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As the saying goes, flies don't bite seamless eggs. Short selling, as a legal and compliant behavior in the capital market, is a very common way of investing in securities and futures, and should not make a fuss. Too many short sales. There must be short selling. Don't treat shorting as a scourge. For short investors, on the one hand, it makes money, on the other hand, it also promotes the perfection of the capital market and the standardization and transparency of listed company governance. Companies that do research reports are also a very important part of the capital market. For China people, there is fragrance in front and muddy water behind, which is impressive.
On the one hand, this is related to the poor quality and fundamentals of many Chinese stocks due to the lax listing standards of US stocks, and on the other hand, it is also related to irregular corporate governance and untimely and opaque information disclosure. This muddy water is an empty shell, it should be because I think I have grasped the logical contradiction of the empty shell public information or the suspicious place of financial and transaction data. Under the influence of Zuo Hui's death and the recent epidemic, Shell is facing enormous performance pressure, and there are many opportunities and opportunities that are easily questioned. In addition, the valuation of shell is relatively high, and it has the value of empty shell. If it is junk stock, it is naturally worthless when it is empty. This time, muddy water as an empty shell is different from the empty lucky method. .
At present, after the counterattack of the shell, the stock price of the shell has achieved a rational return. It should be said that the basic aspects of Shell's enterprises are confronted with repression and questioning, but in the future, Shell still needs to improve in terms of financial norms and timely and transparent information disclosure. At present, the domestic real estate market has shown a gradual warming trend, and the proportion of the second-hand housing market will increase faster in the future, which is very beneficial to the development of shells. After being hollowed out, the shell also accumulated experience and lessons and experienced the necessary baptism. The road ahead should be better. However, for the secondary listing of Hong Kong stocks or A shares, Shell may need to make risk backup.
Muddy water previously worked for companies such as New Oriental and Ruixing. The vulture invasion like fish in troubled waters, on the one hand, will have a negative impact on Chinese stock companies under the risk of Sino-US conflict, on the other hand, it will also force Chinese stock companies to be more strict and compliant in performance, law, finance and credit, so it may not be a bad thing. Whether it is necessary to introduce short-selling mechanism and short-selling environment for A-shares is also a problem worthy of attention and discussion in the capital market.
On the other hand, even if a series of problems, such as fluctuation of Chinese stocks and short selling in muddy water, will be one of the factors that accelerate the return of Chinese stocks such as Shell to Hong Kong stocks or A-shares, there should be a reason why companies with industry advantages such as Shell choose not to choose A-shares and Hong Kong stocks, but to go public in the United States, not to mention those start-ups with poor quality. So sometimes being forced out is probably not the problem of the enterprise itself, but the problem that A shares and Hong Kong stocks need to consider and discuss, build a multi-level capital market, and attract and retain more enterprises to list in China.
Second, the shell said.
In response to the allegations of muddy water, Shell first announced that it would resolutely resist the malicious short-selling behavior of any organization, and said that it would dismantle it within 24 hours and reply to the reports one by one. The next day, Shell released a complete anti-short report, responding to the allegations of muddy water one by one.
Shell said that Muddy Waters' report has no factual basis, and there are a lot of factual errors, unconfirmed statements and misleading guesses and interpretations. The report also shows that Muddy Water lacks a basic understanding of the real estate transaction industry in China. In addition, Shell also said that it has authorized the Independent Audit Committee to conduct an internal review of the main allegations in the Muddy Water Report, and the independent third-party consultant hired by the Audit Committee will provide assistance and advice.
Third, summarize.
Specifically, Shell said that in terms of GTV and new house transaction income, the method of capturing transaction volume data in muddy water is wrong, and there are serious omissions in the calculation of GTV and new house transaction income of Shell; In terms of GTV and stock room transaction income, the transaction volume data captured by Muddy Water is also seriously inaccurate and missing, and its data is not from the real data of the company; In terms of the number of stores and brokers, there are obvious defects in the calculation method of the number of empty-shell stores and brokers mentioned by Muddy Water, because its information source is incomplete.