GMT Research is an accounting research firm focused on Asia, uncovering companies inflating their profits or window-dressing their financials.
Hong Kong
Joined March 2014
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GMT Research retweeted
JF Smart Investment（09636.HK）——Outpacing Northern Myanmar Syndicates: The Shanghai-Listed Enterprise Generating ¥3.9 Billion a Year Through Telecom and Online Fraud!
Link:drive.google.com/drive/folde…
GMT Research retweeted
China built a $94 billion megacity from scratch in 7 years.
They turned the corn fields into a metropolis three times the size of New York City.
It has a train station the size of 88 football fields.
But it's completely empty.
This is why no one wants to live in President Xi's dream city:
GMT Research retweeted
.@BYDCompany reported a debt of $3.7 billion last year, but @GMTResearch says it's using methods to hide a lot more debt & says the number should be more $44 billion: youtube.com/watch?v=wodb2CxD…
GMT Research retweeted
1/11
Mao Zhenhua, of Renmin University's Institute of Economics, says that because China's current slowdown is mainly cyclical, Beijing should respond by ignoring its debt constraints and funding a significant countercyclical fiscal expansion.
finance.sina.com.cn/zl/china…
GMT Research retweeted
1/8
China' private secret is suffering. Among other things, "“China used to be the best VC destination in the world after the US,” says one Beijing-based executive, but “the industry has just died before our eyes. The entrepreneurial spirit is dead.”
ft.com/content/1e9e7544-974c…
GMT Research retweeted
🇭🇰🇫🇷👨🍳
French bar & restaurant Pastis French Bistro in Wyndham Street, Central will close for good this Friday, August 31st, citing economic challenges and circumstances beyond their control.
Pastis first opened in 2009.
GMT Research retweeted
Our friends over at REQ Capital recently published an insane 300+ page must-read research study on serial acquirers.
Here are 10 of our favorite sections 🧵
1. Illustrating 20 years of outperformance + two long lists covering >100 names from REQ's global company universe:
GMT Research retweeted
2/9
The first point has to do with the sheer extent of local-government debt. Local government debt, he claims, has been seriously undercounted: "Our analysis revealed that in 2020, China's local government debt approached 90 trillion yuan, equal to to 88% of GDP at that time."
GMT Research retweeted
There are lies, lies and Chinese statistics. Domestic🇨🇳turmoil is worrying for CCP. 🧐
“Interviews with more than two dozen real estate brokers across the capital, long one of China’s most desirable real estate markets, show transaction prices have fallen between 10 and 30 per cent from their peak in 2021.
Their testimony runs counter to a widely watched National Bureau of Statistics index of existing home sale prices in Beijing and adds to concerns about the impact of the property market slowdown on the broader Chinese economy’s struggle to recover from the coronavirus pandemic.” @FT
GMT Research retweeted
SenseTime ($0020.HK) describes itself as “a leading AI software company,” however, we believe that in this case AI stands for Artificially Inflated revenue. Our research exposes SenseTime for what appears to be a pattern of falsifying revenue. Read our new report here: grizzlyreports.com/we-believ…
GMT Research retweeted
Deloitte just resigned as the statutory auditor of Adani Ports after the company failed to provide “appropriate audit evidence” to address issues raised in the @HindenburgRes report.
bseindia.com/xml-data/corpfi…
GMT Research retweeted
Chinese imports of crude oil from Malaysia have risen to almost 3x of Malaysia's total output (1/2).
GMT Research retweeted
(1/)
A DIFFERENT SHORT THESIS ON TECHTRONIC: SYSTEMATIC FRAUD AGAINST ITS 50% CUSTOMER
We’re short TTI again, but this time, it has nothing to do w/ accounting. We believe TTI is earning hundreds of millions in profits by defrauding Home Depot.
GMT Research retweeted
yikes... Nanchang had the same number of buildings higher than 200 meters, or roughly 60 stories, as Beijing in 2022. Beijing’s population was 3 times larger... In 2021, JLL said the office vacancy rate in Nanchang was 40% ... nytimes.com/2023/05/25/busin…
GMT Research retweeted
In plain sight, #Abalance's sales staff do not even pretend to be working from Vietnam. The majority of them have Chinese mobile numbers and openly advertise that Vietnam-assembled Chinese products are 'without anti-dumping tariffs.'!
Abalance – Turning Japanese? We really don’t think so.
VSUN circumvents US duties and will be restricted for sale from 2024 in the USA. Chinese components currently sourced from forced labor trade partners.
viceroyresearch.org/2023/05/…
Viceroy report now live #abalance $3856 1/
GMT Research retweeted
Goldman estimates the debt racked up by China’s provincial governments at $23 trillion — 126% of gross domestic product — if their off-budget borrowing is included. So here comes the first province, Guizhou, that tries to avoid a default…!
#China @foxglobalinvest
GMT Research retweeted
$ZTO Express Inc. (NYSE: $ZTO HK: 2057): China’s “Best-in-Class” Logistics Company is Really “Best in Show”; We Believe Financials are Fake and Insiders are Stealing from the Company. Read our new report here: grizzlyreports.com/zto-expre…
GMT Research retweeted
I don't know how to evaluate this, but for those who might find this kind of thing interesting, a government survey claims China has 600 million residential, commercial and industrial buildings, or roughly one building for every 2.3 inhabitants.
caixinglobal.com/2023-02-23/…
