China Minzhong (MINZ SP)

China Minzhong Food Corporation Ltd. processes vegetables. The Company markets fresh vegetables domestically and processes vegetables by air-drying, freeze-drying, fresh-packing, and brining.

In Aug 2013, Glaucus Research published a report, accusing the company of fabricated sales, attempting to cover up and overstating capital expenditure. Minzhong’s biggest customer was only incorporated 2 years after the company claimed to have sold to them; their second biggest customer recorded no revenues, no change in inventories, and was co-founded by Minzhong’s chairman.

The company rebounded quickly and continued trading until it was acquired by a private company in Feb 2017.

Glaucus Research: China Minzhong Food Corp., 23 Aug 2013

China Minzhong: Annual Report 2013

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