22 September, 2023

VARIABLE INTEREST ENTITIES

Hidden tax liabilities

Gillem Tulloch

gillem-tulloch vipshop-holdings-ltd trip-dot-com baidu joyy-inc jd-com vie zto-express-inc alibaba-group-holding iqiyi-inc tal-education netease new-oriental-education weibo pinduoduo-inc bilibili momo-inc autohome pdd-holdings huya-inc gds-holdings tencent-music dada-nexus futu-holdings ke-holdings chindata lufax-holding kingsoft-cloud gaotu-techedu-inc full-truck-alliance-co-ltd kanzhun li-auto vnet-group agora-inc didi-global

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...