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|China tech stocks dive on threat of US fraud probe|
| 12:41 am on Oct 3, 2011 (gmt 0)|
|China tech stocks dive on threat of US fraud probe [bbc.co.uk] |
Chinese internet stocks have dived in New York trading after the US Justice Department said it was considering launching a fraud investigation.
Chinese search engine firm Baidu fell 9%, rival portal site Sohu lost 5.3%, and messaging firm Sina dipped 9.5%.
The fraud concerns have arisen after accounting irregularities emerged at a number of Chinese firms whose shares are traded in the US.
| 6:34 am on Oct 30, 2011 (gmt 0)|
|The news was disclosed by Robert Khuzami, director of enforcement at the US financial services regulator. |
But who is he answering to? Who does Mr Khuzami report to? It's hard to take this type of announcement seriously since there are often personal agendas at play.
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