The fake cash flow fraud epidemic has arrived in the Chinese A-share market following the disappearance of US$4.4bn of cash at Kangmei Pharma, the default of Kangde Xin and investigations into Tunghsu Optoelectronic and Yihua Lifestyle. The financials of all four are not only startlingly similar to each other, but to past frauds. What makes them stand out is their access to debt finance, which is rare for a fraud. Our screens have identified 23 companies out of 1,800 with worryingly similar traits of which we have immediate concerns over four, including XXXX, XXXX, XXXX and XXXX. These are difficult to short but investors should sell or avoid.