6 August, 2020
FACTORING WITHOUT RECOURSE
Fooling investors most of the time

Gillem Tulloch
window-dressing
cimic-group-ltd-cim-au
gillem-tulloch
zoomlion
china-shipbuilding-industry-co-ltd-601989-ch
metallurgical-corp
byd-company-limited-1211-hk-002594-ch
zte-corp
fosun-international-ltd-0656-hk
china-conch-venture-holdings-ltd-0586-hk
bbmg-corp-2009-hk
chongqing-iron-and-steel-co-ltd-1053-hk
lenovo-group
jd-com
zhengzhou-yutong-bus
sino-biopharm
luye-pharma
sinopharm-group
china-molybdenum-co-ltd-3993-hk
baoshan-iron-steel-co-600019-ch
aluminium-corp-2600-hk
amcor-amc-au
china-cssc-holdings-ltd-600150-ch
sany-heavy-industry-co
avichina-industry-technology-2357-hk
cssc-offshore
china-northern-rare-earth-group-high-tech-co-ltd-600111-ch
china-railway-signal-and-communication-corp-3969-hk
china-resources-pharmaceutical-group-ltd-3320-hk
zijin-mining
gree-electric-appliances-inc-of-zhuhai-000651-ch
anhui-conch-cement-0914-hk-600585-ch
china-railway-construction-corp-1186-hk
china-railway-group-ltd-0390-hk
china-shenhua-energy-co-ltd-1088-hk
great-wall-motor-co-ltd-2333-hk
hon-hai-precision-industry-co-ltd-2317-tt
huaneng-power-international-inc-0902-hk
jiangsu-hengrui-pharma
treasury-wine
shandong-sinocera-functional-material
inner-mongolia-junzheng-energy-and-chemical-industry-group-co-ltd-601216-ch
bosideng-international-3998-hk
hangzhou-hikvision-digital-technology-co-ltd-002415-ch
ssy-group
luxshare-precision-ind
beijing-oriental-yuhong-waterproof-tech-002271-ch
zhejiang-longsheng
china-transinfo-technology-co-ltd-002373-ch
upl-ltd
chalieco
china-communications-construction-co-ltd-1800-hk
huadian-power-international-corp-ltd-1071-hk
maanshan-iron-and-steel
shanghai-electric-group-co-ltd
hesteel-co-ltd-000709-ch
weichai-power
crrc-corp-ltd-1766-hk
hunan-valin-steel-co-ltd-000932-ch
angang-steel-0347-hk
citic-pacific-special-steel-group-co-ltd-000708-ch
xinjiang-gold
hengyi-petrochemical-co-ltd-
inventec-corporation-2356-tt
compal-electronics-inc-2324-tt
wpg-holdings-ltd
xiamen-tungste
wanhua-chemic
tongkun-group
lomon-billions
power-contruc
byd-electronic-0285-hk
gem-co-ltd-002340-ch
guangzhou-baiyunshan-pharmaceutical-holdings-co-ltd-0874-hk
sinopec-shanghai-petrochemical
adama-ltd-200553-ch
hangzhou-iron-and-steel-co-ltd-600126-ch
shandong-nanshan-aluminum
contemporary-amperex-technology-co-ltd-300750-ch-3750-hk-catl
kingfa-science-and-tech
ningxia-baofeng-energy-group
hoshine-silicon-industry-co-ltd-603260-ch
qinghai-salt-lake-industry
pegatron
tianma-microelectronics
shanghai-putailai-new-energy-tech
china-energy-engineering-corp-3996-hk
jiangsu-easternshenghong
jiangsu-bicon-pharmaceutical
zhejiang-nhu
gangsu-shangfeng-cement-co-ltd-000672-ch
zhejiang-huayou-cobalt
huadian-fuxin-energy
zhejiang-huafeng-spandex
nari-technology
ganfeng-lithium-group-co-ltd-002460-ch
hisence-visual-tech
tianqi-lithium
yunnan-baiyao
shandong-hualu-hengsheng
nufarm
sinotrans-limited
hebei-construction-group-corp-ltd-1727-hk
guangzhou-tinci-materials-technology-co-ltd-002709-ch
huadong-medicine
greenland-holdings-corp-ltd-600606-ch
wistron-corp
yangtze-optical-fibre
shandong-weigao-gp-medical
inspur-electronic-info
guangdong-hongda-blasting
leo-group
livzon-pharmaceutical
tvs-motor
will-semiconductor
zhangzhou-pientzehuang-pharmaceutical
weifu-high-technology
shandong-pharmaceutical
anhui-anke-biotechnology
sunwoda-electronic
china-aerospace-times-electronics-co-ltd-600879-ch
skshu-paint
hansoh-pharmaceutical
factoring
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...
Read More