如新被指搞传销 股价大跌

Shares in New York Stock Exchange-listed Nu Skin Enterprises Inc. dropped 9.2% Tuesday after a short-seller accused the company of running a multi-level marketing operation in China, where such activities are illegal.

周二，在纽约证券交易所上市的如新企业集团(Nu Skin Enterprises Inc.)的股价下跌9.2%。此前一家做空机构指责该公司在中国进行传销。在中国，传销属非法经营手段。

Utah-based Nu Skin, which makes personal-care products, said in a statement filed to the U.S. Securities and Exchange Commission on Tuesday that it doesn't believe its business violates Chinese law.

总部设在犹他州的如新企业集团在周二向美国证券交易委员会(SEC)提交的一份声明中说，它认为其业务并没有违反中国法律。如新是一家生产个人护理产品的企业。

'We are confident that our China operations are in compliance with applicable regulations as interpreted and enforced by the government of China,' the company said. 'Nu Skin has an eight-year history of doing business in China under these regulations, and the government has regularly reviewed our business activities.'

如新说，我们相信如新的中国业务遵守了中国政府解释和执行的适用法规。如新在中国守法经商已有八年，中国政府定期检查我们的业务活动。

In the statement, Nu Skin said it operates differently in China than in other countries─with physical stores as well as direct sales where permitted─in order to comply with Chinese regulations. Elsewhere in the world, Nu Skin eschews shopfronts and relies instead on distributors to sell its goods directly to customers.

如新在声明中说，它在中国市场的经营手法和其它国家不同。在中国，如新采用实体店和直销两种手段共用的经营模式（中国允许直销）以便遵守中国法规。在世界其它国家，如新已经摒弃了实体店，完全依靠分销商将商品直接销售到顾客手中。

In a report posted on its website, California-based Citron Research said it believes based on interviews with Nu Skin salespeople in China that the company's sales network is a pyramid. Under a pyramid sales structure, existing salespeople are rewarded with payments made into the system by subsequent members.

总部位于加州的做空机构香橼研究(Citron Research)在其网站上发布的一份报告中说，基于对如新中国销售人员的采访，香橼研究认为如新的销售网络是一种典型的“金字塔结构的传销。在这种“金字塔结构的销售模式下，现有销售人员每发展一个下线可以获得相应奖励。奖励资金来自该下线交给公司的钱。

'Nu Skin investors are exposed to the massive risk of its China operations coming to an abrupt halt due to violation' of Chinese pyramid sales laws, the report said. 'The consequences would be devastating.'

这份报告说，由于违反了中国有关禁止传销的规定，如新中国的业务可能会被突然叫停，如新的投资者可能暴露于巨大的风险之中，其后果将是毁灭性的。

Nu Skin said in its SEC statement, 'Our compensation is similar to other direct selling companies operating in China. Our employed sales force is compensated based on a number of performance factors that are similar to any other sales organization in any industry: productivity, effectiveness of sales management and leadership, as well as compliance with local regulations and company policies.

如新在提交至SEC的声明中说，我们的薪酬机制和在中国经营的其它直销企业类似。我们雇员薪酬高低取决于一系列业绩考评因素，这些因素和任何一个行业的任何一家销售机构类似，无非是生产率、销售管理和领导的效力以及是否符合当地法规和公司政策。

'We actively educate our sales force to follow all regulations and company policies and procedures. Any member of our sales force not operating in accordance with local law or with our company policies is subject to discipline.'

声明说，我们积极教育我们的销售人员遵守所有法规和公司政策及流程。如果我们的销售人员没有遵守当地法律或公司政策，那么他将受到纪律处分。

According to a Nu Skin earnings report, 10% of its earnings in the first six months of the year were generated in Chinese mainland, up from 8% in the same period last year. It generated $108.1 million in revenue from China in the first half of 2012, up 56% from $69.2 million in the first six months of last year.

如新的收益报告显示，今年头六个月其盈利的10%来自中国内地，高于去年同期8%的比例。2012年上半年，如新在中国实现收入1.081亿美元，高于去年同期的6,920万美元，增幅为56%。

Citron Research in recent years has issued a string of reports on U.S.-listed Chinese companies it accused of lying to U.S. investors by exaggerating earnings. A number of those companies were subsequently delisted or saw their share prices plunge.

近年来，香橼研究针对在美国上市的中资企业发布了一系列报告，这些报告指责中国公司通过夸大收益欺骗美国投资者。遭其指责的部分中国公司随后或是被摘牌，或是出现股价大跌。

Nu Skin shares closed at $44.36 Tuesday, down from $48.86 Monday. On Wednesday afternoon, its shares were down 3% at $43.02.

如新股价周二收于44.36美元，低于周一48.86美元的收盘价。周三尾盘，其股价下跌3%，至43.02美元。

DINNY MCMAHON