SinoTech Energy defended its reputation after it became the latest Chinese group listed overseas to become embroiled in allegations over its standards of corporate governance and accounting.
Shares in the Nasdaq-listed Chinese oilfield services company fell 41 per cent on Tuesday before being halted, after Alfredlittle.com, the boutique research house, alleged in a report that SinoTech’s import agent, supplier and principal customers appeared to be shell companies while its technology was questionable.
In its report, Alfredlittle also claimed that statements filed with the Chinese State Administration of Industry and Commerce showed that the company’s business operations were “negligible.”
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