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Steven Towns

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  • Earnings Quality Issues for NYSE China Listings [View article]
    Well, Forbes magazine (Oct. 1) picked up on the story in a piece entitled, "Made (Poorly in China)."

    China Petroleum & Chemical [Sinopec] (SNP) is said to have a "board packed with inside cronies; loads of deals done with related government entities."

    PetroChina (PTR) -- "Stretching payments to creditors; negative net working capital."

    China Life Insurance (LFC) -- "Mortality projections wishful; accounts under Communist accounting standards appear to lack audit opinion."

    Yanzhou Coal Mining (YZC) -- "Lowballing of doubtful accounts may indicate earnings manipulation; environmental liabilities possible time bomb."

    Sinopec Shanghai Petrochemical (SHI) -- "FCF negative in 2006; new reserves for doubtful accounts declining."

    Sep 23 10:54 PM | Likes Like |Link to Comment
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