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China: Government Announces New Stimulus Package; Foxconn Faces New Labor Controversy

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Microsoft and Boeing also make the news.

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Chinese Stock Short Sellers: Short seller Citron Research found itself the target of criticism this week from a group of over 60 high-profile Chinese investors and business executives. In a letter, the group, comprised of former and current employees from Google, Microsoft, and other companies, slammed Citron and other Chinese short sellers for "targeting legitimate companies with either no problems or minimal problems," and producing reports that "boldly tell lies, knowing that their American readers have no way of verifying them."

The group asserts that the scrutiny of US-listed Chinese companies by short sellers like Citron is unfair and erroneous and has led to price declines in shares of companies such as SINA and Youku Tudou (YOKU), even causing many Chinese firms to delist from US exchanges.

"What Citron and other companies like it are doing is creating a prejudice that makes it difficult for companies we invest in to go public ... that's the agenda," said Kai-Fu Lee, former Google operations head in China, according to the Wall Street Journal.

For his part, Citron founder Andrew Left stood by his record, saying, "If what I wrote was false, then you wouldn't need a movement around it ... I am more than happy to defend [my statements] in a court of law."

Twitter: @sterlingwong

No positions in stocks mentioned.
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