美上市中企又爆财务丑闻，华尔街大肆沽空欲谋暴利

3387

收藏 2011-05-26

昨天在手机看到的彭博社消息，转一下。

【中文摘要】

《彭博社》周三 (25日) 報導，對沖基金經理人 Jim Chanos 表示，他偏向作空在美國掛牌上市的中國企業類股。

自從 11 月 8 日以來，由於預期如傳媒中國高速頻道 ( (US-CCME) ) 等企業，財務報表數據不可相信，彭博中國反向收購指數已向下大跌 41％。

而本周知名會計事務所德勤宣布，發現中國軟體製造商東南融通 (Longtop Financial Technologies)( (US-LFT) ) 的財務紀錄不實，公司欲和其解除審計關係，且德勤財政總監 Derek Palaschuk 因此辭職，又進一步加深了這種疑慮。

美國證券交易委員會 (SEC) 在去 (2010) 年，開始對反向收購展開調查，交易者控制在美掛牌交易的空殼公司，收購中國企業進行「借殼上市」的程序，這樣的放空情況令 Chanos 對中國股票敬而遠之。

在訪談中，Chanos 表示若投資人擔憂美國科技股，如社交網站 LinkedIn Corp ( (US-LNKD) ) 等價格被高估，可考慮將注意力轉至中國。

他聲稱，自己對於中國房市「戲劇性」的大幅看空，程度可能還嫌不夠。比如 LinkedIn 在美國 IPO，股價和年銷售額比率高達 31 倍之多，然而股價高估的情況在中國更加屢見不鮮。

Chanos 指出：「中國市場的泡沫確實在形成，我的研究小組發現，我們對中國看空的程度還不足夠。目前估值過高的情形，比去年年底的觀察嚴重許多。」

他表示，中國房地產開發商擁有太多土地，酷似美國房市泡沫化前的景況。自從去年開始，Chanos 便預期中國房屋市場將泡沫化，中國經濟 2010 年擴張 10.3％之多，**努力試圖壓低房價漲勢。

转自：http://tw.money.yahoo.com/news_article/adbf/d_a_110525_2_2lp8q

扫码加我拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

全部回复

greenwisher

2011-5-26 10:27:48

【新闻原文】

Chanos Misses Out as Chinese Stocks in U.S. Plunge on Accounting Concerns

By Nikolaj Gammeltoft and Whitney Kisling - May 24, 2011

Jim Chanos, the hedge-fund manager known for predicting Enron Corp.’s 2001 collapse, says he’d short sell Chinese companies listed in the U.S. if it were feasible to borrow shares to open the bearish positions.

The Bloomberg Chinese Reverse Mergers Index has plunged 41 percent since Nov. 8 amid speculation financial statements from companies such as China MediaExpress Holdings Inc. (CCME) can’t be trusted. The concern intensified this week after Longtop Financial Technologies Ltd. (LFT), whose initial public offering was underwritten by Goldman Sachs Group Inc. and Deutsche Bank AG, said its auditor quit because of false records.

“Almost all of them have odd looking financial statements,” Chanos, the president and founder of New York- based Kynikos Associates LP, said on Bloomberg Television yesterday. “We wish we could borrow almost all of them.”
The Securities and Exchange Commission began an investigation last year into the use of reverse takeovers, in which a closely held firm becomes public by purchasing a shell company that already trades. The cost to bet against the stocks is keeping Chanos away.

Renren Inc., a Beijing-based social-networking company that went public in the U.S. earlier this month, is among the most expensive U.S. equities to short. The stock is difficult to borrow with 72 percent of the lendable supply out on loan, according to Data Explorers, a New York-based research firm.

Lendable Supply

Short sellers have borrowed 96 percent of Beijing-based China Shen Zhou Mining & Resources Inc. (SHZ)’s lendable supply, meaning there is almost no equity available for short sellers to bet against. Its shares are also among the most expensive for short-sellers to borrow according to Data Explorers.

China MediaExpress, which began trading in the U.S. following a 2009 reverse takeover, has sunk 92 percent since Jan. 27. It’s being delisted from the Nasdaq Stock Market after auditor Deloitte Touche Tohmatsu said that it was “no longer able to rely on the representations of management.” China Shen Zhou has declined 59 percent since its Jan. 5 high after its chief financial officer resigned.

Longtop retreated 43 percent between April 4 and May 16, the last time it changed hands before trading was halted.

During yesterday’s interview, Chanos said investors concerned that U.S. technology stocks such as LinkedIn Corp. are overvalued should turn their attention to China.

The 53-year-old investor said his “dramatic” bet against Chinese real estate may not be sufficient. While LinkedIn, the first social-media company to go public in the U.S., traded as high as 31 times sales last week, overvaluation is more widespread in China, he said.

A Bubble

“The bubble is really on the other side of the world,” he said in New York. “What my team found, they actually came back saying we’re not bearish enough,” he said. “The signs of overcapacity were even much greater than their last visit, which was late last year, and increasingly the executives that they met with were sounding a little bit more uncomfortable about the current situation.”

Chanos said Chinese developers have too much land on their balance sheets, similar to the U.S. before its housing market tumbled. He has been forecasting a Chinese housing crash since last year. China’s economy expanded 10.3 percent in 2010 and the country has been aiming to curb climbing house prices.

“If you look at the balance sheets of the developers, you’d be hard-pressed to see how healthy they are because they’re all loaded up with land just as our developers were at the top of our market,” he said. “We’ve maintained our pretty much dramatic overweight in our Chinese shorts.”

Prices Rise

China’s home prices rose in 67 of 70 cities monitored by the government last month. While housing prices slowed in major cities, they increased at a faster pace in smaller ones, according to data on the statistics bureau’s website. The Chinese government said this month it will maintain property curbs after it raised the minimum down payment for second-home purchases this year and introduced residential taxes in Shanghai and Chongqing.

China has lifted reserve-ratio requirements for major banks 11 times since January 2010 and raised interest rates four times since October to restrain increases in asset prices, including real estate.

Chanos said in March that a property bubble in China is “as big or bigger than what we saw in the West” when compared with the size of the economy.

To contact the reporters on this story: Nikolaj Gammeltoft in New York at ngammeltoft@bloomberg.net; Whitney Kisling in New York atwkisling@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

转自：http://www.bloomberg.com/news/20 ... se-real-estate.html

扫码加我拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

greenwisher

2011-5-26 10:30:40

查诺斯这个人一直是看空中国的，4月份就发表过类似言论，并不足为奇。

但是看一下Lendable Supply的数字，美国投资人大肆做空多个中国企业的确是不争的事实。

东南融通是做金融业软硬件的，银行使用的软件，ATM机之类的。05还是06年的时候，那个公司还没有在NYSE上市，有个fund要投他们的pre IPO round，偶还去过厦门公司所在地考察过。

呵呵，没想到会出这种事。

扫码加我拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

8ujn

2011-5-26 10:35:27

我突然发现还是看英文顺眼了繁体中文怎么看就是费劲

扫码加我拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

wangshun2046

2011-5-26 10:45:45

楼上的有当HJ的潜质，我看好你

扫码加我拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

扫码加我 拉你入群

扫码加我 拉你入群

扫码加我 拉你入群

扫码加我 拉你入群

扫码加我 拉你入群

分享

扫码加好友，拉您进群

扫码加我拉你入群

扫码加我拉你入群

扫码加我拉你入群

扫码加我拉你入群

扫码加我拉你入群