07-16-2010, 08:48 AM
高盛：中國或步入“負債大國” 總負債近GDP一半
http://www.forum4hk.com/viewthread.php?t...a=page%3D1
美國專家：腐敗與不公是中國經濟主要挑戰
http://www.forum4hk.com/viewthread.php?t...a=page%3D7
中國資產泡沫化危機
http://www.forum4hk.com/viewthread.php?t...a=page%3D7
內地數據顯示經濟有急速放緩迹象
http://www.forum4hk.com/viewthread.php?t...a=page%3D1
中國泡沫最快年半爆破
http://www.forum4hk.com/viewthread.php?t...a=page%3D6
美專家：中國房產泡沫 最快年底破裂
http://www.forum4hk.com/viewthread.php?t...a=page%3D6
National Enterprise Credit Information Publicity System
http://www.gsxt.gov.cn/
外資撤離中國! 與中國「脫鉤」Decoupling, 去中國化!
http://www.forum4hk.com/viewthread.php?tid=14617557
中美金融戰：美國機構警告投資中國企業面臨3大風險
https://hk.on.cc/hk/bkn/cnt/finance/2020...2_001.html
美國國會委任的中美經濟與安全審查委員會(USCC)發表報告指出，截至10月2日，在納斯達克交易所、紐約交易所和美國證交所上市的中國企業至少有217家，其中包括13家國企，總市值達2.2萬億美元。報告警告，投資中國企業至少面臨3種風險，包括企業業績報告缺乏透明度，中國企業亦可能對美國國家安全構成威脅。
由於許多中國企業會利用海外註冊公司在美國上市，其總部、母公司或執行辦公室的主要國籍並不透明。因此，實際上可能有更多中國企業在美國上市，報告也不包括僅在香港註冊的公司。
報告指出，投資中國企業至少將面臨3種風險。首先，中國企業業績缺乏透明度，導致造假情況頻頻發生。雖然2013年中美簽署合作備忘錄，讓美國負責監管的上市公司會計監督委員會(PCAOB)，可向中國稽核單位取閱中企的會計資料，進行相關的審查。不過，在接下來的7年裏，中國政府阻止了中國審計公司遵守美國的檢查規則。
報告說：「PCAOB列出了無法進行檢查的全球260家公司，其中238家公司位於中國內地和香港。」USCC表示，這些公司由於不遵守國際審計規範，令人質疑公司業績的可靠性，繼而影響了估值與投資。
其次，中國企業普遍使用的可變利益實體(VIE)架構，在中國可能不合法。報告說，由於中國法律禁止外資投資某些產業，如電訊、網路、鋼鐵、教育、媒體和農業等，並嚴控外資和資本流動。為規避這些限制，想在美國各交易所上市募資的中國企業，會使用VIE或稱「協議控股結構」的複雜結構，創建境外公司實體。
報告指出，去年北京大學光華管理學院實務教授Paul Gillis調查182家在美上市中國企業後發現，這些公司當中，有125家使用了VIE結構。不過，根據中國法律，這個VIE結構可能不合法。對投資者而言，VIE充滿風險，如果公司營運出現詐欺等狀況，中國政府可採取行動關閉或控制其業務，美國投資者無法通過中國法律體系，向中國母公司求償。
最後，中國企業可能對美國國家安全造成威脅。USCC表示，除了造成經濟損失外，投資中國企業可能會支持與美國國家利益背馳的行動，包括開發監控和監視技術，並支持中國的軍事科技等。
U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION https://www.uscc.gov/
Chinese Companies Listed on Major U.S. Stock Exchanges
https://www.uscc.gov/sites/default/files...0-2020.pdf
This table includes Chinese companies listed on the NASDAQ, New York Stock Exchange, and NYSE American, the three largest U.S. exchanges.1 As of October 2, 2020, there were 217 Chinese companies listed on these U.S. exchanges with a total market capitalization of $2.2 trillion.2 3 Companies are arranged by the size of their market cap. There are 13 national level Chinese state-owned enterprises (SOEs) listed on the three major U.S. exchanges. In the list below, SOEs are marked with an asterisk (*) next to the stock symbol.4 This list of Chinese companies was compiled using information from the New York Stock Exchange, NASDAQ, commercial investment databases, and the Public Company Accounting Oversight Board (PCAOB). 5 NASDAQ information is current as of February 25, 2019; NASDAQ no longer publicly provides a centralized listing identifying foreign-headquartered companies.
For the purposes of this table, a company is considered “Chinese” if: (1) it has been identified as being from the People’s Republic of China (PRC) by the relevant stock exchange; or, (2) it lists a PRC address as its principal executive office in filings with U.S. Securities and Exchange Commission. Of the Chinese companies that list on the U.S. stock exchanges using offshore corporate entities, some are not transparent regarding the primary nationality or location of their headquarters, parent company or executive offices. In other words, some companies which rely on offshore registration may hide or not identify their primary Chinese corporate domicile in their listing information. This complicates tracing, making it difficult to guarantee that this list captures all Chinese companies registered offshore. Companies domiciled exclusively in Hong Kong also are not included on this list. If information on the company’s IPO year, IPO value, or underwriters is not available, the field is marked “n/a.”
Investment in Chinese companies may entail several risks associated with the legal, regulatory and financial environment in mainland China, including:
• Lack of transparency: The PCAOB, a nonprofit corporation established by Congress to oversee the audits of publicly traded companies listed on U.S. exchanges, is currently unable to inspect working papers of auditors based in the PRC and Hong Kong. In 2013, the PCAOB signed a Memorandum of Understanding (MOU) on audit oversight with the China Securities Regulatory Commission and the Ministry of Finance. Over the next seven years, the Chinese government has prevented Chinese-based auditing firms from complying with U.S. law on audit inspections. 6 The PCAOB and the U.S. Securities and Exchange Commission have repeatedly expressed their concern regarding obstacles to PCAOB inspection of auditors based in the PRC and Hong Kong. The PCAOB maintains a list of 260 companies around the world where it is unable to conduct inspections: 238 of these companies are based in China and Hong Kong. 7 This lack of compliance with international audit inspections calls into question the reliability of the corporate financial statements guiding valuation and investment. The case of Luckin Coffee illustrates the risks. In presenting information to support its initial public offering, Luckin manipulated critical revenue, operations and customer traffic data. During its IPO, shares traded at $17 raising $561 million in capital. 8 Luckin’s peak market capitalization was $12 billion, with shares trading at just over $50.9 Within weeks of the disclosure of falsified information, the stock collapsed ultimately leading to losses for investors and its delisting from NASDAQ. 10
• VIEs have no legal standing in China: The PRC legally prohibits foreign direct investment in certain industries, including many high-tech sectors, and maintains strict controls on foreign exchange and capital flows. To circumvent these restrictions, mainland Chinese companies interested in raising funds on U.S. exchanges create offshore corporate entities for foreign investment using a complex structure called a variable interest entity (VIE).11 In a March 2019 survey of 182 Chinese companies listed on NYSE and NASDAQ, Paul Gillis, professor of practice at Peking University Guanghua School of Management, found that 125 of these companies used the VIE structure.12 VIE arrangements between mainland companies and their associated offshore entities have questionable status under Chinese laws. This means U.S. investors could have no recourse to enforcement in the Chinese legal system if VIE-listed companies take the company private at lower valuation 13 or if the businesses fail. According to Steve Dickinson and Dan Harris, co-authors of the China Law Blog and attorneys focusing on Chinese law, there is an additional risk related to VIEs. Since they have questionable legal status in China, the government could take action to close or control operations. 14 To date, the Chinese government has not acted against VIEs.
• National security risk: Investors in Chinese companies may support activities that are contrary to U.S. national interests, including the development of technology used for censorship and surveillance and in support of the military. For example, Weibo Corporation, (see below, listing 33) currently is valued at $8.7 billion. Weibo works under government direction to censor posts on its blogging platform and is used by the central and local governments
[ 本帖最後由 后太禧慈 於 2020-11-13 02:01 編輯 ]
http://www.forum4hk.com/viewthread.php?t...a=page%3D1
美國專家：腐敗與不公是中國經濟主要挑戰
http://www.forum4hk.com/viewthread.php?t...a=page%3D7
中國資產泡沫化危機
http://www.forum4hk.com/viewthread.php?t...a=page%3D7
內地數據顯示經濟有急速放緩迹象
http://www.forum4hk.com/viewthread.php?t...a=page%3D1
中國泡沫最快年半爆破
http://www.forum4hk.com/viewthread.php?t...a=page%3D6
美專家：中國房產泡沫 最快年底破裂
http://www.forum4hk.com/viewthread.php?t...a=page%3D6
National Enterprise Credit Information Publicity System
http://www.gsxt.gov.cn/
外資撤離中國! 與中國「脫鉤」Decoupling, 去中國化!
http://www.forum4hk.com/viewthread.php?tid=14617557
中美金融戰：美國機構警告投資中國企業面臨3大風險
https://hk.on.cc/hk/bkn/cnt/finance/2020...2_001.html
美國國會委任的中美經濟與安全審查委員會(USCC)發表報告指出，截至10月2日，在納斯達克交易所、紐約交易所和美國證交所上市的中國企業至少有217家，其中包括13家國企，總市值達2.2萬億美元。報告警告，投資中國企業至少面臨3種風險，包括企業業績報告缺乏透明度，中國企業亦可能對美國國家安全構成威脅。
由於許多中國企業會利用海外註冊公司在美國上市，其總部、母公司或執行辦公室的主要國籍並不透明。因此，實際上可能有更多中國企業在美國上市，報告也不包括僅在香港註冊的公司。
報告指出，投資中國企業至少將面臨3種風險。首先，中國企業業績缺乏透明度，導致造假情況頻頻發生。雖然2013年中美簽署合作備忘錄，讓美國負責監管的上市公司會計監督委員會(PCAOB)，可向中國稽核單位取閱中企的會計資料，進行相關的審查。不過，在接下來的7年裏，中國政府阻止了中國審計公司遵守美國的檢查規則。
報告說：「PCAOB列出了無法進行檢查的全球260家公司，其中238家公司位於中國內地和香港。」USCC表示，這些公司由於不遵守國際審計規範，令人質疑公司業績的可靠性，繼而影響了估值與投資。
其次，中國企業普遍使用的可變利益實體(VIE)架構，在中國可能不合法。報告說，由於中國法律禁止外資投資某些產業，如電訊、網路、鋼鐵、教育、媒體和農業等，並嚴控外資和資本流動。為規避這些限制，想在美國各交易所上市募資的中國企業，會使用VIE或稱「協議控股結構」的複雜結構，創建境外公司實體。
報告指出，去年北京大學光華管理學院實務教授Paul Gillis調查182家在美上市中國企業後發現，這些公司當中，有125家使用了VIE結構。不過，根據中國法律，這個VIE結構可能不合法。對投資者而言，VIE充滿風險，如果公司營運出現詐欺等狀況，中國政府可採取行動關閉或控制其業務，美國投資者無法通過中國法律體系，向中國母公司求償。
最後，中國企業可能對美國國家安全造成威脅。USCC表示，除了造成經濟損失外，投資中國企業可能會支持與美國國家利益背馳的行動，包括開發監控和監視技術，並支持中國的軍事科技等。
U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION https://www.uscc.gov/
Chinese Companies Listed on Major U.S. Stock Exchanges
https://www.uscc.gov/sites/default/files...0-2020.pdf
This table includes Chinese companies listed on the NASDAQ, New York Stock Exchange, and NYSE American, the three largest U.S. exchanges.1 As of October 2, 2020, there were 217 Chinese companies listed on these U.S. exchanges with a total market capitalization of $2.2 trillion.2 3 Companies are arranged by the size of their market cap. There are 13 national level Chinese state-owned enterprises (SOEs) listed on the three major U.S. exchanges. In the list below, SOEs are marked with an asterisk (*) next to the stock symbol.4 This list of Chinese companies was compiled using information from the New York Stock Exchange, NASDAQ, commercial investment databases, and the Public Company Accounting Oversight Board (PCAOB). 5 NASDAQ information is current as of February 25, 2019; NASDAQ no longer publicly provides a centralized listing identifying foreign-headquartered companies.
For the purposes of this table, a company is considered “Chinese” if: (1) it has been identified as being from the People’s Republic of China (PRC) by the relevant stock exchange; or, (2) it lists a PRC address as its principal executive office in filings with U.S. Securities and Exchange Commission. Of the Chinese companies that list on the U.S. stock exchanges using offshore corporate entities, some are not transparent regarding the primary nationality or location of their headquarters, parent company or executive offices. In other words, some companies which rely on offshore registration may hide or not identify their primary Chinese corporate domicile in their listing information. This complicates tracing, making it difficult to guarantee that this list captures all Chinese companies registered offshore. Companies domiciled exclusively in Hong Kong also are not included on this list. If information on the company’s IPO year, IPO value, or underwriters is not available, the field is marked “n/a.”
Investment in Chinese companies may entail several risks associated with the legal, regulatory and financial environment in mainland China, including:
• Lack of transparency: The PCAOB, a nonprofit corporation established by Congress to oversee the audits of publicly traded companies listed on U.S. exchanges, is currently unable to inspect working papers of auditors based in the PRC and Hong Kong. In 2013, the PCAOB signed a Memorandum of Understanding (MOU) on audit oversight with the China Securities Regulatory Commission and the Ministry of Finance. Over the next seven years, the Chinese government has prevented Chinese-based auditing firms from complying with U.S. law on audit inspections. 6 The PCAOB and the U.S. Securities and Exchange Commission have repeatedly expressed their concern regarding obstacles to PCAOB inspection of auditors based in the PRC and Hong Kong. The PCAOB maintains a list of 260 companies around the world where it is unable to conduct inspections: 238 of these companies are based in China and Hong Kong. 7 This lack of compliance with international audit inspections calls into question the reliability of the corporate financial statements guiding valuation and investment. The case of Luckin Coffee illustrates the risks. In presenting information to support its initial public offering, Luckin manipulated critical revenue, operations and customer traffic data. During its IPO, shares traded at $17 raising $561 million in capital. 8 Luckin’s peak market capitalization was $12 billion, with shares trading at just over $50.9 Within weeks of the disclosure of falsified information, the stock collapsed ultimately leading to losses for investors and its delisting from NASDAQ. 10
• VIEs have no legal standing in China: The PRC legally prohibits foreign direct investment in certain industries, including many high-tech sectors, and maintains strict controls on foreign exchange and capital flows. To circumvent these restrictions, mainland Chinese companies interested in raising funds on U.S. exchanges create offshore corporate entities for foreign investment using a complex structure called a variable interest entity (VIE).11 In a March 2019 survey of 182 Chinese companies listed on NYSE and NASDAQ, Paul Gillis, professor of practice at Peking University Guanghua School of Management, found that 125 of these companies used the VIE structure.12 VIE arrangements between mainland companies and their associated offshore entities have questionable status under Chinese laws. This means U.S. investors could have no recourse to enforcement in the Chinese legal system if VIE-listed companies take the company private at lower valuation 13 or if the businesses fail. According to Steve Dickinson and Dan Harris, co-authors of the China Law Blog and attorneys focusing on Chinese law, there is an additional risk related to VIEs. Since they have questionable legal status in China, the government could take action to close or control operations. 14 To date, the Chinese government has not acted against VIEs.
• National security risk: Investors in Chinese companies may support activities that are contrary to U.S. national interests, including the development of technology used for censorship and surveillance and in support of the military. For example, Weibo Corporation, (see below, listing 33) currently is valued at $8.7 billion. Weibo works under government direction to censor posts on its blogging platform and is used by the central and local governments
[ 本帖最後由 后太禧慈 於 2020-11-13 02:01 編輯 ]
![[Image: bkn-20200809225730853-0809_00952_001_01p...0809230405]](https://hk.on.cc/hk/bkn/cnt/cnnews/20200809/photo/bkn-20200809225730853-0809_00952_001_01p.jpg?20200809230405)
