Topic
TOPIC
- Luckin Coffee agrees to settlement without admitting or denying wrongdoing
- SEC said Luckin Coffee fabricated more than US$300 million in sales between April 2019 and January 2020
China’s broadly defined state secrets laws extend to companies’ audit papers – creating difficulties in Hong Kong and elsewhere when foreign regulators conduct their own investigations into Chinese companies.
China’s broadly defined state secrets laws extend to companies’ audit papers – creating difficulties in Hong Kong and elsewhere when foreign regulators conduct their own investigations into Chinese companies.
Under a new law, anyone caught concealing assets abroad will face a prison term of up to three years and a fine of 2.5 million yen.
Under a new law, anyone caught concealing assets abroad will face a prison term of up to three years and a fine of 2.5 million yen.
Kingold’s unfolding scandal, the second since Luckin Coffee’s US$310.7 million accounting fraud in April, has shaken investors’ confidence of US-listed Chinese companies, and hardened the resolve of some US politicians to legislate for the expulsion of fraudulent companies.
Kingold’s unfolding scandal, the second since Luckin Coffee’s US$310.7 million accounting fraud in April, has shaken investors’ confidence of US-listed Chinese companies, and hardened the resolve of some US politicians to legislate for the expulsion of fraudulent companies.
A super regulator that oversees China’s banking, securities and insurance watchdogs has called for zero tolerance and a stronger crackdown on fraud, to ward off an impending US legislation that will target Chinese companies for failure to submit an audit to an American oversight board and drive them off Wall Street.
A super regulator that oversees China’s banking, securities and insurance watchdogs has called for zero tolerance and a stronger crackdown on fraud, to ward off an impending US legislation that will target Chinese companies for failure to submit an audit to an American oversight board and drive them off Wall Street.
The remarks are notable because Wall Street - hesitant to get in the middle of rising tensions between the US and Beijing - has been mostly quiet about Washington’s potential crackdown on Chinese companies.
The remarks are notable because Wall Street - hesitant to get in the middle of rising tensions between the US and Beijing - has been mostly quiet about Washington’s potential crackdown on Chinese companies.
Charles Lu Zhengyao is tightening his grip on Luckin Coffee in a boardroom fight by appointing his nominees and ousting opponents after surviving an internal revolt.
Charles Lu Zhengyao is tightening his grip on Luckin Coffee in a boardroom fight by appointing his nominees and ousting opponents after surviving an internal revolt.
A proposal to remove Charles Lu Zhengyao from his position at Luckin put forward by a majority of the company’s directors failed to garner the necessary two-thirds votes during a board meeting on Thursday
A proposal to remove Charles Lu Zhengyao from his position at Luckin put forward by a majority of the company’s directors failed to garner the necessary two-thirds votes during a board meeting on Thursday
Luckin Coffee said on Friday it had withdrawn a request for an oral hearing submitted to the Nasdaq exchange in New York, paving the way for its delisting.
Luckin Coffee said on Friday it had withdrawn a request for an oral hearing submitted to the Nasdaq exchange in New York, paving the way for its delisting.
EY finally sounded the alarm last week, when they refused to sign off on Wirecard’s 2019 financial report, setting off a cascade of events that started with Wirecard admitting it couldn’t locate billions of euros in cash, followed by the ousting and arrest of former Chief Executive Officer Markus Braun.
EY finally sounded the alarm last week, when they refused to sign off on Wirecard’s 2019 financial report, setting off a cascade of events that started with Wirecard admitting it couldn’t locate billions of euros in cash, followed by the ousting and arrest of former Chief Executive Officer Markus Braun.
The previously unreported outreach by the CSRC was too late to stave off retribution by the US Congress to punish Chinese companies for what Louisiana Republican Senator John Kennedy called “cheating” in America’s capital markets, amid deteriorating US-China relations.
The previously unreported outreach by the CSRC was too late to stave off retribution by the US Congress to punish Chinese companies for what Louisiana Republican Senator John Kennedy called “cheating” in America’s capital markets, amid deteriorating US-China relations.
Chinese internet companies are increasingly asking auditors to validate data like number of daily active users, after the possibility Luckin had fabricated online order volumes to inflate its numbers was posited in a short-seller report.
Chinese internet companies are increasingly asking auditors to validate data like number of daily active users, after the possibility Luckin had fabricated online order volumes to inflate its numbers was posited in a short-seller report.
The Big Four accounting firm quits as auditor for 50 small firms this year as it shifts focus to high-growth firms, new China chairman says. The new strategy means it will go on a hiring spree.
The Big Four accounting firm quits as auditor for 50 small firms this year as it shifts focus to high-growth firms, new China chairman says. The new strategy means it will go on a hiring spree.
GSX Techedu, one of China’s largest online tutoring providers, has denied allegations by short seller Muddy Waters that most its students are internet robots.
GSX Techedu, one of China’s largest online tutoring providers, has denied allegations by short seller Muddy Waters that most its students are internet robots.
Delay would appear to be the default position for matters relating to government records and archives, when their management should be conducted within the framework of an archives law.
Delay would appear to be the default position for matters relating to government records and archives, when their management should be conducted within the framework of an archives law.
Audit Commission calls on government to review Olympic Committee’s cost controls after operating deficit soars from HK$33,000 to HK$588,000 in four years.
Audit Commission calls on government to review Olympic Committee’s cost controls after operating deficit soars from HK$33,000 to HK$588,000 in four years.
Between 2014 and 2019, about 73 per cent of courses have failed to meet a desired target employment rate of 60 per cent.
Between 2014 and 2019, about 73 per cent of courses have failed to meet a desired target employment rate of 60 per cent.
Audit Commission criticises six-year delay in the implementation of a long-term electronic historical record that will be publicly available.
Audit Commission criticises six-year delay in the implementation of a long-term electronic historical record that will be publicly available.
Audit Commission says 82 per cent of plots had not changed hands after being allocated to tenants for more than seven years without any justification.
Audit Commission says 82 per cent of plots had not changed hands after being allocated to tenants for more than seven years without any justification.
Luckin Coffee bondholders are ruing their fate after an accounting scandal sent the notes into distressed levels, barely three months after the debt sale in January.
Luckin Coffee bondholders are ruing their fate after an accounting scandal sent the notes into distressed levels, barely three months after the debt sale in January.
Hong Kong’s stock exchange operator will allow companies listed on its main board to defer the publication of their annual reports until mid-May because of the Covid-19 outbreak, if they release to the public a set of preliminary results, or key financial information, by the end of this month.
Hong Kong’s stock exchange operator will allow companies listed on its main board to defer the publication of their annual reports until mid-May because of the Covid-19 outbreak, if they release to the public a set of preliminary results, or key financial information, by the end of this month.
KPMG, with its global headquarters in the Netherlands, wants to focus its advisory business on technology, transformation, value creation, innovation and financial services, which would necessitate letting go of the team that handled general analysis and traditional advisory, the sources said.
KPMG, with its global headquarters in the Netherlands, wants to focus its advisory business on technology, transformation, value creation, innovation and financial services, which would necessitate letting go of the team that handled general analysis and traditional advisory, the sources said.
The trade war, social unrest and coronavirus outbreak will make it harder for individuals and companies to stay afloat, says Johnson Kong of HKICPA.
The trade war, social unrest and coronavirus outbreak will make it harder for individuals and companies to stay afloat, says Johnson Kong of HKICPA.