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Tuesday, 23-Sep-2014 07:30 Email | Share | Bookmark
Insight - Frankfurt Exchange's China Dream Turns To Nightmare -

On Monday, Ultrasonic said Wu had contacted the group's finance chief to say he would return to the company, along with the money. Ultrasonic's shares more than doubled to around 2.30 euros in Frankfurt on Monday, but were still more than 60 percent down from where they began last week. It was the third time that shares in a Chinese firm listed in Germany have collapsed amid accusations of wrongdoing. The Frankfurt Stock Exchange says it has rigorous listing standards to protect investors from fraud, but the scandals (visit site) suggest that in the drive to win Chinese listings in the face of tough competition from New York and London, officials in Frankfurt may not have fully appreciated the risks. MASERATI With little hope of any compensation from China, a member of German private investor lobby SdK has suggested investors should consider taking auditors and underwriting banks to court. The company's auditors declined to comment and Frankfurt-based brokerage BankM, lead manager in all three listings, or IPOs, said there was no way it could have known. "This is a total catastrophe," said Thomas Stewens, head of corporate strategy and communications for BankM, which staked its reputation in part on the Chinese listings. "It's unimaginable how this could come to pass." There were few signs that anything at Ultrasonic was amiss, Stewens told Reuters. "We were site web in China regularly, certainly go to website 20 times over the past few years, and we regularly checked production on site," he said. <br>More:

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