Chinese milk formula company China Feihe listed on the Hong Kong Exchange in November 2019. In July 2020, it was attacked by short-seller Blue Orca which alleged that the company was inflating revenue whilst understating both opex and capex. The short-seller also highlighted a number of possible undisclosed related parties, audit concerns and controversies when listed in the US. The report failed to prompt any auditor or board resignations and, as such, the allegations remain unproven. 

Last updated July 2022.

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