瑞聲科技再急插停牌

沽空機構Gotham City Research LLC 今天再出重拳，瑞聲科技(02018)終於不敵，急跌後於下午三時十七分中途停牌！

於5月11日Gotham City Research出第一招，股價急跌，公司隨即發公告否認指控，然而這幾天其股價已由高位約112元跌至約90元。今日再中重招，股價急挫至82.6元停牌以待公司發出一則可能構成公司之內幕消息的公告。

Gotham City Research的重招連結：https://gothamcityresearch.com/research/

以下內容來自Gotham City Research的網頁：

GOTHAM CITY RESEARCH’S OPINIONS

• AAC has used 20+ undisclosed related parties & dubious accounting to overstate & smoothen profits since 2014. In this regard, AAC reminds us of Longtop Financial Technologies.
• AAC has used these hidden entities to evade Apple’s labor standards specified in the Apple Supplier Code of Conduct.
• AAC’s share price will initially decline to 40 HKD – 50 HKD per share, as the undisclosed related party supplier revelations are digested.
• We see far greater downside potential to the share price if the company were to concurrently experience the same problems that other Apple suppliers have in the past, e.g. increased competition, pricing pressure from its customers, wage inflation, etc.

Example #2: ZhongBeiTong Magnetic Materials 沈阳中北通磁科技股份有限公司

Gotham City Research has reason to believe that ZhongBeiTong Magnetic Materials is a significant undisclosed related party:

• The company estimated it would enter into RMB 150 million transactions with AAC in 2016.
• ZhongBeiTong Magnetic Materials declared itself (in its filings) as a related party supplier to AAC because Ingrid Wu, one of the unit’s main shareholders and board members, shares the same name as the woman who is the wife of AAC CEO Mr. Pan and an AAC board member.
• In contrast, AAC has never disclosed ZhongBeiTong Magnetic Materials in its annual report.

下一波要看公司如何反擊，Gotham City Research的報告長達43頁，其中涉及披露的關聯公司交易的指控，如屬實很可能違反上市例，解釋不清楚則難以復牌。出事後不捨得走貨的或嘗試趁低吸納的投資者(應包括不少基金)的資金慘被套住，唉，這個市場實在太多地雷了，連恆指成份股也中招，甚麼「價值投資法」也未必能保你。

我都係覺得：「獵犬終須山上喪，將軍難免陣前亡」。

18-05-2017