China Evergrande was attacked by short-seller Citron Research in June 2012, alleging fraud. The famed short-seller alleged that the Chinese property developer was using accounting shenanigans to mask insolvency, bribes to build land bank, ponzi-style financing, overstated asset values and had made a number of reckless investments. In the first case of its kind in Hong Kong, the territory's Market Misconduct Tribunal found Citron Research culpable of market misconduct in August 2016. It stated that Citron had used sensationalist language, made allegations that were false and misleading, likely to alarm ordinary investors and that were reckless or negligent. In November 2016, GMT Research published a report which raised concerns that Evergrande's financial statements did not present a true and fair view of its financial position and performance (for a synopsis of our report, please read our newsletter). As of September 2021, Evergrande was close to default. 

Last updated September 2021.

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