Citron Reports on Evergrande Real Estate Group Ltd. Posted in Citron Reports by Stocklemon on the June 20th, 2012 Deception on a Grande Scale
Citron Research is pleased to present our analysis of Evergrande Real Estate Group. This research and analysis, compiled over several months, presents the conclusion that HK:3333 is essentially an insolvent company that has consistently presented fraudulent information to the investing public.
We prove this conclusion in the following presentation.
Evergrande is not a story about the “China real estate bubble”; rather it is a tale of a company who has abused the capital markets as well as the generous lending of the Chinese Government in order to enrich one man, aggrandize his personal ego and support his pet projects.
Bribery, excessive spending, and off-balance sheet transactions are the foundation of Evergrande’s financials.
The situation at Evergrande is so murky that, within the last year, even the Chinese Ministry of Finance fined Evergrande for reporting inaccurate financial statements.
Citron wants to make one thing clear: we do not recommend shorting any of China’s state owned banks or any construction project backed by the Government of China. On the other hand, we believe that Evergrande has misled investors and represents the worst of Chinese neo-capitalism, and therefore represents a good short opportunity in relation to other exposure in the Chinese capital markets.
Whether it be the capital markets, government enforcement, hard or soft landing, the endgame for Evergrande is a certainty; the only uncertainty is the timing.
希望今日攞番個第一
回覆刪除第一 ^^
刪除達人快向我推薦歌曲!
回覆刪除歌曲?你想要咩歌?
刪除達人喜歡,我便喜歡
刪除3叔!
回覆刪除3 哥型 D ^^
刪除3叔只會想起吳孟達
刪除哈哈~~~賺左 D 唔洗得架 wor ^^
刪除我比你,你又養番我囉 ^-^
刪除189發盈警!
回覆刪除係咩收市後先出, 股價無反應?
刪除係,收巿後出!
刪除聽日跌到扒街? ^^''
刪除-13%
刪除lucky not buy 189
回覆刪除but someone said they will drop 50%of EPS
隻野有怨氣呀, 唔好買 ^^
刪除看看R22的價格不斷創新低,這兩天連一萬元一噸都不用!
刪除Twist again! No QE3!
回覆刪除我預佢都係無 QE, 又用 twist?
刪除不知道會不會和上次一樣差不多全世界跌,但只有美股升!?
刪除港股唔算跌得多
刪除不是一天,上次operation twist是在九月二十一日,結果要到十月初才見底!
刪除的確依家下跌風險急速升溫, 美股尋晚無乜跌....可能如你所講, 美股之後一個月會強過亞洲股市
刪除早晨 ~ :)
回覆刪除早晨! 達人 Sir, Louis兄 Cash 兄及各大大/大姐 ^-^
刪除capmo大大,達人兄,Louis兄,各大大,
刪除早晨 ^^
各大大早晨 :D
刪除各位大大早晨!!!
回覆刪除大市牛皮,會否10個牛皮9個淡呢??
早晨. 升到阻力位, 決定再減持一點 ^^
刪除今早set 錯 AK47睇, 應覺不安就走.~~
刪除好彩昨日大做野~~
今早感覺就是有點不安 ^^
刪除早晨!最近一個交易都無XD
回覆刪除少交易係好事 ^^
刪除3333 free fall
回覆刪除2333 跌, 賺夠收兵?
刪除why??
刪除有點邪氣..
刪除3333發生甚麼事?813,81,1813等內房也跌3-5%!
刪除992都 -8.5%
刪除capmo哥
刪除2333你覺得有問題??
可能係第二輪洗倉?3333 投到地王後暴跌 =_=''
刪除暫沒有, 可能高位徘徊而下多D吧~~
刪除992會不會是因為microsoft自己出tablet,巿場多了一個競爭者而大跌?
刪除有些強股今次咬腰上, 但破唔到頂, 又跌穿 50天線, 好似行緊下跌三步曲?trend 1-2-3 ^^'''
刪除沽出 233 止蝕, 減持 2388, 減持 151
回覆刪除我好彩昨日減了很多多~~
刪除Capmo 大大強!我尋日唔夠狠, 本想越升越減, 今朝提早執行 ^^
刪除最差係冇走埋81, 冇得食了~~
刪除81 穩健過 1918 ^^
刪除81今早都自動打左半,
刪除超超超高啦,
等你做野^-^
暫時唔買個股, 最近一玩神仙即死, 睇返大盤做人, 如果佢下跌睇下佢穿底, 定係跌唔返落去又反彈, 做出一隻腳
刪除大盤好似一插見底又 V 型回升, 最有可能出現一些築底訊號, 買貨唔洗心急 ^^
1070 -6%
回覆刪除燃氣股1193、2688也跌不少!
隻 TV 真的開始軟
刪除巳幾日都巳唔精神~~
刪除如穿 4 蚊可以睇少一隻 ^^
刪除Citron Reports on Evergrande Real Estate Group Ltd.
回覆刪除Posted in Citron Reports by Stocklemon on the June 20th, 2012
Deception on a Grande Scale
Citron Research is pleased to present our analysis of Evergrande Real Estate Group. This research and analysis, compiled over several months, presents the conclusion that HK:3333 is essentially an insolvent company that has consistently presented fraudulent information to the investing public.
We prove this conclusion in the following presentation.
Evergrande is not a story about the “China real estate bubble”; rather it is a tale of a company who has abused the capital markets as well as the generous lending of the Chinese Government in order to enrich one man, aggrandize his personal ego and support his pet projects.
Bribery, excessive spending, and off-balance sheet transactions are the foundation of Evergrande’s financials.
The situation at Evergrande is so murky that, within the last year, even the Chinese Ministry of Finance fined Evergrande for reporting inaccurate financial statements.
Citron wants to make one thing clear: we do not recommend shorting any of China’s state owned banks or any construction project backed by the Government of China. On the other hand, we believe that Evergrande has misled investors and represents the worst of Chinese neo-capitalism, and therefore represents a good short opportunity in relation to other exposure in the Chinese capital markets.
Whether it be the capital markets, government enforcement, hard or soft landing, the endgame for Evergrande is a certainty; the only uncertainty is the timing.
咁大獲...haha~~
刪除這份報告是不是只有這幾段?比一週刊那些還短!
刪除老實說,內容都是已知的事或公開的秘密!
內容有時無關, 最緊要成功制造出恐慌個效果, 3333 大跌 17% =_=||
刪除先沽空,後出報告!這門生意長做長有!
刪除港交所唔可以做 D 野?
刪除將做假揭破長遠對股巿是有利的!
刪除港交所可以出做假指數給人沽空增加收入!^_^
哈哈~~
刪除大市短評,剛回來見到港股跌幅不多, 但二三線股跌到扒街, 首先昨晚美國無 QE3, 憧憬落空。我諗除非歐洲爆大獲, 否則 QE3 出台機會真微, 就算歐洲爆大獲, 都會係一遍恐慌中美國才出手
回覆刪除第二, 恒指昨天已升到 50天線和 50週線, 對上是阻力重重. 暫時睇二三線股跌幅, 好似憧憬 QE3 落空後齊齊 take profit.
由於加入了 2005 和 1918, 暫時無意沽出兩股, 變相現金比自己預期低了, 於是減持一點核心股 151 和 2388. 可以候低買回。本來敢胆的話, 可以試試做淡, 但近排真的不能貼市, 於是唯有增加現金代替
匯豐銀行公布,6月份匯豐中國製造業採購經理預覽指數(PMI)回落至48.1,創7個月新低,當中新出口訂單指數大幅收縮至45.9,超過3年新低。
刪除Kelvin: 不過預左數據係差, 如果唔係中央都唔會突然減息, 睇下中央既決心, 如果係決心穩經濟, 應該會繼續放水, 放得幾次會有效
刪除又話有報告3333做假~~
回覆刪除上面已有, 睇黎第二輪洗倉開波~~D 人又開始做野, 整做恐慌
刪除人又開始做野, 整做恐慌 :)
刪除是優質內房增持機會^^
刪除打錯字, 制做...
刪除1918 我唔沽, 升極估值都係 3 倍不夠, 等候吸納, 數據越差中央越會放水, 不過係驚假數, 1918 唔會被插旗掛? >_<||
Cash 兄尋日入唔到 992 係福? ^.^
刪除唯有信個老闆
刪除同意時間就是證人兄, 想入D 81!!
刪除達人兄,
刪除如尋日有入992,今早都可以全身而退既 :)
81,我都等緊
cash兄等咩價?
刪除恐慌價^^
刪除campo大大恐慌係5蚊XD?
刪除5蚊=舊價約 $7.5,咁貪^^
刪除穿埋100天我唔敢要了^^
haha!!恐慌價呀嘛話明
刪除5 蚊?哈哈~~
刪除sell 2233
回覆刪除要避一避先喇, 情願再升過時買返, 今日好似托指數洗細股 feel
刪除係咁托住5仔
刪除無錯, 5 仔由尋日開始托住 ^^
刪除Full report is here
回覆刪除http://www.citronresearch.com/wp-content/uploads/2012/06/Evergrande-Real-Estate-Research.pdf
thanks :D
刪除有無沽233
回覆刪除佢今早巳打左了, 上面有寫^^
刪除上面寫了, 10% 極限止蝕位, 當手痕玩一玩 ^^
刪除一君幾硬 ^^
刪除不過長期係咁又冇好息消出又唔爆上, 個人有D戒心^^
刪除依家驚佢做假插旗, 如果正常下跌, 應該有位比我地走, 隻野波幅唔算大, 升跌有序
刪除3333由最低位3.6反彈9%至3.94!公司出了聲明澄清,都幾快手!
回覆刪除4.1了~~
刪除不過如解唔到就,超短跑收兵了~~
係如我超短跑就收兵了^-^
刪除間野D佈告中左超過8成,
有事的全扒哂街云.~~
可能用公司錢掃上夾淡倉,去年都發生過!又或者大戶信解話冒買回!
刪除3點一露可能又....
刪除個人心態有D唔好, 睇錯多 ^-^
露 3 點暫未有野發生, 可能要露多半點 ^^
刪除不是心態不好,而是這股真的屬高風險,還記得前年大老闆和投行拿股價對賭輸了十二億!
刪除老闆係賭神後人??賭錢落海 ^^
刪除遲到了的越洲飛彈 ^-^
刪除越洲飛彈?
刪除以前D歐洲盤3點後炸到,
刪除笑稱越洲飛彈^-^
不過現巳全球通, 威力減少了^^
haha~
刪除個人攰攰地,就算有股岩都係忍忍手先!
回覆刪除Yes !
刪除個人吽吽地, 就,就算有股價岩打都係忍忍手先!^-^
刪除(笑^-^)
冇野搞搞 笑 ^-^
刪除6成中國
刪除1997都大升了幾天!
刪除6成 ~ 強!
刪除真係頻臨破產股, 一旦死唔去必有後福 ^.^
刪除上證就跌到三月的低位!
回覆刪除上証係 2300 點 up and down 爭扎左好耐 ^^
刪除尋日湊仔時 "立一立" 新聞, 好似講緊中央的禮物, 但無留心睇, 好似睇到有畫面同貨運有關??
回覆刪除:O
你仔仔無幫手睇咩?! :O
刪除佢仔仔應該會話:我都要禮物 ^_^
刪除我仔仔邊識睇, 剩係識麥當佬廣告 ^^''
刪除小注玩 61873
回覆刪除Good try ^^
刪除