China Concepts Stocks

JD.com, Inc (ADR) JD.com CEO Liu Qiangdong Founder Liu Qiangdong (Chinese: 刘强东; born 10 March 1973 or 14 February 1974), also known as Richard Liu, is a Chinese Internet entrepreneur. He is the founder of JD.com or Jingdong Mall. VIE Structure JD.com VIE Structure Board of Directors IPO Price

UT斯达康期权日期倒签连环案 公司简介 UT斯达康公司于1991年成立，2000年3月在美国上市，发行价格每股18美元，IPO筹资1.894亿美元，IPO当天股价曾冲高73美元，市值超过70亿美元。 案件过程 法院分析 如果前瞻性的(forward-looking)业绩预测信息符合以下3个条件，那么也是可以认定是虚假的： （1）发行公司对这些预测信息其实并不是真实确信的； （2）对预测信息的确信缺乏合理的基础； （3）发行公司对某些未披露事项是知情的，而且这些未披露事项将会严重影响到预测信息的精确性。 欺诈 Ernst & Ernst v. Hochfelder, 425 U.S. 185 (1976) Tellabs, Inc. v. Makor Issues & Rights, Ltd. , 551 U.S. 308 (2007) 上述案例确定了构成欺诈的认定要求，指控欺诈的证据在证明力度上需要超越“合理”（reasonable）、“可允许”（permissible）这样的度，应该要达到有说服力（cogent）这个度，或者说至少要和相反结论的证明力度上一致（as compelling as any opposing inference once could draw from the facts alleged）。看来对这个证明的力度要求并不是很高。

阿特斯太阳能销售收入退回 公司简介 CSI阿特斯公司（Canadian Solar Inc. , "CSI"），为加拿大注册的光伏公司，致力于将太阳能转换为电能的光伏产品的研发、制造、销售和售后服务。CSI于2006年11月9日正式在美国纳斯达克挂牌上市，发行价每股15美元。 案件过程 法院分析 10b-5规则 指控欺诈存在必须表明被告存在欺骗；操纵或者舞弊的企图（ Ernst & Ernst v. Hochfelder, 425 U.S. 185 (1976) ），或者能够表明被告的行为属于轻率的性质（reckless conduct）。 原告的诉讼状可以通过以下方面来满足欺诈这个诉讼要件： （1）指控被告既存在欺诈的动机又存在欺诈的机会； （2）提供强有力的情形性证据来表明被告的行为属于有意识的不当行为或者属于轻率的行为。 损失的因果关系 loss causation 案例 Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005) 指出，修正性的披露（corrective disclosure）如果并不能说明被告原先的公开陈述存在误导，那么该修正性披露则无法支持损失的因果关系。

赛维LDK存货价值 公司简介 赛维LDK太阳能高科技有限公司（LDK Solar Co. Ltd. , "LDK"）是太阳能多晶硅片生产企业，是集太阳能多晶硅研发，生产，销售为一体的光伏企业。2007年6月1日，赛维LDK成功在美国纽约证券交易所上市，发行价每股27美元，1ADS等于1普通股，IPO总融资接近4.7亿美元；股票最高涨到超过76美元，最高市值接近90美元。 案件过程 2007年10月3日，市场知晓LDK财务总监司徒先生辞职，司徒还向美国证监会（SEC）和公司外部审计师毕马威举报LDK涉嫌高估存货。 2007年10月9日发生第一起投资者诉讼，投资者在美国加州南区联邦地区法院提交诉状，该诉讼于2007年12月14日转交到加州北区法院。 原告于2008年3月10日向法院提交了合并诉状，指控被告以下内容： 被告违反了1934年证券交易法的第10（b）条款，和美国证监会的10b-5规则； 自然人被告违反了证券交易法的20（a）条款。 法院分析 10b-5规则 10b-5规则要求原告证明以下内容 存在重大的错误陈述或者遗漏； 属于舞弊或者欺诈； 和证券的买卖有关； 存在依赖关系——原告依赖了被告的信息进行了交易； 存在经济损失； 存在因果关系——损失和虚假陈述之间存在因果关系。 欺诈scienter 相关判例： Tellabs, Inc. v. Makor Issues & Rights, Ltd. , 551 U.S. 308 (2007) 欺诈行为的存在是证券集体诉讼的前提条件之一，所以起诉书必须提供足够充分的事实性描述从而可以强力推断出欺诈行为是存在的。强力推断（strong inference）一直是美国各联邦法院在审核证券集体诉讼案件中的焦点所在，最高法院在上述Tellabs案件中对强力推断给出了最新的司法解释： 联邦最高法院认为，舞弊推断应该是要比仅仅合理性（merely reasonable）或者可允许（permissible）这个度要高一些，应该要达到有说服性（cogent and compelling）这个度，也就是说需要比其他相比较的解释在强度上要高一些。 因此，最高法院认为只有在人们可以理性认为起诉状所描述的事项可以有说服力的推断出舞弊这一意识状态，或者说这个推断出舞弊的说服力和推断出非舞弊的说服力在强度上至少是...

麦考林电商股价 公司简介 1996年成立的麦考林国际邮购有限公司（Mecox Lane，下称“麦考林”）于2010年10月登陆纳斯达克，在美国出售11742857股ADS，每股发行价为11美元。麦考林曾被媒体称为中国第一家赴美上市的电子商务公司，因此有“电商第一股”的称号，并受到华尔街热情追捧，麦考林上市首日上涨56.91%，收报17.26美元，股价最高是市盈率的150倍。 案件过程 2011年6月2日，原告提交了合并且经过修改后的起诉状，对被告分别作出如下指控： 指控麦考林公司违反美国证券法第11条款； 指控个人被告（董事会成员，首席财务官）违反美国证券法第11条款； 指控承销商违反美国证券法第11条款； 指控其中三个自然人作为麦考林公司的控制人，违反了证券法第15条款。 法院分析 是否驳回起诉 法院在依照联邦民事诉讼程序法规则第12(b)(6)条款，裁决是否驳回起诉的时候，需要假设原告诉状中所指控的事项属实（仅仅是假设，不代表确认或者认同）；因为在这个阶段，法院所关注的并不是原告能否最终赢得诉讼，而是关注原告是否有权提供证据来支持其所主张的法律救济。而依据联邦民事诉讼程序法规则第12(b)(6)条款，原告的诉状需要提供足够的事实性描述，以确保这些描述本身足以说明原告的法律救济主张是可信的，如果原告的诉讼对事项的描述不够充分，仅仅是让人可以想象或者推测出原告的法律救济主张是合理的，那么这个诉状就有可能被法院驳回。法院在裁决是否驳回起诉的过程中除了考虑原告诉讼所描述的内容外，还会考虑原告诉状所依据的一些信息和文件。 证券法第11条款 若指控被告违反证券法第11条款，原告需要在诉状中阐明被告的证券登记文件存在以下问题： 该文件存在重大的不实陈述（untrue statement of material fact）; 该文件对法规要求必须披露的事实存在重大遗漏（material omission）； 该文件对避免误导而需要披露的事项存在重大遗漏。 只要原告能够指出被告的证券登记文件存在重大不实陈述或者遗漏，并不需要阐明这些不实陈述或者遗漏是属于故意或者过失，那么就可以指控被告，因为被告对证券登记文件负有绝对的责任（absolute liability）。对证券发行公司而言，只要证券登记文件存在重大不实陈述或者遗漏，哪怕属于过失（innocent misstatement...

分众传媒并购信息披露 公司简介 2003年5月成立的分众传媒控股有限公司（Focus Media Holding Ltd. , 下称“分众传媒”）主要包括三大经营分部：户外数字广告网络（Digital Out-of-Home Advertising Network）、移动广告网络（Mobile Handset Advertising Network）和互联网广告服务网络。分众传媒于2005年7月13日在美国纳斯达克上市，发行价美股17美元，1ADS等于1个普通股，首次公开招股共发售1010万股ADS，IPO融资金额超过1.7亿美元，上市后股价曾经超过美股60美元，总市值曾经一度超过80亿美元。 案件过程 2007年9月27日，分众传媒公布了其2007年第二季度的业绩公告（简称927公告），也包括了截至2007年6月30日的半年累计业绩数据。 2007年9月27日，分众传媒还召开了投资者电话会议，其间公司管理层明确提到了公司面临毛利下滑的情形。 2007年11月1日，分众传媒向SEC提交了F-1/A表格（股份发行的注册登记资料，主要是招股说明书），以便开始该公司的第二次公开招股工作。 在第二次公开募股中，分众传媒以每股64.75美元的价格共发行了1350万股的股票。 本案的集体诉讼原告包括两个部分：一是那些在分众传媒第二次公开募股中购买了股票的投资者，二是那些在2007年9月27日到2007年11月19日这段期间在公开市场购买了分众股票的投资者。  本案的被告包括分众传媒及其首席执行官，首席财务官，瑞银证券美国公司，花旗环球市场和美林证券。 原告指控被告违反了以下相关法律条款： 1934年证券交易法的20（a）条款； 1934年证券交易法的10（b）条款，和依照

NetEase, Inc. (Cayman Islands) NetEase, Inc. CEO CEO William Lei Ding (Chinese: 丁磊; pinyin: Dīng Lěi; born 1 October 1971), also known as William Ding, is a Chinese billionaire businessman, and the founder and CEO of NetEase (163.com). VIE Structure Board of Directors William Lei Ding(CEO) Charles Zhaoxuan Yang(CFO) Alice Cheng Denny Lee Joseph Tong Lun Feng Michael Leung Michael Tong

Baidu, Inc.  (Cayman Islands) Baidu, Inc. CEO Founder Robin Li Yanhong (Chinese: 李彦宏; pinyin: Lǐ Yànhóng; born 17 November 1968) is a Chinese politician, internet entrepreneur, co-founder of the search engine Baidu and one of the richest people in China, with a net worth of US$18.5 billion as of October 2017. Li is a member of the 12th Chinese People's Political Consultative Conference. VIE Structure Baidu, Inc. VIE Structure Corporate Governance As a foreign private issuer (as defined in Rule 3b-4 under the Exchange Act), Baidu is permitted to follow home country practices in lieu of some of the corporate governance practices required to be followed by U.S. companies listed on the New York Stock Exchange. As a listed company in Cayman Islands, Baidu is subject to the requirement under the Companies Law of the Cayman Islands.   Board of Directors Robin Yanhong Li (Chairman CEO) Herman Yu (CFO) Ya-Qin Zhang Hailong Xiang Lee Liu Haifeng Wang Qi Lu James Ding (Independent) ...

Sina Corporation  (Cayman Islands) Sina Corporation CEO CEO Charles Chao or Guowei Chao (Chinese: 曹国伟; pinyin: Cáo Guówěi) is a Chinese businessman who is the CEO and President of Sina Corp. Sina Corp is listed to trade on NASDAQ and now has around 63,918 employees worldwide. He has been with Sina since 1999, where he came in as vice president of finance. VIE Structure Corporate Governance As a foreign private issuer (as defined in Rule 3b-4 under the Exchange Act), Sina is permitted to follow home country practices in lieu of some of the corporate governance practices required to be followed by U.S. companies listed on the New York Stock Exchange. As a listed company in Cayman Islands, Sina is subject to the requirement under the Companies Law of the Cayman Islands. Board of Directors Charles Chao Bonnie Yi Zhang Hong Du Qingxu Deng Bin Zheng Ter Fung Tsao (Independent) Yan Wang (Independent) Song-Yi Zhang (Independent) Yichen Zhang (Independent) James Jianzhang Liang (Indepen...

Sohu.com Limited  (Cayman Islands)(ADR) Sohu.com CEO Founder Charles Zhang , or Zhang Chaoyang (Chinese: 张朝阳; pinyin: Zhāng Cháoyáng) (born October 31, 1964) is a Chinese businessman, investor and the Founder, Chairman and current CEO of Sohu Inc. (Chinese: 搜狐) Sohu Inc is listed to trade on NASDAQ and now has around 14,200 employees worldwide. Dr. Zhang is regarded as one of the China's Internet pioneers and was named by Forbes magazine as one of the richest men in China in 2010. Corporate Governance As a foreign private issuer (as defined in Rule 3b-4 under the Exchange Act), Sohu is permitted to follow home country practices in lieu of some of the corporate governance practices required to be followed by U.S. companies listed on the NASDAQ Exchange. As a listed company in Cayman Islands, Sohu is subject to the requirement under the Companies Law of the Cayman Islands. Board of Directors Charles Zhang Xiaochuan Wang Dewen Chen Joanna Lv Charles Huang Zhonghan Deng (Independent...

Tencent Music Entertainment Group  (Cayman Islands)(ADR) Tencent Music Entertainment CEO CEO Cussion Kar Shun Pang has been our chief executive officer since July 2016 and a member of our board of directors since May 2014 and is responsible for our strategic planning, business development, product strategy and management. Mr. Pang joined Tencent in 2008 and was appointed the company's Vice President in 2013. He has extensive experience across multiple businesses within Tencent including online games, e-commerce and social networking since 2008. Prior to joining Tencent, Mr. Pang worked for a number of publicly listed companies in telecommunications, internet and media industries, such as PCCW (HKEX: 6832). Since his first Internet project in 1996, Mr. Pang has experienced the various development stages of the Internet industry. Mr. Pang received a bachelor’s degree in mathematics (honors), business administration and information systems from University of Waterloo. VIE Structure Te...

RYB Education, Inc.  (Cayman Islands)(ADR) RYB Education CEO Yanlai Shi CEO Yanlai Shi is our co-founder and has served as director and chief executive officer since our inception. Ms. Shi is a pioneer of the early childhood education industry in China. Ms. Shi also holds various positions, including a member of National Committee of the Chinese People's Political Consultative Conference of Fengtai District, Beijing, and a representative of the 11th National Congress of Chinese Women. Ms. Shi has received many honors in the business world as well. To name a few, she was awarded“Leader of Education Industry”in 2016 and“The Most Influential Business Women in China”in 2014. Ms. Shi received her bachelor's degree in law from Peking University and joint master's degree in management from the Australian National University and Tsinghua University. VIE Structure RYB Education VIE Structure Corporate Governance As a foreign private issuer (as defined in Rule 3b-4 under the Exchang...

New Oriental Education & Technology Group Inc.  (Cayman Islands)(ADR) New Oriental Education CEO Chairman Yu Minhong , or Michael Yu (Simplified Chinese: 俞敏洪; born 15 October 1962 in Jiangyin City, Jiangsu Province) is the founder and president of New Oriental Education & Technology Group Inc. (Simplified Chinese: 新东方教育科技集团), and a member of the central committee of China Democratic League. VIE Structure New Oriental Education VIE Structure Corporate Governance As a foreign private issuer (as defined in Rule 3b-4 under the Exchange Act), New Oriental is permitted to follow home country practices in lieu of some of the corporate governance practices required to be followed by U.S. companies listed on the New York Stock Exchange. As a listed company in Cayman Islands, New Oriental is subject to the requirement under the Companies Law of the Cayman Islands. Board of Directors Michael Minhong Yu (Chairman) Chenggang Zhou (CEO) Zhihui Yang (CFO) Louis T. Hsieh Robin Yanhong ...

CNOOC Limited 中国海洋石油有限公司 (Hong Kong)(ADR) CNOOC Limited chairman Chairman Hua Yang Born in 1961, Mr. Yang is a professor-level senior economist and graduated from China University of Petroleum with a B.S. degree in petroleum engineering. He also received an MBA degree from the Sloan School of Management at MIT as a Sloan Fellow. Mr. Yang joined CNOOC in 1982 and has over 30 years of experience in petroleum exploration and production. From 1982 to 1992, Mr. Yang served in a number of positions in CNOOC Research Center including the Director of Field Development Department, the Manager of Reservoir Engineering Department and the Project Manager. Thereafter, Mr. Yang was mainly involved in international business, M&A, corporate finance and capital market operations. From 1993 to 1999, he served as the Deputy Chief Geologist, the Deputy Director and the Acting Director for Overseas Development De...

China Life Insurance Company Limited 中国人寿保险股份有限公司 (ADR)

China Petroleum and Chemical Corporation 中国石油化工集团有限公司 China Petroleum and Chemical Corporation chairman Chairman Dai Houliang, aged 55, Chairman of the Board of Directors of Sinopec Corp. Mr. Dai is a professor-level senior engineer with a Ph.D. degree and an academician of the Chinese Academy of Engineering. Mr. Dai is the alternate member of the nineteenth Central Committee of the Communist Party of China. In December 1997, he was appointed as Vice President of Yangzi Petrochemical Corporation; in April 1998, he served as Director and Vice President of Yangzi Petrochemical Co., Ltd.; in July 2002, he served as Vice Chairman of Board of Directors, President of Yangzi Petrochemical Co., Ltd. and Director of Yangzi Petrochemical Corporation; in December 2003, he served as Chairman of Board of Directors and President of Yangzi Petrochemical Co., Ltd. and concurrently as Chairman of Board of Directors of Yangzi Petrochemical Corporation; in December 2004, he served concurrently as Chairma...

PetroChina Company Limited 中国石油天然气集团有限公司 PetroChina chairman Chairman Wang Yilin, age 62, is the chairman of our company, the chairman of CNPC and the secretary of the Communist Party of China (“CPC”) Leadership Group of CNPC. Mr. Wang is a professor-level senior engineer and holds a doctorate degree. He has extensive work experience in China’s oil and gas industry. Mr. Wang was appointed as the standing member of the CPC Committee, deputy director and chief exploration geologist of Xinjiang Petroleum Administration Bureau in June 1996, and the general manager and secretary of the CPC Committee of our Xinjiang Oilfield Company in September 1999. He served as the assistant general manager of CNPC since July 2003. Mr. Wang was appointed as a deputy general manager and a member of the CPC Leadership Group of CNPC in December 2003. From July 2004, he worked concurrently as the chief safety ...

China Southern Airlines Company Limited China Southern Airlines chairman Chairman Wang Changshun,

China Eastern Airlines Corporation Limited 中国东方航空集团有限公司 China Eastern Airlines chairman Chairman Liu Shaoyong,

China Telecom Corporation Limited 中国电信有限公司 China Telecom Corporation Limited chairman Chairman Ke Ruiwen, Corporate Structure China Telecom Corporation Limited Corporate Structure