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“Accounting Troubles Can’t Stop Renren IPO”
写的就好象人人已经是有帐户问题了。
““Almost every time we look at some of these Chinese IPOs that have come
down recently, you get to the risks section and it says their auditing team
discovered a material weakness or an accounting deficiency,” Buhr said. “
There’s been a lot of concern, and not just with Chinese IPOs, about the
potential for fraud with these kinds of terms. But Chinese IPOs have had a
really, really strong performance.”
”Renren seems to have some very serious questions surrounding it. As Lynn
Cowan reported for Dow Jones Newswires on Tuesday:
Renren is coming to market amid a string of data and accounting-related
issues raised in the past week. On Tuesday, Renren’s audit committee head
said he had resigned, following Citron Research’s allegations last week of
financial fraud at his own company, Longtop Financial Technologies Ltd. (LFT
).
Renren last week also changed a key data point in its prospectus, saying its
user base rose 19% in the first quarter, compared with a previously
reported growth rate of 29%. The prospectus didn’t explain the reason for
the change, but it came after some analysts and investors questioned the
accuracy of its figures.“
“Accounting Troubles Can’t Stop Renren IPO”
写的就好象人人已经是有帐户问题了。
““Almost every time we look at some of these Chinese IPOs that have come
down recently, you get to the risks section and it says their auditing team
discovered a material weakness or an accounting deficiency,” Buhr said. “
There’s been a lot of concern, and not just with Chinese IPOs, about the
potential for fraud with these kinds of terms. But Chinese IPOs have had a
really, really strong performance.”
”Renren seems to have some very serious questions surrounding it. As Lynn
Cowan reported for Dow Jones Newswires on Tuesday:
Renren is coming to market amid a string of data and accounting-related
issues raised in the past week. On Tuesday, Renren’s audit committee head
said he had resigned, following Citron Research’s allegations last week of
financial fraud at his own company, Longtop Financial Technologies Ltd. (LFT
).
Renren last week also changed a key data point in its prospectus, saying its
user base rose 19% in the first quarter, compared with a previously
reported growth rate of 29%. The prospectus didn’t explain the reason for
the change, but it came after some analysts and investors questioned the
accuracy of its figures.“
