first trading day through May 17, according to Bloomberg data. Companies that had U.S. IPOs this year outperformed the benchmark index by 5.5 percent.

That reflects, in part, a concern that China’s central bank will add to four interest-rate increases since mid-October to cool inflation. The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, has advanced 2.3 percent this year, trailing the MSCI AC World Index’s gain of 4.1 percent.

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Pissed Off Chinese Surround Local Security Force

Posted by w_thames_the_d on May 20, 2011


Its getting hot and the Chinese are getting pissed. Here some Chinese were upset with local officials in charge of

City management who had allegedly beaten up a 70 year old street vendor. The officials have a horrible reputation and known as ‘brutish thugs’- I guess that makes them excellent party members…..

photo from chinasmack.com

Large crowds gather after Chengdu chengguan beat up an old man hawking bayberries.

Posted in News From China- Whats hot, Photos | Leave a Comment »

China Clamps Down on TV Programming Leading Up To Communist Party Birthday

Posted by w_thames_the_d on May 20, 2011


from the southchinamorning post

Television spies and criminals on the mainland will have to make way for Communist Party heroes – at least for the next three months.

Mainland authorities have ordered satellite TV networks to take spy and crime dramas off the air for the next three months, as the party gears up for the 90th anniversary of its founding on July 1.

The order was reported by mainland media and confirmed yesterday by a public relations officer with Tianjin Satellite TV. As a result, the station has to delay the screening of a new series, Qingmang – a 50-episode spy drama billed as China’s Prison Break– until after July.

The State Administration of Radio, Film and TV gave orders to satellite TV stations to screen only drama series that were “close to real life” and reflected “a positive life” in the coming three months, mainland media cited employees of Zhejiang , Tianjin and Jiangsu stations as saying.

The order was part of a campaign to create a positive mood – at least in the mass media – ahead of the party’s 90th anniversary, which will be marked by a huge celebration. Although the administration did not specifically order that only “red dramas” – those that praise Communist Party heroes and heritage – could be aired on the satellite television networks during the period, many stations decided to replace spy and crime dramas with the “red dramas” as they had already stocked up on many such series to prepare for the anniversary, the Tianjin TV employee and mainland reports said.

The administration declined to comment when reached yesterday.

The order follows a controversial ban last month on the screening on television or in cinemas of dramas featuring time travel – which the administration said distorted facts.

Cai Fuchao, appointed director of the administration in March, told a national conference on the cultural industry last week that the authorities planned to cap the number of entertainment programmes on TV and produce more programmes that fitted the “major propaganda themes”.

Spy and criminal series are highly popular, especially on satellite television channels. Zhejiang satellite TV, for example, had originally given primetime slots for this season to spy and crime dramas, including Qingmang and Qipao, both spy dramas.

Chongqing Satellite TV laid off 20 per cent of staff in its advertising department and cut the pay of front-line staff by 15 per cent after being turned into an ad-free channel mainly for “red classics” in a relaunch in March. It is expected to incur a loss in advertising revenue of about 300 million yuan (HK$358 million).

Posted in Big brother... | 2 Comments »

Chinese Companies Have Integrity and Trust Issues! More Fraud in China?

Posted by w_thames_the_d on May 20, 2011


“It’s an integrity and confidence issue, and concern that there are these bad-apple companies taints the entire basket of Chinese companies, including those seeking to IPO,” said Rocky Lee, Beijing-based Asia managing partner for law firm Cadwalader Wickersham & Taft LLP, who has worked on more than a dozen U.S. listings by Chinese firms in the last year. “Even IPOs underwritten by major investment banks have felt the impact.”

….

The Hong Kong-based maker of financial software, whose 2007 initial public offering was underwritten by Goldman Sachs Group Inc. (GS) and Deutsche Bank AG (DBK) and which had 11 analyst “buy” ratings, was no match for investor skepticism. Shares slumped 31 percent in a two-day rout that left them at the lowest since March 2009. Yesterday, a day after Nasdaq trading was suspended, the company announced it wouldn’t file financial statements on May 23 as previously planned. It didn’t set a new date.

Longtop’s slide suggests that short-sellers’ allegations of accounting irregularities at smaller Chinese companies that bought their way into U.S. listings are now dragging down the market for larger Chinese IPOs. Renren Inc., a Beijing-based social-networking company, and the 11 other firms that completed offerings in New York this year posted an average offer-to-date loss of 6.3 percent compared with a 5.9 percent gain from all U.S. IPOs, according to data compiled by Bloomberg.

continue here

http://www.bloomberg.com/news/2011-05-18/longtop-short-sellers-show-mistrust-undermines-china-ipo-market.html

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Fraud in Chinese Company- Watch your Porfolio

Posted by w_thames_the_d on May 20, 2011


“Last week, Ms. Bush was indicted by a U.S. grand jury on charges that she and two Xinhua directors committed conspiracy, mail fraud, and made false statements, enriching themselves by $50 million. It was the latest incident to highlight the sometimes opaque finances of publicly traded Chinese companies.
Now, after the subsidiary defaulted on those loans and its shares dropped 99% from their peak, Ms. Tilton is trying to recoup the loans and reduce the losses from what turned out to be a costly friendship, she said. The two bonded over their similar backgrounds and co-owned a house in Hawaii.
…Ms. Tilton’s experience suggests even the “smart money” can be taken in amid the lure of China’s huge, rapidly growing market. And she isn’t alone. Larry Kramer, founder of the MarketWatch financial-news service, served two years as a director of that subsidiary, brought on board by Xinhua at a time when its corporate governance faced heavy criticism in 2007.”

continue here
http://online.wsj.com/article/SB10001424052748704281504576325592497865286.html?mod=topix

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China Exporting Stolen Babies?

Posted by w_thames_the_d on May 20, 2011


Interesting post from topix.com
“Have Foreigners Unwittingly Adopted Victims of Baby-Selling in China?
by Hannah Beech Wednesday, May 11, 2011 at 3:53 am

In recent years, one of China’s most beloved exports has been babies adopted by overseas individuals eager to complete their families and help needy children. Now an investigation by respected Chinese magazine Caixin has uncovered evidence of Chinese family-planning officials taking children from local couples who supposedly had violated the country’s one-child policy and selling them to orphanages. The child welfare centers, it is alleged, then used falsified records to allow the children to be adopted overseas. Under international regulations, many countries require children who are being adopted to truly be orphans or abandoned. The Caixin report focused on the cases of babies from China’s mountainous Hunan province, where Chairman Mao was born and where many farmers struggle to pay the heavy fines imposed on families with extra offspring. The abducted children reportedly ended up in the U.S., Poland and the Netherlands, according to the Caixin report and a summary by official media agency Xinhua. Similar baby-trafficking cases tied to overseas adoptions have been reported in recent years, one in Guizhou province and another also in Hunan.”

Posted in Big brother..., Cultural oddities | Leave a Comment »

China Welcomes Dali Lama Back Home

Posted by w_thames_the_d on May 20, 2011


xinhua
“BEIJING, May 19 (Xinhua) — Tibet’s top government official on Thursday said the door is open for the 14th Dalai Lama if he wants to return to China and the central government has not changed its stance on this issue. “It all depends on the Dalai Lama himself whether he returns or not. The door is wide open and he knows the central government’s stance for sure,” Padma Choling, chairman of the Tibet Autonomous Region, said at a press conference held by the State Council Information Office in Beijing.
Choling said the Dalai Lama has not done anything good for the Tibetans since he fled the country in 1959.
“Whether he retires or not, the Dalai Lama is not allowed to sabotage the happy life of Tibetans.” Choling said. “I am the chairman of the regional government. I am in the position to safeguard the happy life of Tibetans.”

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China Faking Peking Duck

Posted by w_thames_the_d on May 20, 2011


“MOST vacuum-packaged Peking ducks sold in Beijing railway stations and souvenir stores are poor quality and falsely labeled as products by “Quanjude,” a popular duck restaurant, it was reported yesterday.
Wang Kai, general manager of Beijing Quanjude Sanyuan Jinxing Co Ltd, the official producer of the Peking duck, said most ducks peddled in commercial and tourist areas are not Quanjude’s – despite what packaging might say.
This appeared to confirm the suspicions of web users who complained so-called brand-name ducks they bought were “stinky crap,” reported Xinhua news agency.

continue here
http://english.eastday.com/e/110519/u1a5897423.html

Posted in Cultural oddities | Leave a Comment »