Sarbanes-Oxley Act Noted by Chinese Issuers …
Posted By John Schroy On 25th October 2004 @ 21:37 In Corporate Managers | Comments Disabled
An entry in The 10B-5 Daily points out that the recent SEC investigation and securities class action suit brought against the China Life Insurance Company over accounting irregularities was mentioned in China Daily.
China Daily reported that the “vast difference in corporate governance, accounting.standards and business practices between the US and the mainland are exposing the latter’s corporate executives to what has become widely regarded as unacceptable risks.“
The flow of funds accounts for Q2 2004 show issuance of equities by foreign corporations into the U.S. market running at record levels.
In fact, net issues of equities by foreign corporations ($161 billion) exceeded net buybacks by domestic corporations ($159.5 billion), thereby frustrating the ability of U.S. corporate executives to use buybacks to give value to their stock options.
This suggests that the low capital costs (inherent in high price-earnings ratios) were sufficient incentive to foreign issuers, in general, to overcome concerns about tougher U.S. security laws.
In any event, any potential legal penalties from the SEC or class action suits would seem unlikely to be significant compared to the volume of funds being raised.
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