China Agritech, Inc. manufactures and markets liquid fertilizer products. The Company’s products are marketed and sold to farmers in the People’s Republic of China.
In 2011, a report published by LM Research revealed that all but one of the company’s production plants were idle or for sale. Researchers are also unable to obtain a sample of their product, and they were told by government officials that the company does not have a license to manufacture granular fertilizer, which the company claims to be its largest product line.
Since raising $70m in 2005, the company has only acquired $7m of capital equipment while it has paid its founders $4m in rental fees and real estate purchases.
LM Research: China Agritech: A Scam, Feb 2011
Bronte Capital: China Agritech, Feb 2011
China Agritech: Annual Report 2008