5 June, 2019

FAKING CASH

Coming to an A-share near you?

Gillem Tulloch

gillem-tulloch asia china-everbright-int china-hongqiao-group-ltd fake-cash-flow shenzhen-overseas-chinese-town beneish tunghsu-optoelectronic-technology-co-ltd xinyi-glass kangde-xin-composite-material-group-co-ltd kangmei-pharmaceutical yihua-lifestyle hengan guoxuan-high-tech catcher-tech siasun-robot beijing-originwater-tech kobe-busan indah-kiat visionox bloombery-resorts cosco-shipping-development

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....

18 August, 2020

NEWSLETTER: COMING HOME?

Watch out for the privatisation “squeeze out”

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...