Equity research firm and fraud detectives Anonymous Analytics has exposed a number of companies with fraudulent business practices in the past, and they currently have their sights set on the Tianhe Chemicals Group Ltd (HKG:1619). Anonymous Analytics first noted potential fraud with Tianhe — which just IPOed on the Hong Kong Stack Exchange earlier this year — back in early September.

The AA analysts pull no punches in stating their opinions: “We believe that the totality of the evidence shows that Tianhe has vastly misrepresented the size and scope of its business, and has produced false and misleading statements to the market.”

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