China Internet slides double digits with Muddy Waters 'still short'

• China Internet Nationwide Financial Services (CIFS -13.3%) is hitting a session low after Muddy Waters Research tweets "we're still short."
• The firm is a "King Zero -- just another worthless China fraud," the short seller says in a report.
• None of the company's purported business is real, Muddy Waters says, noting PRC financials show CIFS overstated 2016 revenue by a multiple of five.
• The company's loans look like they're made to sham counterparties, the firm says, and even disclosed business with two related parties look like they're for fraudulent loans.
• In a new tweet, Muddy Water links it to Longfin (LFIN +47.3%), noting the two share Network 1 Financial Securities as an underwriter (lead for Longfin, co-lead for CIFS).