• 从APO产业链看中国如何改变世界

    by  • December 24, 2010 • 世界与中国 • 82 Comments

    最近看到一则消息――“350家中国企业赴美借壳上市已损百亿市值”,不由得就想起2001年8月《远东经济评论》(Far Eastern Economic Review)一则题为“骗子共和国”的报道,这篇文章讲述“中华人民共和国”(People’s Republic of China)如何沦落为“骗子共和国”(People’s Republic of Cheats)。不过,“骗子”一文的作者当年执笔为文时,这条中国企业赴美进行APO产业链还未形成。相信他看到这条产业链的有关消息后,一定会找不到更高级的词汇形容他的感受。

    最近的这条消息说,12月21日在纳斯达克上市的大华建设(CAEI,即联游网络,上海联游网络科技有限公司)将以1:4的比例实施反向拆股,以避免被摘牌的危险。然后从大华的遭遇切入,剖析APO(Alternative public offering,融资性反向收购)。

    所谓APO,是中国公司利用美国股市一些规则所操作的“圈钱游戏”。美国纳斯达克股市规定,如果某公司的股票无法连续在10个交易日内高于一美元,将被退市。中国方面正是利用了这一规则,在美国反向收购一些这样的公司,通过“借壳上市”在美国融资。大多数通过反向收购上市的股票市值都在5亿美元以下,几乎覆盖农业、食品、工程与化工等各行各业。

    据美国《巴伦周刊》今年2010年9月报道的数据,近年来已有350多家中国企业利用这种方式在美上市。不过,上市后股票大都表现惨淡,如今,这类股票的总市值已从最高峰时的500亿美元缩水至200亿美元,跌了有六成之多。

    在股票表现惨淡的背后,隐藏着“账目疑云”和“治理状况”的灰色地带。据知情人士透露,美国证券交易委员会(SEC)的执法部和公司财务部已展开大范围调查,要摸清美国会计师、律师和投资银行家组成的网络是如何帮助很多中国公司到美国实现APO的。美国众议院金融机构委员会(House Committee on Financial Services Committee)可能会在2011年举行有关中国公司会计问题的听证会。人们猜测,美国监管机构也许会在不久之后关闭这条通道。

    美国在这方面的反应可谓迟钝,直到此刻才重视这类APO。其实,这个行业的形成可追溯至2004年。当时美国证券市场猛炒“中国概念股”,中国国企与民企当中一些早起的鸟儿在美国证券市场轻易觅到充足食粮之后,引来一大批中国企业孜孜不倦地在美国谋求上市。2005年,70多家企业在美国上市还不到一年,90%以上变成了垃圾股――在美国,股价在3美元以下者被视为垃圾股,而这些中国企业的股价在一美元以下的竟达50余家,常常出现连续几天没有交易的惨淡景象。不过,这一惨淡状况并未影响这一产业链在中国的形成,据披露,在中国,有一批幕后推手四处寻觅适合反向并购的中国企业,在美国也有与之配合的会计师、律师与投资银行。经过若干年的实战演练,中国企业赴美进行APO至今已形成一条相当成熟的产业链。

    中国概念股在美国的经历无论对美国还是中国企业都应该是个教训。从华晨金杯汽车1992年10月9日通过借道在纽约证交所上市以来,中国概念股就成了美国纳斯达克股市大起大落的一景。2000年3月3日在美国纳斯达克成功上市的UT斯达康,上市之初筹资2亿美元,不到一个月其股价大幅飙升到91.88美元,创造了中国概念股股价神话。2004年3月该企业甚至入选《财富》1000强企业,到了2006年春天却面临摘牌危机。UT斯达康的命运是中国概念股的缩影,这些股票的特点是科技领先,大起大落。数百亿美元市值损失的苦果由这些中国企业和美国投资者来共同承担。最滑稽的是,中国企业以为自己是在以美国方式进行融资,美国投资者则以为自己买到了能够分享中国经济繁荣的投资品种。

    在APO产业链里起关键作用的幕后推动者,无论从其受教育程度还是专业水准来看,在其骗术未被拆穿之前,都是被社会目为成功人士的业界精英。这类人的游说也曾打动过中国政府。在全盛时期,中国政府曾试图推出建设银行与工商银行到美国上市。只是美国对此有足够的戒心,布什总统亲自指派中国深恶痛绝的《考克斯报告》的牵头人参议员考克斯(Christopher Cox)担任美国证监会主席,按规则严格审查,最后使建行与工行在美国上市的事情泡汤,只好转到香港上市。顺便说一声,这份《考克斯报告》被中国官方认为是“大肆污蔑我国从美国‘窃取’或‘非法获得’其导弹、核武器机密和尖端科学技术”,布什请考克斯去美国证监会把门,其用意不言自明。

    记得中国加入WTO之初,一些深感中国缺乏商业诚信的人士从中看到了希望。他们认为,中国加入WTO之后,会在国际社会主要是一些强势的跨国公司压力之下,被迫遵守国际市场的游戏规则,有助于提升中国的商业道德。但从这条APO产业链的形成与运作看来,是一些深通洋务的中国精英在利用美国市场游戏规则中的缝隙两头行骗。国际游戏规则并未能约束这些人的不轨行为。

    美国现在终于关注大量中国公司在美国的APO,这让人想起美国总统林肯的一句名言:一个人可能欺骗所有人于一时,也可以一直欺骗某部份人,但不可能在所有的时候欺骗所有的人。

    (原载何清涟美国之音博客,2012年12月24日,http://voachineseblog.com/heqinglian/2010/12/china_apo/

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    82 Responses to 从APO产业链看中国如何改变世界

    1. Pingback: 从APO产业链看中国如何改变世界 « AOS

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    3. Pauly
      December 24, 2010 at 15:21

      经历多了就会完全清楚什么是 “天下乌鸦一般黑” ;中国的 “骗术” 华尔街的 “巨骗” !
      WeakiLeaks证实了许多虚假的外表,说穿了还是 “独善其身”吧 !!!

    4. minnanren
      December 24, 2010 at 18:03

      原来PROC还有另外这么个解释,它本来就是这样的。

    5. limingdao
      December 24, 2010 at 19:30

      在中国内地,一个公司能否上市主要看的是公关能力,或者说凭借的是潜规则。

    6. paul
      December 24, 2010 at 19:53

      People’s Republic of Cheats 哈哈!中国出产的这些“精英”不知比华尔街那帮家伙还有坏上多少倍。两边一结合就是美国股民的噩梦啊,中国人已经被榨干了,美国人一定不能让他们得逞。

    7. 广寒宫
      December 24, 2010 at 21:38

      可怜的美国P民,居然被PRC的公司给玩了!

    8. cc
      December 24, 2010 at 21:52

      真不该看你的文章….

      • yyy
        December 25, 2010 at 11:18

        您何必翻墙呢?就留在墙内,保险每篇都如你的意。邓亚萍说得对,人民日报从来没说过假话。您跟在邓姑姑后面走,能够捡点米粒。

        • 脚趾头
          January 27, 2011 at 00:18

          跟这种人何必口舌,他也有选择权利嘛

    9. 白里透红与众不同
      December 25, 2010 at 01:26

      我认为主要还是中国的体制问题!全世界到中国投资的公司应该立即撤出中国!中国把这些公司编去中国,并派特工在全世界抓各大公司CEO到中国并强迫他们去中国投资,这是人类所难以容忍的!为了正义和自由, 美国应立即宣布对中国的债务自动一笔勾消!为了全人类的福祉民主,“量化宽松”应该再印50万亿美元,为了防止再出现忙中出错印错钞票,再买1亿台印钞机!

      任何企图把毛泽东比做美国之音,把博客四人组比做“四人帮”的图谋都是不能得逞的!

    10. COO
      December 25, 2010 at 07:28

      很好!中国人不能总是被美国人玩,希望他们玩死美国人!此文作者老师喜欢把自己放在道德的制高点上,其实自己和华尔街的骗子,中国的企业家骗子是一伙的。什么经济砖家,我看是骗子专家!

      • yyy
        December 25, 2010 at 11:10

        COO,中国有些人骗了别人就高兴,以为得计。但人家被骗后不让你玩了。比如美国证监会如果堵死这条通道,就玩不了啦。最重要的是,中国企业得好处于一时,很快就被市场抛进垃圾股堆里去,自作孽,不可活。
        真正得到好处的是中国那些高级骗子,他们的钱财捐给中国做慈善了?还是捐给你买房子啦?不就是养了一些住豪宅、开豪华车的高等华人让你看着眼红吗?这都是拿中国的信誉换来的。

        • COO
          December 26, 2010 at 06:45

          你何老师最应该揭穿的是华尔街的骗子,因为他们比中国的骗子罪恶大得多,对全世界的伤害大得多,他们在帮助中国的那些企业家骗子。可惜她视而不见,因为华尔街是她的梦想。

          • yyy
            December 26, 2010 at 19:54

            美国是言论自由的国度,华尔街的骗子早有大量的报道分析揭过了,华尔街的悲剧也早有各种反省了。只有中国是个严格控制媒体的国度,自己的脓疮拼命捂着,国内不让人说,在国外还有你这种人站出来不让说,真是阿Q的子孙,自己癞瘌头却忌讳人家说“光”、“亮”。
            我何老师揭得好,你的党与政府就世世代代做阿Q的子孙吧。

            • COO
              December 26, 2010 at 20:34

              华尔街反省了吗?你替他们反省的呀!你愿意被的洋爷爷强奸还不停的叫爽,不代表全世界的人都这样,香港的雷曼苦主的钱你是不是也帮你的洋爷爷还了!

            • 意淫者
              January 27, 2011 at 00:23

              COO是权贵阶级及附庸群体成员,还是不在中国境内?如果不是,自己都在被玩儿,还有力气对华尔街讨公道,有本事你现在中国大陆跟中共讨个公道来看看。

          • August 29, 2011 at 18:57

            Many many quality poitns there.

      • 沃爷
        December 27, 2010 at 03:47

        这位coo,你其实就是共产裆拉的一泡屎。别在这熏人!

        • COO
          December 28, 2010 at 22:45

          恶狗终于理屈词穷,露出了本来的面目!

        • COO
          December 28, 2010 at 23:26

          hehe, 刚才的评论被VOA了, 看你你们这些五美分理屈词穷而发疯的样子,我很高兴,没有共产党,你们怎么活呢?你们和共产党是一路的,靠吸老百姓的血活着。你们要有刘晓波一半的骨气,而不是躲在X国拿着五美分,干着怨妇骂街的事我也懒得骂你们.

    11. yyy
      December 25, 2010 at 15:47

      The china Daily is out! http://bit.ly/gQ14H8 ▸ Top stories today by @wlyeung @heqinglian @huyong @amoiist @aizong

    12. yyy
      December 25, 2010 at 20:07

      COO,我忘记说一句,何老师揭穿骗子,你为何骂她?难道兔死狐悲,物伤其类?你与那些骗子是同伙?

    13. 冬瓜
      December 26, 2010 at 00:43

      在大陆,华人的传统,特别是诚信丧失殆尽的情况下,骗一天是一天的短期效应观念,已经根深蒂固,不能指望在一党专制下,情况会有所改变的呢。毛泽东和商纣王的理念:我死后,哪怕洪水滔天!骗子才管不了那么多呢。

    14. 在美留学生
      December 27, 2010 at 03:35

      中国人如若想要一个长治久安和一个真正社会稳定的国家,那就首先要积极地靠近和融入国际大家庭;遵守国际大家庭的一切游戏规则。在意识形态和治国理念上赶上时代的步伐。在人类发展到了今天,只要你是一个民主的国家,一个对内对外都能尊重他人的政府是不会有人歧视你的。俗话说的好:不做亏心事,不怕鬼叫门。其实,中国大可不必刚刚学着人家的经济模式口袋里稍微赚了点钱,就迫不及待地把自己先装扮成貌似自信的流氓老大端着枪站在大街上叫横;好象这样大家便会惧怕你吗?这样似乎大家就会尊重你吗?我们知道,北欧那几个小国他们并没有什么军队,甚至国界都是自由通行的。但是在那里生活的人却自豪地称自己的国家是最祥和最稳定的。我想无论一个国家的大小,只要是这大家庭中负责任的一员,他们就会自然被人尊重。

    15. 在中留学生
      December 27, 2010 at 06:29

      就迫不及待地把自己先装扮成貌似自信的流氓老大端着枪站在大街上叫横;好象这样大家便会惧怕你吗????

      好厉害哦,中国的航母正在美国的海岸边上和古巴在联合军演呢,中国的战机正和墨西哥的军队在西雅图的边上转悠哦!

      1953年 中美朝在板们店签定停战协议。

      1958年 美国插手黎巴嫩内战,武装入侵,给亲美夏蒙空运武器,第6舰队带15000陆战队登陆,后达45000人。直至10-25日。

      1960年 美国陆战队4000多人以休假为名在多米尼亚登陆,干涉其内政,总统被刺身亡。

      1960年 美国支持比利时发动对刚果的武装侵略,美军于1961年 将卢蒙巴总统杀害。 -11-24 美国采取大规模军事行动。

      1959年 美国派遣1600雇佣军,38架飞机,15艘战船,对古巴武装入侵,古巴军队奋起反击,经过72小时激战,全歼美军!!

      1961年 美国派第7舰队进入老挝海岸,500名陆战队入侵。

      1962年 美国对古巴封锁,肯尼迪提出7项强硬措施,派40艘战舰和20000海军封锁古巴。

      1961年 美国派出400特种部队和100名军事顾问,帮助南越战争。

      1962年 美国共派了11000名士兵。

      1962年 美国武装干涉多米尼加共和国。

      1964年 美国开始了对越南为期4年的轰炸!

      1965年 美军派18000对越南发动战争。

      1970年 美国策动郎内发动政变,推翻了西哈努克的柬埔寨政府。
      04-28 美国进攻鹦鹉嘴地区。

      1965年 约翰逊下达进攻多米尼亚的命令。数日内美国出兵35000人,380飞机和40战舰。

      1971年 美国中央情报局雇佣军入侵也门。

      1983年 格林纳达发生政变,里根签署了代号”暴怒”的军事行动。25日,10艘战舰和2000海军陆战队入侵。

      1986年 美军在利比亚附近进行军事演习,双方发生冲突。

      1986年 美军开始空袭利比亚,借口是”打击恐怖活动”打死利比亚150名军人。开始大批出动飞机轰炸利比亚首都和第二大城市,时候里根称此为”自卫行动”

      1987年 美军武装直升飞机袭击了伊朗的布雷舰。
      10-19 美军对公海的伊朗石油开发平台进行了炮击。

      1988年 美军护航舰在海湾遇雷,里根下达命令报复!美军出动”企业号”航母在内的7艘舰发动攻击,击沉伊朗多艘舰艇。

      1988年 里根派第82空降师3200名军人动洪都拉斯。

      1989年 在地中海的美国第六舰队”肯尼迪号”航母上的飞机发现利比亚的飞机,并立即击沉他们。

      1989年 美国对巴拿马进行了代号”正义事业行动”的侵略,动用24000人,并用了F-117战斗机,占领了巴拿马。

      1991年 以美国为首的多国部队对伊拉克实施了长达38天的战略轰炸和战术空袭,出动飞机112000架次,发射巡航导弹288枚,投弹量达20万吨以上。

      1999年 以美国为首的北约出动1000多架飞机和40多艘战舰对一个弱小的主权国家进行了长达78天的狂轰滥炸,向南联盟仅10万平方公里的土地上倾泻了数千枚导弹、两万多吨炸弹。

      2001年 美国对阿富汗实施了2个多月的持续轰炸。推翻了阿富汗现政权、建立一个傀儡政权。

      2003年5月2日上午9时(北京时间),以美国为首的联合部队在联合国未授权的情况下侵入伊拉克,推翻一个主权国家,并打算建立又一个傀儡政权,战争共持续44天1100多架战机参战,投射2.7万多枚炸弹。

      • 脚趾头
        January 27, 2011 at 00:16

        你所列的Timeline在美国甚至世界都是被公开讨论过太多次的,美国的战争行为是参与,而非侵略殖民或杀戮,所以再告诉你,美国和中国是本质不同,美国负有维护世界和平与自由人权的重任。这个世界都需要美国参与,你能否认掉吗!所以你在中国留学嘛,思想还能远到脚趾头。

    16. 平民
      December 31, 2010 at 15:31

      你不是也在这里骗人么?

      • 脚趾头
        January 27, 2011 at 00:17

        是骗了你嘛?证据拿来

    17. January 3, 2011 at 17:36

      美国每年下市的股票在ipo的75%上下,下市并不奇诡,奇诡的是那些美国股票承包商们为何继续推中国股票上市。
      说白了,一个愿打,一个愿挨,各取所需,前者要套钱,后者要套利。股民怎样?就像地产危机一样,穷人被诱买房,个个被贷款经纪套利而去,落得个破产下场。

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