1 April, 2014
Bespoke Research
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Gillem Tulloch
cimic-group-ltd-cim-au
china-gas-holdings-ltd-0384-hk
celltrion-inc-068270-ks
wilmar-international-ltd-wil-sp
toshiba-corporation-6502-jp
china-evergrande-group-3333-hk
oriental-energy-co-ltd-002221-ch
byd-company-limited-1211-hk-002594-ch
reliance-industries-ltd-ril-in-reliance-in
vipshop-holdings-ltd-vips-us
trip-dot-com-group-ltd-ctrp-us-tcom-us-9961-hk
baidu-bidu-us-9888-hk
51job-jobs-us
fosun-international-ltd-0656-hk
sunac-china-holdings-ltd-1918-hk
haier-electronics-group-co-ltd-1169-hk
global-brands-group-holding-ltd-0787-hk
bangkok-express-metro-plc-bem-tb
sm-prime-holdings-inc-smph-pm
china-hongqiao-group-ltd-1378-hk
lenovo-group-ltd-0992-hk
jd-com-inc-jd-us-9618-hk
zhengzhou-yutong-bus-co-ltd-600066-ch
luye-pharma-group-ltd-2186-hk
dr-lal-pathlabs-ltd-dlpl-in
tunghsu-optoelectronic-technology-co-ltd-000413-ch
xinyi-glass-holdings-ltd-0868-hk
kangde-xin-composite-material-group-co-ltd-002450-ch
hengan-international-group-co-ltd-1044-hk
catcher-technology-co-2474-tt
kobe-bussan-co-ltd-3038-jp
sinopharm-group-co-ltd-1099-hk
minth-group-ltd-0425-hk
china-biologic-products-holdings-cbpo-us
xtep-international-holdings-ltd-1368-hk
kingsoft-corporation-ltd-3888-hk
yonyou-network-technology-co-ltd-600588-ch
hollysys-automation-technologies-ltd-holi-us
361-degrees-1361-hk
li-ning-co-ltd-2331-hk
china-dongxiang-group-co-ltd-3818-hk
china-molybdenum-co-ltd-3993-hk
china-traditional-chinese-medicine-holdings-co-ltd.-0570-hk
ausnutria-dairy-1717-hk
car-inc-0699-hk-2603584D-hk
dongfang-electric-corporation-ltd-1072-hk-600875-ch
travelsky-technology-ltd-0696-hk
country-garden-holdings-co-ltd-2007-hk
guangzhou-r-and-f-properties-co-ltd-2777-hk
alibaba-group-holding-baba-us-9988-hk
tencent-holdings-ltd-700-hk
h-and-h-international-holdings-ltd-1112-hk
ck-hutchison-holdings-ltd-0001-hk
vitasoy-international-holdings-ltd-0345-hk
sinopec-engineering-group-co-ltd-2386-hk
china-resources-pharmaceutical-group-ltd-3320-hk
samsung-biologics-co-ltd-207940-ks
iqiyi-inc-iq-us
3sbio-1530-hk
china-medical-systems-holdings-ltd-0867-hk
58com-wuba-us
tal-education-group-tal-us
amorepacific-corp-090430-ks
atlassian-corp-team-us
china-mengniu-dairy-co-ltd-2319-hk
china-mobile-ltd-0941-hk-600941-ch
cspc-pharmaceutical-group-ltd-1093-hk
kweichow-moutai-co-ltd-600519-ch
midea-group-co-ltd-000333-ch-300-hk
naver-corporation-035420-ks
new-oriental-education-and-technology-group-edu-us
techtronic-industries-co-ltd-669-hk
best-inc-bsti-us-best-us
pinduoduo-inc-pdd-holdings-pdd-us
haidilao-international-holding-ltd-6862-hk
kyushu-railway-co-9142-jp
wuxi-biologics-(cayman)-inc-2269-hk
kingdee-international-software-group-co-ltd-0268-hk
tongcheng-travel-holdings-ltd-780-hk
china-lodging-group-ltd-huazhu-group-ltd-h-world-group-ltd-htht-us-1179-hk
baozun-inc-bzun-us
autohome-athm-us
ramsay-health-care-ltd-rhc-au
indorama-ventures-pcl-ivl-tb
minor-international-pcl-mint-tb
treasury-wine-estates-ltd-twe-au
focus-media-information-technology-co-ltd-002027-ch
enn-energy-holdings-2688-hk
zhongyu-gas-holdings-ltd-zhongyu-energy-holdings-ltd-3633-hk
meituan-3690-hk
united-energy-group-ltd-0467-hk
bespoke-research
shanghai-m-and-g-stationery-inc-603899-ch
cartrack-holding-ctk-sj
mobile-world-investment-corporation-mwg-vn
topsports-international-holdings-ltd-6110-hk
ak-medical-hold-1789-hk
hla-corp-ltd-600398-ch
dominos-pizza-group-plc-dom-ln
grifols-sa-grf-sm
visa-inc-v-us
lyondellbasell-industries-nv-lyb-us
greentown-service-group-co-ltd-2869-hk
esr-cayman-ltd-1821-hk
ping-an-healthcare-and-technology-co-ltd-1833-hk
softbank-group-corp-9984-jp
globant-sa-glob-us
motorola-solutions-inc-msi-us
shenzhen-inovance-technology-co-ltd-300124-ch
luckin-coffee-inc-lkncy-us
israel-chemicals-ltd--icl-group-ltd-icl-it
fanhua-inc-fanh-us
nmc-health-plc-nmc-ln
hoshizaki-corp-6465-jp
berry-genomics-000710-ch
adt-inc-adt-us
zillow-group-inc-z-us
union-medical-healthcare-ltd-2138-hk
chinasoft-international-ltd-0354-hk
solasia-pharma-kk-4597-jp
qudian-inc-qd-us
bosideng-international-3998-hk
divis-laboratories-ltd-divi-in
dmg-mori-co-ltd-6141-jp
embassy-office-parks-reit-embassy-in
a-living-services-3319-hk
unibail-rodamco-westfield-se-urw-na-urw-fp
conagra-brands-inc-cag-us
china-sce-group-holdings-ltd-1966-hk
far-east-consortium-international-ltd-0035-hk
kandenko-co-ltd-1942-jp
capitaland-ltd-capl-sp
new-world-development-co-ltd-0017-hk
shenzhou-international-group-holdings-ltd-2313-hk
yangzijiang-shipbuilding-holdings-ltd-yzjsgd-sp
huya-inc-huya-us
ronshine-china-holdings-ltd-3301-hk
huifu-payment-ltd-1806-hk
china-maple-leaf-educational-systems-ltd-1317-hk
mtu-aero-engines-ag-mtx-gr
changshouhua-food-co-ltd-1006-hk
redsun-properties-group-ltd-1996-hk
guoco-group-ltd-0053-hk
china-petroleum-engineering-corp-600339-ch
china-education-group-0839-hk
babytree-group-1761-hk
zozo-inc-3092-jp
jollibee-foods-corp-jfc-pm
technology-one-ltd-tne-au
yanzhou-coal-mining-co-ltd-1171-hk
quimica-y-minera-chil
the-marcus-corporation-mcs-us
guangdong-provincial-expressway-development-co-ltd-000429-ch-200429-ch
zhenro-properties-group-ltd-6158-hk
precision-tsugami-china-corp-ltd-1651-hk
zhejiang-weixing-new-building-materials-co-ltd-002372-ch
mills-estruturas-e-servicos-de-engenharia-sa-mils3-bz
hangzhou-robam-appliances-co-ltd-002508-ch
zhongsheng-group-holdings-ltd-0881-hk
vakrangee-ltd-vki-in
hangzhou-hikvision-digital-technology-co-ltd-002415-ch
china-water-affairs-group-ltd-0855-hk
nomad-foods-ltd-nomd-us
energy-absolute-pcl-ea-tb
quotient-technology-inc-quot-us
joy-city-property-ltd-0207-hk
atlantica-yield-plc--atlantica-sustainable-infrastructure-plc-ay-us
jiangsu-yanghe-brewery-joint-stock-co-ltd-002304-ch
the-stars-group-inc-tsgi-cn
nu-skin-enterprises-inc-nus-us
herbalife-nutrition-ltd-hlf-us
jnby-design-ltd-3306-hk
autobio-diagnostics-603658-ch
dali-foods-group-co-ltd-3799-hk
o-film-tech-co-ltd--ofilm-group-co-ltd-002456-ch
kangwon-land-inc-035250-ks
china-resources-medical-holdings-co-ltd-1515-hk
global-cord-blood-corp-co-us
jiayuan-international-group-ltd-2768-hk
industria-de-diseno-textil-sa-itx-sm
ain-holdings-9627-jp
serba-dinamik-holdings-bhd-sdh-mk
china-harmony-auto-holding-ltd-3836-hk
hongfa-technology-co-ltd-600885-ch
elbit-systems-ltd-eslt-us
ssy-group-ltd-2005-hk
sosei-group-corp-4565-jp
sichuan-kelun-pharmaceutical-co-ltd-002422-ch
peptidream-inc-4587-jp
mitsubishi-tanabe-pharma-corp-4508-jp
m3-inc-2413-jp
china-resources-double-crane-pharmaceutical-co-ltd-600062-ch
hans-laser-technology-industry-group-co-ltd-002008-ch
glodon-co-ltd-002410-ch
wuxi-lead-intelligent-equipment-co-ltd-300450-ch
rainbow-department-store-co-ltd-002419-ch
bestway-global-holdings-3358-hk
fu-shou-yuan-international-group-ltd-1448-hk
haitian-international-holdings-ltd-1882-hk
traditional-therapy-clinics-ltd-ttc-au
sunny-optical-technology-group-co-ltd-2382-hk
beauty-community-pcl-beauty-tb
tongda-group-holdings-ltd-698-hk
aspen-pharmacare-hold-apn-sj
tongwei-co-ltd-600438-ch
tbea-co-ltd-600089-ch
longi-green-energy-technology-co-ltd-601012-ch
jointown-pharmaceutical-group-co-ltd-600998-ch
ja-solar-holdings-co-ltd-ja-solar-technology-co-ltd-jaso-us-002459-ch
canadian-solar-csiq-us
beijing-jingyuntong-tech-601908-ch
jinkosolar-holding-co-ltd-jks-us
aroundtown-sa-at1-gr-at1-gy
kwg-group-holdin-1813-hk
kaisa-group-holdings-ltd-1638-hk
centre-testing-international-group-co-ltd-300012-ch
boer-power-holdings-ltd-1685-hk
xiabuxiabu-catering-management-china-holdings-co-520-hk
trigiant-group-ltd-1300-hk
nortonlifelock-inc-nlok-us
zhuhai-hokai-medical-instruments-co-ltd-300273-ch
shenzhen-mtc-co-ltd-002429-ch
shenzhen-megmeet-electrical-co-ltd-002851-ch
shenzhen-jinxinnong-technology-co-ltd-002548-ch
shenzhen-h-and-t-intelligent-control-co-ltd-002402-ch
shenzhen-fenda-technology-co-ltd-002681-ch
guangzhou-jiacheng-international-logistics-co-ltd-603535-ch
guangdong-transtek-medical-electronics-co-ltd-300562-ch
guangdong-adway-construction-group-holdings-co-ltd-6189-hk
changyuan-technology-group-ltd-600525-ch
luxshare-precision-industry-co-ltd-002475-ch
zhuzhou-kibing-group-co-ltd-601636-ch
shenzhen-yuto-packaging-technology-co-ltd-002831-ch
mls-co-ltd-002745-ch
keda-clean-energy-co-ltd-600499-ch
by-health-co-300146-ch
shenzhen-fastprint-circuit-tech-co-ltd-002436-ch
shenzhen-grandland-group-co-ltd-002482-ch
shenzhen-center-power-tech-co-ltd-002733-ch
shenzhen-hepalink-pharmaceutical-group-co-ltd-002399-ch
shenzhen-salubris-pharmaceuticals-co-ltd-002294-ch
chengtun-mining-group-600711-ch
shenzhen-glory-medical-co-ltd-002551-ch
shenzhen-sunnypol-optoelectronics-co-ltd-002876-ch
shenzhen-absen-optoelectronic-co-ltd-300389-ch
hoa-phat-group-joint-stock-company-hpg-vn
china-lilang-ltd-1234-hk
tonly-electronics-holdings-ltd-1249-hk
shenzhen-huaqiang-industry-co-ltd-000062-ch
shenzhen-yitoa-intelligent-control-co-ltd-300131-ch
wingtech-technology-co-ltd-600745-ch
eternal-asia-supply-chain-management-ltd-002183-ch
huapoint-life-sciences-co-ltd-002004-ch
sinomax-group-ltd-1418-hk
keshun-waterproof-technologies-co-ltd-300737-ch
tianyu-eco-environment-co-ltd-603717-ch
hilong-holdings-ltd-1623-hk
kingold-jewelry-inc-kgji-us
tansh-global-food-group-co-ltd-3666-hk
digital-china-group-co-ltd-000034-ch
automated-systems-hold-0771-hk
goodbaby-international-holdings-ltd-1086-hk
daiki-axis-co-ltd-4245-jp
secoo-holding-ltd-seco-us
weimob-inc-2013-hk
gsx-techedu-inc-gotu-us
jinxin-fertility-group-ltd-1951-hk
lvgem-china-real-estate-investment-co-ltd-0095-hk
cimc-enric-holdings-ltd-3899-hk
netdragon-websoft-holdings-ltd-0777-hk
angel-yeast-co-600298-ch
daimler-ag-dai-gy
perfect-world-co-ltd-002624-ch
qube-holdings-ltd-qub-au
country-garden-services-holdings-co-ltd-6098-hk
china-meidong-auto-hldg-1268-hk
sea-ltd-se-us
opera-ltd-opra-us
crown-resorts-ltd-cwn-au
gruma-sab-de-cv-grumab-mm
harvey-norman-holdings-ltd-hvn-au
upl-ltd-upll-in
chalieco-china-aluminum-international-engineering-corporation-ltd-2068-hk
gem-co-ltd-002340-ch
nippon-paint-holdings-co-ltd-4612-jp
china-tianrui-group-cement-co-ltd-1252-hk
west-china-cement-ltd-2233-hk
youdao-inc-dao-us
fineos-corporation-holdings-plc-fcl-au
tencent-music-entertainment-group-tme-us-1698-hk
nutanix-inc-ntnx-us
dd-holdings-co-ltd--dd-group-co-ltd-3073-jp
china-literature-ltd-0772-hk
lets-holdings-group-co-ltd-002398-ch
sobute-new-materials-co-ltd-603916-ch
hikma-pharmaceuticals-plc-hik-ln
converge-ict-solutions-inc-cnvrg-pm
thai-beverage-pcl-thbev-sp
media-nusantara-citra-tbk-pt-mncn-ij
mr-diy-group-m-bhd-mrdiy-mk
ascential-plc-ascl-ln
royalty-pharma-plc-rprx-us
appen-limited-apx-au
ming-yuan-cloud-group-holdings-ltd-909-hk
arco-platform-limited-arce-us
netjoy-holdings-limited-2131-hk
jd-health-international-inc-6618-hk
sf-holding-co-ltd-002352-ch-6936-hk
altice-usa-inc-atus-us
inpost-sa-inpst-na
nexi-spa-nexi-im
china-youzan-ltd--youzan-technology-ltd-8083-hk
worley-ltd-wor-au
kingsoft-cloud-holdings-ltd-kc-us
sirius-xm-holdings-inc--siri-us
sanken-electric-co-ltd-6707-jp
hangzhou-tigermed-consulting-co-300347-ch-3347-hk
austar-lifesciences-ltd-6118-hk
glenmark-pharmaceuticals-ltd-gnp-in
pioneer-natural-resources-company-pxd-us
diamondback-energy-inc-fang-us
zhejiang-sanhua-intelligent-controls-co-ltd-002050-ch
twitter-inc-twtr-us
yunnan-energy-new-material-co-ltd-002812-ch
charter-communications-inc-chtr-us
ii-vi-incorporated-iivi-us--coherent-corp-cohr-us
q-technology-group-co-ltd-1478-hk
energy-transfer-operating-lp-etp-us
enterprise-products-partners-lp-epd-us
mplx-lp-mplx-us
ca-immobilien-anlagen-ag-cai-av
bumble-inc-bmbl-us
the-interpublic-group-of-companies-inc-ipg-us
sats-ltd-sats-sp
oue-limited-oue-sp
city-developments-ltd-cit-sp
wing-tai-holdings-ltd-wingt-sp
sunac-services-holdings-ltd-1516-hk
siltronic-ag-waf-gy
te-connectivity-ltd-tel-un
alstria-office-reit-ag-aox-gy
china-yongda-automobiles-services-holdings-ltd-3669-hk-0406518D-hk
zhongji-innolight-co-ltd-300308-ch
china-communications-services-corp-ltd-0552-hk
haier-smart-home-co-ltd-600690-ch-6690-hk
microport-scientific-corporation-0853-hk
Insights
1 December, 2023
NEWSLETTER: EVERGRANDE (3333 HK)
Never profitable

Fredrik Oeqvist
Evergrande’s much delayed and recently published 2021 annual report makes clear that it significantly overstated revenue and earnings – most likely for many years. Contrary to what some people think, Evergrande was not so much a victim of tightened liquidity or a COVID-induced property market downturn; its problems were far more fundamental – there were never any profits....
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18 August, 2020
NEWSLETTER: COMING HOME?
Watch out for the privatisation “squeeze out”

Gillem Tulloch
The proposed Holding Foreign Companies Accountable Act could force hundreds of Chinese companies listed on US exchanges to delist over the next few years. For many large companies, seeking a secondary listing in Hong Kong or the mainland is a sensible insurance policy. However, investors should be wary of companies which decide to privatise and then relist. Our analysis of...
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