Duoyuan Printing: Poor Corporate Governance Meets Inflated Revenues

China Economic Review submits:

Following comprehensive analysis of public information and extensive on-the-ground due diligence, our research team recommends that investors steer clear of Duoyuan Printing (DYP) due to poor corporate governance and suspect revenue data.

Corporate governance: The company dismissed Deloitte as its auditor in response to queries over what on the surface seems to be a relatively small accounting issue . The CEO, CFO and three independent directors subsequently resigned. (See details here.)

Suspect revenue data: The companys products do not appear to be well-known, but based on reported revenues alone (see here), it should be the second-largest market player in China.

Duoyuan Printing and its subsidiaries design, develop and manufacture offset printing equipment and solutions in mainland China. It derives the vast majority of its revenue from the sale of single and multicolor offset press printing machines in single format and large format. The company, founded in 2001, is


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