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

Gillem Tulloch
window-dressing
cimic-group-ltd-cim-au
gillem-tulloch
zoomlion-heavy-industry-science-and-technology-co-ltd-000157-ch-1157-hk
china-shipbuilding-industry-co-ltd-601989-ch
metallurgical-corporation-of-china-ltd-601618-ch-1618-hk
qinghai-salt-lake-industry-co-ltd-000792-ch
byd-company-limited-1211-hk-002594-ch
zte-corporation-000063-ch-0763-hk
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-ltd-0992-hk
jd-com-inc-jd-us-9618-hk
zhengzhou-yutong-bus-co-ltd-600066-ch
sino-biopharmaceutical-ltd-1177-hk
luye-pharma-group-ltd-2186-hk
sinopharm-group-co-ltd-1099-hk
china-molybdenum-co-ltd-3993-hk
baoshan-iron-steel-co-600019-ch
chalco-aluminum-corp-of-china-ltd-2600-hk-601600-ch
amcor-amc-au
china-cssc-holdings-ltd-600150-ch
sany-heavy-industry-co-ltd-600031-ch-6031-hk
avichina-industry-technology-2357-hk
cssc-offshore--and--marine-engineering-group-co-ltd-600685-ch-0317-hk
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-group-co-ltd-2899-hk-601899-ch
gree-electric-appliances-inc-of-zhuhai-000651-ch
anhui-conch-cement-0914-hk-600585-ch
china-railway-construction-corp-1186-hk-601186-ch
china-railway-group-ltd-0390-hk-601390-ch
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-pharmaceuticals-co-ltd-1276-hk-600276-ch
treasury-wine-estates-ltd-twe-au
shandong-sinocera-functional-material-co-ltd-300285-ch
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-ltd-2005-hk
luxshare-precision-industry-co-ltd-002475-ch
beijing-oriental-yuhong-waterproof-tech-002271-ch
zhejiang-longsheng-group-co-ltd-600352-ch
china-transinfo-technology-co-ltd-002373-ch
upl-ltd-upll-in
chalieco-china-aluminum-international-engineering-corporation-ltd-2068-hk
china-communications-construction-co-ltd-1800-hk
huadian-power-international-corp-ltd-1071-hk-600027-ch
maanshan-iron-and-steel-co-ltd-0323-hk-600808-ch
shanghai-electric-group-co-ltd-2727-hk-601727-ch
hesteel-co-ltd-000709-ch
weichai-power-co-ltd-2338-hk
crrc-corporation-ltd-1766-hk-601766-ch
hunan-valin-steel-co-ltd-000932-ch
angang-steel-0347-hk-000898-ch-anggy-us
citic-pacific-special-steel-group-co-ltd-000708-ch
xinjiang-goldwind-science-and-technology-co-ltd-2208-hk
hengyi-petrochemical-co-ltd-000703-ch
inventec-corporation-2356-tt
compal-electronics-inc-2324-tt
wpg-holdings-ltd-3702-tt
xiamen-tungsten-co-ltd-600549-ch
wanhua-chemical-group-co-ltd-600309-ch
tongkun-group-co-ltd-601233-ch
lomon-billions-group-co-ltd-002601-ch
power-construction-corp-of-china-ltd-601669-ch
byd-electronic-0285-hk
gem-co-ltd-002340-ch
guangzhou-baiyunshan-pharmaceutical-holdings-co-ltd-0874-hk
sinopec-shanghai-petrochemical-co-ltd-600688-ch
adama-ltd-200553-ch
hangzhou-iron-and-steel-co-ltd-600126-ch
shandong-nanshan-aluminum-co-ltd-600219-ch
contemporary-amperex-technology-co-ltd-300750-ch-3750-hk-catl
kingfa-sci-and-tech-co-ltd-600143-ch
ningxia-baofeng-energy-group-co-ltd-600989-ch
hoshine-silicon-industry-co-ltd-603260-ch
pegatron-corporation-4938-tt
tianma-microelectronics-co-ltd-000050-ch
shanghai-putailai-new-energy-technology-co-ltd-603659-ch
china-energy-engineering-corp-3996-hk
jiangsu-eastern-shenghong-co-ltd-000301-ch
jiangsu-bicon-pharmaceutical-listed-co-ltd-002411-ch
zhejiang-nhu-co-ltd-002001-ch
gangsu-shangfeng-cement-co-ltd-000672-ch
zhejiang-huayou-cobalt-co-ltd-603799-ch
huadian-fuxin-energy-corporation-ltd-0816-hk-1890870d-ch
zhejiang-huafeng-spandex-co-ltd-huafon-chemical-co-ltd-002064-ch
nari-technology-co-ltd-600406-ch
ganfeng-lithium-group-co-ltd-002460-ch
hisense-visual-technology-co-ltd-600060-ch
tianqi-lithium-corp-002466-ch
yunnan-baiyao-group-co-ltd-000538-ch
shandong-hualu-hengsheng-chemical-co-ltd-600426-ch
nufarm
sinotrans-limited-601598-ch-0598-hk
hebei-construction-group-corp-ltd-1727-hk
guangzhou-tinci-materials-technology-co-ltd-002709-ch
huadong-medicine-co-ltd-000963-ch
greenland-holdings-corp-ltd-600606-ch
wistron-corporation-3231-tt
yangtze-optical-fibre-and-cable-jsc-ltd-6869-hk-601869-ch-yomc
shandong-weigao-group-medical-polymer-co-ltd-1066-hk
ieit-systems-inspur-electronic-information-industry-co-ltd-000977-ch
guangdong-hongda-blasting-co-ltd-guangdong-hongda-holdings-group-co-ltd-002683-ch
leo-group-co-ltd-002131-ch
livzon-pharmaceutical-group-inc-000513-ch
tvs-motor-co-ltd-tvsl-in
will-semiconductor-co-ltd-shanghai-603501-ch
zhangzhou-pientzehuang-pharmaceutical-co-ltd-600436-ch
weifu-high-technology-group-co-ltd-200581-ch
shandong-pharmaceutical-glass-co-ltd-600529-ch
anhui-anke-biotechnology-group-co-ltd-300009-ch
sunwoda-electronic-co-ltd-300207-ch
china-aerospace-times-electronics-co-ltd-600879-ch
skshu-paint-co-ltd-603737-ch
hansoh-pharmaceutical-group-co-ltd-3692-hk
factoring
Insights
19 May, 2026
NEWSLETTER: GDS HOLDINGS
Do Data Centres Earn Their Keep?

Mark Webb
GDS Holdings is a reminder that an appealing industry can struggle to generate an appealing return. Data centres are one of the market’s favourite infrastructure themes: cloud demand, artificial intelligence, digitalisation, outsourcing, and the endless growth in data consumption all point in the same direction. On paper, that sounds like a very attractive place to be. The question, though, is...
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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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