One sweeping observation can safely be made about investing in Asia Asian companies have a problem with disclosure. No incident did more to highlight this than the Tsingtao debacle two years ago. In April 1995, investors learnt that Tsingtao, China’s biggest brewery and the best known of the “H” shares (mainland firms listed in Hong Kong), had not, as its prospectus had promised, used $114 million raised during its 1993 flotation to expand capacity.
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