UK gold coin sales jump on concerns over Labour’s fiscal plans
While the possibility of a capital gains hike by Labour adds to the coins’ appeal, it’s one of many potential drivers for the Mint’s increased sales.
Silvercorp Metals (TSX/NYSE:SVM) is alleged to have procured the assistance of police in arresting and silencing critics of the company who sought to profit from the short-selling of its stock.
The Globe and Mail reports that documents obtained by the paper suggest local Chinese law enforcement may have arrested 35 year-old Canadian national Huang Kun at the behest of Silvercorp executives, with the Toronto-listed Sino-Canadian silver miner footing the bill for the investigation.
On 28 December Huang Kun was arrested in Beijing while two of his colleagues were arrested in the city of Luoyang. The three men were responsible for a censorious research report which is believed to have triggered a 20% single-day price decline for Silvercorp on the Toronto Stock Exchange.
The Globe and Mail further alleges that Huang’s arrest is part of a concerted effort by Chinese firms to mete out harsh punishment to North American short-sellers, who obtain extravagant profit from declines in the share prices of shaky PRC companies listed on overseas exchanges.
The PRC’s official Xinhua news agency published an opinion piece last week which was scathingly critical of overseas short-sellers and extolled efforts by Chinese entrepreneurs to deal with such “malicious act(s).”
In a piece entitled “Applaud Chinese entrepreneurs for uniting against short-sellers”, Xinhua staff writer Ren Ke praised a group of 61 Chinese entrepreneurs, including former Microsoft and Google executive Kai-fu Lee, for coming together to censure research firms who “maliciously” publish “erroneous reports” in a bid to put pressure on the prices of US-listed Chinese firms for their own profit.
Shares in Silvercorp ended the Monday trading session down 3.21% on the Toronto Stock Exchange.
8 Comments
Metals Trader 888
The use a emotionally loaded words in an article title is definitely a warning sign. Combine this with a photo of a couple guys ‘wrestling’ in camo uniforms (how does this relate at all to the story – its nothing but more emotional manipulation) – – and I discount everything.
peckerwood
This guy reminds me of a pump and dumper that used to go by Marc Anthony on the
YeeHaw boards and Seeking Alpha. Not sure, but suspicious. I have been to China, in fact most of Asia, and certain characteristics of the writing style set off the alarm. Note the author plants the seeds (of doubt), but does not overkill with watering and sun. Either innocent, and if so, sorry, if not, professional scum. I own Silvercorp, and
have skin in the game. Too bad I have to play in a dirty sandbox.
peckerwood
Marc – sorry if i am being unfairly critical of your article. i know how this game is played, and starting with the title of your article, i smell rat. English is not your first language, so i may be misinterpreting subtlety. i am short of patience (no pun) of short and distort slimeballs, as an invesor of both LLEN and SVM, both outstanding companies, targeted by criminals. don’t take anything personal if you are shooting straight. between the two companies mentioned, i am down an honest 6 months of pay.
Pmka
How much was Marc paid by the fraudulent short sellers
Bob Brant
Marc is obviously part if the Chinese propaganda machine.
Exaggerating claims such as…”who obtain extravagant profit from declines in the share prices”. Short selling has limited profit and unlimited liability so it’s less “extravagant” than just buying shares. Heaven forbid we stop the markets ability to disclose all the chinese ponzi schemes coming to North America to steal our investing savings. Silvercorp was the only casualty of numerous chinese companies found to be frauds. Take them to court, don;t circumvent the rule of law.
peckerwood
Silvercorp is no fraud. This has been proven beyond any doubt. Anyone reading this
article, and comments, please do your own due diligence. You manipulative pukes are absolutely revolting. I will see y’all someday in hell.
kody
China’s true colours of oppression are becoming clearer.
peckerwood
would the author be fair and present both sides? the short and distort practices of
the “victims” mentioned in this article are well documented. i applaud Silvercorp for fighting this abuse any way they can. and to criticize China’s police for harsh tactics is laughable. i’d gladly pay their salaries myself, if these bad cops somehow could be hired by the SEC, CFTC, or the New York FED. excuse me while i go vomit now.