China New Higher Education (NHE) listed on the Hong Kong Exchange in April 2017. In February 2019, it was attacked by anonymous short-seller Empty City Research which alleged that the company was hiding costs and inflating revenue. While the company’s share price initially fell more than 40% after the report's publication, within two years it was at an all-time high. NHE's CFO departed shortly after the report's publication after only being in the position for a year. However, auditor E&Y felt comfortable enough to sign off on the financials. As such, the fraud allegations remain unproven.

Last updated June 2022

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