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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.
做空机构Glaucus Research Group California LLC正将目标锁定一家台北上市的中资泡沫橡胶回收公司。从Glaucus以往的成绩来看，投资者应该感到担忧。
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只股票目前几乎全都低于Glaucus发布报告前的价格，其中一些公司正在接受调查，有两只股票已被摘牌。Glaucus专门针对中资公司做空，瞄准会计违规问题。
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.
亚洲塑胶再生资源控股有限公司(Asia Plastic Recycling Holding Ltd., 1337.TW, 简称：KY亚塑)是Glaucus的最新目标。Glaucus说，相信该公司将 利润高估了大约10倍，依据是中国政府税收记录。
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 这是Glaucus首次将目标锁定一家台湾上市公司。台湾市场的卖空交易仍然受到严格管制。除上市首日外，台湾市场上股票的日跌幅不得超过7%。
Already Glaucus' report has driven the shares down by its daily limit of 7% to 80.5 New Taiwan dollars ($2.66).
事实上，Glaucus的报告已导致KY亚塑触及7%的跌停板，至新台币80.5元（约合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亚塑发表声明称，Glaucus的指控毫无根据，会考虑向发表这些报告的机构采取法律行动。该声明称，公司正编制详细的澄清公告，反驳该报告中的每项指控。
A look back at Glaucus' track record shows it's largely successful when it sets out to drive down a company's share price:
回顾Glaucus以往的成绩不难发现，Glaucus如果出手打压一家公司的股价，基本都能获得成功。
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.
中国旭光高新材料集团有限公司(China Lumena New Materials Co., 0067.HK, 简称：旭光)─ ─Glaucus上个月发布了一份报告，称这家生产特殊化学品的中资公司财务造假。根据旭光旗下中资子公司提交给税务和监管部门的文件，Glaucus认为该公司的实际销售额较其公布的金额低90%。旭光否认了上述指控。该公司在香港市场上的股票下跌了8%，随后停牌。旭光称，正在编制去年的财务报告。
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.
青蛙王子国际控股有限公司(Prince Frog International Holdings Ltd., 1259.HK, 简称：青蛙王子)─ ─Glaucus去年10月份称，这家中资儿童护理产品制造商虚报市场占有率和收入，依据是尼尔森(Nielsen)的市场调研以及青蛙王子向各类政府部门提交的文件。Glaucus称，青蛙王子的销售额和库存周转率也“好得令人难以置信”。目前，青蛙王子在香港的股价较Glaucus发布报告前下跌了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.
福建省闽中有机食品有限公司(China Minzhong Food Corp.)--Glaucus于2013年8月份发布了一份针对这家在新加坡上市的中资蔬菜生产商的报告。报告称，该公司在上市文件中捏造了部分供应商和客户，同时还夸大了资本支出和应收款项。闽中有机食品当时称这些指控“过于轻率”，并表示公司遵守了新加坡的报告标准。在接下来的一个月里，印尼PT Indofood Sukses Makmur Tbk把对闽中有机食品的持股比例从33%左右提高至超过50%，以此“表示对这家公司的信心”，前者还称，增持股份是“经过细致考虑的一笔投资，可以为所有人创造价值”。然而闽中有机食品目前的股价较上述报告发布前的水平低了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月份发布的一份报告中，Glaucus称该公司董事长通过在纽约购买房产将公司资产转为私人用途，同时还高报了慈善捐款的数目。Glaucus随后又发布了两份报告，称该公司高管未披露在纳斯达克上市的搜房和该公司董事长部分所有的一家香港上市公司之间的交易信息。搜房称该报告“具有误导性”。报告发布以来，搜房的股价下跌了34%，目前为每股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.
中国金属再生资源（控股）有限公司(China Metal Recycling Holdings)--Glaucus在2013年1月份发布的一份报告中称，从中国海关公布的进口数据来看，中国金属再生资源2009年上市以来捏造销售和业务规模。该公司主席秦志威(Jacky Chun)和其他三人去年被香港警方以会计造假为由逮捕。香港监管机构正在准备对该公司进行清算，相关调查正在进行当中。
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.
中国西部水泥有限公司(West China Cement Ltd.)--Glaucus在2012年8月份发布的报告中称该公司高报了市场份额和定价，同时还向出现亏损的工厂多付款项。穆迪投资者服务(Moody's Investors Service)在报告发布的前一年曾称，中国西部水泥是少数几家“可能存在公司治理或会计风险”的中资公司之一。作为回应，该公司称其业务状况“非常健康”。该公司目前股价较上述报告发布前低27%，为每股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.
首钢福山资源集团有限公司(Shougang Fushan Resources Group Ltd., 简称：首钢资源)--Glaucus于2012年4月发布了相关报告，但这家香港上市的中国焦煤生产商股价并未受到太大影响。Glaucus认为，首钢资源夸大了利润率，并对关联方的煤矿出价过高。首钢资源否认这一指控，它是中国国有企业首钢(Shougang Corp.)的子公司。目前首钢资源报2.44港元，仅略低于Glaucus发布报告前的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.
中国医疗技术(China Medical Technologies)--2011年12月，Glaucus指控这家在纳斯达克上市的中国医疗设备生产商存在会计造假，且对其董事长关联方拥有的一家公司支付过高款项。次年8月，中国医疗技术在债券违约后被迫进入强制破产程序。 该公司股票在2012年6月退市。美国证券交易委员会(SEC)正在调查相关指控。
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.
龙腾矿业(L&L Energy Inc.)──Glaucus 2011年8月发布报告说，这家在纳斯达克上市的中国焦煤生产商伪造销售额数据，对一些资产估值过高，其披露的一些收购也并不存在。今年3月，西雅图联邦检察机构指控该公司首席执行长披露虚假信息。该公司正面临股东按证券法提起的集体诉讼。龙腾矿业已跌至0.41美元，Glaucus发布报告前报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.
海湾资源(Gulf Resources Inc.)──Glaucus在2011年4月表示，该机构认为这家中国特种化学品生产商的董事长通过另外一家私人持股实体持续运作可带来收入的业务。Glaucus还说，海湾资源对董事长及其亲属持有的资产支付了溢价，并将两个成本高昂的资本支出项目委托给了无法被证实存在的承包商。海湾资源否认了这些指控。目前该公司股票仍在纳斯达克交易，报价为2.24美元，低于报告公布前的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)──这家在纽约证交所上市的中国在线旅行社是Glaucus的第一个目标。后者2011年4月发布报告说，旅程天下损益表和资产负债表造假，并通过不必要的募资和成本高昂的收购稀释了股东权益。一个月后，该公司审计方Windes & McClaughry Accountancy Corp.宣布辞职。2012年4月，旅程天下从美国退市。2013年9月，SEC对该公司及其前首席执行长和总监提起造假及相关指控。该公司及两位高管同意支付93.5万美元罚金与SEC达成和解。
