Chinese digital networks company ZST Digital Networks listed in the US in 2009. In November 2010, it was attacked by short-seller Spruce Point Capital alleging that sales and profits were largely faked. This led to a collapse in the company's share price. Five months later, in March 2011, a second short-seller, Wegener LLC, issued a report making the same allegations. In April, this was followed by a blogger on seeking Alpha called Chimin Sang. A year later, in March 2012, BDO's auditor resigned citing obstruction and an inability to verify cash balances. The company has since delisted from the NASDAQ and gone dark. It is a confirmed fraud. 

Last Updated: January 2022

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