A Germany-listed shoemaker became the latest Chinese company to report the disappearance of top executives, underscoring the danger of doing business in the Asian powerhouse at a time of heightened scrutiny of its firms’ corporate governance.
Ultrasonic AG said chief executive Qingyong Wu and chief operating officer Minghong Wu had been missing since the weekend, and most of its cash reserves in China and Hong Kong had disappeared....
...The disappearances will bring further unwanted attention to mainland Chinese firms and their executives at a time when they are also being targeted by short-sellers.
“These events are a constant reminder that China is still a developing market with a weak grip of law, high level of corruption and high level of fraud, and investors need to discount the risk of that into the price that they need to pay for the stock because what they see in the account is not always the truth,” shareholder activist David Webb said.CHINA IS ESSENTIALLY A FASCIST THIRD WORLD NATION WITH A POTEMKIN ECONOMY.
AND IT MIGHT BE COLLAPSING:
MACAU'S CASINO BIZ IS PREDICATED ON INFLOWS FROM WEALTHY CHINESE, AND MACAU'S CASINO BIZ HAS COLLAPSED - PERHAPS SIGNALLING THE END OF THE CHINESE BUBBLE.