Word: sinopec
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According to Harvard’s most recent filing with the Securities and Exchange Commission, made last Friday, Harvard also holds 10,000 ADR shares of Sinopec, a Chinese energy giant whose latest business ventures present a similar problem for human rights and US interests. This $205,000 stake in the company is worrisome for two reasons...
First, Sinopec’s recent history in Sudan is well-documented. Shortly before Sinopec went to the U.S. capital markets in October 2000 for its IPO, the Asia version of The Wall Street Journal revealed that the company was operating in Sudan. Shortly thereafter, Sinopec dropped its operations in Sudan, a move that has been widely attributed to the company’s concerns that its activities in Sudan would diminish investors’ appetites. And just last week, after a brief hiatus from Sudan, Sinopec resumed operations there with the acquisition of a regional oil company that will...
...stocks, says Biggs, will outperform "in a big way." The safest direct play is through Hong Kong, where China's big companies trade. Wendell Perkins, who manages the Johnson Family International Value fund, one of the better-performing funds of the past three years, likes China Petroleum and Chemical (Sinopec), whose stock is up 25% in the past 12 months, and the rapidly growing Asia Satellite Telecommunications Holdings (down 34%), which sells satellite time for broadcasting and telecom use. Shares of both trade as ADRs on the New York Stock Exchange and have P/Es under 10. Sinopec, Perkins notes...
...were known to have stopped some operations. Work ceased at Shanghai factories owned partly by Massachusetts-based Foxboro, an electronics company, and aircraft-making McDonnell Douglas. Chemical Bank suspended its efforts to organize a syndicate of U.S. and Japanese banks that would share in a $120 million loan to Sinopec, China's national oil company...