????關(guān)于中國林業(yè)公司嘉漢林業(yè)（Sino-Forest）的消息進(jìn)一步惡化。由于無法從公司獲得足夠的信息，惠譽(yù)（Fitch）上周四宣布將不再對嘉漢林業(yè)的證券進(jìn)行評級。

????世界三大評級機(jī)構(gòu)之一的惠譽(yù)要求嘉漢林業(yè)“及時定期更新其海外資金余額的信息”。該機(jī)構(gòu)同時要求其公開公司管理層對于公司架構(gòu)的管理模式，分析人士評論稱其管理模式錯綜復(fù)雜?；葑u(yù)表示“鑒于當(dāng)前的公司構(gòu)架并不利于海外債務(wù)人直接了解公司在岸現(xiàn)金流情況，這些信息對于監(jiān)測嘉漢林業(yè)海外債權(quán)人的態(tài)度非常關(guān)鍵。”

????嘉漢林業(yè)管理層在答復(fù)惠譽(yù)時稱，在公司成立的獨(dú)立特別委員會公布其調(diào)查結(jié)果之前，公司無法提供進(jìn)一步的信息。

????嘉漢林業(yè)[SNOFF]近來屢遭重創(chuàng)，惠譽(yù)取消其評級的決定只是其中之一。其他還包括：空投卡森?布洛克創(chuàng)建的渾水調(diào)查公司（Muddy Waters Research）于6月初發(fā)表了一篇報道，將嘉漢林業(yè)列為“罕見的欺詐公司之一”。根據(jù)渾水調(diào)查的說法，嘉漢林業(yè)通過復(fù)雜的運(yùn)營構(gòu)架來夸大其資產(chǎn)的數(shù)額及價值。

????嘉漢林業(yè)的股票聞風(fēng)暴跌。對沖基金專家兼該公司股東約翰?鮑爾森損失慘重。他對其投資者發(fā)表了道歉聲明，并拋售了其所持全部股份。評級機(jī)構(gòu)紛紛降低對該股的評級，公司的股價也因此一落千丈。分析師也停止了對該公司的關(guān)注，針對嘉漢林業(yè)的調(diào)查也拉開了帷幕。投資者和監(jiān)管者也開始對其他上市的中國公司進(jìn)行審查。

????爭議爆發(fā)以來，嘉漢林業(yè)一直否認(rèn)所有指控，但卻沒有提供任何證據(jù)以證明自己的清白。正如香港財(cái)務(wù)司司長唐英年接受媒體采訪時所稱，這并不是最好的做法。

????The news just got a little worse Chinese forestry company Sino-Forest. Fitch announced Thursday that it will no longer rate Sino-Forest bonds because it isn't getting sufficient information from the company.

????Fitch, one of world's three largest ratings agencies, asked Sino-Forest for "a more frequent and regular update of its offshore cash balances." The agency also wanted to know how management intends to handle the structure of the business, which analysts describe as quite convoluted. Fitch said that the information is "critical to monitoring the position of Sino-Forest offshore creditors, particularly given that under the current business structure offshore obligors are unable to directly access the company's onshore cash flows."

????Sino-Forest management, in turn, told Fitch that it can't provide anymore information until a committee formed to investigate the company publishes its findings.

????Fitch's decision to withdraw a rating altogether is the latest in a series of blows sustained by Sino-Forest [SNOFF] this summer. To recap: Muddy Waters Research, a firm founded by short seller Carson Block, released a report in early June that called Sino-Forest "one of the rare frauds that is committed by an established institution." According to Muddy Waters, the company used a complex business structure to exaggerate the value and amount of its assets.

????Sino-Forest shares plummeted on the report. Shareholder and hedge fund master John Paulson lost money on his investment in the company, apologized to his investors, and dumped the stock altogether. Ratings agencies issued downgrades, and the company's bond prices took a dive. Analysts stopped covering the company, investigations into Sino-Forest began, and investors and regulators began to scrutinize other publicly traded Chinese companies as well.

????Since the controversy began, Sino-Forest has denied the accusations, but refrained from providing information that could prove its innocence. As Hong Kong's finance minister John Tsang has told the press, that's just not good enough.