Waste-water treatment company Sound Global initially listed in Singapore in 2006 and then listed by way of introduction on the Hong Kong Exchange (HKEx) in 2010. It dropped the Singapore listing in 2014. In February 2015, short-seller Emerson Analytics published a report alleging that sales and profits had been faked. The company initially denied the allegations but was forced to suspend its shares in March 2015 as the auditors had encountered an RMB2bn cash shortfall during the audit of FY14 financials. In June, Sound Global's investigation concluded that this money had been paid as a prepayment for an acquisition. Auditors Deloitte resigned over disagreements with the board and audit committee. In January 2016, Sound Global's shares recommenced trading as it had met the exchange's conditions; however, in April, Hong Kong's regulator took the unusual step of suspending Sound Global's share price. Its investigation had confirmed an unexplained cash shortfall. Sound Global is a confirmed fraud.

Last updated October 2021

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