The first case of cross-border supervision or sword photovoltaic enterprises
The China Securities Regulatory Commission and the United States of America's securities regulator's first cross-border accounting supervision cooperation, is likely to be realized in a large Chinese Enterprises -- Astor solar photovoltaic.
According to media reports, the Commission has completed the A shares of the company's accounting papers finishing work and fulfill the relevant procedures, has informed the United States to the United States to provide draft commission. At the same time, the China Securities Regulatory Commission also ready to provide the company's accounting papers to PC A O B. This is the China Securities Regulatory Commission provided the first Related Companies accounting papers to the United States, marks the Sino-US accounting audit cross-border law enforcement cooperation has taken a substantial step and an important step.
The reporter understands, this company is probably in China large-scale photovoltaic enterprises listed on the NASDAQ -- Canadian Solar (C SIQ, 2006 listed on NASDAQ in November raised $89840000, net), and the United States of America Securities Regulatory Commission (SEC) investigation, since 2010 is a golden oldie.
Public data shows, June 1, 2010, Canadian Solar received from SEC summons, the related sales documents submitted in 2009, affected by this news, the company shares fell 16%. Canadian Solar said in a later announcement, the company will postpone the release of earnings in the first quarter of 2010, due to the board of directors of the company to a survey by the audit committee. Announcement says, the audit committee has hired outside lawyers and forensic accounting to help review the summons mentioned in transaction. However, by then the cross-border supervision of accounting no agreement had yet been reached, SEC for the relevant investigation Astor solar energy without any results.
In 2012 December, SEC in violation of the securities act as, sued DDT, PWC, KPMG, Ernst & young and BD O China branch. This Monday (July 8th), SEC tries to convince judges enforce the sanctions against the mechanism, reason is that these firms refused to provide relevant audit information to regulators, hinder the fraud investigation in the United States listed Chinese companies. According to Reuters, in SEC in hearings, an SEC official in my testimony alleges that DDT did not hand over the corresponding audit records, due to a large Chinese solar companies financial fraud investigation for up to three years of stagnation. This company, it is Astor solar. Reporter call the Astor Solar's headquarters in Suzhou, says it is not clear on the matter.
It is understood, then at the request of SE C, DDT immediately to Chinese regulators provides audit data of 19 boxes of Astor solar energy. But so far, Chinese regulators are not sharing the information with SEC. Earlier in May 7th, the China Securities Regulatory Commission, the Ministry of Finance and the United States public corporation accounting oversight board signed memorandum of cooperation in law enforcement, the memorandum of understanding for the parties to provide and exchange with the two countries within their respective jurisdiction investigation related to the audit files to create a cooperative frame. Specifically, the future of the specific law enforcement cases need to obtain listing Corporation audit file, after the receipt of the request, provided by the Chinese side for its accounting papers.
Earlier, Astor solar announced a quarterly earnings, the current assembly shipments 340M W, last quarter to 404M W; the net revenue of $264000000 last quarter, $295000000; gross profit rate is 9.7%, the last quarter to 5%; at the end of the first quarter cash, cash equivalents and restricted fund balance is 606000000 the dollar, for $564000000 last quarter. Points out that the Artes chairman and chief executive officer Qu Xiaohua in the first quarter of May 28th earnings announcement in a conference call, which the company is expected to return in 2013 full-year profit, will be the first to return to profitability of the Principal company. Data shows, since March this year, the strong performance of solar shares, rose a total of 207%, now back above $12 per share.
The China Securities Regulatory Commission the relevant responsible person said, it relates to the financial fraud of the listing Corporation will be dealt with according to law, but the good listing Corporation should also to clean, maintain good image of Chinese enterprises in the United States listing Corporation, create a good environment for Chinese enterprises. Earlier, according to data from Ernst & young, since the third quarter of 2011, Chinese companies listed in the US have been in a frozen state, the first half of this year only a company listed in the u..
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