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Short tide
Is Lu Zhengyao poor?
Two months after Ruixing Coffee admitted that the data was falsified, the company received a notice from Nasdaq asking it to delist and delist.This punishment is severe. “Nasdaq asked the company to withdraw from the market without waiting for the final investigation result. I personally feel deeply disappointed and regretful.” Lu Zhengyao, chairman of Ruixing Coffee, made his first public announcement after the incidentIt was written in the statement.
Some sympathy continued, and some people also shouted the slogan “Chinese people should unite to support national brands” and the “capitalist wool.They do not know what kind of bloody rain is behind it: a short-selling tide is coming quietly.
“4000 yuan for 1 hour, can’t you chat?” Many retired employees of online education companies “with whom to learn” have recently received intensive telephone invitations from various consulting companies and investment companies, asking for more information about who to talk to.Learned fake news.Moreover, if you can introduce another working or leaving colleague, the other party will also pay a commission of 2,000 yuan / person.
After the turbid water hunted Ruixing, dozens of researchers were quickly drawn out. After several months of investigating who to learn from short sales, it has been found that more than 80% of its income may be fake through the data of more than 200 paying users.Zun Kouwe, senior vice president of Muddy Water, told 36 Krypton that besides conducting financial analysis, Muddy Water also conducted interviews with many people who were familiar with who he learned from.These breaking news are appearing and are about to appear in short-selling reports on “with whom to learn”.
With beautiful financial data, who learned from the stock price of 10.5 US dollars when it was listed last summer, and in just eight months, it rose all the way to 46 US dollars.A managing director of a hedge fund told 36 Krypton that he has also joined the tide of short-selling and who learns. Like Ruixing, learning from anyone also conforms to the typical short-selling goal characteristics: “Too good to be true”.
Not just institutions, but people who smell opportunities also move.A person who had worked for a medical and beauty company for several years revealed to 36 Krypton that he was collecting fraudulent evidence from the company recently. He used technical analysis to find that the company had increased hundreds of thousands of fake users in half an hour; in addition, heIt’s almost difficult to find a merchant on the platform to make money-once he finds the evidence, he will approach the short agency.”Are you 36 krypton interested in sending me this report?” He asked.
“Now is the best time to go short,” the hedge fund person said to 36Kr. In addition to learning from whom, he is also preparing to go short against another Chinese company listed on the Hong Kong stock market.The so-called “good time” means that in the past seven or eight years, the market has become accustomed to believing in the good stories of China Prospectus.But the fatal negative significance of the Ruixing incident is not only the book loss of this company and its related investment institutions, but also that it has greatly damaged the reputation of Chinese companies established over the years.
Many Chinese stock companies have become nervous and anxious.
A senior executive of a listed company told 36 Krypton, but since Ruixing’s financial fraud was caught, the company dared not look down on short-sellers.In order to avoid being targeted by short-selling agencies, the financial team of his company has been working overtime for a long period of time to conduct self-examination and standardization.”How can you not be nervous? If there are similar incidents again, the nature will be too bad.”
An investor told 36 Krypton that after the Ruixing incident, Deloitte did not want to be questioned like Ernst & Young, so he conducted a round of key investigations on the Internet company in charge of auditing, and the audit standards were improved a lot, which is behind.Fortunately, it came from the exposure of about $ 100 million in sales fraud; and who was being shorted for the first time at that time to learn from “self-certification innocence” and was not the next Ruixing coffee, was forced to publish the annual report in advance.
There are more short-sellers, and fewer people are willing to back down.
An investment bank close to one of Ruixing ’s top ten institutional shareholders revealed that its investment in hundreds of millions of dollars in Ruixing ’s investment is basically reported as a loss. Therefore, this fund will not consider the concept of the concept for the time being.Prospective shares.In the United States, it is an accountability system. If you lose money, you will be laid off, and Credit Suisse ’s fund manager may not be able to escape punishment.In addition, many foreign fund managers around him must reduce the proportion of Chinese stocks, especially small and medium-sized stocks.
A well-known fund in New York once participated in a fixed increase of tens of millions of dollars for Ruixing. After Ruixing blew up, it sold out all but lost about 80%. This organization immediately held an internal meeting and believed that Ruixing seriously damaged investors ’The trust of the company has internally requested to suspend investment in China Prospective Stock.And they are still discussing that all the funds it invests in will not be able to invest in Chinese stocks in the next few years; in the future, they will use magnifying glass to observe the Chinese stocks, and if they find problems, they should be short.
“Sui Xing is the sinner of Chinese companies.” Some investment bankers expressed fiercely about the 36 krypton wording. “For a long time, Wall Street will use the Rui Xing event to define Chinese companies, and we need a very long time to reverseThis extremely negative image. “He believes that in the future, Chinese stocks will be listed in the United States, and they will definitely face stricter review by investors and will be greatly discounted in valuation.
After the Ruixing scandal broke out, for the first time in history, the chairman of the US Securities Regulatory Commission on the TV media publicly reminded investors not to invest in Chinese stocks.
The immediate impact is that some companies are temporarily unable to go public in the United States-along with the requirement for Ruixing to delist, Nasdaq has added new restrictions on Chinese companies to be listed, that is, the scale of IPO financing has reached 25 million US dollarsOr at least 1/4 of the market value after listing, which is also the first time Nasdaq has set a minimum amount for IPO size.
This incident also pointed the finger at the primary market that was not strictly audited.
A number of investment bankers told 36 Krypton that Dazheng and Joyful LP (investors) are mainstream European and American institutional investors, and these institutional LPs are likely to start questioning whether China ’s GP (fund manager) is capable of confirmingThe financial accuracy of the investment company will have a “very negative impact” on China’s future fundraising of US dollar funds.
“The impact on China’s primary market is that all companies with rapid development and continuous money burning will face serious doubts about the business model of GP and capital markets,” an investor who just invested in several listed companies told 36Kr.At the same time, “The possibility of an IPO is very low. At present, the attitude of capital market investors towards China Stocks is that they must make money to come to the IPO.”
Hunt!Endlessly
Before this round of hunts, I am afraid everyone thought, “This short-selling agency will not work”-in the past few years, they have encountered Waterloo in New Oriental and a good future short-selling case-they can sit back and relax.
But once the shorts begin to hunt, the fighting process can be described as tragic.
After all, if the short sale fails, the short seller will lose blood.
A well-known Wall Street hedge fund had shorted Ruixing’s stock price during its sharp rise.Several analysts found that some of the financial report data violated business common sense-if Ruixing opened 200 new stores every year, the performance of single stores could increase several times.
But in the process, Ruixing’s stock price rose from $ 30 to $ 50, leaving the organization tens of millions in deficit.The Chinese fund manager, who did not want to reveal his name, recalled 36 Krypton and was forced to stop the loss. On the day he was forced to stop, he drank for a day and then called the resignation report.”The only idea in my mind at the time was to buy a ticket and go back to China to find an in-depth investigation,” he said, “such a fake company had to be pulled out and slammed.”
Short selling is not easy.Because you think the company’s stock price is overvalued and short?Market optimism can be extremely detrimental to short sellers.For the star company Pinduoduo and JD.com, they have made new highs this year.Since the beginning of the year, Pinduoduo ’s share price has risen 57% (from US $ 37 to US $ 60), and JD.com has gained nearly 50% (from US $ 35 to US $ 56).According to statistics from S3 partners, this year’s short-selling organizations lost nearly 1 billion US dollars, while JD short-sellers lost nearly 700 million US dollars.
Therefore, professional short-selling institutions rarely go short only by thinking that a company’s price is overvalued.”Dare to have the strength to make the fraud public (short), because the risk is unlimited.” Tian Hao Capital Hou Xiaotian said to 36 krypton.
The short agency has its own method of finding prey.For example, Citron unexpectedly discovered that based on the weekly gains of US stocks, who learned from who broke on the day of the listing, the stock price had been mediocre until the announcement of the sale of 8 shareholders, the stock price soared: from $ 3 billion to $ 7 billionUS dollars, and then to break through 10 billion US dollars-this is a typical way to raise stock prices to cut leek.
A hunt began.Before it was actually made public, the investigation had already started in secret.
Grizzly Research is the first institution with whom to learn to short.It said to 36 krypton that it had studied who to learn from for nearly 4 months.In 4 months, Citron obtained the credit report with whom he learned to submit to the SEC (US Securities Regulatory Commission) through his own special means, and then found a number of departing employees and experts “found who learned to manipulate finance in connected transactions”,Then diving into various paid classes “found that it was a serious charge.”
At the same time, Zhu Quanxing, executive director of BNP Paribas Asia Pacific, told 36 Krypton that the short agency has quietly borrowed a large number of stocks from the market.
When learning from who had just broken through a record high of $ 11 billion, and its valuation was more than 200 times, the Grizzlies issued a short report on their official Twitter.Although there were only 2693 followers, it was forwarded to nearly 80 short-selling peers and fund managers.Half an hour later, it was passed on to domestic investors.
It didn’t matter who I learned from at first, its founder and chairman Chen Xiangdong gave a few words of denial to 36 krypton that day.It wasn’t until two months later that Rui Xing reconciled with sales fraud, and who learned to hold a press conference in a hurry-only two and a half hours were reserved before the meeting to notify the media.Chen Xiangdong personally presided over, “We want to clarify to the media and investors, who to learn from is definitely not the next lucky.” Then, the company also held a global investor conference to explain the short content one by one, and even postedCash storage on the account.
But short-sellers won’t give up easily.
The second wave of short-selling started with whom.Citron, which is as famous as muddy water, also posted its first short report on Twitter, arguing that who to learn from is the largest fraudulent case for Chinese stocks since 2011.Unlike the Grizzlies, Citron also conducted a technical crawler to verify the status of paid courses, saying that it found a 70% increase in revenue.
Who responded quickly this time was denied at 12:07 am that day, and nine responses were given the next morning.
After smelling the blood, the shark will only gather more and more.Even non-professional institutions enter the market and go short to learn from whom.One week after Citron released its first short report, Scorpio Ventures also took the opportunity to strangle.Scorpio Ventures was originally Alibaba’s marketing technology service provider. “It was also affected by the epidemic. Some employees were idle and happened to encounter the Luckin incident, so they began to try to short the business.” Scorpio Ventures told 36Kr.It shorted out a team of 14 people this time and divided it into a technical group, a material group, and a report writing group, which took almost a month.
As long as the goal is to kill the same listed company, they are all “friends.”
According to Hou Xiaotian of Tianhao Capital, in the secondary market, fund managers generally buy and sell together in groups and share information with each other.When a short-selling institution is short-selling, it must either open a position ahead of time and directly benefit from the sale after the report is released; or simply avoid it.So far, four institutions have been shorted 6 times by Grizzly Research, Citron, Scorpio Venture Capital, and Muddy Water.
Who did you learn to sell the stock price chart 6 times (drawing: 36 krypton)
But the difficulty of shorting may exceed expectations.Although the stock price has fallen by 27%, the market value with whom to learn is still strong.Chen Da, executive director of Anlan Capital, believes that the reason why it is difficult to learn from whom the stock price falls is that there are too few shares in circulation, and it is not difficult to control funds.Many put options have been tight for a while, too many short sellers or lenders are unwilling to continue lending.Li Zhaoyu, managing director of Stone Forest Capital, said that at present, “he has not seen (with whom to learn) obvious evidence of fraud.”
It seems that short selling will continue.A quantitative fund manager who is learning with whom to make a 10% loss in the air told 36Kr, “The strategy of these citron agencies is to delay learning from who in time, and there should be continuous short-selling reports behind. Citron and muddyThe founder of Water has both attacked and learned from well-known TV stations in the United States. It is rare for the two head-short institutions to short a company together.
Citron told 36Krypton that in addition to the reports it has released, there are many “materials”; the SEC has already stepped in and is working with them.The Grizzlies also revealed that they are expected to announce their next short target on June 3.
In short, once the short sale begins, the short and long sides will definitely “dead” one.Endlessly.
How to falsify?
How did fraud start?
At first, some behaviors seemed harmless.
In 2017, China World Trade Center opened a venture capital summit. On the first night, “we dispatched all the bicycles that can be found in the east of Beijing to the entrance of the venue. At a glance, it was all blue and very spectacular.” A small blue bicycle operator36 Krypton said that at the time when the company was talking about the key stage of financing, it would place it in areas where investors such as Guomao, Liangmaqiao, and Lufthansa frequented, which gave investors the impression of a large amount of vehicles.
The investment logic of the primary market is that in the early stage of entrepreneurship, it is more about looking at the team and the track, without too much digital verification, and the more later, the more the company needs to prove itself with performance figures.”You can still struggle in round B, and in rounds C and D, the (digital) pressure is greater.” A finance person who worked for many Internet companies told 36Kr.
According to 36 Krypton obtained the two rounds of financing BP of Uxin after the 2015 C round and 2016, the two BPs it wrote, the data of its core business B2B transactions are different:
-BP in 2015 showed that the volume of transactions in 2014 was 95,200 units, and in 2013 it was 11,600 units, an increase of 719%;
-However, on the new BP after a lapse of one year, the transaction volume was 66,000 units in 2014 and 24,000 units in 2013, an increase of only 175%.
(The difference in BP data of Uxin’s two financings, source: 36 krypton)
With good faith speculation, Uxin may not have significantly tampered with the total turnover, but has made some moves between different years and quarters.According to the 36 krypton sum of the two BPs in 2013, 2014 and 2015, the total transaction volume is not too large-the first BP three-year total transaction volume is 287,300 (including the third and fourth quarters of 2015Is the estimated amount); the second BP plus the total transaction volume is 222,000-industry insiders also said to 36 krypton, the second-hand car transaction volume generally refers to the completion of the user transfer and the approval of the vehicle management agency, it is difficult to have too much discrepancy.
The most important action of Uxin is to change the volume increase through some moves.Industry analysts said that because “if you follow the previous increase in BP, Uxin will soon be able to achieve 100% of the market. In order to be more logical and more realistic, they have made adjustments on the back BP.”
In addition, because of the reduction in the volume base in 2014, Uxin’s performance target pressure to be completed in 2015 will also be reduced.
“A considerable number of companies that suddenly declare their single-month profit may have fraud,” a senior investor told 36Kryp, which can be done by changing the revenue recognition time, or “at least on the basis of external claims.In the end, these companies usually have financing needs. ”
The caliber is different, the data may be very different.An investor in the consumer field said that the return rate of live broadcast e-commerce can often be as high as 30% or more, and many platforms will also include the amount of the return and the unpaid, and confuse the investor as the real transaction amount.
A retired employee of the e-cigarette brand told 36 Krypton that the “200 million sales” they showed to investors was calculated in this way: the retail price of nearly 300 yuan multiplied by the total number of sales sets (including many brushes)single).But in fact, most of the transactions of e-cigarettes are through offline channels, and the brand sells the channel at a price of less than 80 yuan per set, which is only a quarter of the retail price.
An investor revealed that he heard similar things. Some brands do require agents to place orders directly from their Tmall and JD.com stores instead of taking traditional offline channels.”Agents take a large amount of goods, and take the goods at the original price, offline rebate, so that the brand’s C-end sales data will be very good.”
If the caliber adjustment and the time for recognizing income can be regarded as a gray area of ​​creative accounting (creative accounting), one step away is the category of data fraud.
A former Uxin employee told 36 Krypton before going public that the company’s garage is exaggerated.In 2017, the self-media “Kan Technology” also said that the amount of Uxin’s car sources was exaggerated: the total number of U.S. car sources displayed on the official website of Uxin’s used cars exceeded 1.8 million, but it met the “refundable conditions” and “Uxin certification””On such conditions, there are only about 70,000 vehicles.
After the listing, Uxin’s car source data was also questioned.In a short-selling report from Uxin last year, J Capital Research stated that the number of Uxin ’s non-repeated cars available for sale was overstated by half, and even the most conservative number of vehicles on the shelves was greater than Uxin ’s real inventory.The approach is that the same vehicle will be displayed repeatedly on different websites and counted as different vehicle sources.
If the falsification of data such as vehicle volume and PV is not fatal, what about the falsification of core financial data?
A number of employees of the mother and child to B platform Hai Paike told 36 Krypton that the company received a D round of financing of USD 100 million in December 2019, relying on the performance of “brushing”.
A former purchaser stated that he “completed” more than 10 million sales in December, but 3.6 million of them were “moving water” —this is another name for Haipaike ’s internal billing behavior.The supplier takes its offline customer list and completes it by taking photos online.The specific operation is: the store places an order at the sea, and the money is taken to the sea to take the hand, and then it is transferred to the supplier, and the supplier returns to the original store, and the three parties idle to return water.
The above-mentioned person said that for this part of the “swipe” flow, Haipaike as a platform only draws 1 point commission, and he is responsible for the category’s normal sales commission of 8 points, and “this 1 point is actually a guise.”Because Haipaike will provide subsidies and price concessions, the other two parties involved in the billing can share this discount.
The above method is exactly the same as the Uxin “swipe order” method written in the Mickey Gold short report: its research found that the secret of Uxin ’s “income growth” is a special POS machine with Uxin embedded inside the machineProprietary software can transfer other unrelated transactions (such as those made by car dealers offline) to Uxin’s account.A former Uxin employee said that the company provides three to four rebates for sellers or car dealers who cooperate with these transactions.Up to 40% of Uxin’s transactions are false.
Source: Magekin’s short report on Uxin
A person familiar with the matter told 36 Krypton that the billing situation actually happened earlier. When the POS machine was not used in the early stage, the car dealer could get a thank-you fee of about 500 yuan for each transfer invoice that was not transacted through Uxin..
However, unless a false transaction enters the stage of the secondary market, the short-selling agency will point out that the fraud and short-selling will cause serious consequences.
Mickey Gold issued a short report on Uxin on April 16 last year (US time). Uxin’s stock price melted twice on the same day, and it once fell by more than 50% to about 1.4 US dollars.
Uxin immediately denied that the report was “seriously false” and “resolutely denied a series of unfounded allegations such as data fraud.”Since then, Uxin’s share price has rebounded to a stage high of $ 3.65 within 3 days.
36 Krypton asked Uxin to verify that there were gaps between its two BP data, exaggerated vehicle source data, and offline “swipe”. Uxin once again denied the response, saying that “it is completely untrue, purely false.””Accepting strict audits by regulatory authorities, there is no data falsification”, and said, “Regarding the institutions and individuals that published malicious attacks, exaggerated, misleading guesses and comments, resulting in damage to Uxin’s reputation and business operations, reserved to the Press and Publication Bureau,The right to report complaints and file lawsuits through the Internet Information Office and the court. ”
Remember how Ruixing initially responded to the short report?It submitted an announcement to the SEC stating that it “resolutely denies all the allegations in the report. The report ’s argument is flawed, the so-called evidence contained in the report has no solid factual basis, and the allegations in the report are based on unfounded speculations andMalicious explanation. “Ruixing also said at the time,” I intend to take appropriate measures to defend against these malicious accusations in order to protect the interests of shareholders. ”
Counterfeiters and colluders.The gainer and the injured.
Who is the initiator and collusion of fraud in the entire chain?Who can be the one who broke the lies?
Outsiders generally find it difficult to clarify, is “faking” the wool party’s loopholes or the spontaneous actions of employees?Or is the company doing it on its own?
A former Didi employee said that Didi had used technical means to early warning the business department of the billing situation: below 5% is marked green, 5% to 10% is yellow, 10% to 20% is red, and then upIt is a deep red that is “shocking”.The company will let the person in charge of the technology regularly count the “abnormal data” of each city, and then “remind the person in charge of the city with red and dark red signs to let them pay attention and converge.”
Each round of subsidy wars proves that subsidies will definitely attract wool party to pay in batches.Although it may not be the company’s initiative, the company may “release water” in the handling mechanism.
An employee of the online car-hailing platform said that they had monitored a driver who modified the GPS on the Internet through a simulator and swiped more than a dozen orders every day.It was only two months after this behavior was “ignored” that the company and the public security team went to arrest the driver.”If the platform chooses to loosen the rules, what is the essential difference between artificial fakes and company fakes?”
The employees themselves also have a motive to brush their bills.An OYO employee confessed to 36 krypton that in order to complete the KPI and get more performance bonuses, he was used to talking with a familiar hotel owner and teaching them to directly brush the bill.Because the “performance” is good, he was also called by the supervisor to do internal sharing.
Who is the initiator?The answer looks very Luo Shengmen.36 Krypton asked Haipike for verification of the single issue. The company responded: The above information comes from the employees who were expelled from Haipike for the purpose of fraudulent transactions and fraudulent performance.Many employees were expelled for this kind of situation, and there are announcements on the company’s intranet.The aforementioned Haipaike employee’s statement is that when the company seeks financing, data fraud is acquiesced and encouraged, but once the staged goal is achieved, fraud becomes a high-voltage line and they also become the object of severe punishment by the company.They asked: “Please name the surname and order Hai Paike.”
The answer is actually not difficult to find.Just like Rui Xingdong’s accident, he dumped the pot to the COO, but he could not convince the crowd, because the 80-year-old new executive’s shareholding ratio is insignificant, and it is impossible to take a huge risk to help the major shareholders lift the stock price.The right question should be: Who benefits the most?
The founders have secret anxiety.A partner who has been in business for nearly three years said that his monthly salary is just over tens of thousands, and he has to wait until he withdraws from the project to make money.But whether it is to go public or sell the company, the premise is to make the business a certain scale.
An employee who has worked in a number of tuyere companies said that their boss had calculated a sum of money and spent two or three billion yuan in subsidies to increase the size and size of the data, and then he could raise another two hundred million dollars.”Anyway, it’s all the investors’ money.”
Investors seem to be the “deceived” party, but they really have no awareness of this?
Most companies are different from Ruixing in that Ruixing ’s investment in the primary market is limited to Dazhen Capital and Yue Capital and their closely related parties. BP and financial information are difficult to outflow; but like UxinOf companies in the primary market financing, BP can be said to spread throughout the investment industry, the media and competitors are likely to get.
For this reason, as early as in the primary market period, Uxin’s fraud disputes have been written by the media: in 2017, the media “Kan Technology” once said that Uxin’s car source was exaggerated; in the same period, “Internet hotspot analysis” also wroteThe two rounds of BP financial data over Youxin can’t match.Uxin’s self-media “Internet Hotspot Analysis”, which claimed that Uxin’s fraud, was sued by Uxin and was asked to delete the manuscript and compensate 10 million yuan.People familiar with the matter said that the two parties ended in a settlement.
Despite the voices of doubt, Uxin not only received the D round of financing, but the management lineup is luxurious.Round D investors include Hua Ping, Tiger, Gao Lu, KKR, etc.
Everything comes from the Matthew effect that cannot be added to the TMT industry.Based on this perception, venture capitalists are extremely chasing industry first.Take Uxin’s C round of lead investors and hedge fund Coatue as an example. According to 36 krypton incomplete statistics, at least 12 of the 16 Chinese companies it invested in (or used to be) the leader of its track.The decision logic is precisely: choose the most imaginative track and invest in Top 1 as much as possible.Voting in the US-China regiment and Didi have all proven the superiority of this strategy.
In 2015, the Uxin in the C round looks like it is the Top 1 (at the end of the year, its important opponent, Guazi, has just melted the angel round).The competition for TOP 1 is fierce.36 Krypton once reported that Coatue has only a few employees in China and is mainly stationed in Hong Kong. It is usually “a intensive reading of a bunch of projects on a business trip.”More than one person pointed out to 36 Krypton that Coatue was very daring to take bet and acted quickly.When it first entered China, it invested in Didi, Pocket Shopping, Uxinpai, Ma Honeycomb, etc. These projects were completed within half a year.
An investment manager of a head fund said that it is actually acceptable for companies to properly beautify their performance. “Including the companies we invest in, we will recommend that we avoid weaknesses if the data is not good, if the data is not good.Tell more stories “.As for whether the user of the invested company is authentic, the above investment manager said that the method they adopted was based on the user information table sent by the company and a sample of calls to verify.
Many industry insiders said to 36 Krypton that many investment institutions have actually confirmed their investment intentions and issued TS (Investment of Intent) to the invested companies when they invited the best team, and they have also completed the promotion work within the institutions.Unless there is extremely serious fraud, otherwise it is generally unwilling to withdraw investment intentions.
Even the investment institution itself may be the promoter of the exaggerated data.
A person from a startup said that at a shareholder meeting, the founder asked investors, “Do you want us to make our business a little more solid and slow, or do we want us to run faster”?The answer he received was, of course, hope that “the faster you run, the better.”The investor further hinted to the founder, “Now the amount is a little low, and it is not good to take it out (financing), (you) can be bolder.”
After that, the investment agency continued to come forward, brought in several potential investors for this company, and designated its familiar FA to connect with and assist in the adjustment. “I guess the purpose of this is to make less and moreFamiliar people are involved, “the person said.This institution is a PE that has been on the cusp of controversy recently.
So, who can be the one who poked the bubble?
Changes in the financial department are often a red flag.36 krypton, a former financial person of a listed company, revealed that at a group financial meeting, the leader asked the income of his subordinates last year.The financial person assigned to this task was reluctant to take this risk, and discovered the extremely confidential and low-level counterfeiting within the company. Out of fear, he quickly resigned.
But not all financial personnel will avoid risks and cherish signatures.The financial officer stated that as far as he knew, a company had spent 100,000 yuan to buy through an accounting firm and signed (identified) the problematic audit report.Another case of fraud is that a listed company once renovated two banking departments to receive auditors. When the auditors entered the bank, they never thought that they were all people in the company.
Moreover, if it is true that Mitchell said that companies such as Uxin will use POS machines to charge bills, it is difficult for accounting firms to face problems with small notes and cash flow during audits.Another case of fraud is that a listed company once renovated two banking departments to receive auditors. When the auditors entered the bank, they never thought that they were all people in the company.
An investment banker engaged in underwriting US stock IPOs once told 36 Krypton that their workflow for writing company prospectuses is sometimes “matched”, for example, they will go to the company’s backstage to check the data..
Singing is often risky, but singing more is often profitable.After Mickey Gold shorted Uxin, JPMorgan immediately issued a report on the four aspects of the transaction volume data, vehicle volume data, founder Dai Kun’s cash out, and Uxin’s future prospects.Refuted the short sale and gave an Overweight rating, with a target price of $ 8-Uxin’s current share price is $ 1.4-JPMorgan Chase is Uxin’s listed underwriter, just like Dori Ruixing and its additional high-level issuanceCICC is the listed underwriter of Ruixing.
Fortunately, as long as the lies are large enough, the short-selling benefits are enough.And as long as enough benefits are given to those who lie, they have enough motivation to overturn the entire counterfeit chain.This is the victory of the mechanism.
However, unlike the short selling tide of Chinese stocks represented by Southeast Rongtong in 2011, the quality of Chinese stocks has now improved overall.It ’s just that “China Prospective Shares should use this opportunity to reflect on and strengthen internal control and internal management.” An investment banker told 36Kr to re-certify himself to the capital market.
“Few early investment institutions have invested heavily in market research,” a consulting company person believed to be involved in the short survey of Ruixing told 36 krypton, but after Ruixing admitted to fraud, new business continued to come-originally its customersMostly PE, and now, VC has started to find it.
After all, no institution wants to vote for a second Luckin.This is probably the only thing Ruixing Storm brought us.

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