Techtronic Industries Co Ltd (669 HK)

Year: 2023

Power tool manufacturer Techtronic Industries was listed on the HKSE in 1990. In February 2023, the company was targeted by anonymous short-seller Jehoshaphat Research. Jehoshaphat alleged that Techtronic Industries had materially manipulated profits by up to 175% in the 12-months to 1H22. It also expected the company to significantly miss earnings expectations in FY23. Techtronic Industries denied the allegations and no directors nor the auditor have resigned after the allegations were published. However, Techtronic shares are down 16% compared to its close before the report was published. Therefore, while allegations are unproven, investors are probably concerned about the accounting issues raised.

Last updated June 2023.

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