GMT Research

GMT Research is an accounting research firm focused on Asia, uncovering companies inflating their profits or window-dressing their financials.

[GMT Research @GMTResearch]

New report from @VultureCaptRes on JF SmartInvest (https://t.co/Og09kP6FdE) alleging that its rapid growth and profitability depend on misleading marketing, aggressive online customer acquisition and investment recommendations made by inadequately qualified staff. Target price of zero: https://t.co/HPXpLfXj3K

[Vulture Capital Research @VultureCaptRes]

JF Smart Investment（https://t.co/BR3pnMy1PN）——Outpacing Northern Myanmar Syndicates: The Shanghai-Listed Enterprise Generating ¥3.9 Billion a Year Through Telecom and Online Fraud!
Link:https://t.co/xslOKsqhdb

[William Hurst @wjhurst]

@adam_tooze @michaelxpettis https://t.co/LxGZ5ewu7s

[GMT Research @GMTResearch]

HK-listed AI company, Deepexi Technology (https://t.co/7AteVIrFWk), reports two INED departures within a year of IPO. Does not look good…

[GMT Research @GMTResearch]

Chinese candy manufacturer, China Candy (https://t.co/BitcqikCC6), caught up in “fiendish schemes that substantially overstated the company’s cash and bank balances”, according to the SFC. What we call a fake cash flow fraud. Our screens lit up like a Christmas tree…

[GMT Research @GMTResearch]

Share price of HK-listed engineering company, Global Chinese Business Club (https://t.co/f5Dan0jkCg), rose 21,000% in few months...now correcting...

[GMT Research @GMTResearch]

Northern China has no Manhattan. https://t.co/mezJ0ZjQ07 via @YouTube

[GMT Research @GMTResearch]

NEWSLETTER: GDS HOLDINGS: Do Data Centres Earn Their Keep?
GDS Holdings is a reminder that an appealing industry can struggle to generate an appealing return. Data centres are one of the market’s favourite infrastructure themes: cloud demand, artificial intelligence, digitalisation, outsourcing, and the endless growth in data consumption all point in the same direction. On paper, that sounds like a very attractive place to be. The question, though, is not whether the world needs more data centres. It is whether GDS earns enough on the capital it has tied up in them. Our research suggests that it does not. https://t.co/0uWiMxYtNu

[GMT Research @GMTResearch]

Alsco Pooling (https://t.co/wfnfm1r9j7) competing for the shortest listed history in HK. IPO'd March 6, suspended March 30th pending forensic investsigation. Is a reusable package service provider...

[GMT Research @GMTResearch]

Chinese sportswear company 361 Degrees (https://t.co/HMoFi5kgz3) raising US$82m though a private placement for overseas expansion and working capital. Seems odd for a highly profitable company which generated free cash inflows of US$68m in FY25, and reported net cash of US$480m at YE. https://t.co/sLoG7CS22I

[GMT Research @GMTResearch]

Biotechnology company Ab&B Bio (https://t.co/icgAzZLSCp) says goodbye to its auditor Deloitte which is calling for a forensic investigation owing to "grave concerns over the commercial substance and business rationale" of various transactions. Listed for less than a year...

[GMT Research @GMTResearch]

QingSong Health https://t.co/m6lZw1T3ul falls 60% in a day...ouch! Came to market in December 25.

[GMT Research @GMTResearch]

Not looking good for Lufax $LU. Directors departing a sinking ship

[GMT Research @GMTResearch]

Makes no sense to me...

[GMT Research @GMTResearch]

Rongta (https://t.co/ek8W6gvqIG) listed a only year ago and yet it can't publish results...

[GMT Research @GMTResearch]

Deadline for publishing Dec-YE results expired yesterday. Long list of suspensions this morning...

[GMT Research @GMTResearch]

Nidec (https://t.co/ZaycPHFBDp) warns of US$1.6bn charges from accounting scandal. Well, that wipes out 1-2 years of earnings....

[GMT Research @GMTResearch]

Fire protection company, Easy Smart (https://t.co/CpqONtmQmf), sees a 1,800% share price rise in the last few months despite falling sales, losses and 2 independent director resignations. Hmm...

[GMT Research @GMTResearch]

What is going on in Indonesia? A loss-making movie production company called MD Entertainment (FILM.IJ) with US$30m in revenues is worth US$6.3bn after an 8,500% share price rise...

[GMT Research @GMTResearch]

What goes up, must come down... Chinese vehicle supply chain company, Deewin Tianxia (https://t.co/cJ2FWeMDJ0), rose 3.5x in two months, down 30% today, so far. Trades on 5.5x P/S and 108x PER.