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NYGG and Mr. Benjamin Wey – Helping to Understand Discrepancies Found Between Chinese SAIC and U.S.
NYGG and Mr. Benjamin Wey – Helping to Understand Discrepancies Found Between Chinese SAIC and U.S.
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 ,
New York ,
United States
(pr4links.com)
02/04/2011
One of the earliest persons to have foreseen the potential offered by US-China trade relations, Mr. Benjamin Wey, founded New York Global Group to help companies in this field. Managing offices in New York City and Beijing, Mr. Wey has helped many companies through his expert advice and has, in the process, turned his dream-child, his company, into one of the top Wall Street middle market advisory firms on China-related transactions. New York Global Group has been in the business for the last 17 years and serves its clients with more than 80 experienced and expert bilingual professionals who are adept at providing expert advice on strategic growth.
Benjamin Wey , is an expert on SAIC and SEC related matters and many top Chinese companies have been seeking his advice in various issues. Many people seeking 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 misunderstanding is a result of complex procedure of SAIC filing and SEC filing and often gives false impression of Chinese companies. Many times, Investors start believing that Chinese companies are intentionally showing false financial results and that their SEC filings in the U.S. are not trustworthy.
The concerns shown by investors wanting to invest in China based companies listed in the U.S. capital markets are genuine. However, Mr. Benjamin Wey clarifies that it is wrong 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 an authority on China, Mr. Benjamin Wey, points out that SAIC is not the tax authority in China therefore its filings do not reflect the actual financial status of a Chinese company. The only authorized government agency that can collect corporate taxes from companies in China is State Administration of Taxation (“SAT”) and is the right government agency in China to which Chinese companies send their financial reports. As SAT does not disclose publicly financial statements of any private company, the only way to obtain SAT filings of a Chinese company is through using illegal means.
Many of the Chinese companies listed in the United States are under holding company structures that own multiple subsidiaries in China. As per the SAIC guidelines, a holding company is not required to file consolidated financial statements. However, 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
About
Benjamin Wey is the current president of New York Global Group (NYGG), a venture investment, international investment banking, and strategic consulting firm with headquarters in Beijing and New York City. Benjamin Wey possesses extensive international business experience, broad contacts and in-depth cultural familiarity as an expert on China.
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