6 August, 2020
FACTORING WITHOUT RECOURSE
Fooling investors most of the time
Gillem Tulloch
window-dressing
cimic-group
gillem-tulloch
zoomlion
china-shipbuilding
metallurgical-corp
byd-company-limited
zte-corp
fosun
conch-venture
bbmg-corp
chongqing-iron-steel
lenovo-group
jd-com
zhengzhou-yutong-bus
sino-biopharm
luye-pharma
sinopharm-group
china-molybdenum
baoshan-iron
aluminium-corp
amcor
china-cssc
sany-heavy-industry-co
avichina-indus
cssc-offshore
china-northern-rare-earth
china-railway-signal-communication
china-resources-pharma
zijin-mining
gree-electric
anhui-conch-cement
china-railway-constr
china-railway-group
china-shenhua-energy
great-wall-motor
hon-hai-precision
huaneng-power
jiangsu-hengrui-pharma
treasury-wine
shandong-sinocera-functional-material
inner-mongolia-junzheng-energy
bosideng-international
hangzhou-hikvision-digital
ssy-group
luxshare-precision-ind
beijing-oriental-yuhong-waterproof
zhejiang-longsheng
china-transinfo-technology
upl-ltd
chalieco
china-communications-construction
huadian-power
maanshan-iron-and-steel
shanghai-electric-group-co-ltd
hesteel-co-ltd
weichai-power
crrc-corp
hunan-valin-st
angang-steel
citi-pacific-s
xinjiang-gold
hengyi-petrochemical
inventec
compal-electronics
wpg-holdings-ltd
xiamen-tungste
wanhua-chemic
tongkun-group
lomon-billions
power-contruc
byd-electronic
gem-co-ltd
baiyunshan-pharmaceutical
inner-mongolia-junzheng-energy-chemical-group
sinopec-shanghai-petrochemical
adama-ltd
hangzhou-iron-steel
shandong-nanshan-aluminum
contemporary-amperex-tech
kingfa-science-and-tech
ningxia-baofeng-energy-group
hoshine-silicon-industry
qinghai-salt-lake-industry
pegatron
tianma-microelectronics
shanghai-putailai-new-energy-tech
china-energy-engineering-corp
jiangsu-easternshenghong
jiangsu-bicon-pharmaceutical
zhejiang-nhu
gangsu-shangfeng-cement
zhejiang-huayou-cobalt
huadian-fuxin-energy
zhejiang-huafeng-spandex
nari-technology
ganfeng-lithium
hisence-visual-tech
tianqi-lithium
yunnan-baiyao
shandong-hualu-hengsheng
nufarm
sinotrans-limited
hebei-construction
guangzhou-tinci-materials
huadong-medicine
greenland-holdings
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
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