Chinese online consumer finance marketplace Hexindai listed on the NASDAQ in November 2017. In January 2019, it was attacked by short-seller Bonitas Research which alleged that the company was faking the majority of revenues and profits whilst siphoning cash out of the company. The report failed to have much of an impact on the company's share price. However, it appears that owing to the effects of COVID and regulatory changes, Hexindai's business model effectively collapsed with its shares losing over 96% of their value since mid-2018. Deloitte signed off on Hexindai's FY19 financial statements (to March 2019) although declined to be reappointed thereafter. As such, the fraud allegations were not proven.

Last updated June 2022

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.