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Sino-Forest Stock Rises As Company Puts Up Proof Of Assets

First Posted: 06/07/11 08:08 AM ET Updated: 08/07/11 06:12 AM ET

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Sino-Forest stock jumped then settled higher after the company released financial information to assure investors.

The Globe and Mail:

Sino-Forest Corp. is trying a new strategy to reverse the crisis of confidence in its financial statements, taking the extraordinary step of releasing bank statements and land agreements as proof that its assets are legitimate. The move worked, at least for a time. The release of the documents, along with the announcement that the company would hold a tour of its Chinese tree plantations for analysts next month, sent the shares up more than 60 per cent in early trading. They eventually drifted lower again, but closed at $6.16, up 17.8 per cent from Friday's close.

Read the whole story: The Globe and Mail

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Sino-Forest Corp. is trying a new strategy to reverse the crisis of confidence in its financial statements, taking the extraordinary step of releasing bank statements and land agreements as proof that...
Sino-Forest Corp. is trying a new strategy to reverse the crisis of confidence in its financial statements, taking the extraordinary step of releasing bank statements and land agreements as proof that...
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AN2009
13 Fans
09:03 AM on 06/10/2011
Other articles indicate that bondholders are siding with short sellers in this affair. Chinese businesses are just as inefficient and corrupt as their Western counterparts. China's opaqueness is great and gives the false impression that everything in China remains awesome.
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