Case Solution for Stock Manipulation by China’s Pangang Group

Case Solution & Analysis for Stock Manipulation by China’s Pangang Group by Xin Chen, Michael R King.

Complete Case details are given below :

Case Name :      Stock Manipulation by China’s Pangang Group
Authors :           Xin Chen, Michael R King
Source :              Ivey Publishing
Case ID :           9B16N007 / W16074
Discipline :        Finance
Case Length :    17 pages
Plagiarism : NO (100% Original work)
Description for case is given below :
In April 2011, a university professor of accounting and finance was examining the financial statements of Pangang Group Steel Vanadium & Titanium Company (Pangang), a leading Chinese steel manufacturer listed on the Shenzhen Stock Exchange. Pangang had a dramatic turnaround in its reported net income in 2010 with its share price rising over 60 per cent in a six-month period. The professor suspected that the controlling shareholder of Pangang – Anshan Iron and Steel Group Corporation (Ansteel) – had been manipulating Pangang’s earnings to artificially inflate the stock price. The timing coincided with the expiry of put options awarded by Ansteel to minority shareholders as part of a restructuring. Was Pangang manipulating its earnings to influence stock prices? Was there sufficient evidence to expose the fraudulent scheme to the public or report the case to the Chinese securities regulators?
 
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