📖 ZKIZ Archives

「渾水會計師行」行事神秘

1 : GS(14)@2012-04-18 00:21:13

http://hk.apple.nextmedia.com/te ... 307&art_id=16254466

記者前往張志海會計師事務所一探究竟，見到單位門外沒有任何顯示標誌，與普通住宅無異，甚至連門鐘都沒有設置。


久隆大廈水牌上 1905室的標示竟為一片空白（紅箭嘴）。


記者親到香港的事務所辦事處查問，該所職員均指負責人不在。

渾水在 11日發表報告指，除之前披露的大連綠諾及傅氏科普威兩家公司外，張志海會計師事務所亦為其他五家已停牌的美國上市問題民企提供審計。渾水報告發表後，連日來，本報親到香港的辦事處查問，該所職員均指負責人不在，昨日更叫大廈管理員請記者離開，不過，張志海會計師事務所負責人昨午透過電郵，不認同自己是「金融詐騙學校」。

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其後記者拍門許久，直至三分鐘後，待記者以為該處真的為無人空置單位，而將離去之際，才有人遲疑應門。根據張志海會計師事務所網站照片資料，應門者貌似其上海辦事處主任黃喜文。
為了了解其具體業務情況，記者以內地企業人員身份諮詢該事務所業務。黃喜文聽明來意後，即刻表示，「我們不接國內業務」。以下為雙方對話的簡單記錄：
記：「我們公司在美國也有業務，能否辦理？」
黃：「你們在美國有公司嗎？只有在當地有公司，我們才接。」
記：「能否提供一些材料，說明你們會計資質或業務範圍？」
黃：「對不起，我們沒有這樣的資料提供。」
黃喜文要求記者留下電話，向上司請示後再聯絡，但其後本報未收到任何回覆。
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記者在該單位內現場所見，該處為住宅格局，三房一廳，面積約為八百平方呎左右，完全不似寫字樓。而除黃喜文外，未見有其他職員，設置亦非常簡陋。但就在此處，竟可「炮製」出多家問題民企帳目，順利赴美上市，的確令人匪夷所思。
至於為綠諾及傅氏融資金額分別為 2500萬美元及 1200萬美元資金的致富證券，本報記者昨早曾經到訪致富證券中環總辦事處，欲與其董事總經理周松堦及副總經理周韻姿接觸，查問公司近況及跟進其他問題。該公司接待處職員卻稱，周松堦昨早未有回到辦事處，周韻姿亦忙於見客，著本報記者改約時間與周氏見面，最終未能夠與致富管理層見面。

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2 : GS(14)@2012-04-18 00:21:47

http://hk.apple.nextmedia.com/te ... 320&art_id=16254467
就渾水（ Muddy Waters）發表報告指，張志海會計師事務所為多家問題民企，包括大連綠諾（圖）及傅氏科普威提供審計服務。該所負責美國上市企業審計的負責人梁起秀以書面回覆本報查詢，指渾水報告的指控是「失實」。
梁起秀表示，他們的確曾為大連綠諾赴美國上市前為其審計，但該公司在美國上市後已更換會計師，而外界報告所指的造假行為，是在上市後才發生，故該所沒有涉及其中。
至於傅氏科普威方面，該所在公司赴美上市前，以及上市後第一年擔任會計師，但期間沒有發現任何欺詐行為。梁起秀稱，渾水報告中所提出的指控毫無事實根據，故不欲置評。

拒回應辦事處異常

梁起秀否認其會計師事務所與「金融詐騙學校」有任何關聯，強調渾水報告只是指他們參與了上述問題民企的前期審計工作，但並無指控有任何不當行為，而在大連綠諾個案中，該所亦非公司出事時的會計師。
梁起秀更稱，有相當部份類似渾水報告對中國企業的負面報道都缺乏事實依據，為市場帶來混亂。
至於本報向其提出，為何上海辦事處門面異常，以及拒絕承接內地境內會計業務等問題，梁起秀則未作出回應。

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3 : GS(14)@2012-04-19 23:33:25

http://hk.apple.nextmedia.com/te ... 307&art_id=16261329
渾水公佈後，內地傳媒指公安已介入，本報亦中港兩地進行採訪。在上海採訪過程中，發現張志海會計師事務所在上海辦事處沒有公司水牌，公司職員更指不會接洽內地公司生意。報道一出，張志海主動約見本報，指上海辦事處並非內地註冊會計師樓，故不能對外公開營業，只為香港審計團隊提供支援。
張志海表示，公司顧客全為境外公司，即使是內地民企，也是到境外註冊以外企身份辦理業務。

網頁資料有誤須更新

不過，本報發現，前日有關報道見報後，張志海會計師行的網頁已立即被全部刪除，而早前網頁上對上海辦事處業務範圍的介紹已消失無蹤。張志海解釋指，「公司網頁好耐冇更新，部份資料有誤」，將整理後再開放。
就渾水報告提及的大連綠諾及傅氏科普威兩家問題公司，合夥人梁起秀稱已不再擔任其核數師，與該些問題賬目無關。而渾水報告亦指，張志海會計師事務所還為其他五家已停牌的美國上市問題民企提供審計。梁起秀直指渾水失實，在該五家公司中，有兩家並非該所客戶，而有兩家在停牌前該所已辭任核數師。
梁起秀強調，其會計師行目前未收到美國或內地監管機構調查，亦沒有任何投資者提出訴訟。「被人告（指不少美國公司均涉及官司）的公司，（渾水）就唔講，為何只講我哋，我哋又無造假，唔公平！」質疑渾水是因其會計師行規模小而刻意攻擊。

指金融詐騙學校屬實

張志海則表示，渾水報告「有真有假」，其中提到的「金融詐騙學校」的確存在。他們在做內地審計時已特別謹慎，單在去年，就有三家公司為其拒絕上市前審計。該所自 04年開始為民企美國上市進行審計業務，已有超過 20個上市個案，但多年來經歷辭任和退市，目前只為六家美國上市民企擔任核數師。
張志海坦承，公司收入超過六成來自美國審計業務，渾水對其業務影響頗大。因投資者對民企信心減退，目前已較難取得新業務。甚至早前會計師責任保險續期時，亦遭保險公司質疑其經營前景。
對於被渾水點名的另一機構致富證券，張志海表示，他們之間業務關係一般，至今收到轉介業務不超過四間，對上一次已是在 2009年。他順便為致富證券呼寃，指致富證券涉「金融詐騙學校」的可能性不高。

張志海與梁起秀解畫重點

•上海辦事處非內地註冊會計師樓，故不能公開營業，只為香港團隊提供支援
•公司網頁好耐冇更新，部份資料有誤，將整理後再開放
•報告指五家問題民企中，有兩家並非該所客戶
•目前未收到美國或內地監管機構調查，亦沒有任何投資者提出訴訟

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「公安拉人」嚇怕渾水 呢條路不通

1 : GS(14)@2012-09-11 23:34:32

http://hk.apple.nextmedia.com/financeestate/art/20120911/18013171

【本報訊】沽空機構渾水（Muddy Waters）上週透過電郵，向本報記者否認轉戰沽空A股的傳聞，同時澄清無意在內地高薪聘請財經記者擔任調查工作，及後渾水再以電郵發出加拿大《環球郵報》日前有關希爾威金屬礦業（Silvercorp）專題報導的連結，似乎反映其難言之隱，間接解釋了放棄空襲A股的原因。記者：楊智佳、倪敏慧
《環球郵報》日前報導，描述紐約及多倫多上市的中國公司希爾威被沽空研究機構Alfredlittle.com狙擊過後，如何促使洛陽公安反狙擊肇事調查員黃昆（Huang Kun），及促使後者身陷囹圄的事件。
黃昆曾參與Alfredlittle.com於2011年9月份發佈有關希爾威的負面研究報告，指後者誇大產量及礦儲量數據，拖累希爾威股價下跌，及後希爾威亦向涉事沽空機構進行起訴。
特別查問恆大資料
希爾威的負面報告推出過後，黃昆於同年12月於北京首都國際機場被捕，然後押送予洛陽公安局囚禁四天，之後再轉送至一家二星級酒店進行三週的查問，1月底才獲釋放，並不准離開中國境內。黃昆再於今年7月被捕。
黃昆的王姓律師向該報章指出，洛陽公安曾強調，除非黃昆交出其他令到美國上市中國公司股價大跌的沽空機構報告資料，才能讓黃昆的案件得到寬限處理，而洛陽公安局更是特別希望獲取恆大地產（3333）及新東方教育的資料，而新東方教育便是渾水最近的狙擊對象，事情反映內地公安亦有意針對渾水。自從渾水7月18日首發新東方教育的負面報告過後，便沒有再發出其他報告。
公安疑獲「財政援助」
黃昆一口咬定希爾威與洛陽政府串通，是因為今年2月公安局要求黃昆於如家酒店留住兩天，以便調查，然後於2月10日退房，他竟然聽到有關官員要求酒店將另一家房間的收據，寫上希爾威持有77.5%的附屬公司名稱，顯示是次公安調查是獲得希爾威的「財政援助」；其後黃昆折返酒店，向酒店拿取收據的副本，而《環球郵報》亦確認了收據副本資料具真確性。另外，黃昆亦指出，公安局曾利用由希爾威上述附屬公司登記車牌的車輛，接載黃昆。
對於上述公安開支單據及文件，可能顯示希爾威曾出資協助公安局調查黃昆及其關連人士，希爾威主席馮銳對此矢口否認，並指單據及文件屬虛假。
事實上，曾協助沽空機構調查股份的個別人士，不少已決定暫時離開調查工作，一名參與渾水狙擊嘉漢林業報告的調查員指出，希爾威明顯與政府有關連，令他不得不離開該行業一段時間，並不再於內地接受此類調查工作。由此可見，內地沽空調查員收到有關黃昆被捕的消息甚至詳情，紛紛「劈炮唔撈」，令渾水等沽空機構很大機會面對「請人難」的問題，加上公安干涉事件令調查難度增加，迫使他們打退堂鼓。
沽空機構屢被反狙擊
12/2011至7/2012
洛陽公安兩度拘留調查員，指後者協助沽空機構Alfredlittle.com狙擊希爾威
9/2012
前Google中國高層李開復，聯同六十多名內地科網界、財金界知名人仕聯署發出聲明，聲討香櫞（Citron）
7/2012
恆大（3333）就一家沽空機構的欺騙及行賄等行為報警

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2 : GS(14)@2012-09-11 23:34:51

http://hk.apple.nextmedia.com/financeestate/art/20120911/18013173


除沽空機構外，不少大型基金亦會為其所投資之公司，作深入的實地調查，甚至聘請專業的企業情報公司。內地政府出手反狙擊沽空機構調查員，可能令調查員害怕誤中副車，寧願退下火線，增加基金公司抽出「造假」公司的難度。
對於基金公司調查工作會否受影響，著名「金手指」惠理基金的發言人拒作評論。
歐洲股神聘五企調查

雖然派員實地調查並非基金公司的指定動作，但民企造假手法層出不窮，不少基金公司為免再三中伏，也會委派調查員進行詳盡的考察，以便獲取鮮為人知的資訊。
歐洲股神安東尼．波頓（Anthony Bolton）於5月接受英國《金融時報》訪問時便承認，他曾就旗下的富達中國特殊情況基金，聘請五家企業情報公司進行深入的盡職審查，更成功揭發造假，當中一家由他決定投資的公司，真實店舖數目與公佈的相差一半，亦有公司虛報客戶。

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3 : barryruger(14987)@2012-09-12 00:02:24

寧願使橫手都唔正經做生意, 唉...

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4 : 自動波人(1313)@2012-09-12 00:04:58

3樓提及

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寧願使橫手都唔正經做生意, 唉...

大家搵快錢

呢D生意,唔洗生產,唔洗有客仔,UP兩UP,問人借貨沽就可以
仲有乜好撈過佢

佢咁趕住搵快錢,唔知快唔快得過世界未日呢?

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5 : barryruger(14987)@2012-09-12 00:18:08

4樓提及

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3樓提及

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寧願使橫手都唔正經做生意, 唉...

大家搵快錢

呢D生意,唔洗生產,唔洗有客仔,UP兩UP,問人借貨沽就可以
仲有乜好撈過佢

佢咁趕住搵快錢,唔知快唔快得過世界未日呢?

我講比人沽果間...

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6 : 自動波人(1313)@2012-09-12 00:41:21

5樓提及

---

4樓提及

---

3樓提及

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寧願使橫手都唔正經做生意, 唉...

大家搵快錢

呢D生意,唔洗生產,唔洗有客仔,UP兩UP,問人借貨沽就可以
仲有乜好撈過佢

佢咁趕住搵快錢,唔知快唔快得過世界未日呢?

我講比人沽果間...

SOR...

其實大家都一樣,都可套用

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7 : GS(14)@2012-09-12 23:37:20

各取所需，各取所需

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8 : greatsoup38(830)@2012-09-15 16:55:51

http://www.theglobeandmail.com/r ... le4528671/?page=all
On the afternoon of Dec. 28, Huang Kun was about to board a flight to Hong Kong when his Canadian passport was flagged by officials at Beijing's International Airport, and he was taken into custody by Chinese police.

It was the beginning of a prolonged and often frightening ordeal for Mr. Huang that has landed the 35-year-old from British Columbia in a Chinese jail – sharing a one-bed cell with 20 other men. He is expected to soon face charges of criminally defaming a Vancouver-based mining company called Silvercorp Metals Inc.
Mr. Huang knew when he went to the airport that day that police in the city of Luoyang, where Silvercorp's flagship mining operations are located, had arrested and interrogated two associates of his. The men had helped him prepare a scathing research report that, when its allegations were published, sent Silvercorp's share price tumbling 20 per cent in one day on the Toronto Stock Exchange.

What he didn't know was that in the wake of a series of scandals involving Chinese companies listed on North American stock exchanges, authorities in China had decided to push back hard against those attacking the credibility of Chinese firms. Many of these critics had made small fortunes by 「shorting」 the stocks of those firms, essentially betting that their share prices would fall once the new information was revealed. Mr. Huang worked for one of those short-sellers.

In this case, documents obtained by The Globe and Mail may suggest that Silvercorp and its executives were working in concert with local authorities, and helping to pay for the investigation against Mr. Huang and his associates. Legal experts say Silvercorp's alleged actions may be in violation of both Chinese and Canadian law.

The campaign to clear Silvercorp's name – and the apparent official support for it – appears to be part of a remarkable effort to punch back against North American short-sellers who have badly damaged the image of Chinese firms over the past two years with a stream of reports alleging fraud, flawed accounting and corporate governance failures. More than a dozen Chinese companies listed on North American exchanges have collapsed as a result.

The failures have damaged the country's corporate reputation and prevented many Chinese companies from raising money from North American investors, at a time when China's corporate and political leadership is trying to play a bigger role in global business and finance. This week, China's official Xinhua newswire, a mouthpiece for the Communist Party government, praised a group of Chinese businessmen who have publicly attacked short-sellers like those who employed Mr. Huang. Xinhua connected the fight to China's broader effort to be treated as an ordinary player on the global capital markets.

「Due to differences in political systems, economic structures and culture, foreign investors are prone to view Chinese companies with suspicion and prejudice,」 Xinhua wrote. The newswire linked such 「suspicions」 to foreign governments blocking takeover bids by champion Chinese firms such as China National Offshore Oil Corp. (whose $15.1-billion (U.S.) bid for Calgary-based Nexen Inc. is currently being reviewed by Ottawa) and telecommunications giant Huawei Technologies Co. Ltd.

The most high-profile Chinese corporate meltdown was that of Sino-Forest Corp., which was once Canada's largest publicly traded forestry company, boasting a market value of more than $6-billion (Canadian). Short-seller Carson Block and his firm Muddy Waters accused the timber company of fraudulent activity in June of 2011. Sino-Forest has now been de-listed from the Toronto Stock Exchange, is insolvent, and the Ontario Securities Commission has levelled fraud charges against several of its top executives.

Chinese authorities are understood to be deeply concerned about the reputational damage caused by the wave of corporate scandals. And they want the bad press to stop.

「The attacks by shorters and the issues related to a number of U.S.-listed Chinese companies have caught the attention of officials at the Ministry of Commerce and the National Development and Reform Commission,」 said a Canadian lawyer with high-profile Chinese corporate clients who is well connected in Beijing and spoke on the condition of anonymity.

「They don't think it is necessarily a single isolated action. So things like this have started to climb to the top of attention among senior officials.」

『I was freaking scared'

That day in December, police strip-searched Mr. Huang at the airport, seizing his cellphone, cash, two laptops, his eyeglasses and his passport. He was placed in a cell in the Beijing First Detention Centre with 12 other inmates.

Within days he was in Luoyang, in China's central Henan province, being interrogated by officers from the local Public Security Bureau, or PSB. The Canadian citizen has been prevented from leaving China for more than eight months, and was made to pay $32,000 in a form of unofficial bail, before being re-arrested in July. Mr. Huang's lawyer, Wang Yuehong, believes he will be charged any day now with 「disseminating false facts to impair another person's commercial reputation,」 a criminal offence that carries a maximum punishment of two years in prison. If charged, Mr. Huang's chances of winning his argument in court are exceedingly small: conviction rates in China are above 98 per cent.

Mr. Huang's troubles are connected to research he helped compile for a report published in September, 2011, on a website called Alfredlittle.com. The report alleged Silvercorp had overstated its production and the amount of precious metals contained in its mines.

The company aggressively denied the allegations in a series of press releases and statements by its chairman and chief executive officer, Feng Rui. In a recent interview with The Globe and Mail, Mr. Feng attacked the credibility of Mr. Huang, his associates and his employer, Jon Carnes, whose firm EOS Funds has, through short positions, profited from a decline in Silvercorp's share price.

「These people have a habit to lie,」 Mr. Feng said, adding 「These guys have a habit of fabricating things.」

Documents and evidence obtained by The Globe and Mail – including a number of receipts for police expenses, if authentic – may support allegations that Silvercorp helped fund the PSB investigation against Mr. Huang and his associates. During the investigation, Chinese police seized Mr. Huang's laptop; it appears that personal information from it, including addresses and phone numbers, was later used in a court filing by the company in the United States.

Mr. Feng strongly denies these allegations and asserts the documents obtained by The Globe have been falsified. He also said that information in the court filing was obtained from publicly available documents, or from the company's own private investigators.

The company and its share value have, so far, fared much better than other Chinese companies that became the target of short-sellers. In 2011, the company hired KPMG Forensics to probe its financial results. Silvercorp said the firm produced a report that, although it was not made public, cleared it of any financial fraud allegations.

Its stock rebounded sharply after it announced the findings of the KPMG report in response to the Alfrelittle.com allegations.

Silvercorp's offensive appears to be part of a co-ordinated counterattack by Chinese companies and government authorities – who are often closely linked – against North American short-sellers. Mr. Huang's lawyer, Ms. Wang, said the officers handling the case made it clear to her that the only way her client could expect lenient treatment was if he gave them information related to other recent short-seller reports that caused sharp drops in the share prices of U.S.-listed Chinese companies.

She said the Luoyang PSB specifically sought information about negative reports on China's No. 2 property developer, China Evergrande, and on New Oriental Education & Technology Group Inc. Ms. Wang said Mr. Huang has no knowledge of either case.

Others individuals who, like Mr. Huang, have made money investigating whether Chinese firms are accurately representing themselves to foreign investors, admit they have been temporarily chased out of the mini-industry. 「There was something about the way [Silvercorp] defended itself – the obvious government connections it had – that made it obvious to me that I should leave it alone for a while,」 said one investigator who had played a role in uncovering Sino-Forest's flaws and now says he no longer takes on such jobs in China. He spoke on condition of anonymity.

Mr. Huang's experience is instructive. Three days after his arrest at Beijing airport, he was transferred into the custody of PSB agents, who put him in the back seat of a rental car and drove 900 kilometres southwest of Beijing to Luoyang. It was 11 p.m. on Dec. 31 when they reached Luoyang, a gritty industrial city of 1.5 million residents, and Mr. Huang was taken straight to the office of the local PSB's economic crimes unit and interrogated. He said the PSB wanted to know who had hired him to investigate Silvercorp, how the investigation had been done, and who made money off it.

「I was freaking scared. I had been in jail for four days, and I didn't know what they were going to do to me,」 Mr. Huang said in an interview in Beijing before his re-arrest in July. 「I mean, I hadn't even been able to call anybody. So I started telling them.」

Mr. Huang said the PSB told him that his interrogation was part of an international investigation, one that had been approved at the highest levels in Beijing, and one in which the RCMP was also taking part. When contacted by The Globe and Mail, Feng Yi, the PSB officer responsible for the case, acknowledged Mr. Huang was in custody and predicted a conviction. He said other cases where Chinese firms were targeted by foreign short-sellers would also be investigated.

It was during that initial questioning that Mr. Huang said he first noticed the lead PSB officer was receiving text messages on his mobile phone that seemed to spark new and more-specific lines of questioning.

Mr. Huang said he explained to the police that he had worked for EOS Funds – the Vancouver-based investment fund – since 2006, and that his main job was to 「investigate investments,」 focusing on Chinese companies that had obtained listings on North American stock exchanges via a tactic known as a 「reverse takeover.」 That involves acquiring an already-listed shell company, and thereby bypassing an exchange's lengthy approval processes and the scrutiny of securities regulators.

Mr. Huang said he hired local investigators who made videos of the trucks going to and from Silvercorp's main mining property, and collected ore samples from the side of the road. That evidence led to the report alleging that Silvercorp had overstated the production, quality and resource estimates of one of its mines. Silvercorp strongly denied the allegations.

Mr. Huang slept the night of Jan. 1 on a couch in the PSB office before being moved next door into Green Tree Inn, a two-star hotel that would be his home for the subsequent three weeks of off-and-on interrogations.

The PSB still had his passport, cash and laptops, and Mr. Huang was told that he wouldn't be allowed to leave Luoyang until he paid 200,000 yuan (about $32,000), a seemingly arbitrary amount that the PSB officer said Mr. Huang needed to hand over because he had made 「illegal proceeds」 from his investigation of Silvercorp.

Mr. Huang began to get suspicious about who was really investigating him when the PSB officers asked him to provide passwords for his company e-mail and trading accounts.

The police officer, he said, didn't have the laptop with him, and wasn't familiar with the English-language programs. He was getting instructions over the phone from someone who didn't appear to work for the PSB.

「I heard a female voice on the other end asking 『does your [PSB] office in Luoyang have anyone who knows Outlook Express?』 」 Mr. Huang recalled. 「They were getting orders from the other side of the phone … it had to be from the company.」

While Mr. Huang was allowed to leave Luoyang at the start of the Chinese New Year in late January, he was told he could not leave China and was repeatedly summoned back to Henan province for further questioning.

Mr. Huang's belief that Silvercorp was managing the PSB investigation grew firmer after he and the lead PSB agent travelled together in February to the city of Wuhan, where Mr. Huang was born. The trip was made in order to cancel his Chinese passport and extend the visa in his Canadian one, a necessary precondition to keeping Mr. Huang in the country for further questioning. (China doesn't allow its citizens to be dual nationals.)

When Mr. Huang and the PSB agent checked out of the Home Inn on Feb. 10 after a two-day stay, Mr. Huang paid his own room bill. But he said he was shocked to hear the officer ask to have the second room's receipt made out to Henan Found Mining Co., a subsidiary owned 77.5 per cent by Silvercorp. Later, while free from Luoyang but still unable to leave China, Mr. Huang returned to the hotel and asked for a copy of the two receipts.

The Globe and Mail confirmed with the local tax office in Wuhan that the sequential tax receipts Mr. Huang obtained were indeed issued by the Home Inn. The hotel itself confirmed that someone with the name of Feng Yi, the PSB officer who led the investigation of Mr. Huang, checked out of the hotel on Feb. 10 and paid a bill of 493.30 Chinese yuan, an amount identical to that on the receipts provided by Mr. Huang.

A similar paper trail appears to exist for a later trip to Chengdu. Luoyang PSB officers escorted Mr. Huang to the southwestern city so they could interview other researchers. The room bill for a March 13 stay at the Kang Ting Wen Miao Hotel in Chengdu is made out to Feng Yi, but the matching tax receipt, seen by The Globe and Mail, is made out to Henan Found Mining. The red stamps on the receipt match the numbered stamp issued to the hotel by the National Administration for Code Allocation in Beijing.

Mr. Huang claimed Officer Feng was at times less-than-guarded in front of him, at one point asking someone over the phone if someone from the mining company could provide a car. The next day, Mr. Huang was driven to Zhengzhou, a city 150 kilometres away from Luoyang, in a black Lexus 240. Mr. Huang wrote down the licence plate number and, according to a search conducted for The Globe and Mail by a private investigator in China, the plate number belongs to a black Lexus owned by Henan Found Mining.

Silvercorp's apparent financial backing of a Chinese police investigation, if proved, and the sharing of information between Chinese law enforcement officials and a private company, could represent a violation of Canadian law, according to legal experts. Mr. Huang's Chinese lawyer claimed such tactics would also be a clear violation of Chinese law, although she said it's not a widely enforced section of the country's criminal code.

Chinese law stipulates that police cannot accept any form of payment for an investigation, including having an outside party pay for an officer's expenses. 「It's illegal,」 Ms. Wang said of Silvercorp allegedly subsidizing the PSB investigation against Mr. Huang. 「But this kind of behaviour is taken as common practice in China.」

Such accusations might have more weight in Canada. Milos Barutciski, an expert on international corruption cases, said the documents obtained by The Globe and Mail suggest Silvercorp's actions 「may also contravene Canadian law where related acts or communications have occurred in Canada.」



Contact list

In mid-March, Silvercorp, which was already suing EOS and its founder Jon Carnes in the Supreme Court of New York, filed a motion to obtain documents from Royal Bank of Canada and RBC Dominion Securities. In the filing, which was withdrawn about two weeks after it was first made, Silvercorp provided what appeared to be 44 phone numbers and 20 addresses. The filing asked that RBC be ordered to provide any trading account numbers and contact information associated with the phone numbers and addresses.

Mr. Huang says the list filed by Silvercorp's lawyers could only have come from a contact list he keeps on his laptop, which has been out of his hands since it was seized at Beijing airport. 「They even had my boss's wife's Asia Air Miles number [appearing as a phone number in the court filing],」 Mr. Huang said. 「They could only have gotten it from my laptop.」

Mr. Huang says he confronted Officer Feng at one point about Silvercorp's involvement in the investigation. He said the PSB agent's reply was aggressive. 「He said, 『You have to take responsibility for what you have done. This company is very powerful at the local level. They pay a lot of tax to the local government and Luoyang is a very poor city. They contribute a lot to the local economy.』 」

But Silvercorp CEO Feng Rui said his company had no involvement in helping to pay for the PSB investigation of Mr. Huang and his associates. He insisted that Mr. Huang, Mr. Carnes and others are fabricating the evidence.

「These are bad people for me. They are my enemy. I am raped. I tell police. Right? The police sometimes do contact me and with us. We are victims. We are big taxpayers in the Luoyang County,」 Mr. Feng said in a telephone interview from Beijing.

When asked why the hotel receipts for the PSB officer were made out to a division of Silvercorp, the CEO suggested they were fakes. He noted that it is relatively simple to create false receipts in China.

As for the allegation that the PSB had used a company car to transport Mr. Huang, the Silvercorp CEO suggested that Mr. Huang had recorded the car makes and licence plates of the mining company's vehicles when he and other researchers were secretly videotaping the company's operations in 2011.

Mr. Feng also denied that Silvercorp has received any information from the Luoyang PSB that was obtained from the investigation. When asked about the addresses and phone numbers submitted in New York court, Mr. Feng said some of the data was publicly available on the Internet while other parts were uncovered by Silvercorp's own investigators.

EOS founder Jon Carnes said Mr. Feng's explanations were 「preposterous.」 In an interview in Vancouver, Mr. Carnes said that the data entered into court by Silvercorp could only have come from Mr. Huang's laptop as his own laptop and that of another associate with the same information had not been compromised. He confirmed that one of the 「phone numbers」 filed in New York court was, in fact, his wife's Asia Miles frequent flier number.

Mr. Carnes conceded that he currently has a $2-million (U.S.) short position on Silvercorp shares and will benefit financially if the stock declines. He pointed to his lengthy track record of exposing frauds or unscrupulous behaviour at other Chinese companies as proof that he and his researchers are not fabricating evidence in Mr. Huang's defence.

「In the Silvercorp case, I would say I have absolutely no reason to fabricate any of this stuff. I have built up a substantial track record exposing fraud and to do something as stupid as fabricating evidence would be stupid,」 Mr. Carnes said.

Huang Kun's father, Huang Youcai, said he just wants his son to get out of China. In an interview from his Vancouver home, the elder Mr. Huang said he and his wife were unaware of his son's legal troubles until he was arrested for the second time in July and lost all communication. Now Mr. Huang is pleading with the Canadian embassy in Beijing and the Department of Foreign Affairs in Ottawa for help.

Ms. Wang, the lawyer, said the Canadian embassy has met with Mr. Huang twice, including once in the Luoyang PSB office since his most recent detention. 「The embassy says it will go on working through diplomatic channels but they're not sure how much effect they will have,」 she said.

Before his latest arrest, Huang Kun said he was worried that Silvercorp's connections to the police investigation meant he would likely spend a prolonged time in jail.

「Yeah, of course I'm worried … there's not enough evidence to charge us, but [the police] are getting pressure from the higher officials – the provincial level and the federal level … to investigate this case and punish us,」 he said in mid-May, drinking green tea in the lobby of a five-star hotel in Beijing while out on bail.

「The law in China is very flexible.」

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獅城直播：看新加坡人怎麼鬥渾水

1 : GS(14)@2012-12-17 23:40:57

http://finance.sina.com.cn/world/yzjj/20121205/100513903475.shtml
　　將中概股整得很慘的渾水(MuddyWaters Research)，繼揭露東方紙業、綠諾科技、分眾傳媒、新東方並致使其股價大跌後，又將眼光瞄向了新加坡上市公司奧蘭國際(Olam International)，這是世界上最大的花生及主要棉花(19390,175.00,0.91%)商品貿易公司之一。這場對掐注定是場持久戰，雙方都宣稱要不遺餘力地把對方告上法庭。
　　渾水於11月19日在倫敦一個投資大會上首次質疑奧蘭國際的會計手法，後又發佈133頁的報告，聲稱奧蘭國際有很高的倒閉風險，建議投資者大力拋售其股票。
　　近半個月以來，奧蘭國際對渾水的質疑全力反擊。與同樣被渾水中傷的中概股相比，奧蘭的行動也許更加有力。
　　12億5000萬美金的股東加持
　　12月3日，奧蘭國際宣佈大規模配售籌資計劃，通過配售債券和憑單，籌集了高達12億5000美元資金，借此證明奧蘭國際的籌資能力，希望在渾水的不利言論下，能借此穩定投資者信心。
　　奧蘭國際最大的股東：淡馬錫控股(Temasek Holding)已承諾認購所有配額，並全面「包售」該配售計劃，未獲其他股東認購的配額淡馬錫也將全部買下。此外，瑞士信貸(Credit Suisse)、星展銀行(DBS)、匯豐銀行、J.P。摩根這四家銀行也將全面包銷。
　　淡馬錫曾四度投資於奧蘭國際，目前持有16%的股權。這個大股東的身世也絕非等閒：淡馬錫是新加坡國有投資公司，新加坡財政部對其擁有100%的股權。該公司掌控了新加坡電信、航空、地鐵、電力、飯店等幾乎所有最重要的大企業，主宰新加坡的經濟命脈。
　　淡馬錫的支持無疑給了投資者一劑強心針。其投資部高級董事經理邢增成在文告中明確表示力挺：「這些年來，我們一直投資於奧蘭國際，支持它近年來把握機會、增強更多上游和中游能力的公開戰略。雖然沒有任何業務是沒有風險的，我們仍然對奧蘭德信用狀況和長期展望有信心，也很高興能和其他股東又再一次投資於奧蘭的機會。」
　　並且，奧蘭國際集團總裁魏吉思(Sunny Verghese)還在記者會上指出，憑單的行使價沒有折扣，這顯示了奧蘭這個交易的吸引力。他還說：「公司不缺乏資金，進行這個交易是希望消除市場擔憂，解除債券和股票面對的壓力。」
　　揪出渾水惡意做空把柄
　　做空不犯罪，聯合基金公司鼓動他人賣空就是不對。
　　奧蘭總裁魏吉思透露，渾水公司創辦人布洛克曾在兩個月前，與香港一家對沖基金公司經理來到新加坡奧蘭公司總部。當時，布洛克一身T恤仔褲，頭戴棒球帽，使用不同名字並聲稱沒有帶名片。奧蘭國際後來對比網絡照片，在公司監控錄像中辨認出此人正是布洛克。
　　奧蘭公司認為，布洛克與對沖基金夥同做空，大肆發佈危言製造恐慌，破壞投資者信心，導致奧蘭股價一路猛瀉，以從中牟利，有操縱市場的嫌疑。奧蘭將設法查出布洛克與對沖基金關係。
　　「賣空活動本身不違法，但事前早已準備針對奧蘭的研究報告、事先準備好賣空盤位，還放話鼓勵其他人一起賣空，這就成了觸犯法律的內線交易。」魏吉思說。
奥兰国际总裁魏吉思称，要让浑水为此次破坏行动负责。(图片来源：联合早报)奧蘭國際總裁魏吉思稱，要讓渾水為此次破壞行動負責。(圖片來源：聯合早報)
　　起訴渾水：誹謗及惡意誣陷
　　布洛克在倫敦發表對奧蘭國際的不利言論後，奧蘭表示，將捍衛榮譽並讓渾水公司對他們的破壞行為負責。在渾水針對奧蘭國際會計手法問題的具體研究報告發佈之前，奧蘭國際就已提呈新加坡高庭，以誹謗及惡意誣陷起訴渾水。當然，渾水也不示弱，反過來要求奧蘭國際收回指責它的言論並道歉，並聲稱將保留法律追究權。
　　儘管官司還未開庭，戰爭也可能持續更久，但至少奧蘭盡了全力，及時用法律捍衛自身榮譽。在法制國家，做到這點並不複雜，也更簡潔有力。與口水戰相比，法庭上的戰爭更能決出勝負。
　　本文來自於新浪財經原創專欄集《全球新聞眼》如需轉載請務必標明文章來源和欄目鏈接，歡迎媒體洽談落地合作。意見建議請@全球新聞眼2012 (微博)

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2 : Sunny^_^(11601)@2012-12-18 14:14:00

其實只要佢公佈報告個陣講明已沽空就行了，不是嗎?????

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3 : greatsoup38(830)@2012-12-18 22:57:56

2樓提及

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其實只要佢公佈報告個陣講明已沽空就行了，不是嗎?????

一定有

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憂貸款惡化　渾水沽空渣打

1 : GS(14)@2013-05-12 14:57:13

http://hk.apple.nextmedia.com/financeestate/art/20130512/18257077
Carson Block指，市場對渣打的賬目內潛在的風險數量存在誤解。他舉例指，該行向跨國煤礦商Bumi主席Samin Tan提供的10億美元融資，以及向中國進行煤氣勘探及開發的美國遠東能源（Far East Energy）貸款3,000萬美元，都是十分危險的。與此同時，他指渣打去年向礦務業提供的貸款，佔總貸款比例增至22%，實在太過進取，很容易出事。

受中國經濟放緩拖累

                他續解釋，現時Bumi多位創辦人仍存在糾紛，情況非常混亂，加上去年9月又被倫敦當局指該公司涉及金融違規事項，「根本無人知悉實際情況，借錢給他們明顯有危機」。Bumi在倫敦股價去年已大跌近七成。
另一方面，Carson Block指中國經濟放緩也是導致渣打貸款組合變壞的原因之一。他指渣打業務分佈在全球不同的新興市場，但貸款組合內牽涉如此多中國相關賬目，應該感受到壓力。不過，彭博資訊指紐約渣打發言人Julie Gibson拒絕就上述報道作出回應。
此外，以狙擊內地民企聞名的Carson Block又批評多間中國企業有問題。他重申中國互聯網公司奇虎360科技是一個騙局，不過現時已沒有再沽空該股。他的言論明顯與SALT年會上另一講者、Passport Capital創辦人John Burbank打對台，因John Burbank在會上表示喜歡奇虎這一類企業。

質疑前景　唯品會即瀉

                  Carson Block又披露現時有少量廣州零售商唯品會（VIPshop Holdings）空倉，雖然他不認為唯品會有造假，但該公司的業務模式從中長期而言已沒有多大前景。受此言論影響，唯品會美國股價上周五跌5.89%，收報31.77美元。                                                        

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來寶遭狙擊 中投持股蒸發1.8億 被渾水質疑現金流 股價一度跌8%

1 : GS(14)@2015-04-10 17:26:56

http://www.mpfinance.com/htm/finance/20150410/news/ec_ech1.htm\r\n\r\n【明報專訊】沽空機構渾水繼1月狙擊奇峰國際(1228)後，昨日轉戰新加坡，質疑在當地上市的大宗商品交易商來寶集團現金流有問題，來寶亦已非首次被質疑現金流。來寶於2009年曾獲中投公司垂青入股，涉資8.5億美元(約66.3億港元)。報告於昨日上午11點公布後，來寶於新交所股價約半小時內從高位下插，一度跌逾8%，全日跌5.5%，拖累中投單日帳面蝕逾3100萬坡元(約1.8億港元)。\r\n\r\n  渾水引述彭博數據指，來寶集團自由現金流20年內只有4年錄得正數，即每5年才有1次現金淨流入。報告表示，該集團自1997年從銀行及市場集資77億美元(約601億港元)，惟現時其債務卻近40億美元(約312億港元)。\r\n\r\n來寶極少現金流入 負債逾300億\r\n\r\n報告亦提到，來寶可能鼓勵投資者，排除集團營運資本出於經營現金流及自由現金流的變動，但渾水認為此舉是自利及不誠實，質疑來寶為何20年來仍無法停止「燒錢」，詢問集團「能否靠借貸來償還現有債務」，以及「是否陷於耗費資金犧牲公司價值，以換取帳面盈利」。\r\n\r\n中投常押錯注 旗下投資頻出事\r\n\r\n早前Iceberg Research亦共發表3份報告狙擊來寶集團，指出來寶營運現金流可能來自於結構性庫存回購，即交易商將商品庫存賣給銀行，並約定在未來某個時間回購，但庫存每每於季末消失，正是集團高利率成本的原因。\r\n\r\n曾於來寶集團任職財務總監的馬超，亦於2012年在港交所(0388)任相同職位，但上任不到半年便辭職，為港交所主席李小加任內第三位辭職財務總監。\r\n\r\n此外，來寶一度獲中投注資，但中投多年來投資不少中資股，卻時常押錯注，頻頻傳出問題。中投於2011年斥資1.2億美元(約億港元)買入旭光(0067)可換股債券，但旭光被沽空機構Glaucus質疑年報造假，以至停牌至今及面臨清盤邊緣。中投於2012年亦曾斥資1.5億元向陽光油砂(2012)入股，但公司財務欠佳，至今股價大瀉逾九成。\r\n\r\n明報記者 鄭智文

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周顯：殼股易主可渾水摸魚

1 : GS(14)@2016-10-19 06:07:24

【明報專訊】去年今日此欄中，當時正值股市崩圍，我仍然「冒死」去購進以百萬計的前進控股（1499），也在專欄寫了出來，結果這是在去年下半年少數可以贏錢的股票……我之所以特意把這股票重申一遍，皆因這是少有的得意傑作，因此必須作出洗腦式的宣傳，以使讀者們忘記先前我推介過的輸錢股票。

話說前進控股在去年9月2日上市，上市後最高升了3倍，股災的災情轉劇後，股價又告回落，但從來沒有跌破過招股價。照我所知，買這股票的投資者，十居七八都是賺錢的，我有兩個朋友，外號「銷售孖寶」，更加是七位數字的大贏家，請了我吃好幾頓飯。

也可憧憬注入優質資產

本年4月5日，它的控股股東出售約6億舊股，作價是0.375元，在5月11日公司又配售了1.68億新股，作價是0.5元，在9月23日，又完成了配售1.75億新股，作價是0.52元……到了這時，大股東的持股比例已降至現時的44.7%。

換言之，我有理由相信它已經賣了殼，因此，我在星期一亦在0.66元，買入了幾十萬股，作為投機性買入，一來憧憬它正式宣布賣殼，二來憧憬它注進優質資產，大炒一頓。

朋友D君邀我到蔚藍海岸玩，當然是包埋遊艇啦！唔通自駕遊咩！我說﹕「免得就免，我怕暈船浪，除非你隻係Lurssen鐵船啦！其實，蔚藍海岸有乜好玩咩，我覺得深圳波托菲諾好過意大利嗰個喎！蒙地卡羅賭場豆泥到唔恨，賭100蚊美金已經可以包場，個friend占士本來包咗張賭枱來做，做做下都唔鬼做，去康城，我寧願去日出康城，最少近D吖！去尼斯，Merenda又唔畀訂枱，去聖特羅佩，都唔係我D窮鬼去嘅地方。」

D君說﹕「不過我有股票貼士喎……」

我馬上說﹕「乜嘢冧巴，幾時起行？」

[周顯 投資二三事]


來源: http://www.mpfinance.com/fin/dai ... 3517&issue=20161019

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千方百計：渾水摸水魚

1 : GS(14)@2017-01-09 08:09:59

「香港金融市場是外國大鱷的提款機」這句話始於97年金融風暴。眨眼間已經差不多20年了，好不幸香港這個提款機仍然繼續為他們運作。這兩年間一些外國的所謂調查機構，發報質疑性調查報告，對一些香港上市的中國公司作出攻擊。他們打着保護投資者利益的旗幟，發放一些負面資料。這些黑材料不論是否屬實，被攻擊的公司股價一定受到傷害。這些機構同時沽空做空股價而獲利。聽說有些更離譜的手段是大鱷利用黑材料向上市公司談判，要求贖金否則爆料，手法如同勒索。這些鱷魚就連公司地址和電話都沒有，要找他們算賬真是捉影捕風。



小弟作了一個粗略統計，2015年他們在香港股票市場做了7次世界，2016年更加做了10次大行動。在這17次的狙擊行動中，只有3間公司仍然停牌；其他14間上市公司已經作出相對回應和公告澄清，證明黑材料無根據，而且復了牌。雖然證明了清白，但被追擊的公司已耗了不少金錢和時間去抵抗，而其聲譽和股價亦受到影響。鱷魚們就從中獲得豐厚利潤，吃得飽飽回家過聖誕去。這些放黑沽空機構能一而再、再而三的在香港「搵食」，其實香港監管機構要負上一定責任。監管機構對這些鱷魚似乎很仁慈。每次他們出動爆黑材料，監管機構的做法是先要求相關上市公司停牌，然後根據所謂的黑材料質疑公司，但對於黑材料的來源、大鱷的奸計，有關部門卻沒有採取甚麼行動積極打擊，或是束手無策，做法有點像斬腳趾避沙蟲。獵物已經被咬得遍體鱗傷，還要應付監管機構的要求。



我沒有說監管機構不對，但覺得他們是否應該先把鱷魚趕走，然後才作出調查，不讓他們利用敏感時刻做世界。當然，有些上市公司真的是有問題，而爆出的材料也是堅的。但事實證明這些沽空機構搵食多過保護投資者權益。鱷魚本性是凶殘。監管機構的責任除了打擊上市公司造假外，也需要懲罰一些在香港金融市場上「上下其手」做世界的人，保護在港上市公司的尊嚴。因為無助，現在被追擊的上市公司惟有自救反擊，找專業人士進行盡職審查之餘，更自己去挾倉挾爆大鱷魚。但問題始終沒有徹底解決，過了一段時間他們又回來。最近中國海軍在南海截獲美軍水下無人探測器。中國懷疑儀器是進行間諜活動，而且涉及主權問題，所以把它撈起取走，香港監管機構應以此事作為借鏡。放黑沽空機構在香港巿場的做法如同水下間諜活動也涉及主權，渾水摸魚，監管者應把焦點放在鱷魚身上而非一味指摘獵物，譴責及禁止這些機構發放流料又同時沽空，用力打擊貪吃的大鱷魚，趕走他們之餘更阻止他們回來。鄭中正
http://www.fb.com/Raymond-Cheng-for-Council-100806826658712




來源: http://hk.apple.nextmedia.com/financeestate/art/20170109/19890751

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渾水：中國債務遲早爆煲

1 : GS(14)@2017-05-26 23:49:20

【明報專訊】中國因債務因素，前日被國際評級機構穆迪下調信貸評級。沽空機構渾水（Muddy Waters）創辦人Carson Block昨日接受外電訪問時也乘機「抽水」，指中國自全球金融危機以來的信貸問題最終會「爆煲」，至於危機何時會爆發則只是時間問題。

問題源於政府不斷注資

Carson Block認為，問題根源在於中國當局向銀行體系注入流動性，使其他參與者可以提走自己的資金，令體系日益面臨崩潰風險。他更稱，中國到某個時候總是要算帳的，「我知道，最終審判日終將到來。我只是沒法告訴你究竟會在兩個月、兩年還是20年之後」。

曾明言將狙擊更多港股

Carson Block又提到，沽空中國股票有難度，需要篩除有政府支持的公司，因當局不會讓這類公司倒下，因此相對而言，沽空香港恒生指數「太簡單了」，關鍵是尋找無論中國政府怎麼做也終將垮台的行業和企業。他表示，渾水將繼續沽空香港上市公司，因信貸收縮將對整個經濟帶來衝擊。渾水去年12月曾狙擊輝山乳業（6863），指其價值「幾近於零」，今年3月輝山爆出資不抵債，Carson Block當時已表示，將會狙擊更多港股。


來源: http://www.mpfinance.com/fin/dai ... 7924&issue=20170526

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渾水料中國信貸最終爆煲

1 : GS(14)@2017-05-26 23:53:34

■Carson Block



【本報訊】外電報道，沽空機構渾水（Muddy Waters）創辦人布洛克（Carson Block）昨接受訪問時表示，因全球金融危機，中國的信貸問題最終將「爆煲」。他解釋，問題在於中央向銀行體系注入大量流動性，令其他投資者可以自行提走資金，令體系有崩潰風險。布洛克表示，中國總要在某個時候算賬，目前只是「時辰未到」，但無法確實估計「時辰」究竟是兩個月、兩年或20年後。他指出，由於中國政府不會讓一些公司倒下，故沽空中國股票具挑戰；相反沽空恒生指數「非常簡單」，關鍵是尋找無論中國政府怎麼做也終將垮台的行業和企業。他指之後亦會繼續沽空本港上市公司，因為信貸收縮會對整個經濟帶來衝擊。事實上，渾水早於去年12月中唱淡輝山乳業（6863），令該股今年3月曾一度暴瀉逾九成，其後公司多位管理層離任，該股至今仍未復牌。


天合化工公佈遭停牌

另外，停牌超過兩年、今年4月才發公告澄清沒有被勒令停牌的天合化工（1619）昨公佈，董事會接獲證監會通知，指當局已根據證券及期貨規則第8（1）條行使其權力，勒令公司停牌。公司指正尋求進一步法律意見。天合化工於2014年掛牌，惟上市不足3個月即被沽空機構狙擊，質疑公司誇大收入及盈利。其後因未能如期公佈業績而於2015年3月26日停牌。天合化工昨晚再發公告，指被證監會勒令停牌，是證監認為公司刊發日期為2014年6月9日的招股說明書，及日期為2014年9月10日及10月8日的澄清公告載有虛假、不完整或具誤導性的資料。



97年主權移交至今，香港前進還是倒退？「蘋果」與你細數廿載風雨。【回歸二十年】專頁：http://hksar20.appledaily.com.hk




來源: http://hk.apple.nextmedia.com/financeestate/art/20170526/20034144

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渾水預告狙擊港股 通達敏華受累急跌

1 : GS(14)@2017-06-08 00:26:09

【明報專訊】儘管瑞聲（2018）獲沽空機構力挺，惟著名沽沽空機構渾水（Muddy Waters）昨日卻再發「死亡預告」，稱將於今日再狙擊一隻港股，市場人士擔心，主營消費電子產品外殼供應業務的通達集團（0698），及主營沙發牀墊業務的敏華控股（1999）或成為目標，兩股股價昨天因而大跌。

通達曾瀉16% 公司斥3600萬回購

渾水創辦人Carson Block昨日接受彭博電視採訪時揚言將於今日出手狙擊港股，他又直言，部分港股公司存在欺詐行為且操縱股價，又由於街貨不多，致使公司股價泡沫難以自行破裂。此言一出即令個別港股「為之一震」，敏華股價一路下挫，全日收跌8.6%，早前曾遭狙擊的科通芯城（0400）亦跌逾一成。通達股價甚至一度急瀉15.56%，公司隨後更於聯交所公布，以每股2.01元價格斥資3618萬元回購1800萬股，最終公司全日跌幅略有縮窄，收報2.02元，跌10.22%。

首個港股目標奇峰停牌至今

渾水早年以在美國沽空中資概念股且幾乎百發百中而成名，2014年末，渾水將「槍口」轉向港股，首個目標奇峰國際（1228），在遭狙擊後兩日股價累跌6.45%，隨即停牌，至今仍未復牌。惟去年12月渾水狙擊公眾持股量不足三成的輝山乳業（6863）時受挫，公司股價在強力托市下兩日僅跌3.2%，令渾水難以及時獲利，直至3個月後，輝山才因被踢爆資不抵債，股價插水85%並停牌至今。


來源: http://www.mpfinance.com/fin/dai ... 2053&issue=20170607

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