How NYGG and Mr. Benjamin Wey Can Help Understand Discrepancies Found Between Chinese SAIC and U.S. SEC Filings
This press release informs the readers about New York Global Group, a leading middle market advisory firm, and its president Mr. Benjamin Wey, a leading China expert on Wall Street.
- New York, NY (1888PressRelease) January 22, 2011 - Mr. Benjamin Wey, the founding partner and President of New York Global Group, is an important precursor to US-China trade relations. With NYGG's headquarters in New York and Beijing, Mr. Wey's dream-child is now considered to be a top Wall Street middle market advisory firm on China related transactions. New York Global Group has been in the business for the last 17 years and has more than 80 experienced and expert bilingual professionals providing expert advice on strategic growth for their China-based clients.
Mr. Benjamin Wey is an expert on SAIC and SEC related matters and many top Chinese companies have benefited from his advice. The SAIC and SEC are complex and many people who want to invest in China-based companies listed in the United States have complained about the irregularities found in the financial statements between SAIC filings in China and their U.S. SEC filings. This has given a false impression of Chinese companies, and investors have started to believe that Chinese companies are intentionally showing false financial results and that their SEC filings in the U.S. are not trustworthy.
Certain investor concerns towards investing in China based companies listed in the U.S. capital markets are genuine. However as explained by Mr. Benjamin Wey, it is false to assume that financial results of Chinese companies listed in the U.S. cannot be trusted, simply because these companies' SAIC filings in China may not match exactly their SEC filings in the U.S. As China expert Mr. Benjamin Wey has noted, SAIC is not the tax authority in China therefore its filings do not reflect the financial status of a Chinese company. The State Administration of Taxation ("SAT") is the only authorized government agency that can collect corporate taxes from companies in China, and is the right government agency in China to which Chinese companies send their financial reports. SAT does not disclose publicly financial statements of any private company. It is only through illegal means that one may be able to obtain SAT filings of a Chinese company.
Many of the Chinese companies listed in the United States are under holding company structures that own multiple subsidiaries in China. Under SAIC, there is no need for a holding company to file consolidated financial statements, but if a holding company owns factories which are located at different locations, then each factory has to file individual tax returns. Then all these financial statements are consolidated into one financial statement, after eliminating related party transactions.
To learn more about Benjamin Wey , New York Global Group and their extensive expertise on China, you can log on to their website: www.nyggroup.com
Contact Information:
New York Global Group
The Trump Building
40 Wall Street, 38th Floor
New York, NY 10005
USA
Tel: 212-566-0499
Benjamin Wey -President
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