Arab Today, arab today china tech stocks dive on threat of us fraud probe
Last Updated : GMT 21:06:25
Arab Today, arab today
Arab Today, arab today

China tech stocks dive on threat of US fraud probe

Arab Today, arab today

Arab Today, arab today China tech stocks dive on threat of US fraud probe

Beijing - Arabstoday

Chinese internet stocks have dived in New York trading after the US Justice Department said it was considering launching a fraud investigation. The news was disclosed by Robert Khuzami, director of enforcement at the US financial services regulator. Youku, which models itself on web video firm Youtube, was among the hardest hit, falling 18%. Chinese search engine firm Baidu fell 9%, rival portal site Sohu lost 5.3%, and messaging firm Sina dipped 9.5%. The fraud concerns have arisen after accounting irregularities emerged at a number of Chinese firms whose shares are traded in the US. \"There are parts of the Justice Department that are actively engaged in this area,\" said Mr Khuzami, when asked by the Reuters news agency whether criminal cases were being prepared. He also confirmed that other federal prosecutors are involved in the investigation, but did not identify them, nor which Chinese companies and auditors are being looked into. The probe is the latest spotlight to fall on Chinese companies and their accounting practices. Deloitte Touche Tohmatsu resigned as auditors for software firm Longtop earlier this year, after the accountancy firm claimed to have uncovered evidence of falsified financial records. Questions have also been raised over the indirect way in which some Chinese firms obtained their US stock market listings. Normally, a firm conducts a formal \"initial public offering\" on a stock exchange - something that is heavily regulated in the US and requires the detailed disclosure of a firm\'s finances to prospective investors. However, many Chinese firms followed another route to market known as a \"reverse merger\". This method involves the Chinese company being bought up by a smaller US firm that was already listed on a stock exchange, such as the Nasdaq, thereby minimising the company\'s disclosure requirement. \"Not having proper accounting and reliable audit review for publicly traded companies with operations in China is just not acceptable,\" said Mr Khuzami. \"We have to find a path to resolution of this issue. It is...a big issue for us.\" A former investment banker who now works at the Securities and Exchange Commission, Mr Khuzami has built himself a reputation as someone who is happy to go after some of the biggest names in the financial industry. He has also filed against Goldman Sachs for misleading investors

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china tech stocks dive on threat of us fraud probe Arab Today, arab today china tech stocks dive on threat of us fraud probe

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed

GMT 09:00 2017 Thursday ,16 February

Bahrain Bourse daily trading report

GMT 05:07 2017 Thursday ,16 February

Saudi stocks rise 0.6%

GMT 04:45 2017 Thursday ,16 February

Gold prices edge lower
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday