中概股“看门人”受调查

In the rush to get Chinese companies onto U.S. markets, Huakang 'David' Zhou was in the thick of it.

在帮助中国公司赴美上市的热浪中，周华康(Huakang "David" Zhou)可算是个“弄潮儿。

Mr. Zhou, who is a consultant, and his son Peter Dong Zhou, a former broker, helped numerous Chinese companies go public in the U.S., according to Securities and Exchange Commission documents. The elder Mr. Zhou's New Jersey firm, Warner Technology & Investment Corp., 'provides full services' for public listing, its website says, from business planning to legal advice.

美国证券交易委员会(U.S. Securities and Exchange Commission，简称SEC)的文件显示，身为咨询师的周华康与其曾为经纪人的儿子Peter Dong Zhou协助若干中国企业赴美上市。周华康旗下华纳国际投资集团(Warner Technology & Investment Corp.)在官网上说，为企业上市提供从业务规划到法律意见等全方位服务。该集团在美国新泽西州注册成立。

But some companies Huakang Zhou worked with didn't turned out well for investors. Earlier this year, the New York Stock Exchange delisted American Oriental Bioengineering Inc., which he helped with a 'reverse merger' that brought it to the U.S., after AOB said its auditors found 'inconsistencies' during its audit. Last year, Nasdaq delisted Advanced Battery Technologies Inc., another Zhou-assisted reverse merger, because the company wouldn't comply with toughened procedures for confirming its bank accounts.

然而，与周华康合作的一些企业并没有为投资者带来可观的回报。在他的帮助下通过“反向并购实现在美上市的美国东方生物技术有限公司(American Oriental Bioengineering Inc.)今年早些时候说，审计机构发现该公司在会计操作方面出现不一致的情况。而后，该公司被纽约证券交易所摘牌。由周华康协助进行了反向并购的另一公司先进电池科技(Advanced Battery Technologies Inc.)去年在美国纳斯达克被摘牌，摘牌原因是该公司不愿配合确认其银行账户的从严审查程序。

And in July, the SEC said in court documents that Peter Dong Zhou and his father helped conceal wrongdoing involving another company, China Yingxia International Inc.

SEC在今年7月提交给法院的文件中说，周华康父子曾协助中国英霞国际集团(China Yingxia International Inc.)隐瞒违规行为。

Peter Dong Zhou has settled SEC administrative charges that he violated securities laws related to China Yingxia. He neither admitted nor denied wrongdoing. Huakang Zhou hasn't been charged with any wrongdoing. He says he is a victim of China Yingxia.

Peter Dong Zhou与SEC就后者提出的他协助中国英霞国际集团违反美国证券法的行政指控达成了和解。他对有关自己存在不法行为的指控不置可否。周华康未受到任何存在不法行为的指控。他说自己受到中国英霞国际集团的连累。

AOB declined to comment; Advanced Battery couldn't be reached. Representatives of China Yingxia, which collapsed in 2009, couldn't be located.

美国东方生物技术拒绝置评。另外，记者无法联系到先进电池科技，也无法找到中国英霞国际集团的代表，后者已于2009年倒闭。

The Zhous are 'gatekeepers' -- the consultants, financiers, auditors and others who helped give Chinese companies access to U.S. capital markets. As this week's SEC action against major accounting firms in China illustrates, the SEC is scrutinizing such gatekeepers as part of its continuing probe of accounting questions at Chinese companies.

周华康父子被称作“看门人，即那些帮助中国企业获得登陆美国资本市场机会的咨询师、金融家和审计人员等。正如SEC本周对几大会计师事务所在华合作所提起诉讼一事所表明的，SEC正在审查这些“看门人，这是该委员会持续调查中国企业会计问题的一部分。

'We've said all along we're looking at all the players,' said Kara Brockmeyer, co-head of an SEC working group that is conducting the probe. The action against the accounting firms indicates the SEC is 'committed' to looking at the role the gatekeepers played, she said.

进行上述调查的SEC工作组负责人之一布洛克梅耶(Kara Brockmeyer)说，我们一直在说，调查面向所有参与者。她说，对会计师事务所提起的诉讼表明，SEC致力于审查那些“看门人在这其中发挥的作用。

The SEC filed an administrative proceeding this week against the Chinese affiliates of five major accounting firms that have refused to cooperate with the commission's investigation of their clients. Also, Canadian regulators alleged the auditors of Sino-Forest Corp., one of the biggest Chinese accounting blowups, hadn't done enough to adequately audit the company.

SEC本周对五大会计师事务所的在华合作所提起了行政诉讼，这些事务所拒绝配合SEC对事务所客户的调查。另外，加拿大监管方也称，中国企业嘉汉林业(Sino-Forest Corp.)的审计方没有采取足够措施对该公司进行充分审计。嘉汉林业是被曝存在最严重会计问题的在美上市中国公司之一。

The Chinese auditors say they are caught between clashing U.S. and Chinese laws; Ernst & Young, the Sino-Forest auditor, said it followed proper audit standards and did 'extensive' work to verify Sino-Forest claims that were later brought into question.

这些会计师事务所的在华合作所说，它们被夹在美中两国相互冲突的法律中间。嘉汉林业的审计方安永(Ernst & Young)说，自己遵守了相关审计标准，为核实嘉汉林业的说法做了“大量工作。那些说法后来遭到有关方面的质疑。

Investment-banking firms also are among the gatekeepers, and while no underwriting firms have been charged with any wrongdoing, some have worked for multiple Chinese companies that later faced questions over their accounting and business practices, a Wall Street Journal analysis of company filings shows. That raises questions among some industry observers about how much such gatekeepers knew or should have known about their clients' problems.

《华尔街日报》对企业备案材料进行分析后发现，投资银行也属于这些“看门人之列，虽然还没有哪家承销公司被控有不当行为，但一些承销公司为多家后来爆出问题的中国公司工作过，外界对这些中国公司的会计和业务操作提出了质疑。这令一些行业观察人士对这类“看门人对其客户的问题究竟知道多少、以及本应知道多少产生了质疑。

As more Chinese companies that raised capital in the U.S. have faced regulatory scrutiny, 'the people who are culpable are the underwriters, the accounting firms and the lawyers,' said Steven Dickinson, a partner at Harris Moure PLC in Seattle and co-author of the China Law Blog.

美国律所Harris Moure PLC驻西雅图的合伙人迪金森(Steven Dickinson)说，越来越多在美国市场筹集资金的中国企业面临着美国监管机构的审查，应该受到惩罚的是那些承销商、会计师事务所和律师。

One attraction that pursuing gatekeepers holds for the SEC, a person close to the probe said: it is sometimes easier to get money out of U.S.-based gatekeepers than to recover it from companies and people in China.

据一位了解SEC调查情况的人士说，SEC有兴趣追踪调查这些“看门人的原因之一是，有时候把钱从这些在美国的“看门人手里追缴回来比从中国的企业和人员手里追缴回钱款要容易些。

Huakang Zhou said China Yingxia cheated its U.S. underwriters, attorneys and auditors. He said he hasn't had any contact with AOB for several years; he didn't provide any comment on Advanced Battery.

周华康说，中国英霞欺骗了它在美国的承销商、律师和审计师。他说，自己与美国东方生物技术有限公司已经好几年没联系了；周华康没有就先进电池科技发表任何评论。

Over 100 U.S. traded Chinese companies have come under fire from regulators, auditors and short sellers alleging problems with their accounting or disclosure. The SEC has filed several China-related enforcement cases since February.

有超过100家在美上市的中国公司受到了美国监管机构、审计机构和卖空者的攻击，这些公司被指在会计或信息披露方面存在问题。自今年2月以来，SEC已经提起了好几项与中国有关的执法行动。

Most companies involved in the SEC's cases entered U.S. markets through reverse mergers, in which privately held Chinese companies merged with American shell companies to get their public listing. An industry of gatekeepers sprung up to help with such deals, though reverse mergers have since waned as investors grew more concerned about Chinese companies.

SEC采取的这些行动涉及的公司大多是通过反向收购进入美国市场的，中国的私人持股公司通过这种方式与美国的壳公司合并，以达到在美国公开上市的目的。为了帮助达成这种反向收购交易，一个由各类“看门人组成的产业链在美国应运而生，不过由于投资者对中国企业的担忧度提高，反向收购交易近段时间以来已逐渐减少。

The Zhous helped China Yingxia come to the U.S. through a 2006 reverse merger, and acted as the company's 'de facto management,' the SEC indicates in court documents. But the Zhous allegedly doctored agreements to hide the fact that Peter Siris, a New York fund manager who invested in China Yingxia, improperly sold company shares and helped the company raise more than $2 million in 2007 even though he wasn't a registered broker.

SEC在法庭文件中指出，周华康父子曾通过2006年的一笔反向收购交易帮助中国英霞来美上市，而且他们还充当了这家公司的实际管理人。周华康父子被控在一系列协议上做了手脚，以掩盖纽约基金经理赛瑞斯(Peter Siris)在2007年不适当地卖掉了他手里的中国英霞股份并帮助该公司募集资金逾200万美元这一事实，虽然他当时并不是登记在册的经纪商。赛瑞斯此前曾投资于中国英霞。

Mr. Siris settled SEC civil charges of violating securities laws without admitting or denying wrongdoing. Mr. Siris's lawyer couldn't be reached for comment. Peter Dong Zhou's lawyer in the China Yingxia case said he no longer represents him, and a current attorney couldn't be located.

赛瑞斯与SEC就有关违反证券法的民事指控达成和解，他在这一过程中既未承认也未否认自己有不当行为。记者无法联系到赛瑞斯的律师就此事置评。Peter Dong Zhou在中国英霞这件案子上的律师说，自己已不再是他的律师，记者无法确定目前谁是Peter Dong Zhou的律师。

Huakang Zhou said in an interview in August that he was under SEC investigation, though the current status of it isn't clear. He declined to comment on Wednesday.

周华康今年8月在接受采访时曾说，他在接受SEC的调查。不过此项调查目前的进展情况尚不清楚。周华康周三拒绝发表评论。

Mr. Siris is another gatekeeper -- he was a paid consultant to China Yingxia and other Chinese companies he invested in, the SEC said in court documents.

赛瑞斯是另一位“看门人，SEC在一份法庭文件中说，他接受报酬担任了中国英霞他其他一些他所投资中资公司的顾问。

He also has invested in other Chinese companies that have faced criticism, such as China Sky One Medical Inc., which the SEC charged in September with falsely inflating its earnings. The company couldn't be reached for comment.

赛瑞斯在其他一些受到指责的中资公司也有投资，天一药业(China Sky One Medical Inc.)就是其中一家，SEC今年9月指控天一药业虚报公司收益。记者无法联系到这家公司置评。