WASHINGTON — A $5 billion Chinese chemical company backed by Morgan Stanley disputes that it overstated profits and says officials in China have agreed to change outdated records.
An Associated Press investigation revealed discrepancies between financial records and what Tianhe Chemicals Group told investors as part of its $654 million public offering. Tianhe now said the records were out of date. The AP has been unable to reach government clerks responsible for making the changes.
Tianhe’s statement, filed with the Hong Kong’s stock exchange, is the company’s response to the AP. It assured investors the AP’s findings had ‘‘no material impact on our business and operations.’’
Tianhe said the AP report mostly repeated claims by the investment research group Anonymous Analytics, and said it already had made what it described as ‘‘a full and clear rebuttal to each and every of the false allegations.’’