CloudyThunder Research is Going to Issue a Short Report against a Blatant Fraud listed in Hong Kong

Following months of comprehensive due diligence including over 70 interviews with industry experts, and over 1,000 hours spent in analyzing publicly available information, we are ready to issue our first report.

Our due diligence revealed that the subject company is a massive fraud. In our opinion, it has overstated a large portion of its profits in the past three years. These fake profits manifests on balance sheet as fake cash, fake prepayment, fake inventory balance and creatively, fake dividends - dividends that never went to the pocket of public investors.

This company borrows large amounts of money from creditors while maintaining a fat cash position. The average interest rate it earns on its cash and short-term investment is lower than the borrowing cost.

Undisclosed related party transactions have been going on in a massive scale to potentially support the company's illusory profitability and siphon out creditors' cash.

We believe the equity of the company will be worthless.