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

Apr. 06, 2018 12:56 PM ETFRGT, LFINBy: Jason Aycock, SA News Editor4 Comments
  • 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).

Recommended For You

Comments (4)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.