Still Not Copacetic at Lihua International
On August 26, 2009, China Sky One Medical, Inc. (CSKI) issued a press release admitting material differences between their financial reports filed with the China State Administration for Industry and Commerce (SAIC) and their financial statements filed with the U.S. Securities and Exchange Commission (SEC). It was contemplated that "in future filings there will be no material differences in the information contained in the financial statements filed with the SAIC and the SEC."
Lihua International, Inc. (LIWA), another Chinese company who went public through a reverse-merger, also had material differences between their SAIC financial reports and SEC financial statements for 2008. For 2009, LIWA continued to have material differences in their SAIC financial reports and SEC financial statements. A comparison of the two filings follows this article.