China'S Flying Crane Fell Nearly 8% After Being Short By Blue Orca
Blue orca, a short seller, said on July 8 that it was shorting China flying crane (6186. HK) shares, saying it had misrepresented infant milk powder income.
In the middle of the day, the price of flying crane dropped by 618.86%. As of press release, it was down 4.05% to HK $15.18 with a turnover of $839 million.
According to the short selling report, the company overstated the revenue of infant milk powder, and also involved the misrepresentation of billions of dollars of operating expenses and billions of dollars of capital expenditure, understating the number of employees by more than 10 times, seriously exaggerating profitability.
In this regard, the report said that the story of flying crane is more like that of wirecard and lucky coffee.
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