Hello Professor,

Thank you for your helpful insight.

to your first point.. Yes I am aware that the SAIC does not cover offshore entities. I did not mention this because as you pointed out this will not matter much.

to your second point.. I do agree with most of your points, but not one company has taken the lead to reconcile SAIC/SAT/SEC differences. Also, how do you explain the differences between provision for income taxes?  i do think that at the very least, tax fraud may be common.

to your third point.. i agree and should have mentioned this.  TPI filings do not match, maybe due to this reason.

to your fourth point.. I think i will not be welcomed in China!!!

We just need a few brave companies to come out and reconcile filings or have auditors say that they have pulled SAIC and SAT files independently.

Maj