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Pinboard

@Pinboard

Do not attempt to compete with Pinboard. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

Boulevard of broken dreams
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    1. Pinboard‏ @Pinboard Oct 8

      Pinboard Retweeted Mathew Ingram

      To be clear, I am 100% on board with the possibility that Tether is a massive fraud. But there's a broader context of shenanigans here that is underreported. For example, consider the way Chinese stocks are listed on US exchanges.https://twitter.com/mathewi/status/1446468360745652226 …

      Pinboard added,

      Mathew IngramVerified account @mathewi
      "Last month, traders bought $3 billion in new Tethers, sending billions to the Inspector Gadget co-creator’s Bahamian bank in exchange for digital tokens conjured by the Mighty Ducks guy and run by executives who are targets of a criminal investigation" https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether?sref=E9Urfma4 …
      2 replies 28 retweets 75 likes
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    2. Pinboard‏ @Pinboard Oct 8

      When you buy a Chinese stock on a US exchange, you're not buying shares of that company, but a Variable Interest Entity incorporated in the Cayman Islands. This VIE is a smoke-and-mirrors entity that has no enforceable relationship with the Chinese giant, and is illegal in China.

      4 replies 12 retweets 53 likes
      Show this thread
    3. Fredrik Öqvist‏ @fuheping Oct 8
      Replying to @Pinboard @BeijingPalmer

      This is not how VIEs work. For a start the VIE is the entity in CN that operates in the restricted industry. The Cayman entity is just a regular hold co set up for listing purposes. Further some companies that use VIE have most, or indeed all, of their assets and rev in the WFOE

      1 reply 0 retweets 0 likes
    4. Fredrik Öqvist‏ @fuheping Oct 8
      Replying to @fuheping @Pinboard @BeijingPalmer

      This means that while in some cases the Cayman company might not own any of the operating company in China (the VIE), in other cases the Cayman company owns ALL of the operations in China

      1 reply 0 retweets 0 likes
      Pinboard‏ @Pinboard Oct 8
      Replying to @fuheping @BeijingPalmer

      Isn't this ownership unenforceable under Chinese law? That is my understanding of it.

      7:51 AM - 8 Oct 2021
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Fredrik Öqvist‏ @fuheping Oct 8
          Replying to @Pinboard @BeijingPalmer

          The ownership of the WFOE is enforceable, it's just a company owned by a foreign entity so it works the same as everywhere else (mostly anyway). The legally questionable part are the VIE contracts, between the WFOE and the VIE entity

          1 reply 0 retweets 0 likes
        3. Fredrik Öqvist‏ @fuheping Oct 8
          Replying to @fuheping @Pinboard @BeijingPalmer

          This is why it's important to look at what's in the VIE and what the listed company has direct ownership over. For instance $NIO has a VIE, but it has no material assets or business in it, so in this case you actually own the entire business when you buy shares in the Cayman co

          1 reply 0 retweets 0 likes
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