Library

Industrials

Harbin Electric (HRBN US)

Year: 2011

Harbin Electric listed on the NASDAQ in August 2005 via a reverse takeover. In October 2010, the company announced that it was being taken private by its CEO and Barings Private Equity. In June 2011, Citron published the first of several reports and blog posts over a four month period, questioning the company's financials and alleging that the privatisation was simply a ruse to maintain a high share price. Alfred Little also alleged that the company was a fraud in a September 2011 report. While Barings pulled out of the deal, it still went ahead in November 2011, replacing Barings with Abax. Although Harbin was not proven to be a fraud, suspicions linger.

Last updated August 2021

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.

lock03 Read More

Back