At least a dozen Chinese companies missed a deadline to file annual results to US stock exchanges on Monday, adding to fears of bad management and potential fraud in the world’s biggest emerging market.
China may be the fastest-growing significant economy, but over the past year scores of its companies have suffered from accounting problems, seen their auditors resign and been delisted from stock exchanges from New York to Hong Kong.
The failure to file results on time is a red flag for investors. It suggests that a company is disorganised or, at worst, fighting with its auditors over the accuracy of its financial statements.
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