Chinese chemical firm backed and brought public by Morgan Stanley responds to AP report
A Chinese Chemical manufacturer backed by Morgan Stanley has dispute an Associated Press report that raised doubts about the company's background and its claims to investors.
The response came late Sunday from Tianhe Chemicals Group Ltd — a $5 billion company partially owned by U.S. investment banking giant Morgan Stanley's Asian private equity arm. It centered on commercial business data and Chinese government records showing the company's predecessor was state-owned when it transferred key assets to Tianhe.
In a public statement filed with Hong Kong's stock exchange, Tianhe called its business registration filings — among basic corporate legal documents in China — heavily out of date and said that local government officials had promised to correct them. The company also said it would be announcing new customer contracts soon.