Southeast China's Refinancing Market Will Soon Be &Nbsp; Or Stop Or Sell Assets Transfer Behavior.

Whether the South East real estate company will really quit the NYSE will finally come to an answer.

Southeast Accommodation The document submitted to the securities and Exchange Commission (SEC) in July 28th showed that the company did receive a warning letter from the regulatory authorities of the NYSE in July 26th, saying that it had failed to meet the requirements for further trading. In order to protect the interests of investors, the southeast finance company would start the delisting process.

Mr. Yao, a US investor in Shenzhen, bought 10 thousand shares of southeast finance in May 10th this year at a price of 18.20 US dollars per share. "At that time, I believe that the strength of southeast finance in the field of software outsourcing is based on the first quarter earnings report that it was about to announce." However, I did not expect that a week later, the South East Finance Company had an urgent suspension. As of yesterday, it had not yet resumed its cards.

　　 There will be only three trading days for the counterclaim.

Public information shows that in the reason why the NYSE said that it was not in line with the continued transaction, it was mainly due to the resignation of 3 independent directors and members of the audit committee in July 5, 2011. It did not announce the appointment of other audit committees and board members. Therefore, there is no independent and sound audit committee. The NYSE has been informed by the US Zhongda law firm that due to the lack of audit, the investigation within the company is basically in place. stagnation The state has limited access to company documents and systems, and the company has not adequately explained it. According to the Handbook of the US listed companies, the departure of the members of the board of auditors caused the company to have no audit committee. The foreign issuer must submit a written interim proof within 5 days, but up to date, the finance has not yet been submitted.

At the same time, the NYSE also pointed out that listed companies or management involved business activities which are inconsistent with the interests of the public investors. The company will face the delisting procedures, or there will be accounting defects or contrary to other public standards in the financial reports of listed companies.

The notice indicated that within 10 working days, the South East Finance Corporation could refute the decision of the NYSE. Since the notification received in July 26th, it has only 3 working days left for the South East financial intermediation.

"Once we return to the OTC market from the main board, we can not keep the share price of US $2. We don't know the stock price is basically the same as the waste paper." In the interview, Mr. Yao said, "who would have thought that the company that audits DDT will also make false financial information? And where can we protect our rights? "

Mr. Yao, who has lost all his blood, has once sought the Investor Relations Department of the headquarters of the southeast finance department, hoping that the other side can give a statement, but he has been rejected repeatedly. He disclosed that many small and medium-sized retail investors who were hurt by interest were deceived this time, and that the class action of joining a lawyer office in the United States made him feel no sense of trust.

Many small and medium-sized investors have similar helplessness. Using the Internet, Mr. Yao has known many retail investors like him. Thousand shares There are many tens of thousands of shares.

"Southeast chaos" and corporate executives' Morality

After being challenged by the CITRON, a Research Institute of the US shorting IT, which was the first Chinese New York Stock Exchange's outsourced service company, which was once listed as an outsourced IT service company, the company appeared to be "out of control" in addition to the urgent suspension of stock trading.

SEC documents show that in May 23rd of this year, the southeast finance company announced that the chief financial officer (CFO) had resigned in May 19th, and the audit company DDT also released the audit relationship with the company in May 22nd. At the same time, CFO of Southeast China indicated that it was worried about the bank statements and some accountants of the company.

In the letter, DDT, an audit company, also said that due to the false information of the bank's deposit and loan balance in the company's financial records and the interference of the management members to the independent auditing company, including the seizure of DDT audit documents, it was indicated that it could not continue to provide audit services for the Southeast financial intermediation, and refused to have any relationship with the company's financial report in 2010 and 2011.

A former employee of southeast finance, who did not want to be named, told reporters that after the crisis, the management of the company did not consider the way out for the entire company and more than 8000 employees. Instead, it first thought of transferring assets to save themselves. At present, it has transferred nearly $200 million, leaving only 2 months' salary of employees, and has established a new company in Xiamen.

In this regard, the first Financial Daily reporters call the Investor Relations Department of Southeast China to verify, the phone no answer.

Senior industry reporter said that if there is such a thing. Assets Transfer behavior, even during the suspension period, as a listed company, still has the responsibility and obligation of information disclosure. Otherwise, it will be suspected of fraud. It will also have a very bad negative impact on other Chinese companies listed in the US.

The industry admits that when the listed companies enter the delisting process and then turn to the powder market, it is not ruled out that some immoral management of listed companies will divestiture core assets as far as possible, resulting in the last remaining in the US market is just a "shell".

Forbes Chinese net shows that in 2010, Fujian's 40 richest list, Jia Xiaogong, chairman of Xiamen southeast Finance System Engineering Co., Ltd., aged 62, ranked thirty-sixth in the 310 million US dollar, and Southeast China is also China's first software company listed on the NYSE. At the same time, Jia Xiaogong showed that fortune 2 billion 300 million yuan ranked thirty-fourth in the Hurun IT rich list in 2009, and its wealth jumped to 3 billion 200 million yuan in 2010, an increase of 39%.

On the website of southeast finance company, there are dozens of large enterprise customers in many fields, such as Bank of China, Agricultural Bank of China, China life, China Ping An, Sinopec, China National Offshore Oil Corporation, State Grid, etc.