Chinese Stocks On Watch after SEC Charges Affiliates of Big Four Accounting Firms

December 3, 2012 12:26 PM EST
China stocks are in focus after the SEC began administrative proceedings against the China affiliates of each of the Big Four accounting firms and another large U.S. accounting firm for refusing to produce audit work papers and other documents related to China-based companies under investigation by the SEC for potential accounting fraud against U.S. investors.

The SEC charged the following firms with violating the Securities Exchange Act and the Sarbanes-Oxley Act, which requires foreign public accounting firms to provide the SEC upon request with audit work papers involving any company trading on U.S. markets:

  • BDO China Dahua Co. Ltd
  • Deloitte Touche Tohmatsu Certified Public Accountants Ltd
  • Ernst & Young Hua Ming LLP
  • KPMG Huazhen (Special General Partnership)
  • PricewaterhouseCoopers Zhong Tian CPAs Limited

    China stocks to watch:
    Focus Media Holding Ltd. (NASDAQ: FMCN), New Oriental Education & Technology Group (NYSE: EDU), Fushi Copperweld, Inc. (NASDAQ: FSIN), Qihoo 360 Technology Co. Ltd (Nasdaq: QIHU), E-Commerce China Dangdang Inc. (Nasdaq: DANG), Youku Inc. (Nasdaq: YOKU), Tudou Holdings (Nasdaq: TUDO), Renren (NYSE: RENN), Baidu (Nasdaq: BIDU), (Nasdaq: SOHU), SINA Corp. (Nasdaq: SINA).

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