Moody’s Investors Service (part of Moody’s, MCO.NYSE), a credit ratings agency, said that Sino-Forest (TRE.TSX) and West China Cement (1233.HK) were among emerging-market companies that raised “red flags” for corporate governance, Bloomberg reported. The ratings agency examined a set of 20 criteria that “highlight issues meriting scrutiny to identify possible governance or accounting risks for non-financial corporate […]
Category: Markets
Sun Art Retail Group (6808.HK), a Chinese consumer retail outfit, raised US$1.06 billion in an initial public offering after pricing at the top of its indicative price range on the Hong Kong Stock Exchange on Friday, the Wall Street Journal reported. The company, a joint venture between Taiwan’s Ruentex Group (2915.TT) and France’s Groupe Auchan, […]
China’s Ministry of Finance failed to sell all its debt on auction for the third time in 2011 as tight credit markets hit the country’s banks, Bloomberg reported. The Ministry sold about US$1.82 billion of its targeted US$2.32 billion. Lack of demand was blamed on tight monetary conditions: The seven-day repurchase rate, a measure of […]
Singapore’s investors are looking to tougher rules to prosecute fraudulent mainland Chinese companies listed on the city-state’s exchange, Bloomberg reported. Singapore has been especially hard-hit by Chinese firms with dubious accounting: More than 10% of Chinese companies have been delisted or suspended since 2008. “We can’t afford to have another scandal and let investor confidence […]
Renren (RENN.NYSE), China’s largest social-networking website by page views, rose to its highest level in a month in New York yesterday after eight consecutive days of appreciation, Bloomberg reported. The company’s shares closed at US$11.33, up 5.9% for the day. Renren’s shares hit a 52-week low of US$6.13 a share on June 24 but went […]