Ecogreen International produced and traded fine chemicals. It listed on the Hong Kong Stock Exchange in 2004. In March 2022, the company announced a delay in the release of its 2021 annual report, resulting in a trading suspension in April 2022. This delay appears to have been caused by its auditor, PwC, being unable to reconcile cash balances of about RMB1.6bn with bank confirmations. This discrepancy precipitated the resignation of independent directors, the CFO, another director and, finally, the auditor in May 2023. An internal investigation claimed a cyber-attack had stopped the company from accessing its financial records and its prior year accounts would have to be reconstructed manually. Unsurprisingly, in November 2023, the HK Exchange rejected a request for an extension to its resumption of trading deadline and proceeded to cancel its listing. In June 2024 the company was ordered to be wound up. This is a confirmed fake cash flow fraud.

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