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Morgan Stanley pushed murky China stock to market

In this photo taken Oct. 24, 2014, Tianhe Chief Executive Wei Xuan shows journalists a sample of one of the specialty chemicals the company manufactures at its 800,000 square meter Jinzhou plant in China. The pitch to investors described the company on the verge of spectacular success. Tianhe Chemicals Group Ltd. boasted rock-bottom labor costs, unique manufacturing techniques and net profit margins triple those of competitors. (AP Photo/Erika Kinetz)WASHINGTON (AP) — The Associated Press discovered significant discrepancies between financial records and what a Chinese company backed by U.S. banking giant Morgan Stanley reported as part of its $654 million stock offering. Issues of murky financial information and lax oversight have become increasingly important as U.S. mutual funds and pension funds invest more regularly in Chinese companies.

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