Late SEC filings | China Accounting Blog | Paul Gillis

Late SEC filings

I have predicted that many Chinese companies may have difficulty in the current audit season, leading to auditor resignations and late filings of Form 20F. Because of the great interest in this prediction, I will provide a running list of companies that file Form NT-20F.

The first two are listed below. I will add to this list over the next month. SinoTech stopped trading after Ernst & Young resigned last September after allegations of fraud by Arthur Little. Lizhan has a September yearend, and its 20F was due on March 31.  Lizhan already reported disappointing earnings for 2011, down 80% from the prior year. 

The more troubling list of companies that choose to go dark will have to come later. I expect some companies, mostly OTCBB and Pink Sheet listings that came to market through reverse mergers, are just going to throw in the towel and quit filing. 


U.S. Listed Chinese Companies filing Form NT-20F

SinoTech Energy Ltd (NASDAQ:CTE)
Last auditor: Ernst & Young

Lizhan Environmental (NASDAQ:LZEN)
Last auditor: UHY Vocation

China Agribusiness Inc. (OTCBB:CHBU)
Last auditor: Michael T Studer CPA

I am still checking - no new filings to report as of April 12.  I expect most filings will occur in the last week of April. 

As of April 26 there are no new filings.  I expect they will all happen on Monday, April 30.  Check back here on Monday. 


Here they come, expect most on Monday/Tuesday:

Perfect World Co. Ltd. (NASDAQ:PWRD)
Last auditor: PwC

Vimicro International Corp. (NASDAQ:VIMC)
Last auditor: Ernst & Young 

The filings are due at 5:30 PM EDT on May 1.  That is 5:30 AM China time on May 2.  I will get a post up during the China day on May 2 listing all companies that file Form 20F.  I expect many of these will drop when the market opens at 9:30 am EST, 9:30 PM China time on May 2. 

Here is the final list.  Two from each of the Big Four except for Deloitte, which has none.  UHY Vocation has five, which is significantly disproportionate to their market share.  Now we wait to see if the companies file by the extended due date - May 15.  Expect some fireworks. 

Gushan Environmental Energy  Last auditor: KPMG

China Topreach Last auditor : UHY Vocation

LDK Solar  Last auditor: KPMG

China Networks International  Last auditor: UHY Vocation

Galaxy Strategy Last auditor: UHY Vocation

Qiao Xing Mobile Last auditor Crowe Horwath

Ambow  Last auditor: PwC

China Gerui Advanced Materials Last auditor: UHY Vocation

Perfect World Last auditor: PwC

Vimicro Last auditor Ernst & Young

Tibet Pharmaceuticals  Last auditor: Acquavella, Chiarelli et al

SinoTech Energy Ltd 
Last auditor: Ernst & Young

Lizhan Environmental Last auditor: UHY Vocation

China Agribusiness Inc. 
Last auditor: Michael T Studer 


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