Hongqiao Files Defamation Lawsuit Against Short Seller Emerson
Embattled Chinese aluminum firm China Hongqiao Group opened a new front in the war against short-seller Emerson Analytics this week when it began a defamation action against the firm in Hong Kong’s High Court.
According to a report by Bloomberg, Hongqiao is pursuing an order from the court enjoining Emerson from publishing another report on the firm. In addition, the world’s largest aluminum company is seeking an apology from the short seller and compensation it says it suffered as a result of Emerson’s reports. The amount of damages sought by Hongqiao were not given in media reports on the subject.
Emerson’s report has also led to the delay of Hongqiao’s 2016 annual results, as Hongqiao’s auditor is independently investigating Emerson’s allegations.
Hongqiao’s stocks have not traded on the Hong Kong exchange since March 22, when Emerson’s allegations first broke. Hongqiao requested suspension of trading the morning after, when shares dropped by 8.3% in the half hour prior to the halt. The sell-off came due to Emerson’s accusations that Hongqiao has amassing a debt load of CNY21.6 billion (US$3.15 billion) by under reporting and related-party subsidies. Emerson says that the best-case scenario for Hongqiao’s stocks has its actual value at only 40% of the price at which it is currently trading.
Hongqiao responded on March 31 by categorically denying Emerson’s allegation, demanding that Emerson withdraw the report, issue a formal apology to the firm, and reimburse Hongqiao for its legal costs. The firm also announced that its stock will not be traded on Hong Kong’s stock exchange “until further notice,” and that it continues to be financially sound.
China Hongqiao was established in 1994 by Zhang Shiping. The company began producing aluminum in 2002 and steadily increased production until it overtook Russian Federation’s UC Rusal as the world’s premier producer of primary aluminum in 2015.
57 comments:
First!
Do they control the Aluminum Turtle shelter market?
shouldn't that guy in that picture have a bit more safety equipment on??
SyFy made for TV movie; "Cyborg Chelonians."
In other news Microsquash has started yanking Win 7 support. This includes security updates.
Lomega?
Splatter creates its' own exterior protective plating. :boom-ba-da-tish:
Iomega was a high flying company that crashed and burned.
They carry their shelter along.
What did it do?
own exterior protective plating
he's known as "Iron man" around his neighborhood...
"They carry their shelter along."
Taxed as a Mobile Home I assume!
The first Monarch butterfly. The Hummers are getting territorial.
Mrs Cinco might remember the tray of Aloe plants. They go so big they busted the pot. Just finished separating them an transplanyingvto the succulent section.
The first Monarch butterfly. The Hummers are getting territorial.
we don't need no stinkin' bees!!
Bees? Just used a coupon to get 4 1lb jars of honey for $15. Sage, orange, wildflower and Hawaiian. Tasty.
No need to light that cigar, Robert. Wind is still from the SW here at Echo Beach.
bees are overrated..there I said it!!
(trying to trick Outsider into posting)... ;<)
seriously..we have tons of flowers up here..and I never see bees.
Maybe we have "night bees"..
Yeah. Good plan. Bees? Pffft. Useless insects.
Useless insects with a great pr campaign!!
Their own movie! and not some cheap SyFy channel knockoff. All the other insects get crap "B" (sorry) movies.
I see Mudfilled has decided to take off the gloves. bare knuckles now and trying to take the HCN Reddit thread down with it.
I'm picturing one of those old western movies where the fight breaks out in the saloon..and people are breaking bar stools over each others heads..
think I'll stay over here in our nice little neighborhood pub.. ;<)
Coincidence. Doing a brew tomorrow.
all right..shutting down for the night
Four in a row for the Brew crew..yay!!
g' night everyone..
China is learning about "short selling". Good for them.
Apparently they are also learning that they can't always control how stocks trade. Again, good for them.
Welcome to the international community!
FD: I made a couple of points trading Chinese Aluminium a few years ago. Just lucky, I guess.
Morning Liz...I wanna go hike a nearby mountain, but it's sooooo cod outside. 32°F
Oh, my. Short selling. What will they think of next? I wonder if anybody is moving into those ghost cities?
It's 72°. Brrrrrr.
I need coffee. Hub isn't up to make it for me
Good morning.
Cod? Fish swimming in air?
Politico is speculation about all the nasty things Bannon could do to T if T actually fires him. Like go after Repubs in the mud terms or do a Where Went Wrong documentary.
Wakey wakey right coasters. Tell us what you think!
Good Morning!
Hour rain storm last night, mixed sunny/cloudy day ahead.
Nuke boy was quite after all?
Quite?
Nuke Boy?
Politico sez Bannon may seek severe revenge against T and the Repubs if T dares to fire him. The congresspersons, some of them, are scared of him.
Old habits. Can't sleep in even on a weekend. Sunrise less than a hour so maybe the putting green and chipping practice while the saner family snoozes.
Liz. Those automatic coffee things are great. Press the button that's all. Toss the pod and clean. Have your resident scientist do the math. Between the no waste and energy and clean up they make more sense in small quantities than do pots o'java.
Good morning all. I've managed to start rebuilding the que so threads will stay fresh.
Personally I am sick of outside speculation on so called palace intrigue. 100 days into a from scratch administration of course there will be constant changes.
Crazy North Korean Nuke Boy.
Nork Dork.
DYAC
RD, Liz (and Hub) pointed out the dangers of attracting the attention of local government when law enforcement causes unintended problems. Here's a post on a slightly related topic: why people think the system is "rigged".
It comes from the Pro-Market website at the University of Chicago:
https://promarket.org/sense-system-rigged-relates-directly-governments-failure-address-inequality-concentration-power/?mc_cid=937689ca5d&mc_eid=56f2144831
Yep,and we use them. Shows how lazy I can be before coffee. Made breakfast, then went out and chopped sawgrass that had been weed whipped by the lawn guy. This was an area where the ginger, is coming up just a few inches,and around a rose. This kind of ginger dies back in the "winter", but just is barely poking out and he won't be able to tell.
Pick some gardenias. Ah the smell. Filled in the turtle hole. No snakes emerged.
How can an employee work for a company traded on the market and not know when to buy or sell. This to me is the grey area of being insider trading or not. Rigged? no and can hardly be avoided. Big disadvantage to the outside investor. IMO
It's partly a timing problem. An employee may notice that shifts are being cut backs, or layoff have occurred. I don't think this is inside information since most workers notice the changes that will eventually impact earnings but don't necessarily know when or by how much. Often earnings depend on financial wizardry and cleverly rigged accounting principles (CRAP) which are known only by a few before that are released. But I agree, rules are not straightforward.
And you can never tell if the layoffs are just to goose the sales/revenue per employee number prior to getting bought out or employee adds are in anticipation of a major reorg. Inside is not always inside enough.
Got my tormaters! And some mild peppers and a six pack of variety squash. Nom!
also got these huge Easter Lillys $1.99 each at the dollar store. $12 at HoeDespot.
an important article on the sunbject of online tracking:
http://www.computerworld.com/article/3148794/personal-technology/14-eyebrow-raising-things-google-knows-about-you.html#tk.drr_mlt
Summary: it's worse than you thought.
We should all go hide under the bed.
...or a turtle.
With the Egyptians about to go to war with the Ethiopians, I wonder if Trump is thinking of intervening. The Met broadcast of Aida begins in one minute.
My experience during my work years was that roughly 70%-80% of the people were just going thru the motions..i.e. doing the least they thought they could get away with and still keep their jobs.
Which is fine..but they really shouldn't complain about their pay then..
As a manager..it's nearly impossible to get rid of these people also..especially if they fall into some kind of "protected" class (which isn't too difficult these days)...
Humh? I missed the run up to a whole war?
The real benefit to mergers? Getting rid of the feckless?
Benefit if mergers is killing competition and not spending on R&D for better products. Locate out of the US for tax purposes and eliminate duplicate jobs. Biggest fish usually win.
There's usually one conquering "team" in M&A..they take the key mgmt spots..and then populate their org charts with their own lieutenants
To possible reasons for mergers: buying up market share and vertical integration. I'm sure there are other reasons...
Yup... Buying up innovation is another reason...
Also..if you are looking to expand into a different market (either product- wise or geographically)..sometimes it can be cheaper to buy a company with an existing presence than build it out organically..
True dat... But it's nice if there's some symbiosis. Maybe you have some technology that can be leveraged in a new market for example, but you have no marketing infrastructure or understanding of that market.
And full circle. The Chinese were very smart long game to use their currncy to grab resources. What they didn't realize is that the Heisenberg Principle applies to financial transactions. They ran up copper and got caught holding expensive copper. They went after lots of primary materials. It will work long term but on a very long term.
And a new post.
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