做空機構Glaucus再次瞄準中資公司

Short-seller Glaucus Research Group California LLC is going after a Taipei-listed Chinese foam-rubber recycler. Based on Glaucus' track record, investors should be worried.

做空機構Glaucus Research Group California LLC正將目標鎖定一家臺北上市的中資泡沫橡膠回收公司。從Glaucus以往的成績來看，投資者應該感到擔憂。

Nearly all of the 11 other companies Glaucus has shorted are trading below where they were before the short-seller's reports were published -- some are under investigation and two delisted. The short-seller targets Chinese companies, highlighting accounting irregularities.

Glaucus曾做空的其他11只股票目前幾乎全都低於Glaucus發佈報告前的價格，其中一些公司正在接受調查，有兩隻股票已被摘牌。Glaucus專門針對中資公司做空，瞄準會計違規問題。

For Asia Plastic Recycling Holding Ltd., its latest target, Glaucus said it believes the company has overstated net income by around 10 times, citing Chinese government tax records.

亞洲塑膠再生資源控股有限公司(Asia Plastic Recycling Holding Ltd., , 簡稱：KY亞塑)是Glaucus的最新目標。Glaucus說，相信該公司將 利潤高估了大約10倍，依據是中國政府稅收記錄。

It's the first time Glaucus is going after a target on the Taiwan bourse -- a market where short-selling is still highly regulated and stocks cannot fall more than 7% in a given trading day, except on their debut.

Bloomberg News 這是Glaucus首次將目標鎖定一家臺灣上市公司。臺灣市場的賣空交易仍然受到嚴格管制。除上市首日外，臺灣市場上股票的日跌幅不得超過7%。

Already Glaucus' report has driven the shares down by its daily limit of 7% to 80.5 New Taiwan dollars ($2.66).

事實上，Glaucus的報告已導致KY亞塑觸及7%的跌停板，至新臺幣80.5元（約合2.66美元）。

For its part, Asia Plastic Recycling said in a statement that the allegations are 'baseless', and that it is considering legal action against Glaucus. 'The company is preparing a detailed clarification report to address every allegation in the report,' the statement said.

KY亞塑發表聲明稱，Glaucus的指控毫無根據，會考慮向發表這些報告的機構採取法律行動。該聲明稱，公司正編制詳細的澄清公告，反駁該報告中的每項指控。

A look back at Glaucus' track record shows it's largely successful when it sets out to drive down a company's share price:

回顧Glaucus以往的成績不難發現，Glaucus如果出手打壓一家公司的股價，基本都能獲得成功。

China Lumena New Materials Corp. -- Glaucus released a report last month, saying the Chinese maker of specialty chemicals had doctored its financials. Based on tax and regulatory filings by the company's Chinese units, Glaucus believes the company's actual sales were 90% less than what it reported. The company dismissed the allegations. The company's Hong Kong shares dropped 8% before being suspended. The company said it is finalizing its accounts for last year.

中國旭光高新材料集團有限公司(China Lumena New Materials Co., , 簡稱：旭光)─ ─Glaucus上個月發佈了一份報告，稱這家生產特殊化學品的中資公司財務造假。根據旭光旗下中資子公司提交給稅務和監管部門的文件，Glaucus認爲該公司的實際銷售額較其公佈的金額低90%。旭光否認了上述指控。該公司在香港市場上的股票下跌了8%，隨後停牌。旭光稱，正在編制去年的財務報告。

Prince Frog International Holdings Ltd. -- Glaucus said in October that the Chinese baby-lotion maker inflated both its market share and revenue, citing market research from Nielsen and company's other filings with various government departments. Sales and inventory turnover were also 'too good to be true', Glaucus said. The Hong Kong-listed shares are now trading 60% below their level prior to the Glaucus report.

青蛙王子國際控股有限公司(Prince Frog International Holdings Ltd., , 簡稱：青蛙王子)─ ─Glaucus去年10月份稱，這家中資兒童護理產品製造商虛報市場佔有率和收入，依據是尼爾森(Nielsen)的市場調研以及青蛙王子向各類政府部門提交的文件。Glaucus稱，青蛙王子的銷售額和庫存週轉率也“好得令人難以置信”。目前，青蛙王子在香港的股價較Glaucus發佈報告前下跌了60%。

China Minzhong Food Corp. --Glaucus published a report on the Singapore-listed Chinese vegetable producer in August 2013. It said the company fabricated some of its suppliers and customers in its public filings, and that it inflated capital spending and receivables. Minzhong called the allegations 'reckless' and said it was compliant with Singapore reporting standards. In the following month, Indonesia's PT Indofood Sukses Makmur Tbk raised its stake in Minzhong to over 50% from around 33% in order to 'show confidence' in the company, and said the share purchase was a 'well-considered investment that creates value for all.' But still, Minzhong is trading 8% below their pre-report levels.

福建省閩中有機食品有限公司(China Minzhong Food Corp.)--Glaucus於2013年8月份發佈了一份針對這家在新加坡上市的中資蔬菜生產商的報告。報告稱，該公司在上市文件中捏造了部分供應商和客戶，同時還誇大了資本支出和應收款項。閩中有機食品當時稱這些指控“過於輕率”，並表示公司遵守了新加坡的報告標準。在接下來的一個月裏，印尼PT Indofood Sukses Makmur Tbk把對閩中有機食品的持股比例從33%左右提高至超過50%，以此“表示對這家公司的信心”，前者還稱，增持股份是“經過細緻考慮的一筆投資，可以爲所有人創造價值”。然而閩中有機食品目前的股價較上述報告發布前的水平低了8%。

Soufun Holdings Ltd. -- In a report issued in April last year, Glaucus accused the chairman of China's major real-estate website of diverting company resources for personal use through property purchases in New York, and of making lower-than-reported donations to charities. Glaucus then published two more reports, saying the executives failed to disclose transactions between Nasdaq-listed Soufun and a Hong Kong-listed firm partly owned by the chairman. Soufun said the report was 'misleading'. Its shares have fallen 34% to $14.58 since the report was published.

搜房控股有限公司(SouFun Holdings Ltd.)--在去年4月份發佈的一份報告中，Glaucus稱該公司董事長通過在紐約購買房產將公司資產轉爲私人用途，同時還高報了慈善捐款的數目。Glaucus隨後又發佈了兩份報告，稱該公司高管未披露在納斯達克上市的搜房和該公司董事長部分所有的一家香港上市公司之間的交易信息。搜房稱該報告“具有誤導性”。報告發布以來，搜房的股價下跌了34%，目前爲每股14.58美元。

China Metal Recycling Holdings -- In a report issued January 2013, Glaucus said China's import and customs data suggest the Chinese scrap metal recycler fabricated its sales and business size since its listing in 2009. Chairman Jacky Chun and three others were arrested by Hong Kong police last year over alleged false accounting. The city's regulator is seeking liquidation of the company and the investigation is ongoing.

中國金屬再生資源（控股）有限公司(China Metal Recycling Holdings)--Glaucus在2013年1月份發佈的一份報告中稱，從中國海關公佈的進口數據來看，中國金屬再生資源2009年上市以來捏造銷售和業務規模。該公司主席秦志威(Jacky Chun)和其他三人去年被香港警方以會計造假爲由逮捕。香港監管機構正在準備對該公司進行清算，相關調查正在進行當中。

West China Cement Ltd. -- In an August 2012 report, Glaucus accused the Chinese cement maker of inflating its market share and pricing, and overpaying for factories which were loss-making. A year earlier, Moody's Investors Service had said West China Cement was among a handful of Chinese companies with 'possible governance or accounting risks'. The company, in response, said its business was 'healthy'. It is trading at HK$0.97, 27% lower than it was before the report was released.

中國西部水泥有限公司(West China Cement Ltd.)--Glaucus在2012年8月份發佈的報告中稱該公司高報了市場份額和定價，同時還向出現虧損的工廠多付款項。穆迪投資者服務(Moody's Investors Service)在報告發布的前一年曾稱，中國西部水泥是少數幾家“可能存在公司治理或會計風險”的中資公司之一。作爲迴應，該公司稱其業務狀況“非常健康”。該公司目前股價較上述報告發布前低27%，爲每股0.97港元。

Shougang Fushan Resources Group Ltd. -- The Hong Kong-listed Chinese coking coal producer remains largely unscathed following a Glaucus report released in April 2012. The research firm said it believed the company inflated profit margins and overpaid a related party for coal mines. The company, a unit of Chinese state-owned Shougang Corp., denied the allegations. The stock is now at HK$2.44, only a fraction below its value of HK$2.66 prior to the report.

首鋼福山資源集團有限公司(Shougang Fushan Resources Group Ltd., 簡稱：首鋼資源)--Glaucus於2012年4月發佈了相關報告，但這家香港上市的中國焦煤生產商股價並未受到太大影響。Glaucus認爲，首鋼資源誇大了利潤率，並對關聯方的煤礦出價過高。首鋼資源否認這一指控，它是中國國有企業首鋼(Shougang Corp.)的子公司。目前首鋼資源報2.44港元，僅略低於Glaucus發佈報告前的2.66港元。

China Medical Technologies, Inc. -- In December 2011, Glaucus accused the Nasdaq-listed Chinese medical device and equipment maker of accounting fraud and overpaying for a company owned by parties related to the chairman. China Medical Technologies was forced into involuntary bankruptcy the following August after defaulting on its bonds. The stock was delisted in June 2012. The SEC is investigating the allegations.

中國醫療技術(China Medical Technologies)--2011年12月，Glaucus指控這家在納斯達克上市的中國醫療設備生產商存在會計造假，且對其董事長關聯方擁有的一家公司支付過高款項。次年8月，中國醫療技術在債券違約後被迫進入強制破產程序。 該公司股票在2012年6月退市。美國證券交易委員會(SEC)正在調查相關指控。

L&L Energy Inc. -- Glaucus claimed in a report released in August 2011 that the Nasdaq-listed Chinese coking coal producer fabricated sales and overvalued some of its assets, and that some acquisitions didn't exist. In March, federal prosecutors in Seattle charged its chief executive with false filings. The company is facing a securities class action suit from shareholders. The stock has dropped to $0.41 from $4.17 prior to the report.

龍騰礦業(L&L Energy Inc.)──Glaucus 2011年8月發佈報告說，這家在納斯達克上市的中國焦煤生產商僞造銷售額數據，對一些資產估值過高，其披露的一些收購也並不存在。今年3月，西雅圖聯邦檢察機構指控該公司首席執行長披露虛假信息。該公司正面臨股東按證券法提起的集體訴訟。龍騰礦業已跌至0.41美元，Glaucus發佈報告前報4.17美元。

Gulf Resources Inc. --Glaucus said in April 2011 that it believed the chairman of the Chinese specialty chemical maker had been keeping income-generating business in a separate, privately-held entity. Glaucus also said the company paid a premium for assets owned by the chairman and his family, and that it had commissioned two expensive capital spending projects to contractors that couldn't be verified to exist. The company dismissed the allegations. It's still trading on the Nasdaq at $2.24, down from $3.91 before the report was published.

海灣資源(Gulf Resources Inc.)──Glaucus在2011年4月表示，該機構認爲這家中國特種化學品生產商的董事長通過另外一傢俬人持股實體持續運作可帶來收入的業務。Glaucus還說，海灣資源對董事長及其親屬持有的資產支付了溢價，並將兩個成本高昂的資本支出項目委託給了無法被證實存在的承包商。海灣資源否認了這些指控。目前該公司股票仍在納斯達克交易，報價爲2.24美元，低於報告公佈前的3.91美元。

Universal Travel Group --The NYSE-listed Chinese online travel agency was Glaucus's first target. A report on the company, issued April 2011, said Universal Travel falsified its income statement and balance sheet and that it diluted shareholders' interest with unnecessary capital raising and expensive acquisitions. A month later, its auditor Windes & McClaughry Accountancy Corp. resigned. The company withdrew its U.S. listing in April 2012. The SEC in September filed fraud and related charges against the company and its former chief executive and director, who agreed to settle for fines of $935,000.

旅程天下(Universal Travel Group)──這家在紐約證交所上市的中國在線旅行社是Glaucus的第一個目標。後者2011年4月發佈報告說，旅程天下損益表和資產負債表造假，並通過不必要的募資和成本高昂的收購稀釋了股東權益。一個月後，該公司審計方Windes & McClaughry Accountancy Corp.宣佈辭職。2012年4月，旅程天下從美國退市。2013年9月，SEC對該公司及其前首席執行長和總監提起造假及相關指控。該公司及兩位高管同意支付93.5萬美元罰金與SEC達成和解。