I read the 20-F I downloaded from Xinyuan's website yesterday. The format of the pdf file itself disappoints me.
1. Page 1 (page 13 of the pdf), Item 3A, the five-year table is not even able to show the full 2011 column. 2. Page 29 (page 52 of the pdf), each city below the map does not even align with the table below. I checked the 2010 20-F. It does not have this problem. 3. Numerous pdf pages are just pure blank with page number on the top. This means they did a poor job to convert their orignal file to a pdf file.
All of these are small things, but these small things just show management either does not pay attention to details or just does not care too much about investors. Also, they should not be in a extreme rush to file the 20-F. Last year, I remember the filed around April 20. Whoever produced such a lousy pdf 20-F really sent a unfavorable message to the investing community. I also disappoint that Tom, the only executive knows English well, may not even look at this file by himself.
Agreed. I've never seen a company so bad at the little things.
Impressed with the Dividend Announcement, tonight I started a full due diligence review of XIN, with an eye toward maybe increasing my position before the 30th.
Unfortunately, now it's impossible to download the 20F in pdf form, and the Word version's an incomplete mess. I guess I'll try the SEC site.
You'll be unsurprised to learn that the 20F contained errors, which XIN has (hopefully) corrected by filing an amendment to the 20F, dated 4/18. I can't verify if the errors fixed are the same as the errors you mention, however, because I can't access the original 20F just now.