Understanding China, One Blog at a Time

An American in China

Archive for June 19th, 2011

Pollution in China, How Bad is it?

Posted by w_thames_the_d on June 19, 2011


Greenpeace China’s Ailun Yang, has said that over half the rivers, 1/3 of all lakes, and 80-90% of the groundwater are polluted in China. In addition it was reported that at least 16 of the 20 of the world’s most polluted cities are in China.

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Thanks for Poisoning Me China- China Recalls Chinese Meds

Posted by w_thames_the_d on June 19, 2011


Chinese news sources said that all chinese witchdoctors/apothecaries/cancerlaced stuff stores needs to recall its amoxycillin sold by Glaxo Smith Kline. The reason is that this is China and they have allegedly added some plasticizers to the pills thus making them potentially cancer causing. Hmmm I am getting over a horrible bout of Chinese air sickness and guess what yours truly is taking….
Amoxycillin and I believe the manufacturer is GSK.. what a shit hole this place is…
quote from the chinadaily.com

“amoxicillin and clavulanate potassium for suspension manufactured by the leading healthcare company GlaxoSmithKline Plc (GSK) contained traces of Di-isodecyl phthalate (DIDP), “

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Toxic Chinese Stocks

Posted by w_thames_the_d on June 19, 2011


According to Motley Rice, 11 out of a list of 27  new securities and fraud cases of the consumer variety are Chinese companies.

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Photo of 22 My Chinese Panda Rabbit

Posted by w_thames_the_d on June 19, 2011


Photo of 2 2 My Panda Rabbit in China

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Funny Sign in China

Posted by w_thames_the_d on June 19, 2011


from here
http://www.squidoo.com/funnychinesesigns

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Photo of Tianenman in Beijing

Posted by w_thames_the_d on June 19, 2011


Photo of Tianenman Beijing China When Beijing has blue skies, this area is beautiful.
Photo of Tianenman Beijing China

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SEC Halts Trading of Some Chinese Stocks-List Here

Posted by w_thames_the_d on June 19, 2011


From this site. The site did a great job of reporting on Chinese stock fraud and thee was a funny line about Chinese stocks being called a Chinese import to stay away from

from here

 

Ouch, That Hurts!

Halted for months at prices that can’t be right, these China stocks scorched shorts, too. Most recent halts listed first.

Company / Ticker Price
at Halt
Market Cap at
Halt (mil)
Days Halted
(Through 6/17)
Yuhe Intl / YUII $1.21 $25 1
China-Biotics / CHBT 3.46 77 3
Jiangbo Pharma / JGBO 3.08 42 18
Longtop Fincl Tech / LFT 18.93 1,080 32
Wonder Auto Tech / WATG 5.42 184 43
China Integrated Energy / CBEH 1.84 73 56 1
Duoyuan Global Water / DGW 3.88 95 59
China Ritar Power / CRTP 1.60 35 61
Universal Travel Group / UTA 3.96 79 67
Puda Coal / PUDA 6.00 180 68
Subaye / SBAY 2.15 20 72
Keyuan Petrochemicals / KEYP 4.88 281 78
China Elec Motor / CELM 2.91 64 75 2
NIVS IntelliMedia Tech / NIV 2.21 106 86
China Intelligent Lighting / CIL 2.12 29 82 3
China Cent Dragon Media / CCDM 4.80 41 89 4
ShengdaTech / SDTH 3.55 192 87 5
China Agritech / CAGC 6.88 143 67 6
China MediaExpress / CCME 11.88 438 69 7
RINO Intl / RINO 6.07 174 21 8
1. Trading restarted 6/15/11; 2 . Restarted 6/14/11; 3. Delisted 6/14/11; 4. Restarted 6/17/11 ;
5. Restarted 6/10/11 ; 6. Restarted 5/20/11; 7. Restarted 5/19/11; 8. Restarted 12/8/10.
NOTE: all restarted stocks now trade OTC. Sources: Nasdaq, Bloomberg

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Chinese Stock Fraud and Suing to Get Your Cash Back-Good Luck

Posted by w_thames_the_d on June 19, 2011


Ok, let me say that I am no specialist on stocks nor Chinese companies, but from what I have seen here, I would not trust their bookkeeping nor their records. They typically have three sets of accounting records, none of which match. In a country as corrupt as China, anyone purchasing a stock from here unfortunately gets what they deserve.

But lets say you got a Chinese toxic stock stuck in your portfolio and you want to sue, good luck…

Did you know that in the US over the past year and one half, there have been more than two dozen class action lawsuits again China based companies? That is the good news, and now for the bad.

Auditors in China are usually out of reach from US lawsuits and Chinese authorities refuse to comply with US court proceedings meaning you are screwed.

But lets say you want to sue, did you know that finding the actual corporate officials , which you must do in order to sue, may be next to impossible in China?

For instance the China based Duoyuan company was sued but the current and former directors and officers named in the lawsuit cannot be reached to be served! The company would not release the officers personal addresses.In addition, even if one had their addresses, serving them in China is arduous and in the land of bribes can be next to impossible.

This minor roadblock could head off the suit very quickly. Another problem is that evidence gathering in China is non existent, so trying to prove one’s claims will be tough.

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Photo of Sanya China

Posted by w_thames_the_d on June 19, 2011


Photo of Hainan Beach China
Photo of Hainan Beach China

Here is a shot of the beach in Sanya China. The place was Hainan and in all honesty its ok, but due to many of the same behaviours you see here, ie uncouth actions spitting etc.  the place loses a bit of its charm.

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SEC Investigates Two More Chinese Companies

Posted by w_thames_the_d on June 19, 2011


The SEC is being hyper vigilant about Chinese companies in the USA for they seem to have taken the Chinese tradition of misdirection and sketchy accounting with them. Here are the problems with these two firms

On China Century Dragon Media:

  • The auditor noted “discrepancies in customer confirmations” and was unable to verify China Century’s bank records.
  • Company management was unable to explain said discrepancies and unwilling to provide them with bank authorization to access official records.
  • MaloneBailey also said that discrepencies are included in financial statements dating back to December 2008, making their opinion on the company unreliable.

On China Intelligent Lighting & Electronics Inc.:

  • “…accounting fraud involving forging of the Company’s accounting records and forging bank statements.”
  • MaloneBailey also found “discrepencies in the company’s accounts receivable.”
  • Fraud could indicate an error in previously issued financial statements dating back to December 2009.

Read more: http://www.businessinsider.com/china-century-dragon-media-china-intelligent-lighting-electronics-2011-6#ixzz1PikKWeB0

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