I am not familiar enough with the process, I was just brainstorming what is left for XIN to prove themselves. The buybacks and last year dividend weren't enough.
The minutes say "double hedge", I thought it said "double edged" as in "double edged sword".
I recommend reading the whole Q&A of the nov 11 conference call. Lot's of good stuff covered. It's what convinced me to invest in XIN in the first place...I posted the link below, but if it doesn't work, go to seekingalpha.com, look up the nov11 q3 conference call transcript and click on Q&A at the top.
Here's the passage...
Thomas H.R. Gurnee
"Yes, well its funny, I’ve had a couple of bloggers and stuffs mentioning that we should do forensic audit of cash to prove to people that we have the cash is real. Well it’s kind of double hedge because if you do a forensic audit, it sort implies you don’t believe it’s there.
Well, now we do have Ernst & Young as our auditor and Ernst & Young I’ve talked to them several times since these blow ups to make sure that their cash verification procedures are completely up to date, and they have all the Big Four have revised their cash verification procedures in China and to the point where when they get the verification, they have to absorb the person signing and chopping the verification.
They wants let it go behind the wall or done electronically, they have to actually physically see it happen. There is a lot of new cash verification procedure. I don’t want to go and do a forensic audit. I believe this CATS verification audit is sufficient."
Ha, I think your interpretation of his words as "double edged" were probably right, and the transcriber's wrong.
Thanks for the LINK. I'll definitely look into it, but on the surface it sounds great.
This is just a flyer, but you don't happen to know what the CATS audit is that he was talking about, do you? If you don't know off the top of your head, totally no worries; I should read up on this stuff anyway.