2023
ISPR: Insider Enrichment Scheme Where ~30% of Revenue May Be Fabricated (ISPR) 11/30/2023
Microvast Update: More People Than Expected, but Still a Hustle (MVST) 11/27/2023
Microvast: Empty Facilities and a Hidden Grant Loss: Another China Hustle (MVST) 11/21/2023
The Latest Lithium Promote American Lithium (AMLI, LI) 27-Jun-23
Mining Investor Credulity Marathon Digital Holdings (MARA) 3-Mar-23
. A Round Trip for Investors? Full Truck Alliance (YMM) 24-Jan-23
Microvast Update: More People Than Expected, but Still a Hustle (MVST) 11/27/2023
Microvast: Empty Facilities and a Hidden Grant Loss: Another China Hustle (MVST) 11/21/2023
The Latest Lithium Promote American Lithium (AMLI, LI) 27-Jun-23
Mining Investor Credulity Marathon Digital Holdings (MARA) 3-Mar-23
. A Round Trip for Investors? Full Truck Alliance (YMM) 24-Jan-23
2021
Embezzlement Vehicle Faraday Future Intelligent Electric Inc. (FFIE) 7-Oct-21
Stale News ChromaDex Corporation (CDXC) 29-Jun-21
Unhealthy ChromaDex Corporation (CDXC) 24-Jun-21
Trying the Crypto-Hoax Space Bit Mining Ltd. (BTCM) 27-May-21
Criminals and Fugitives Bit Digital, Inc. (BTBT) 11-Jan-21
Stale News ChromaDex Corporation (CDXC) 29-Jun-21
Unhealthy ChromaDex Corporation (CDXC) 24-Jun-21
Trying the Crypto-Hoax Space Bit Mining Ltd. (BTCM) 27-May-21
Criminals and Fugitives Bit Digital, Inc. (BTBT) 11-Jan-21
2020
The Undead CBAK Energy Technology, Inc. (CBAT) 18-Dec-20
Curiouser and Curiouser ACM Research (ACMR) 17-Nov-20
Dirty Business ACM Research (ACMR) 8-Oct-20
Pretend and Extend Northern Dynasty (NAK, NDM) 9-Sep-20
Less Than Meets the Eye STAAR Surgical (STAA) 11-Aug-20
Taking out the Trash WiseTech (WTC.AX, WTCHF) 30-Jun-20
China Hustle 2.0 Ideanomics (IDEX) 24-Jun-20
Pipe Dream NovaGold (NG) 28-May-20
Debt Trap GDS Holdings Ltd. (GDS) 26-Mar-20
Undisclosed Related Party GDS Holdings Ltd. (GDS) 2-Apr-20
The Long and Short of It Luckin Coffee (LK) 12-Feb-20
Curiouser and Curiouser ACM Research (ACMR) 17-Nov-20
Dirty Business ACM Research (ACMR) 8-Oct-20
Pretend and Extend Northern Dynasty (NAK, NDM) 9-Sep-20
Less Than Meets the Eye STAAR Surgical (STAA) 11-Aug-20
Taking out the Trash WiseTech (WTC.AX, WTCHF) 30-Jun-20
China Hustle 2.0 Ideanomics (IDEX) 24-Jun-20
Pipe Dream NovaGold (NG) 28-May-20
Debt Trap GDS Holdings Ltd. (GDS) 26-Mar-20
Undisclosed Related Party GDS Holdings Ltd. (GDS) 2-Apr-20
The Long and Short of It Luckin Coffee (LK) 12-Feb-20
2019
BeiGene, Ltd.: Digging the Hole Deeper. September 11, 2019. Download.
BeiGene, Ltd. (BGNE): No Cure. September 5, 2019. Download.
Uxin Limited (UXIN): Clunker. April 26, 2019. Download.
BeiGene, Ltd. (BGNE): No Cure. September 5, 2019. Download.
Uxin Limited (UXIN): Clunker. April 26, 2019. Download.
2018
BeiGene Ltd. (BGNE): China Builds Resistance to Cancer Drugs. July 26, 2018. Download.
Mountebank: Remark Holdings May Be the Most Brazen Stock Promote of the Year, February 6, 2018. Download.
Is Vipshop (VIPS US) in Decline? May 22, 2018. Download.
Remark Holdings, Inc. (MARK US) What’s Not Artificial: the Losses - May 24, 2018. Download
Mountebank: Remark Holdings May Be the Most Brazen Stock Promote of the Year, February 6, 2018. Download.
Is Vipshop (VIPS US) in Decline? May 22, 2018. Download.
Remark Holdings, Inc. (MARK US) What’s Not Artificial: the Losses - May 24, 2018. Download
2017
Ctrip.com International Ltd. (CTRP US): Stay the Course. November 8, 2017. Download.
Bitauto (BITA US): Why We'd Buy BITA. October 13, 2017. Download.
Ctrip (CTRP US): A Short-Term Long, Long-Term Short. May 09, 2017. Download.
VIPShop Holdings (VIPS US): The Put Potemkin. March 14, 2017. Download.
Noah Holdings Ltd. (NOAH US): Messengers Always Get Killed. February 21, 2017. Download.
JD.com (JD US): Logistically Challenged. January 27, 2017. Download.
VIPShop Holdings (VIPS US): Vinegar for Wine. January 19, 2017. Download.
Bitauto (BITA US): Why We'd Buy BITA. October 13, 2017. Download.
Ctrip (CTRP US): A Short-Term Long, Long-Term Short. May 09, 2017. Download.
VIPShop Holdings (VIPS US): The Put Potemkin. March 14, 2017. Download.
Noah Holdings Ltd. (NOAH US): Messengers Always Get Killed. February 21, 2017. Download.
JD.com (JD US): Logistically Challenged. January 27, 2017. Download.
VIPShop Holdings (VIPS US): Vinegar for Wine. January 19, 2017. Download.
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2016
Vitasoy International Holdings (0345 HK): Delivering on Profit. December 19, 2016. Download.
VIPShop Holdings (VIPS US): Christmas Coal. December 15, 2106. Download.
Tingyi (0322 HK): Noodles Turn Around. December 12, 2016. Download.
Alibaba Group Holdings (BABA US): The Hunger for Cash. December 2, 2016. Download.
Vitasoy International Holdings (0345 HK): Sustaining High Growth. November 22, 2016. Download.
Oversea-Chinese Banking Corp. Ltd. (039 SGX): Cold Wind from the U.S. November 22, 2016. Download.
Geely (0175 HK): Help from Its Friends. November 2, 2016. Download.
VIPShop Holdings (VIPS US): Fool's Gold. September 22, 2016. Download.
Tingyi (0322 HK): Cautious About the Recovery. September 22, 2016. Download.
BMW (BMW GR): New Models Save China—For Now. September 9, 2016. Download.
Tencent (0700 HK): Supercheat. August 1, 2016. Download.
Anhui Conch Cement (0914 HKG): Easy Come, Easy Go. July 8, 2016. Download.
VIPShop Holdings (VIPS US): More Nails in the Coffin. June 22, 2016. Download.
Alibaba (BABA US): The Colony. June 21, 2016. Download.
Oversea-Chinese Banking Corp. Ltd. (039 SGX): Losing Interest. June 20, 2016. Download.
Tingyi (0322 HK): Turnaround Ahead. June 16, 2016. Download.
VIPShop Holdings (VIPS US): Behind the Numbers. April 27, 2016. Download.
VIPShop Holdings (VIPS US): VIPS Correspondence Casts Doubt Over Cash. April 1, 2016. Download.
Alibaba (BABA US): Hungry for Cash. March 14, 2016. Download.
Rio Tinto Ltd. (RIO AU): Hasn't Hit Rock Bottom Yet. March 14, 2016. Download.
Ubiquiti (UBNT US): The Victim Complex. March 9, 2016. Download.
Alibaba (BABA US): Blind Men and the Elephant. February 25, 2016. Download. (Corrected April 11, 2016)
BMW (BMW GR): Trouble Ahead. February 8, 2016. Download.
China's Autos Market: Moving Into the Back Seat. February 7, 2016. Download.
Car Inc. (0699 HK): No One Behind the Wheel. January 25, 2016. Download.
Ping An Insurance (2318 HK): Hiding Troubled Assets? January 21, 2016. Download.
VIPShop Holdings (VIPS US): Christmas Coal. December 15, 2106. Download.
Tingyi (0322 HK): Noodles Turn Around. December 12, 2016. Download.
Alibaba Group Holdings (BABA US): The Hunger for Cash. December 2, 2016. Download.
Vitasoy International Holdings (0345 HK): Sustaining High Growth. November 22, 2016. Download.
Oversea-Chinese Banking Corp. Ltd. (039 SGX): Cold Wind from the U.S. November 22, 2016. Download.
Geely (0175 HK): Help from Its Friends. November 2, 2016. Download.
VIPShop Holdings (VIPS US): Fool's Gold. September 22, 2016. Download.
Tingyi (0322 HK): Cautious About the Recovery. September 22, 2016. Download.
BMW (BMW GR): New Models Save China—For Now. September 9, 2016. Download.
Tencent (0700 HK): Supercheat. August 1, 2016. Download.
Anhui Conch Cement (0914 HKG): Easy Come, Easy Go. July 8, 2016. Download.
VIPShop Holdings (VIPS US): More Nails in the Coffin. June 22, 2016. Download.
Alibaba (BABA US): The Colony. June 21, 2016. Download.
Oversea-Chinese Banking Corp. Ltd. (039 SGX): Losing Interest. June 20, 2016. Download.
Tingyi (0322 HK): Turnaround Ahead. June 16, 2016. Download.
VIPShop Holdings (VIPS US): Behind the Numbers. April 27, 2016. Download.
VIPShop Holdings (VIPS US): VIPS Correspondence Casts Doubt Over Cash. April 1, 2016. Download.
Alibaba (BABA US): Hungry for Cash. March 14, 2016. Download.
Rio Tinto Ltd. (RIO AU): Hasn't Hit Rock Bottom Yet. March 14, 2016. Download.
Ubiquiti (UBNT US): The Victim Complex. March 9, 2016. Download.
Alibaba (BABA US): Blind Men and the Elephant. February 25, 2016. Download. (Corrected April 11, 2016)
BMW (BMW GR): Trouble Ahead. February 8, 2016. Download.
China's Autos Market: Moving Into the Back Seat. February 7, 2016. Download.
Car Inc. (0699 HK): No One Behind the Wheel. January 25, 2016. Download.
Ping An Insurance (2318 HK): Hiding Troubled Assets? January 21, 2016. Download.
2015
VIPShop Holdings (VIPS US): Still Fraudulent. December 22, 2015. Download.
Car Inc. (0699 HK): Not Much Under the Hood. November 12, 2015. Download.
Swatch (UHR VX): Running Slow. October 20, 2015. Download.
Kone Corp. (KNEBV FH): China Sales to Fall 7% in H2. October 7, 2015. Download.
VIPShop Holdings (VIPS US): How Big? TMT. September 22, 2015. Download.
Tencent (0700 HK): Hitting the Top with WeChat. TMT. September 21, 2015. Download.
FMG (FMG AU): No Room for the Second-Class. Mining. September 16, 2015. Download.
JD.com (JD US): JD in Freefall. E-Commerce. September 1, 2015. Download.
BMW (BMW GR): A Loser in RMB Depreciation. Autos. August 18, 2015. Download.
Tata Motors (TTMT IN; TTM US): China's Annus Horribilis. Autos. August 13, 2015. Download.
BMW (BMW GR): Less Brilliant. Autos. July 22, 2015. Download.
Kone Corp. (KNEBV FH): Dropping Through the Floor. Machinery. July 10, 2015. Download.
Tata Motors (TTMT IN; TTM US): Broken Record: JLR June Sales Weak. Autos. July 8, 2015. Download.
BMW (BMW GR): End of an Era. Autos. June 23, 2015. Download.
JD.com (JD US): Wholesaler. E-Commerce. June 16, 2015. Download.
Weichai Power (2338 HK): Driving into the Abyss. Trucks & Machinery. June 12, 2015. Download.
SouFun (SFUN US): Weak Shapeshifter. Real estate and TMT. June 8, 2015. Download.
VIPShop Holdings (VIPS US): Just Getting Started. TMT. June 3, 2015. Download.
Anhui Conch (914 HK): Horror Q2. Building materials. May 26, 2015. Download.
Tata Motors (TTMT IN TTM US): China's slide continues. Autos. May 19, 2015. Download.
VIPShop Holdings (VIPS US): Fraud. TMT. May 13, 2015. Download.
Tata Motors (TTMT IN TTM US): Ta-ta to the China boom. Autos. April 27, 2015. Download.
Swatch Group (UHR VX): Sales ticking down. Luxury. April 21, 2015. Download.
Kone Corp. (KNEBV FH): Q1 Sales Survey. Machinery. April 15, 2015. Download.
Ubiquiti Networks Inc. (UBNT US): Prospects Dimming. TMT. February 27, 2015. Download.
Fortescue Metals Group (FMG AU): Restructured or Acquired? Mining. February 25, 2015. Download.
SouFun Holdings (SFUN US): Not fun. Real estate and TMT. February 19, 2015. Download.
Sound Global Ltd. (967 HK): What a waste. Water treatment. February 17, 2015. Download.
Geely Automobile Holdings (175 HK): Not low enough. Autos. February 17, 2015. Download.
Anhui Conch (914 HK): Capacity gap. Building materials. February 13, 2015. Download.
China Minsheng Banking Corp. (1988 HK): End of an Era. Banking. February 13, 2015. Download.
Sohu.com Inc. (SOHU US): Sohu's property lending. TMT. January 16, 2015. Download.
Kone Corp. (KNEBV FH): Better than expected. Machinery. January 6, 2015. Download.
Car Inc. (0699 HK): Not Much Under the Hood. November 12, 2015. Download.
Swatch (UHR VX): Running Slow. October 20, 2015. Download.
Kone Corp. (KNEBV FH): China Sales to Fall 7% in H2. October 7, 2015. Download.
VIPShop Holdings (VIPS US): How Big? TMT. September 22, 2015. Download.
Tencent (0700 HK): Hitting the Top with WeChat. TMT. September 21, 2015. Download.
FMG (FMG AU): No Room for the Second-Class. Mining. September 16, 2015. Download.
JD.com (JD US): JD in Freefall. E-Commerce. September 1, 2015. Download.
BMW (BMW GR): A Loser in RMB Depreciation. Autos. August 18, 2015. Download.
Tata Motors (TTMT IN; TTM US): China's Annus Horribilis. Autos. August 13, 2015. Download.
BMW (BMW GR): Less Brilliant. Autos. July 22, 2015. Download.
Kone Corp. (KNEBV FH): Dropping Through the Floor. Machinery. July 10, 2015. Download.
Tata Motors (TTMT IN; TTM US): Broken Record: JLR June Sales Weak. Autos. July 8, 2015. Download.
BMW (BMW GR): End of an Era. Autos. June 23, 2015. Download.
JD.com (JD US): Wholesaler. E-Commerce. June 16, 2015. Download.
Weichai Power (2338 HK): Driving into the Abyss. Trucks & Machinery. June 12, 2015. Download.
SouFun (SFUN US): Weak Shapeshifter. Real estate and TMT. June 8, 2015. Download.
VIPShop Holdings (VIPS US): Just Getting Started. TMT. June 3, 2015. Download.
Anhui Conch (914 HK): Horror Q2. Building materials. May 26, 2015. Download.
Tata Motors (TTMT IN TTM US): China's slide continues. Autos. May 19, 2015. Download.
VIPShop Holdings (VIPS US): Fraud. TMT. May 13, 2015. Download.
Tata Motors (TTMT IN TTM US): Ta-ta to the China boom. Autos. April 27, 2015. Download.
Swatch Group (UHR VX): Sales ticking down. Luxury. April 21, 2015. Download.
Kone Corp. (KNEBV FH): Q1 Sales Survey. Machinery. April 15, 2015. Download.
Ubiquiti Networks Inc. (UBNT US): Prospects Dimming. TMT. February 27, 2015. Download.
Fortescue Metals Group (FMG AU): Restructured or Acquired? Mining. February 25, 2015. Download.
SouFun Holdings (SFUN US): Not fun. Real estate and TMT. February 19, 2015. Download.
Sound Global Ltd. (967 HK): What a waste. Water treatment. February 17, 2015. Download.
Geely Automobile Holdings (175 HK): Not low enough. Autos. February 17, 2015. Download.
Anhui Conch (914 HK): Capacity gap. Building materials. February 13, 2015. Download.
China Minsheng Banking Corp. (1988 HK): End of an Era. Banking. February 13, 2015. Download.
Sohu.com Inc. (SOHU US): Sohu's property lending. TMT. January 16, 2015. Download.
Kone Corp. (KNEBV FH): Better than expected. Machinery. January 6, 2015. Download.
2014
Noah Holdings (NOAH US): Call notes. Finance. December 22, 2014. Download the notes or download the call recording.
Weichai Power (2338 HK): The false hope rally. Machinery. December 19, 2014. Download.
Ubiquiti Networks Inc. (UBNT US): Den of Ubiquiti. TMT. December 18, 2014. Download.
Fortescue Metals Group (FMG AU): The Endgame Begins. Mining. December 12, 2014. Download.
Ping An Insurance Group (2318 HK): Sucking cash. Finance. December 10, 2014. Download.
Vinamilk (VNM VN), BAT Bangladesh (BATBC BD), GT Advanced Tech (GTAT US), Sands China (1928 HK), Hengdeli (3389 HK). December 9, 2014. Download.
Noah Holdings Ltd. (NOAH US): Rising waters. Finance. December 1, 2014. Download.
SouFun Holdings (SFUN US): Underground lender. Real estate and TMT. November 25, 2014. Download.
Weichai Power (2338 HK): Damaged vehicle. Machinery. November 7, 2014. Download.
Swatch Group (UHR VX): Ticking down. Luxury. November 5, 2014. Download.
Anhui Conch (914 HK): Below average. Building materials. October 30, 2014. Download.
Sands China Ltd. (1928 HK): How now, Macau? Gaming. October 17, 2014. Download.
Anhui Conch (914 HK): Empty shell. Building materials. October 10, 2014. Download.
Kone Corp. (KNEBV FH): Going down. Machinery. October 3, 2014. Download.
Sound Global Ltd. (967 HK): Unsound deal. Water treatment. September 30, 2014. Download.
Asia View: Umbrella Finance. September 29, 2014. Download.
Nu Skin Enterprises (NUS US): No sign of life. Direct sales. September 29, 2014. Download.
Fortescue Metals Group (FMG AU): Margins squeezed. Mining. September 24, 2014. Download.
Asia View: SH-HK stock connect: an investor's perspective. September 23, 2014. Download.
Sohu.com Inc. (SOHU US): With growth like this.... TMT. September 18, 2014. Download.
Geely Automobile Holdings (175 HK): Twilight for Geely. Autos. September 12, 2014. Download.
Alibaba (BABA US): Alibaba and the new banking paradigm. TMT. September 9, 2014. Download.
Weichai Power (2338 HK): Financing pyramid. Machinery. September 3, 2014. Download.
Nu Skin Enterprises (NUS US): Dead as a doornail. Direct sales. August 28, 2014. Download.
VIPShop Holdings (VIPS US): Update. TMT. August 18, 2014. Download.
Nu Skin Enterprises (NUS US): Off a cliff. Direct sales. August 18, 2014. Download.
Mindray Medical International (MR US) Not getting better. Medical supplies. August 14, 2014. Download.
Sound Global Ltd. (967 HK): Unsound. Water treatment. August 12, 2014. Download.
Vinamilk (VNM VN): Signs of improvement. Consumer. August 8, 2014. Download.
Ping An Insurance Group (2318 HK): Don't bank on it. Finance. July 21, 2014. Download.
Guangzhou R&F (2777 HK): So, you want to book sales? Real estate. July 16, 2014. Download.
Vinamilk (VNM VN): Utterly profitable. Consumer. July 9, 2014. Download.
Evergrande Real Estate (3333 HK): Not making sense. Real estate. July 7, 2014. Download.
Uralkali (URKA LI): Risk trumps reward. Chemicals. June 30, 2014. Download.
NQ Mobile Inc. (NQ US): De-list or go private. TMT. June 19, 2014. Download.
Citic Pacific (267 HK): Prepare ye the way of a write-down. Minerals, industrial, real estate. June 12, 2014. Download.
Sands China Ltd. (1928 HK): Resilient casinos. Gaming. June 4, 2014. Download.
VIPShop Holdings (VIPS US): Not buying it. TMT. May 23, 2014. Download.
Nine Dragons (2689 HK): Scrap. Paper. May 22, 2014. Download.
Fortescue Metals Group (FMG AU): FMG nearing a crisis. Mining. May 22, 2014. Download.
Pernod Ricard (RI FP): Hangover. Liquor. May 19, 2014. Download.
Mindray Medical International Ltd. (MR US): Heal thyself. Medical equipment. May 5, 2014. Download.
NQ Mobile Inc. (NQ US): The company NQ keeps. TMT. May 1, 2014. Download.
Ping An Insurance Group (2318 HK): Is Ping An Solvent? Finance. April 9, 2014. Download.
Geely Automobile (175 HK): What's happening to Geely's sales? Autos. April 2, 2014. Download.
Trina Solar (TSL US): Buying own growth. Solar. March 31, 2014. Download.
NQ Mobile Inc. (NQ US). Time to quit. TMT. March 25, 2014. Download.
Debt View. Property faces currency risk. Real estate. March 25, 2014. Download.
VIPShop Holdings (VIPS US). Initiation. TMT. March 18, 2014. Download.
Evergrande Real Estate Group Ltd. (3333 HK). What's happening with Evergrande? Real estate. March 13, 2014. Download.
Uralkali Group (URKA LI). Ukraine on the parade. Chemicals. March 12, 2014. Download.
Asia View. Short RMB: As Yellen tapers, hot money will flee. March 7, 2014. Download.
Alibaba (Private). Alibaba's coattails. TMT. March 7, 2014. Download.
Swatch Group (UHR VX). Time to sell. Luxury. March 3, 2014. Download.
NQ Mobile Inc. (NQ US). Not persuaded. TMT. February 28, 2014. Download.
Ubiquiti Networks Inc. (UBNT US). Prospects dimming. Telecom equipment. February 27, 2015. Download.
Ping An Insurance Group (2318 HK). Trust maturities could be catalyst. Finance. February 25, 2015. Download.
Mindray Medical International Ltd. (MR US). Forward contract: clarification. Medical equipment. February 14, 2014. Download.
Evergrande Real Estate Group Ltd. (3333 HK). Use of proceeds. Real estate. February 14, 2014. Download.
African Minerals Limited (AMI LN). Some things just don’t add up. Mining. February 14, 2014. Download.
Nu Skin Enterprises Inc. (NUS US). They’ll get over it. Consumer. February 12, 2014. Download.
Mindray Medical International Ltd. (MR US). Etherized upon a table. Medical equipment. February 12, 2014. Download.
Sands China Ltd. (1928 HK). Visitor growth is back. Gaming. February 10, 2014. Download.
Asia View. Japanese steel CDS: a cheap way to play a China downturn. February 6, 2014. Download.
Citic Pacific (0267 HK). Rowing without ores. Minerals, industrial, real estate. February 5, 2014. Download.
Uralkali (URKA LI). The China floor. Chemicals. January 29, 2014. Download.
British American Tobacco (BATBC BD). A business for long-term owners. Consumer. January 23, 2014. Download.
China Minsheng Banking Corporation (1988 HK). Costs a’rising. Finance. January 17, 2014. Download.
Uralkali (URKA LI). Exceeding expectations. Chemicals. January 16, 2014. Download.
Nu Skin Enterprises Inc. (NUS US). Heads up. Consumer. January 16, 2014. Download.
Debt View. Year of Risk: Property as the first wave. Real Estate. January 13, 2014. Download.
Evergrande Real Estate Group Ltd. (3333 HK). Last days. Real estate. January 13, 2014. Download.
Guangzhou R&F (2777 HK). Who is the most leveraged of all? Real estate. January 13, 2014. Download.
Leighton Holdings Ltd. (LEI AU). The best days are over. Construction. January 9, 2014. Download.
Uralkali (URKA LI). The volume game. Chemicals. January 7, 2014. Download.
Ping An Insurance Group (2318 HK). Meet the Management. Finance. January 6, 2014. Download.
Tencent (0700 HK). Loan Shark? TMT. January 3, 2014. Download.