Sino Forest 太牛了

lite1067

大家为什么会信一个正在short这个股票的news letter的负面评论。

flovestock

lite1067 发表于 2011-6-3 22:10
大家为什么会信一个正在short这个股票的news letter的负面评论。

能说详细点吗?只知道因为做假狂跌,说实话没太关心

X中国陆军

不是大陷阱就是大机会！密切关注中。。。。。。

George25

trapped!!!

flovestock

Sino-Forest to provide details of tree ownership
SONALI VERMA
Globe and Mail Blog
Posted on Monday, June 6, 2011 7:35AM EDT

Sino-Forest Corp. (TRE-T7.312.0839.77%), whose stock has lost close to three-quarters of its value since Thursday amid allegations from a short-seller that it inflated the value of its tree plantations, plans to publish information on Monday that backs up its own claims.

"The recent events have caused several shareholders to request clear proof of ownership of the company's timber assets," the company said in a statement before the stock market opened on Monday.

"The board is anxious to respond to this request and has commenced actions to address this, focusing first on Yunnan province, where the company's largest hectarage of purchased plantations are held and where the short-seller focused its attacks."

Sino-Forest stock plunged after a little-known U.S. firm, Muddy Waters Research, issued a report that alleged that Sino-Forest inflated its revenues and evaded scrutiny by operating under such a complex structure that it is almost impossible to trace how cash is moving through the company.

On Friday, a Bank of Montreal analyst noted that Sino-Forest officials had been reluctant to provide details of forest ownership in the past.

"The company believes Muddy Waters' report to be inaccurate, spurious and defamatory," Sino-Forest said on Monday. "Muddy Waters' self-interest is transparent: to make money from the fall in Sino-Forest's share price on the back of a decline that itself precipitated. Since the report's release, the company has been working to address the allegations."

Sino-Forest said it is scheduling an analyst tour of its plantations for July.

The company also plans to provide details about sources and uses of its cash when it issues its quarterly report on June 14. Its cash, cash equivalents and short-term deposits in hand came to about $1.09-billion (U.S.) at the end of March, the company said.

Sino-Forest plans to post the following information on Monday on its website:

-- A signed copy of the master agreement for Lincang City and surrounding areas in the Yunnan province for which individual purchase contracts have been entered into

-- A summary schedule, as at December 31, 2010, showing the 186,700 hectares of purchased plantations in cities of Yunnan province such as Lincang, Lijiang and Pu'er

-- Signed copies of contracts relating to the acquisition of plantations in Gengma county of Lincang City and Ninglang county of Lijiang City, together with examples of the applicable plantation rights certifications or confirmations from the relevant government forestry bureau

-- An extract from the company's annual information form for the year ended December 31, 2010 describing the nature of the company's ownership interests in purchased plantations.

flovestock

so crazy,  今天又全跌回去了.不知道谁的心脏有这么好的承受能力,我是不行.

haigez

恶炒吧，daytrader，大量短时。

flovestock

Sino-Forest ‘angry, stunned and frustrated’ at allegations
ANDY HOFFMAN — ASIA-PACIFIC REPORTER,
VANCOUVER— From Wednesday's Globe and Mail
Last updated Wednesday, Jun. 08, 2011 9:28AM EDT

Top executives of Sino-Forest Corp. (TRE-T4.01----%), the besieged TSX-listed Chinese forestry firm that has lost more than $2-billion in market value in recent days, say they are “angry, stunned and frustrated” by the allegations against the company.

In an exclusive interview with The Globe and Mail marking their first public comments on the intensifying controversy, chief executive officer Allen Chan and chief financial officer David Horsley called accusations leveled by a U.S. short-seller and his research firm “false, unjustified and unfair.”

Mr. Chan and Mr. Horsley however, refused to identify customers who purchase the company’s trees in China citing “competitive” reasons. The murky identity of customers has been at the heart of allegations against the company as sales to such entities are currently responsible for more than 90 per cent of the company’s revenue and profit.

“We have to be very careful [to not disclose our customers], otherwise our advantage would be taken away from us,” Mr. Chan, Sino-Forest’s co-founder, chairman and chief executive officer, said in a telephone interview from Hong Kong.

Muddy Waters Research, a firm headed by U.S.-born Carson Block, has led a devastating attack on Sino-Forest during the past week that has caused the stock to plunge more than 60 per cent and wiped out billions of dollars in shareholder value. Mr. Block has levelled fraud allegations against several Chinese companies listed on North American stock markets during the past year, casting suspicion around the growing list of companies from China tapping overseas markets for capital.

Sino-Forest, however, is a much larger and well-established player compared to Mr. Block’s previous targets. It was established in 1994 and recently reached a market value of about $6-billion as investors bought in to the company as a way to play the Chinese economy’s surging demand for wood.

It also boasts prominent executives and shareholders including John Paulson – perhaps the world’s most famous hedge fund manager for his prescient calls on the U.S. market meltdown in 2008 and the soaring price of gold. Mr. Paulson is Sino-Forest’s largest shareholder, owning 14 per cent of the company. The Sino-Forest stake accounts for about 2 per cent of Mr. Paulson’s flagship investment fund.

Mr. Horsley, Sino-Forest’s CFO, said management has been in frequent communication with Mr. Paulson, who continues to hold his share position.

“We are certainly in conversation with him and others to talk about what is going on and things that we need to be doing and the alternatives that the company could undertake to respond to some of these allegations. It has been friendly, supportive and suggestive discussions,” Mr. Horsley said.

Sino-Forest does not believe it is the subject of any regulatory investigations, Mr. Horsley added. The company has set up a special committee of independent directors to investigate the allegations. It is also preparing to file legal action against Mr. Block and Muddy Waters and may officially request stock market regulators investigate trading by Mr. Block and any associates who knew of his coming report.

The Muddy Waters research report alleges that Sino-Forest has inflated the value of its timber holdings, has provided “fraudulent data” to an outside company that evaluates Sino-Forest’s assets and has used false or related intermediary companies to buy its plantation holdings.

Mr. Chan and Mr. Horsley denied all of these allegations. They said Mr. Block has “misunderstood” Sino-Forest’s current business, which involves buying plantations of trees in China, holding them for two or three years while they increase in value, and then selling them for a profit. Sino-Forest’s margin on such transactions has been between 40 per cent and 50 per cent.

Mr. Block, for example, alleged that Sino-Forest would have needed thousands of trucks to harvest and transport all the logs from a recent sale of holdings in the province of Yunnan.

haigez

Sino-Forest ‘angry, stunned and frustrated’ at allegations


ANDY HOFFMAN — ASIA-PACIFIC REPORTER,

VANCOUVER— From Wednesday's Globe and Mail

Last updated Wednesday, Jun. 08, 2011 9:28AM EDT

Top executives of Sino-Forest Corp. (TRE-T4.580.5714.21%), the besieged TSX-listed Chinese forestry firm that has lost more than $2-billion in market value in recent days, say they are “angry, stunned and frustrated” by the allegations against the company.

In an exclusive interview with The Globe and Mail marking their first public comments on the intensifying controversy, chief executive officer Allen Chan and chief financial officer David Horsley called accusations leveled by a U.S. short-seller and his research firm “false, unjustified and unfair.”

Mr. Chan and Mr. Horsley however, refused to identify customers who purchase the company’s trees in China citing “competitive” reasons. The murky identity of customers has been at the heart of allegations against the company as sales to such entities are currently responsible for more than 90 per cent of the company’s revenue and profit.

“We have to be very careful [to not disclose our customers], otherwise our advantage would be taken away from us,” Mr. Chan, Sino-Forest’s co-founder, chairman and chief executive officer, said in a telephone interview from Hong Kong.

Muddy Waters Research, a firm headed by U.S.-born Carson Block, has led a devastating attack on Sino-Forest during the past week that has caused the stock to plunge more than 60 per cent and wiped out billions of dollars in shareholder value. Mr. Block has levelled fraud allegations against several Chinese companies listed on North American stock markets during the past year, casting suspicion around the growing list of companies from China tapping overseas markets for capital.

Sino-Forest, however, is a much larger and well-established player compared to Mr. Block’s previous targets. It was established in 1994 and recently reached a market value of about $6-billion as investors bought in to the company as a way to play the Chinese economy’s surging demand for wood.

It also boasts prominent executives and shareholders including John Paulson – perhaps the world’s most famous hedge fund manager for his prescient calls on the U.S. market meltdown in 2008 and the soaring price of gold. Mr. Paulson is Sino-Forest’s largest shareholder, owning 14 per cent of the company. The Sino-Forest stake accounts for about 2 per cent of Mr. Paulson’s flagship investment fund.

Mr. Horsley, Sino-Forest’s CFO, said management has been in frequent communication with Mr. Paulson, who continues to hold his share position.

“We are certainly in conversation with him and others to talk about what is going on and things that we need to be doing and the alternatives that the company could undertake to respond to some of these allegations. It has been friendly, supportive and suggestive discussions,” Mr. Horsley said.

Sino-Forest does not believe it is the subject of any regulatory investigations, Mr. Horsley added. The company has set up a special committee of independent directors to investigate the allegations. It is also preparing to file legal action against Mr. Block and Muddy Waters and may officially request stock market regulators investigate trading by Mr. Block and any associates who knew of his coming report.

The Muddy Waters research report alleges that Sino-Forest has inflated the value of its timber holdings, has provided “fraudulent data” to an outside company that evaluates Sino-Forest’s assets and has used false or related intermediary companies to buy its plantation holdings.

Mr. Chan and Mr. Horsley denied all of these allegations. They said Mr. Block has “misunderstood” Sino-Forest’s current business, which involves buying plantations of trees in China, holding them for two or three years while they increase in value, and then selling them for a profit. Sino-Forest’s margin on such transactions has been between 40 per cent and 50 per cent.

Mr. Block, for example, alleged that Sino-Forest would have needed thousands of trucks to harvest and transport all the logs from a recent sale of holdings in the province of Yunnan.

“If he’d only read in our [regulatory filings], we clearly stated that we never said we sold logs … it was standing timber and the trees are still standing and are not part of a [government-imposed limit on harvesting] quota,” Mr. Horsley said.

“As time unfolds and the special committee does its work they’ll knock off allegation by allegation,” he added.

Citing Sino-Forest’s “convoluted” corporate structure, which includes more than 40 subsidiaries in China and 16 in the British Virgin Islands, Mr. Block has implied that the company uses these entities to redistribute cash raised by the company. Muddy Waters and Mr. Block also allege that many of Sino-Forest’s forestry sales are made to related parties.

Mr. Chan said is “common” for a company in China to set up separate subsidiaries wherever it operates in order to pay local taxes and to gain access to local subsidies and funding for research and development.

As for its undisclosed list of customers, Mr. Horsley said Sino-Forest has not sold timber holdings to related parties. He said the company’s auditors Ernst & Young have been given full access to the names and locations of its customers.

“We don’t like to publish those customer’s names because it is like putting a flag up. Just like we don’t disclose every area where we plant trees. It’s like putting up a little flag and saying ‘everybody come here.’ If we disclose our customers we are saying ‘everybody come here and sell to our customers.’ That is important information for someone to replicate what we are doing,” Mr. Horsley said.

______

MOODY’S PUTS SINO-FOREST UNDER REVIEW

Moody's Investors Service put Sino-Forest Corp. under review Tuesday for a possible downgrade as the Chinese timberland firm continued to fight allegations it exaggerated sales and assets.

Sino-Forest has refuted the allegations, but Moody's raised concerns the company's business may be affected even if the accusations are proven false.

“Moody's notes that Sino-Forest has been growing aggressively, and needs ongoing access to the equity and debt markets to continue such growth,” the debt rating agency said in a statement.

“There is a risk that the current allegations will damage its ability to do so, or increase the cost of doing so.”

Moody's, which currently had a rating of Ba2 on the company, said $1.9-billion in Sino-Forest debt is affected by the review.

The Canadian Press

haigez

4-8

flovestock

haigez 发表于 2011-6-8 11:51
4-8

???

flovestock

Sino-Forest seeks regulatory probe
Janet McFarland
Globe and Mail Update
Last updated Wednesday, Jun. 08, 2011 1:45PM EDT

Embattled Sino-Forest Corp. (TRE-T5.271.2631.42%) has asked Canada’s stock market regulators to investigate trading in the company’s shares by Muddy Waters LLC, a research firm that issued a harshly critical report on the forestry company last week.

In a statement Wednesday, Sino-Forest said it also intends to ask the Singapore Exchange Ltd. to investigate trading in the company’s bonds.

Sino-Forest said it welcomed news earlier Wednesday that the Ontario Securities Commission is investigating issues surrounding the company in the wake of the controversial report by Muddy Waters’ founder Carson Block.

“The company expected the OSC to take this step given its responsibility as the public regulator and the recent unusual trading activity and volatility in Sino-Forest’s stock price and the allegations contained in Muddy Waters’ report,” the company said.

“The company welcomes the initiative and believes that the issues the OSC will seek to address will be consistent with the investigation commenced by an independent committee of the board of directors.”

Sino-Forest said it will ask the Toronto Stock Exchange and the Investment Industry Regulatory Organization of Canada to investigate trading in its shares by Muddy Waters, Mr. Block “and anyone associated with these persons in advance of the issuance of the Muddy Waters’ report.”

Earlier Wednesday, the OSC said it has launched a review, but did not offer any further comment on the scope of the investigation and did not clarify it its review includes looking at trading by Mr. Block or his company.

“The OSC confirms that we are investigating matters related to Sino-Forest,” OSC spokeswoman Wendy Dey said.

Although Sino-Forest is based in Hong Kong and its business operations are in China, the company is listed on the Toronto Stock Exchange and regulated by the OSC.

The OSC does not typically disclose when it has launched an investigation, but it has published guidelines about when it will make exceptions. One such circumstance is when an investigation “relates to conduct or issues which are substantially in the public domain” involving “credible allegations” about securities violations, and when “confidence in the capital markets may be harmed by failure to confirm that the matter is under regulatory consideration.”

A research report issued last week by obscure U.S. short-seller Carson Block raised doubts about the accuracy of Sino-Forest’s public disclosures and financial statements, and has sent the company’s stock into a tailspin. The shares have lost more than 60 per cent of their value since the report was released.

Mr. Block, who operates research firm Muddy Waters Research, alleged Sino-Forest inflates its revenues, “massively exaggerates” its assets, “has always been a fraud” and “falsifies its investments” in trees. He also accused Sino-Forest of operating under such a complex structure that it is difficult to trace how cash moves through the company.

The company has strongly denied the allegations, and top executives have said they are “angry, stunned and frustrated” by the claims.

Chief financial officer David Horsley said Tuesday the company may officially ask stock market regulator to investigate trading by Mr. Block and any associates who knew of his coming report.

Ms. Dey at the OSC said the commission could not make any further comment on the scope of the investigation, and it is unclear whether the OSC will also review trading activities by Mr. Block or his firm.

Ontario securities laws prohibit individuals or companies from making statements they “know or reasonably ought to know” are false and could reasonably be expected to have a significant effect on the market price of a stock.

haigez

鲍尔森的对冲基金公司持有嘉汉林业(Sino-Forest Corp.)约14%的股份。后者是一家在多伦多上市的中国公司。一家空头上周发表一篇强烈批评嘉汉林业的报告，自那以来，该公司股价已经下跌。

嘉汉林业曾极力否认这篇报告，并已指派一个由独立董事组成的委员会调查并回应这些说法。同时该公司多次公布文件，据它说，这些文件反驳了报告的结论。

加拿大最大省级监管机构安大略证券委员会(Ontario Securities Commission)周三说，它正在对这起争议展开调查。鲍尔森公司上周致信其投资者说，它“知道并在调查”发布报告的那家空头的说法。鲍尔森说，其所持的嘉林汉业股票约占旗下对冲基金Advantage投资组合的2%，但公司管理的其他基金并没有持有该股。

一些观察者说，整个争议不一定会给投资者造成重大损失。

密西西比大学(University of Mississippi)法学院教授布拉德(Mercer Bullard)说，市场将会惩罚投资了这些公司的人。他说，一些对冲基金管理公司不是自己对投资对象做法务审计，而是依靠对方的审计机构来做。他说，在中国投资分散、或者敞口不是特别大的人不会有事；受冲击的主要是中国作为投资对象的地位，而不是基金管理公司。

haigez

Report Calls Sino-Forest a Fraud, Ponzi Scheme




Allen Yesilevich | June 8, 2011










Muddy Waters Research issued a report on June 2 disclosing evidence supporting their claim that Hong Kong-based Sino-Forest Corporation (TSE: TRE; OTC: SNOFF) is a “fraud.”  In reaction to the report, shares of Sino-Forest fell 70% over two days.

In the report, Muddy Waters instituted a “strong sell” rating for Sino-Forest shares with an estimated value of less than $1.  Among other things, the report asserted that Sino-Forest had massively exaggerated its assets, including an alleged overstatement of Sino-Forest’s Yunnan timer investments by approximately $900 million.  The report also called Sino-Forest’s capital raising “a multi-billion dollar ponzi scheme.”  Sino-Forest strongly denied the allegations.

Read the report:



Sino-Forest is not the first China-based company to be targeted by Muddy Waters and its founder Carson C. Block.  He recently made similar fraud allegations against Rino International Corp. in November and China MediaExpress Holdings Inc. in February.  Securities fraud lawsuits are currently pending against each company.

“The latest reports from Muddy Waters have been unquestioned home runs,” Eric Jackson, a Florida-based hedge fund manager, told Bloomberg. “When he first started a year ago I didn’t think his background was particularly well suited for the job, but he clearly knows China and he has built up a high-quality network of other short sellers and consultants.”

If you would like more information on Sino-Forest or other news, please fill out the confidential form below.

haigez

If you knew about this report 5 weeks ago why did you not encourage company to file a temporary restraining order?

Interesting that Richard A. Kelertas wants forceful and swift legal action, brought by the company, against Muddy Waters.....what about Sprott as they have been public about these concerns since 2004?
Dundee Corporation is a significant shareholder of Sprott Resource Lending

Marketer has never been evicted by Li Ka-shing.....
Muddy Waters Research “pre-marketed” its report to hedge funds for the past five weeks, Richard Kelertas, a Montreal- based analyst at Dundee Securities Ltd., said yesterday on a conference call.
Dundee clarification of its relationship with Poyry Oy...why when everyone knows they are interconnected?
http://www.greenheartgroup.com/en_ir_cg02.php#q4

President for Pöyry Forestry Industry Ltd just happens to be Chief Operating Officer of Greenheart Group
Sino-forest owns 64 percent stake in Greenheart Group Ltd.

Mr. Chan is the Non-Executive Chairman of Greenheart Group.
He founded Sino-Wood Partners in 1993 and subsequently formed Sino-Forest Corporation, becoming its Chairman and Chief Executive Officer.
Sino-Forest was then publicly listed on the Toronto Stock Exchange in 1994. With over two decades of forestry management experience, Mr. Chan spearheaded Sino-Forest's rapid expansion into sustainable, commercial forestry plantation operations in China. Sino-Forest now manages over 700,000 hectares of plantations with approximately 2500 employees. Prior to establishing Sino-Forest, Mr. Chan was involved in various projects in China as a project manager and management consultant. Before that, Mr. Chan worked for the Hong Kong government in developing the city's vital new town centers.

Muddy waters is too busy reviewing the Latin structure Fibria Celulose S.A. (NYSE: FBR )

haigez

You can read the Muddy Waters report here:

http://www.classactioncentral.co ... fraud-ponzi-scheme/

haigez

Muddy Waters’ Block eager to talk to OSC


DAVID EBNER, ANDY HOFFMAN

VANCOUVER— Globe and Mail Update

Published Wednesday, Jun. 08, 2011 7:48PM EDT

Last updated Thursday, Jun. 09, 2011 6:50AM EDT

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Carson Block says he has nothing to hide.

The suddenly high-profile stock researcher and investor doesn’t have an office and won’t say where he is. But facing regulatory scrutiny and a potential lawsuit, Mr. Block says he’s ready to come to Toronto to defend himself and his research, which has attacked Sino-Forest Corp. (TRE-T4.920.9122.69%) as an alleged fraud and sent the company’s stock into a tailspin.

More related to this story
•Regulators face tough job in short seller cases
•Sino-Forest ‘angry, stunned and frustrated’ at allegations
•Sino-Forest hits back with documents


Sino-Forest Corp.  (TRE-T)
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Sino-Forest assets


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The subsidiary

The Ontario Securities Commission revealed on Wednesday that it is “investigating matters related to Sino-Forest” but would not comment on the scope, whether it’s focused on the company or includes Mr. Block’s Muddy Waters LLC.

Sino-Forest urged Canadian regulators to probe Muddy Waters and any investors connected to the small firm before the publication of the June 2 report on the Toronto-listed forestry company. The company is also preparing legal action against Mr. Block and his firm.

Mr. Block, who returned to the United States on Tuesday from Hong Kong, welcomes the attention.

“I have nothing to hide,” he said in an interview by telephone on Wednesday. “I’m looking forward to working with the OSC and I’m sure I’ll be speaking with them on multiple occasions. Whatever I can do to help them further ... I stand ready to do that.”

Mr. Block profited from the massive decline in Sino-Forest stock by short selling the shares, a bet that they would decline in value. He said he built his position before he published his report and remains short on the stock.

There are allegations, suggested by Sino-Forest and levelled by analyst Richard Kelertas of Dundee Securities, that Mr. Block “pre-marketed” his research to hedge funds before it was published. It is not illegal for investors to share information but there is the question of actively promoting work that is known to be false.

“I can substantiate every claim I’ve made – and then some,” Mr. Block said. While he didn’t specifically deny whether he spoke with other investors before he published his report, he noted it would have hurt his own trading position to let others in on his research. He added that a short position in Sino-Forest was building this spring for various reasons, including general skepticism around some companies working in China and momentum trading on the part of investors.

“This idea that I would be telling all my buddies about it, and this and that, is misguided,” Mr. Block said. “It’s really naive. But it fits certain people’s world views well, that they haven’t been lied to by management, that Carson Block must be the bad guy, and he’s part of this cabal of evil short sellers.”

Mr. Block, 35 and a lawyer by training, is surrounded by an air of mystery. On Wednesday, interviewed on a mobile phone with a Los Angeles area code, he didn’t disclose his location and suggested his safety could be in jeopardy. “It’s a little bit of an alternate reality,” said Mr. Block. “It’s not the easiest way to make a living.”

Mr. Block splits his time between North America and Asia, doesn’t have an office – working with just an Apple computer and his BlackBerry – and is the only employee of Muddy Waters, the research firm he started last year. He has issued a series of reports alleging fraud at companies working in China, several of which seem to have been prescient.

“I’m happy to stand in my corner of the financial world and provide a counterweight,” Mr. Block said. “I don’t want to pretend to be Goldman Sachs. We are Muddy Waters. If we are the shock jocks of the investment world” – echoing a phrase levelled at him by Sino-Forest – “then so be it.”



Interviews with several sources indicate that U.S.-based hedge funds were circling the company and trying to build up short positions well ahead of the Muddy Waters report – though no one said it was specifically because they knew Mr. Block was preparing to publish.

Bill Majcher, a former RCMP officer who specialized in securities crime and now works in Hong Kong at the investment arm of Chinese conglomerate Sunwah Group, said he was approached several weeks ago by representatives of U.S. hedge funds looking to profit from alleged discrepancies between Sino-Forest’s public disclosures in North America and records with Chinese authorities.

“I got invited to participate,” said Mr. Majcher. He declined to get involved in the so-called “bear attack” on Sino-Forest.

“There has to be as much scrutiny into Muddy Waters and market manipulation as Sino-Forest,” Mr. Majcher said.

Mr. Block said the researchers he hired to help compile his report indicated there were signs that other people were independently investigating Sino-Forest. “There were funds out there doing their own work, believe me,” said Mr. Block.

Large Sino-Forest investors told the company at its annual meeting on May 30 that hedge funds had been calling to ask to borrow stock, a source close to the company said. In order to short a stock, one must borrow shares from a current investor, sell them and hope to buy them back at a lower price, to make money and to return them to the original investor.

Sino-Forest has also complained Mr. Block didn’t contact the company before he issued his report. In the course of Muddy Waters’ research, Mr. Block has said he spoke to the company once, for two hours, with investor relations manager Louisa Wong. Ms. Wong said she had never spoken with him and Mr. Block on Wednesday admitted he didn’t identify himself as Carson Block from Muddy Waters.

David Horsley, Sino-Forest chief financial officer, said Mr. Block and other short sellers are using unsubstantiated allegations to exploit a growing skepticism regarding Chinese companies by North American investors.

“He was very opportunistic, in terms of a market that was already shaky about Chinese companies given some of the other research he has put out there,” Mr. Horsley said in an interview on Tuesday. “His timing was probably such that it was enough to push that market over the edge and he chose Sino-Forest. It’s more a reflection of the sentiment that was in the market as opposed to any of the specific allegations against Sino-Forest.”

haigez

嘉汉林业（Sino-Forest）到底做了什么？Muddy Waters报告解析
2011年06月08日 19:46　　　 作者： 陈浩
我们报道了加拿大上市的中国林业公司嘉汉林业国际有限公司（Sino-Forest）被中国概念股终结者Muddy Waters爆料作假，全球媒体也在纷纷关注这家名不转经传的小公司及其创始人Carson Block，因为Muddy Waters的爆料使嘉汉林业的最大股东对冲基金大佬约翰-保尔森损失上亿美元。而Block也利用这个调查做空嘉汉林业的股票大赚一把。

如果我们继续深入报道，就能从Muddy Waters最初的报告中找到指责的缘由是什么（下载报告）。报告非常复杂，看起来很头痛，在这里我只能提炼一些重点。这份报告开头直接将嘉汉林业比作美国历史上最大的诈骗案制造者——前纳斯达克主席伯纳德-麦道夫。

如同麦道夫诈骗案提醒我们的一样，一家上市公司诈骗，那诈骗的规模可能会迅速地扩张。因为初始阶段的运作、运气成分以及巧妙的指引，嘉汉林业（上市代码“TRE”）就变成这样一家上市公司。公司市值达到70亿美元，现在该结束了。

16年前，嘉汉林业低调启动，1995年在加拿大多伦多证券交易所通过反向收购上市。16年以后，Muddy Waters开始将在美国上市的进行反向收购的中国公司拉下水，东方纸业、Rino、CCME。一个进行反向收购在2010年上市的中国公司不可能达到嘉汉林业的价值。然而，很多年来，很少有人关注到多伦多交易所上的嘉汉林业。从一开始，这家公司就在诈骗；但是，还没有足够的诈骗证据引发投资者的关注。

Muddy Waters开门见山，直接控诉嘉汉林业造假。

事情是这样开始的，嘉汉林业自称是快速增长、盈利丰厚的合资公司，Muddy Waters的报告说这些并不存在。在多伦多证券交易所，一家声称同一家中国合资公司打交道的公司是不会得到注意的。

Muddy Waters的报告说，在2003年，嘉汉林业造假的程度更甚，才被发现并引起他们的关注。嘉汉林业在通过一系列的“中介机构”（Authorized Intermediaries，AIs）在运作资本。

这些中介机构收购木材，把木材运到切片厂，收集木屑，最后卖给终端用户，然后付给嘉汉林业一部分终端盈利。嘉汉林业在其中扮演什么角色？从下面来自Muddy Waters的图表看出，嘉汉林业在这木材收购到切片厂中间环节中承担了一定的风险。

Muddy Waters的报告说：

基本上，在中介机构保管这些木材期间，嘉汉林业所承担的风险就是一颗流星可能引发一场火灾，所有的木材都报销（假设合同上没有注明不可抗力条款）。对于这个无法估价的服务项目，“在中介机构缴纳代扣预提所得税净值之后”，中介机构向嘉汉林业支付一定费用。换句话说，没有税单可以确认，是否嘉汉林业接受过中介机构此种方式的付费。

如果让我们相信嘉汉林业能通过这种方式获得巨额资金，那相当于让我们相信这世界上存在能从木头中发现稀有金属的力量。可是，嘉汉林业就是通过这种模式来筹集上亿的美金。这种模式又被应用在经营建筑用材方面。



《金融时报》称，嘉汉林业之所以采用这种令人费解的商业结算模式是因为，这些中介机构在中国国内缴纳了增值税，审计机构因此缺席。对于中国的审计来说，增值税发票是很关键的因素。

综上所述，Muddy Waters得出判断，这一切都是虚构的，根本不存在什么中介机构。

Muddy Waters还称，除了捏造了这个切片过程之外，嘉汉林业还用同样的商业模式操作建筑用材。

嘉汉林业声称从2006年通过各种的采购合同购入了价值28.91亿美元的建筑用材。有确凿证据显示，嘉汉林业过分夸大了从云南代理-耿马傣族佤族自治县林业公司的采购金额（也称耿马林业公司，详见Appendix D1），耿马林业好像是嘉汉林业的合法

代理公司，多虚报金额接近8亿美元。

在云南采购合同的采购价值虚报了接近8亿美元。嘉汉林业在2007年3月宣称，公司签订了一份云南省临沧市金额达20万公顷人造林树木的采购合同（耿马县隶属于临沧市）。

这里有点蹊跷。不知道Muddy Waters如何收集到采购合同这些资料的。

Muddy Waters把这些官方材料同实际资料想对比。看起来又一次看起来带有技术性（报告其他的地方更加复杂）。但是，Muddy Waters的调查方式就是这样，还有它批判的过程。

授权书中注明，嘉汉林业签订了一份合同，在临沧市购买6667公顷（合30万亩）种植林。嘉汉林业2007年从耿马林业公司购买了7.5万亩。在完成这次购买之后，这家云南代理公司告诉我们，他们帮助嘉汉林业在临沧附近的蒙顶县和沧源县另外购买了1.3333万公顷（19.9995万亩，合20万亩）种植林。下面是Muddy Waters拍摄的耿马林业工厂的照片及《华尔街见闻》在网上采集的照片。

笔者发现此处一个数据并不准确。6667公顷合10万亩，并不是报告中所说的30万亩。



以免让人产生怀疑，批准函遗漏另外的16万公顷，嘉汉林业称这些林业已经包括在合同采购中，按照当地的经济状况和林业产业情况，就会很清楚，嘉汉林业不会以现在如此高的单价采购这么大量的林木。

2008年的工作报告称，临沧市的林业产业总产出接近26亿人民币（3.8亿美元）。报告还称，林业部门2008年引进外资只有3200万美元。嘉汉林业占了整个临沧市林业GDP的80%的份额，更不用说县了。嘉汉林业的投资大量超过了工作报告中提到的该林业外资投资额（再注意一下，嘉汉林业营业范围所在的耿马县只是临沧市的一个县）。2009年的报告中，临沧市的林业产出接近4.4亿美元。更加有趣的是，报告指出，整个市当年只颁发了267公顷（4000亩）的森林开采权。

2010年中报告中指出，截至2010年，临沧市已经颁发了4.5526万公顷的森林开采权，金额近5000万美元。从这些数字中，我们可以看到嘉汉林业虚报了每公顷林木4倍的造价。下面的计算是基于临沧市公布的数字（ha=公顷）：


5000万美元/4.5526万ha=1098美元/ha

对比

嘉汉林业声称的采购价格=4865美元/ha

考虑到临沧市的实际情况和嘉汉林业的报告，发生在云南的交易跟事实完全不符。临沧统计局称，临沧市2010年的GDP是31亿美元（Appendix D7）。这个对比使当地的GDP增长到40亿美元，仅次于深圳。

而我们的调查显示，耿马县2010年的GDP只有4.75亿美元。如果相信嘉汉林业的数据，那么这个市的绝大多数经济收入都来自于这个耿马县。

常识告诉我们：这不可能。

Muddy Waters又提供了另外一个例子：

嘉汉林业通过广西（实际为广东的公司）的代理公司：Zhanjiang Bohu Wood Co, Ltd，购买了价值6.466亿美元的林业。

但这家Bo Hu Wood公司：

只是在同嘉汉林业发生交易之前成立的。
资本很少。
注册资质不是林业交易。
不在广西，而是在广东。
尽管有如此大量的收入，它最初的公司是在一个公寓楼里。
这只是Muddy Waters报告中的一个小点。Muddy Waters查阅了大量的其他的难以置信的林业交易。

报告指出，嘉汉林业的国内资本需求比嘉汉林业事实上从国外引进的资本要大得多（因为中国对热钱的控制，所有的国外资本在变换为人民币之前要注册）。

无论如何，Muddy Waters最后断定，嘉汉林业所有的代理（表面上独立的公司）什么都没做，只是把钱再一次输回到嘉汉林业的关联方。Muddy Waters所以说，嘉汉林业“在偷钱”。

Muddy Waters说，这就是庞氏骗局，因为嘉汉林业从资本市场融资达到29亿美元——一次比一次多——一分钱都没花。

Muddy Waters的指控简练为：

嘉汉林业一直始发于诈骗，尽管当初很低调。
最后公司设计了这样一个木材加工、切片框架，所以公司才能解释收入仅仅来自于在供应链条中担当风险。某个环节担当了风险。
这个框架中的真正意义就是解释了为什么公司无法提供增值税发票。
基本上，嘉汉林业就是模仿这个模型，只是换成了批售木材，声称第三方在买卖木材，然后钱才回到嘉汉林业。
事实上，嘉汉林业仅仅是跟森林粘儿了一边儿而已，Muddy Waters的证据显示嘉汉林业的数据和数量不符。
第三方向嘉汉林业的关联机构输送了大量的资本。
嘉汉林业为了这个流程筹集了29亿美元。
当然，这只是故事的一半。嘉汉林业已经出示了反击的证据。对于来自Muddy Waters的指责，如果引入第三方公正地审理一个林业公司，也是一个艰难的工作。

下一步的焦点就会在于嘉汉林业审计机构，加拿大境外的安永会发出一些声音，现在就缺少这个角色的表态。或者，投资者等着雅哥贝利(Jaako Poyry)给出进一步的解释，雅哥贝利是一家芬兰在全球运作的工程设计和咨询公司。

这不是一时儿半会儿的事情。Muddy Waters的另外一个猎物——中国高速频道（纳斯达克上市公司，代码CCME）。Muddy Waters质疑其IPO造假的消息发出后，CCME的股价今年3月中旬停盘，直到5月中旬复盘。期间，审计机构也宣告离职，从纳斯达克转移至美国粉单市场（american pink sheet market）。CCME的股价现在为每股1.27美元，较年初高点跳水95%。

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