Article from Tomorrows (11/21)China Newspapaper...
I had to translate the page. If you read what the article says, it makes sense. Let's hope the powers that be see it that way also.
New Oriental to respond to OLP Global challenge: there is no basis in fact 2011年11月21日11:07 来源： i美股 At 11:07 on November 21, 2011 Source: Wall Street
I Wall Street News) SAN FRANCISCO, Nov. 21 news, today's New Oriental for OLP Global 17-day challenge to respond to the report, New Oriental's management and board of directors questioned said OLP Global report is entirely unfounded and wrong.
Chairman and CEO of New Oriental Mr Yu said, "Last week OLP Global challenge for New Oriental reports totally unfounded, disparaging the company's reputation and prompted the company fell. The report did not question the value of the new East since 2006 listing on the NYSE, corporate governance, transparency of information and communication with shareholders and establish all aspects of a model and established a good reputation. "
New Oriental, said the company's annual report to the SEC to provide all financial information through the four are independent accounting firms, in line with U.S. GAAP actual financial data .
OLP Global质疑新东方的关键点是认为新东方财务报表中没有完全剔除内部交易的影响，从而在2007年到2010年营收高估了1.67亿美元，净利润高估了1.37亿美元。 OLP Global questioned the key point is that New Oriental New Oriental financial statements that are not completely exclude the impact of insider trading, resulting in revenue from 2007 to 2010 over-estimated $ 167 million, net profit of over-estimated $ 137 million.
对此新东方表示，公司的财务报表完全符合美国GAAP的规范，剔除了所有内部交易的影响，所有的财务信息均反映在2011年10月14日提交给SEC的年报中。 This new East, said the company's financial statements fully comply with U.S. GAAP standards, excluding the impact of all internal transactions, all financial information is reflected in the October 14, 2011 annual report filed with the SEC.
此外，新东方认为OLP Global的质疑存在三个问题： In addition, the new East that OLP Global's question there are three problems:
1, OLP Global的质疑仅仅是基于对新东方下属的3个业务运营实体的调查，而事实上新东方有超过60家的业务运营实体公司，由此OLP Global的质疑是低级的、不完整的和错误的； 1, OLP Global's question just based on the new East operations under the three entities of the investigation, and in fact New Oriental has more than 60 entities of the company's business operations, which OLP Global challenge is low-level, incomplete and wrong;
2, OLP Global对财务的质疑也是基于从各种来源中精心挑选的新东方3家公司的不完整的财务信息，并且将截止于12月31日的年度税务报告和截止于5月31日的年度财务报告进行错误的比较； 2, OLP Global challenge is based on the financial sources from a variety of carefully selected three companies of the New Oriental incomplete financial information, and will end on December 31, the annual tax reports and end on May 31 annual financial report false comparison;
3，OLP Global不能解释为什么在过去的数年中花费大约9300万美元用来回购股票之后，新东方的现金和短期投资能够从2006年的3200万美元增至截止2011年8月31日的超过7亿美元。 3, OLP Global does not explain why in the past few years, cost about $ 93 million to repurchase stock, the New Oriental's cash and short-term investments from the $ 32 million in 2006 to end August 31, 2011 more than $ 700 million. Based on the logic OLP Global, the question must be that New Oriental reports more than 60 operating entities in the "exaggerated" the net result of $ 137 million shortfall. OLP Global But in fact, net profit has not been exaggerated, there is no such cash account balance, and OLP Global questioned report is only based on the new operating entity of the East 3 data, OLP Global questioned the logic of the report is completely error , and can not stand the test of common sense and accounting standards.
（文章来源：i美股李雪编译） (Source: i stocks Li Xue compilation)