回复@康000: $华瀚健康(00587)$ 停牌了，又被沽空狙擊，近日好多股洗白白，令人驚驚⋯⋯⋯⋯//@康000:回复@百荷恩賜:Emerson Analytics is initiating coverage on Hua Han (HK: 00587) with Delisting Conclusion

 Hua Han has inflated its sales revenue by three-fold, thus exaggerating its net profit by about at least four times even if we generously assume that its gross margins were really as high as the 68.7% reported.

 Our investigations into Hua Han's four main products (which accounted for 76% of total revenue based on company data) yield evidence that:

 It inflated the revenue of Yi Fu and Yi Bei, the rhEGF products, by 2.4x in 2013 from an estimated Rmb105m to a reported Rmb357m;
 An authoritative third-party market survey shows that it exaggerated the revenue of Qijiao Shengbai capsules by 2.7x to a reported Rmb494m in 2013;
 It fabricated sales of Rmb368m for Fuke Zaizaowan (including capsules) against our estimated Rmb100m actual sales; and
 It created bogus sales of Rmb57m in Golden Peptides out of thin air in 2013.

 Three of Hua Han's main subsidiaries that produced traditional Chinese medicines (GHMM, Guiyang DCX and Hanfang Pharma) reported to the government revenue of Rmb362m in 2013. Add to that our estimated revenue for two other harmaceutical manufacturing subsidiaries (Guilin Pavay and Guizhou Factorr) as well as Hua Han's trading business revenue (which we assume to be accurately reported), Hua Han probably had total revenue of Rmb565m in 2013, about 33.8% of that reported.

 To plug the gap on the balance sheet created by the phantom sales and profit, Hua Han has resorted to the usual tricks of:

 "Paying" a Rmb200m deposit for a piece of land at Shawen Park on which Hua Han had built its new plant. The land was actually bought by related parties at a price 1/3 of Hua Han's claim;
 "Paying out" over four years Rmb405m of deposits for buying machineries to an agent, whose filings with the government show that it is too small to have received any money from Hua Han;
 Falsifying average bank balance of HK$2.52bn during FY13 against our estimated HK$584m based on the average interest rate acid test; and
 Together with the non-existent HK$437m receivables, thus creating an asset black hole of at least HK$2.8bn at the end of FY13. This resulted in net tangible assets of merely HK$1.73bn at the end of FY13, or just 38% of the shareholders' equity claimed by the company.

 We are convinced that the company is worth next to nothing and that its management must be criminally prosecuted. For a long-running case of criminal deception, the only appropriate regulatory action is Delisting.