中通爆雷？被做空机构指在美财报造假、股价至少50%下行空间_老虎社区_美港股上老虎

中通爆雷？被做空机构指在美财报造假、股价至少50%下行空间

华尔街见闻2023-03-03

做空机构Grizzly Research称，中通快递的利润率一度堪比苹果，在国家工商总局报告的利润率远低于在美报告水平，在美报低员工人数，压低人力成本，虚报资本支出，造成利润率超高假象，帮助其上市以来募资超30亿美元；中通还利用未披露关联方转移运营费用，将大笔贷款用于支持内部人房产投资。热门中概股持续反弹之际，中概物流龙头中通快递被曝财务造假。美东时间3月2日周四，美国卖空机构Grizzly ...

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泥巴子
·2023-03-03
美财报的虚假信息如同美国的谋体造假发布凭空假想，很不得人心，都一样要压制中国经济。我们也可以用同样手段捣乱美经济。
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- 王祥州:
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  2023-03-03
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- hjfd:
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真的英雄
·2023-03-03
外国人真是少见多怪
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MOORE
·2023-03-03
那边总是大惊小怪，这不是什么造假，这边一直是这么运作的。
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Qwertyui
·2023-03-03
首先如果是真的，也是中通活该。人家做空了特斯拉那么多年也没成功。另外，有感觉是在针对中国房地产危机下手了
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dhhdj
·2023-03-03
利润率靠？我利润率也比苹果高[笑哭]
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The short-selling institution refers to the fraud of the US financial report, and the stock price has at least 50% downside space","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/d963f5008f55e5c0221cffbdfcdcb1af","symbols_score_info":{"ZTO":0.9},"content_text":"做空机构Grizzly Research称，中通快递的利润率一度堪比苹果，在国家工商总局报告的利润率远低于在美报告水平，在美报低员工人数，压低人力成本，虚报资本支出，造成利润率超高假象，帮助其上市以来募资超30亿美元；中通还利用未披露关联方转移运营费用，将大笔贷款用于支持内部人房产投资。热门中概股持续反弹之际，中概物流龙头中通快递被曝财务造假。美东时间3月2日周四，美国卖空机构Grizzly Research发布报告，认为中通快递可能只是因为伪造财务报表数据，才有表面看来远高于同行的利润。考虑到中通人为夸大的利润率，并采用倍数估值调整估算，报告认为，中通目前的美股交易价远高于公允价值，至少有50%的下行空间。利润率是国内同行两倍多 一度堪比苹果上述Grizzly Research报告开篇称，在竞争激烈的中国物流市场中，中通快递是领头羊，虽然整个行业都已标准化，但中通的利润率却是国内同行――顺丰、圆通、韵达和申通平均水平的两倍多。报告称，数据显示，中通的盈利能力一度和苹果这种利润率较高的蓝筹公司相当。一家公司能有如此出色的成绩，要么拥有出色的管理团队，要么财务状况好得令人难以置信。而Grizzly Research通过尽职调查发现，中通欺骗了投资者。报告写道：我们认为，中通明显较高的利润率实际上只是可能伪造财务报表的结果。我们相信，为了编造这些出色的成绩，中通通讯低报了营业收入和成本。报低员工人数 压低人力成本 造成利润率超高假象Grizzly称，其报告突出了和超高利润率不符的确凿证据，包括持续的融资、财会数据不一致以及众多利益冲突。其中特别提到，中通在中国国家工商总局的报告数据和该司递交美国证监会（SEC）的数据截然不同。工商总局的备案文件显示，中通的利润率实际上与快递业的同行相当，2019年至2021年间，中通的净利润率在6.3%到10.6%，但该公司在递交SEC的财务报表中报告，净利润率为15.5%到25.7%。报告指出，中通在中国报告的员工人数庞大，在美国却低于这一水平。因为中通故意报低员工人数，就可以支持其报告的劳动力成本数据，证明超高的利润率合理。以保守的薪资估计，中通的真实员工人数和相关人工费用可能比该司向SEC报告的数字高出一倍以上。虚报资本支出 帮助上市以来募资超30亿美元报告认为，为了让财务欺诈看似合理，中通还在递交SEC的财报中虚报了资本支出，该司企图证明，其物业、厂房和设备（PP&E）以及土地使用权的增长速度超过收入是合理的。但从战略上看，中通没有理由囤积土地。Grizzly Research怀疑，中通利用其超高的利润率募集资金，因为虚假的资本支出数据可以解释为何利润高。迄今为止，中通的这种做法似乎很有效。2016年在纽交所上市以来，中通已经募资超过30亿美元，尽管公司支出没有显示有形的股东价值。虚假收购扩充内部人 利用未披露关联方转移运营费用 大笔贷款用于内部人房产投资报告称，中通利用2014年和2015年的一些收购扩大了内部人的数量，并且、或者让公司的账目平衡。公司文件显示，中通从关联方收购了被其称为网络合作伙伴的特许经营商，收购价远高于这些合作伙伴的启动成本。令人担忧的是，在中国的记录显示，交易后，所有权没有发生变化。这可能是因为这些实体已经作为中通子公司运营。Grizzly Research怀疑，中通是否白白花了股东的钱，没有取得任何回报。报告认为，中通已利用未披露的关联方网络将运营费用转出资产负债表。中通的几个交易对手由受雇于中通、或其管理团队的亲友个人所有和控制。报告称，Grizzly Research实地考察发现了更多潜在的未披露关联方，那些据称独立的实体彼此运营距离很近，还共享logo。就连中通已披露的关联交易也令人担忧。报告认为，因为中通的大笔贷款源于公司为内部人士的房产投资提供资金，公众股东不必要地承担了中国房地产行业风险。这些个人项目违约的风险落在了投资者身上，而不是贷款受益的关联方。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":627079488,"gmtCreate":1677813957344,"gmtModify":1677814130397,"author":{"id":"3554853582333882","authorId":"3554853582333882","name":"泥巴子","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3554853582333882","idStr":"3554853582333882"},"htmlText":"美财报的虚假信息如同美国的谋体造假发布凭空假想，很不得人心，都一样要压制中国经济。我们也可以用同样手段捣乱美经济。","listText":"美财报的虚假信息如同美国的谋体造假发布凭空假想，很不得人心，都一样要压制中国经济。我们也可以用同样手段捣乱美经济。","text":"美财报的虚假信息如同美国的谋体造假发布凭空假想，很不得人心，都一样要压制中国经济。我们也可以用同样手段捣乱美经济。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/627079488","repostId":2316419995,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":7886281,"gmtCreate":1677814965591,"gmtModify":1677814969396,"authorId":4127626494631100,"author":{"id":4127626494631100,"idStr":"4127626494631100","authorId":4127626494631100,"name":"王祥州","avatar":"https://static.tigerbbs.com/6c4c6d34ce18e27c5981d3a975398d1d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":627079488,"type":1,"supId":0,"prevId":0,"content":"<u>阅</u>","text":"<u>阅</u>","html":"<u>阅</u>"},{"id":7886278,"gmtCreate":1677814622797,"gmtModify":1677814626595,"authorId":150944172581572,"author":{"id":150944172581572,"idStr":"150944172581572","authorId":150944172581572,"name":"hjfd","avatar":"https://static.tigerbbs.com/3f80f950a9e7dfb1acde1dc804f1954d","vip":1,"crmLevel":9,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":627079488,"type":1,"supId":0,"prevId":0,"content":"阅","text":"阅","html":"阅"}],"langContent":"CN"},{"id":627079122,"gmtCreate":1677813895867,"gmtModify":1677813897484,"author":{"id":"3472509891364152","authorId":"3472509891364152","name":"真的英雄","avatar":"https://static.tigerbbs.com/840859d8f7d3c5c63498b7f330b98705","vip":1,"hat":"https://static.tigerbbs.com/6444b4970948c1077534c593eccd6d16","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3472509891364152","idStr":"3472509891364152"},"htmlText":"外国人真是少见多怪","listText":"外国人真是少见多怪","text":"外国人真是少见多怪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/627079122","repostId":2316419995,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":627070934,"gmtCreate":1677813422028,"gmtModify":1677813424788,"author":{"id":"75559616907264","authorId":"75559616907264","name":"MOORE","avatar":"https://static.laohu8.com/c20c93f389a475a0a37740b191cda852","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"75559616907264","idStr":"75559616907264"},"htmlText":"那边总是大惊小怪，这不是什么造假，这边一直是这么运作的。","listText":"那边总是大惊小怪，这不是什么造假，这边一直是这么运作的。","text":"那边总是大惊小怪，这不是什么造假，这边一直是这么运作的。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/627070934","repostId":2316419995,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":627044684,"gmtCreate":1677812601649,"gmtModify":1677812603873,"author":{"id":"3449698718841664","authorId":"3449698718841664","name":"Qwertyui","avatar":"https://static.tigerbbs.com/e2df3f06ff39f95370ac9cb921082860","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3449698718841664","idStr":"3449698718841664"},"htmlText":"首先如果是真的，也是中通活该。人家做空了特斯拉那么多年也没成功。另外，有感觉是在针对中国房地产危机下手了","listText":"首先如果是真的，也是中通活该。人家做空了特斯拉那么多年也没成功。另外，有感觉是在针对中国房地产危机下手了","text":"首先如果是真的，也是中通活该。人家做空了特斯拉那么多年也没成功。另外，有感觉是在针对中国房地产危机下手了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/627044684","repostId":2316419995,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":627044942,"gmtCreate":1677812568386,"gmtModify":1677813346396,"author":{"id":"3568408183206685","authorId":"3568408183206685","name":"dhhdj","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3568408183206685","idStr":"3568408183206685"},"htmlText":"利润率靠？我利润率也比苹果高[笑哭]&nbsp;","listText":"利润率靠？我利润率也比苹果高[笑哭]&nbsp;","text":"利润率靠？我利润率也比苹果高[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/627044942","repostId":2316419995,"repostType":2,"isVote":1,"likeSta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