Chinese coal distributor, Winsway Coking Coal, listed in the Hong Kong exchange in October 2010. The company was initially identified as risky within the infamous Moody's "Red Flags for Emerging Market Companies" in June 2011. Seven months later, in January 2012, Winsway was targeted by short-seller Jonestown Research which alleged that it was committing securities fraud by overstating inventories, amongst other allegations. Although Winsway's financial and share price performance continued to deteriorate, the fraud allegations were not substantiated. 

Last updated September 2023

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