【禁闻】查在美上市中国公司 美证交会受阻

【禁闻】查在美上市中国公司 美证交会受阻

【新唐人2011年7月9日讯】美国的两大市场监管机构，去年开始对在美上市中国公司的
欺诈行为发起调查，但是调查和制裁行动却遭遇种种阻碍。美国正在推动和中国监管部
门达成协议，以允许他们对中国审计机构进行检查。但是过去几年，中共以主权为由拒
绝这项要求。评论者指出，中国概念股的欺诈行为反映出整个中国经济是一场骗局。

英国《金融时报》报导，近一段时期，卖空者对在纽约、多伦多、香港等国际性股票交
易所上市的众多中国公司发起了袭击，指控它们存在欺诈或其他不法行为。美国主要市
场监管机构「证券交易委员会」(SEC)，与监督审计师事务所的联邦机构「美国上市公
司会计监督委员会」(PCAOB)，都在去年启动了调查，并且加大了对在美上市中国公司
的审查力度，但由于在调查和制裁的环节上，他们遭遇到很大阻力。

在正常的调查中，证交会需要向被调查公司、它的供应商及其他合作伙伴发出传票，要
求它们呈交各种文件、证词及其他记录，来证实财务报表。但如果没有当地监管机构的
支持，证交会就无法向美国境外的公司发出传票。

一旦发现审计师对反向收购公司有问题的帐目视而不见，上市公司会计监督委员会也会
予以严厉谴责，但这种举措也受到限制，因为检查人员无法进入中国，调查设在那里的
审计师事务所。

在对这些欺诈行为进行制裁方面，美国监管机构也有一些鞭长莫及。2006年，证交会向
中国节能科技公司(China Energy SavingsTechnology)提出了欺诈指控，并赢得了判决
――法庭判决中国节能科技及其高管上缴不当收益并支付罚金，共计3400万美元。但证交
会一直无法收回这笔钱。

会计监管委员会的一份报告显示，过去3年内，共有215家在中国有业务的公司在美国交
易所上市，且绝大多数公司都是通过反向收购上市。已有至少24家中国公司的审计师在
发现问题后辞职。今年已有至少20档股票被暂时停牌，多达8家公司的上市登记已被撤
销。

纽约城市大学经济学教授陈志飞指出，中国概念股的破灭，暴露出中国经济「金玉其
外、败絮其中」的实质。所谓的很多辉煌的成就都是靠假账，靠虚假行为来支撑的。这
对整个美国金融和商业界是一个非常及时的提醒。

陈志飞（纽约城市大学经济学教授）：「如果他们假想中国经济遵从他们一直以来奉为
信条的这种准则的话，他们就大错特错了。虽然中共在很多方面和国际接轨，但那也只
是表面上骗人的堂皇之说。他们实际上在行为上还是按照自己的潜规则在做事。」

陈志飞指出，这些概念股的诈骗行为，反映出整个中国经济就像一个泡沫，一个骗局。
一些对冲基金比一般投资公司更为清醒的看到中国经济的实质。他们不但做空中国的公
司，甚至开始做空人民币。

陈志飞（纽约城市大学经济学教授）：「他们甚至在做空中国货币人民币。他们认为人
民币将来不但不会升值，而且会被贬值。而这种贬值也是因为中国经济的崩溃造成的。
这个在几个月前来说，都像是天方夜谭一样的。」

陈志飞还表示，中国概念股的欺诈行为对美国经济本身没有太大冲击，但是它造成的影
响是深远的。整个西方自由经济体将对中国经济进行重新衡量。这意味着将来西方对中
国的投资会大幅度减少，对中国市场商品的进口会大幅度减少。这也引起中共当局极大
恐慌。

据《金融时报》的报导，美国证交会(SEC)和「美国上市公司会计监管委员会」的官
员，计划下周在北京会晤中国同行，希望谈判达成一项协议，允许它们对中国的「审计
机构」进行检查。有关谈判从2007年就已开始。但是中国传统上以主权问题为由，拒绝
美国机构在中国进行检查。

新唐人记者秦雪、周天采访报导。

SEC Investigations Impeded

Two major market regulators in the U.S. initiated investigationson the
frauds of Chinese companies listed in the U.S. in 2010.However, the
investigations face tremendous obstacles.The U.S. is trying to reach an
agreement with China's regulatorydepartments to allow them to inspect the
Chinese auditors.In the past few years, the CCP refused the request
forsovereignty reasons. Commentators pointed out thatChinese concept stock
frauds reflect the fact thatthe entire Chinese economy is a scam.

Financial Times reported that recently short sellers haveattacked Chinese
stocks listed on international stock exchanges.These companies are accused
of having committed frauds.Major U.S. regulator, Securities and Exchange
Commission(SEC), and the supervising federal agency of auditing firms,U.S.
Public Company Accounting Oversight Board (PCAOB),both launched
investigations in 2010.They put in more efforts in reviewing U.S.-listed
Chinese firms.However, during the investigations,they encountered
considerable resistance.

Normally in an investigation, the SEC issues an order tothe companies being
investigated, their suppliers and partnersto request them to submit various
kinds of documents,testimonials and other records to confirm their
financial results.However, without the support of the local regulators,the
SEC will not be able to issue the order to foreign firms.

Once an auditor is found to turn a blind eye on questionabletransactions
relating to reverse mergers, it will be condemnedby PCAOB. However, this
initiative was limited,as the inspectors cannot enter China to investigate
auditors there.

Some fraudulent firms are beyond the reach of U.S. regulators.In 2006, the
SEC filed a fraud case againstChina Energy Savings Technology (CESV), and
won the case.The court ordered the firm and its executives to turn in
theprofits earned through frauds and pay a fine of $34 million.However, the
SEC has been unable to receive the money.

A report of PCAOB shows that in the past three years,a total of 215 Chinese
companies were listed on U.S. exchanges.Among them, the vast majority got
listed by reverse mergers.At least 24 auditors in Chinese firms
resignedafter discovering problems. In 2011, at least 20 Chinese stockshave
been temporarily suspended.Eight companies have had their registration
revoked.

City University of New York (CUNY) economics professorChen Zhifei said that
the Chinese concept stocks' burstingexposes the Chinese economy's true
nature.Many of the so-called brilliant achievements are fabricatedby false
accounting records.This serves as a timely reminder to the U.S. financial
sector.

Chen Zhifei: If they think the imaginary Chinese economyfollows the
guidelines that they have been following,they are absolutely wrong.
Although in many respects,the Chinese standards seem to be comparable tothe
international standards, that is only on the surface.The Chinese actually
act according to their hidden rules.

Chen Zhifei said these concept stocks' frauds reflect the factthat the
entire Chinese economy is like a bubble and a scam.Some hedge funds can see
the nature of the Chinese economymore clearly than average investment
firms.They not only short Chinese stocks, but also short RMB.

Chen : They even short the Chinese currency RMB.They believe the RMB will
depreciate.And this depreciation is caused by the collapse of the
economy.All these sound like a fiction a few months ago.

Chen also said that the frauds of Chinese concept stocksdo not have much
impact on the U.S. economy.However, they have far-reaching impacts on the
future.The Western free economies will re-assess China's economy.This means
that the future investments from the West will begreatly reduced, as well
as the imported Chinese goods.This will cause the Chinese authorities to be
panic-stricken.

According to Financial Times, SEC and the PCAOB plan tomeet with their
Chinese counterparts in Beijing next week.They hope to reach an agreement
that allows them toinspect the Chinese auditors. The negotiations began in
2007.However, China has always refused the request by the U.S.for the
reason of sovereignty.

NTD reporters Qin Xue and Zhou Tian 2011-07-09
10:56:55http://www.ntdtv.com/xtr/gb/2011/07/09/a557415.html.-【禁闻】查在美
上市中国公司-美证交会受阻.html