Chinese narrow strip steel manufacturer China Gerui was the product of a 2009 reverse merger onto the NASDAQ. In October 2011, short-seller Prescience Point attacked the company alleging fraud. Shortly thereafter, financial performance began to disappoint, leading to substantial share price declines. Despite mounting losses, in September 2014, the company inexplicably invested almost all of its cash into Chinese porcelain collection for US$234m. Our analysis of China Gerui's financials suggest traits similar to past frauds although this was never confirmed.

Last updated March 2022

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