Chinese financial solutions company Wins Finance listed on the NASDAQ via a reverse merger with a special-purpose acquisition company (SPAC) in 2015. Between mid-2015 and early 2017, Wins share price rose over 4,000%, resulting in a market capitalisation of almost US$7bn. The company was targeted by a number of bloggers on Seeking Alpha between December 2016 and February 2017; however, these reports had little impact. It was the publication of Bloomberg article on 31 March 2017 which appeared to prompt a 95% share price collapse. This article highlighted the stock's meteoric rise and a delay in a proposed acquisition of a 67% controlling stake in the company by a Hong Kong listed company. The acquisition finally went through in August 2017, prompting yet another share price rally but the company was eventually delisted in October 2020 for failing to meet the listing rules. Immediately following the acquisition, Wins profitability collapsed. At best, it looks like an old fashioned pump and dump, at worst a fraud.

Last updated July 2022.

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