Chinese Investors in South Korean listings Are Repeatedly Delisted; Fictitious mask Contracts Cost Korean Investors $2.7 billion
In recent years Chinese capital has been aggressively venturing outside, seeking to list on overseas financial markets. South Korea Stock Exchange also continued receiving Chinese capital application for listing and backdoor listing through the acquisition of South Korean companies recently. However, many of the alleged financial statuses are unclear that at least 12 Chinese stocks have been previously delisted in South Korea, accounting for 85% of the delisted foreign stocks. An analysis by South Korea Daishin Securities indicated that Chinese companies tend to exaggerate their marketing goal and often violate their commitments to corporate investment and management. They described Chinese capitals as unreliable and called on investors to be cautious.
Mask Agreement is “made out of nothing”, stock price drops 50% after being revealed
LIS, a manufacturer of laser supplies and mask production lines, received a stake in China’s Jiangsu Yawei Machine in September last year. The latter currently holds 21.84% of the shares and becomes the largest shareholder of LIS. The company unilaterally announced in the middle of this month that it had reached a USD 900 million (approximately HKD 7 billion) mask supply contract with the paper manufacturer Double A, but Double A denied the news the next day. LIS immediately announced the cancellation of the agreement and its stock price plummeted from 13,550 won to 6,050 won in less than two trading days, a decline of more than 55%. LIS apologised to shareholders for the incident and admitted that it had not signed an agreement with Double A.
Source from: Apple Daily #Dec27
https://hk.appledaily.com/international/20201227/N5UFWZBHEVG4DKYQ7BD52ZFJWE/
#SouthKorea #China #StockMarket #MaskProduction #Investors #LIS #DoubleA #Agreement
In recent years Chinese capital has been aggressively venturing outside, seeking to list on overseas financial markets. South Korea Stock Exchange also continued receiving Chinese capital application for listing and backdoor listing through the acquisition of South Korean companies recently. However, many of the alleged financial statuses are unclear that at least 12 Chinese stocks have been previously delisted in South Korea, accounting for 85% of the delisted foreign stocks. An analysis by South Korea Daishin Securities indicated that Chinese companies tend to exaggerate their marketing goal and often violate their commitments to corporate investment and management. They described Chinese capitals as unreliable and called on investors to be cautious.
Mask Agreement is “made out of nothing”, stock price drops 50% after being revealed
LIS, a manufacturer of laser supplies and mask production lines, received a stake in China’s Jiangsu Yawei Machine in September last year. The latter currently holds 21.84% of the shares and becomes the largest shareholder of LIS. The company unilaterally announced in the middle of this month that it had reached a USD 900 million (approximately HKD 7 billion) mask supply contract with the paper manufacturer Double A, but Double A denied the news the next day. LIS immediately announced the cancellation of the agreement and its stock price plummeted from 13,550 won to 6,050 won in less than two trading days, a decline of more than 55%. LIS apologised to shareholders for the incident and admitted that it had not signed an agreement with Double A.
Source from: Apple Daily #Dec27
https://hk.appledaily.com/international/20201227/N5UFWZBHEVG4DKYQ7BD52ZFJWE/
#SouthKorea #China #StockMarket #MaskProduction #Investors #LIS #DoubleA #Agreement
Exclusive: Investors press companies on human rights in Xinjiang
A group of religious and socially conscious investors and other funds are ramping up pressure on Western companies over alleged human rights abuses in China’s Xinjiang region, highlighting the challenges for brands trying to maintain their business ties amid rising tensions.
The group of more than 50 investors, backed by the Interfaith Center on Corporate Responsibility, said it is in the process of contacting more than 40 companies, including H&M, VF Corp, Hugo Boss and Zara-owner Inditex, requesting more information about their supply chains and urging them to quit situations that could lead to human rights abuses.
Source: Reuters #Mar31
https://reut.rs/31wruU3
#China #Investors #HumanRights #Xinjiang
A group of religious and socially conscious investors and other funds are ramping up pressure on Western companies over alleged human rights abuses in China’s Xinjiang region, highlighting the challenges for brands trying to maintain their business ties amid rising tensions.
The group of more than 50 investors, backed by the Interfaith Center on Corporate Responsibility, said it is in the process of contacting more than 40 companies, including H&M, VF Corp, Hugo Boss and Zara-owner Inditex, requesting more information about their supply chains and urging them to quit situations that could lead to human rights abuses.
Source: Reuters #Mar31
https://reut.rs/31wruU3
#China #Investors #HumanRights #Xinjiang
China’s Corporate Crackdown Is Just Getting Started. Signs Point to More Tumult Ahead.
In recent months, China has blown up what would have been the world's largest initial public offering, launched probes into some of its biggest technology companies, and wiped out more than $1 trillion in market value while investors scramble for cover.
There are many signs it isn't over yet.
Investors, analysts and company executives believe the government is just getting started in its push to realign the relationship between private business and the state, with a goal of ensuring companies do more to serve the Communist Party's economic, social and national-security concerns.
Source: WSJ #Aug05
https://www.wsj.com/articles/china-corporate-crackdown-tech-markets-investors-11628182971
#China #Investors #Analysts #Company
In recent months, China has blown up what would have been the world's largest initial public offering, launched probes into some of its biggest technology companies, and wiped out more than $1 trillion in market value while investors scramble for cover.
There are many signs it isn't over yet.
Investors, analysts and company executives believe the government is just getting started in its push to realign the relationship between private business and the state, with a goal of ensuring companies do more to serve the Communist Party's economic, social and national-security concerns.
Source: WSJ #Aug05
https://www.wsj.com/articles/china-corporate-crackdown-tech-markets-investors-11628182971
#China #Investors #Analysts #Company
HK #AmCham president resigns over city's quarantine rules
//The president of the American Chamber of Commerce in Hong Kong (AmCham) Tara Joseph said on Tuesday, November 16, 2021 she is resigning as she cannot appeal to the city’s government to ease COVID-19 restrictions at the same time as having to undergo quarantine herself.“
Hong Kong has entered a new phase so quickly and it should appeal to people who don’t mind its new normal and see opportunities. American companies have a lot to navigate in the coming few years but there is always potential in Hong Kong.”
Despite barely recording any local coronavirus cases in recent months, authorities in the global financial hub have tightened up quarantine rules in a bid to convince Beijing to allow cross-border travel.
Hong Kong leader Carrie Lam has repeatedly said opening the border with mainland China, Hong Kong’s main source of growth, was her priority.//
Image: Stand News
Source: Reuters #Nov16
https://www.reuters.com/article/hongkong-amcham/hk-amcham-president-resigns-over-citys-quarantine-rules-idUKL4N2S737A
#TaraJoseph #Expats #Investors #CarrieLam
//The president of the American Chamber of Commerce in Hong Kong (AmCham) Tara Joseph said on Tuesday, November 16, 2021 she is resigning as she cannot appeal to the city’s government to ease COVID-19 restrictions at the same time as having to undergo quarantine herself.“
Hong Kong has entered a new phase so quickly and it should appeal to people who don’t mind its new normal and see opportunities. American companies have a lot to navigate in the coming few years but there is always potential in Hong Kong.”
Despite barely recording any local coronavirus cases in recent months, authorities in the global financial hub have tightened up quarantine rules in a bid to convince Beijing to allow cross-border travel.
Hong Kong leader Carrie Lam has repeatedly said opening the border with mainland China, Hong Kong’s main source of growth, was her priority.//
Image: Stand News
Source: Reuters #Nov16
https://www.reuters.com/article/hongkong-amcham/hk-amcham-president-resigns-over-citys-quarantine-rules-idUKL4N2S737A
#TaraJoseph #Expats #Investors #CarrieLam
Reuters
HK AmCham president resigns over city's quarantine rules
The president of the American Chamber of Commerce in Hong Kong said on Tuesday she is resigning as she cannot appeal to the city's government to ease COVID-19 restrictions at the same time as having to undergo quarantine herself.