It's written by Jonathan Weil and is his opinion not Bloomberg's. It is a bit wacky, but he makes this
'It is only prudent for investors to start with the assumption that the books of every publicly traded Chinese company are cooked. (To be fair, the same also may be true of the world’s biggest banks.) Capital markets work best when the information that companies report is credible. When it isn’t, and when laws don’t exist or aren’t enforced, investor confidence is easily shaken. Even an obscure news report about an anonymous letter can have the ring of truth and send a big manufacturer’s stock careening'