Muddy Waters Research Group, which has gained notoriety for exposing accounting frauds at publicly traded companies and subsequently profiting from their plunging stock prices, said it is taking aim at another Hong Kong company and is poised to launch an attack in the coming weeks.

Short sellers profit by selling high and buying low, in that order, betting that certain stock prices will tumble. Muddy Waters gives its shorts an additional nudge by releasing reports that allege fraud or other financial misdeeds that could cause prices to fall. Chairman Yang Kai swiftly accumulated more shares to build his defences. Cash-strapped Chinese dairies are selling and then renting back their cows.

The cash-strapped dairy giant is one of the biggest employers in Liaoning province, an area suffering an economic malaise with rapidly deteriorating credit. On Thursday, its representatives were called by the local government into a meeting with scores of lenders including Bank of China to discuss issues over its troubled credit profile, the Post learned.

As of December, the company had 1. A Huishan spokesperson said the company would issue a statement on the Hong Kong stock exchange, without elaborating on the timing. Multiple attempts by the Post to contact its representatives through phone calls and emails went unanswered. China Huishan Dairy shares plunge as much as 91 per cent.

Muddy Waters first rose to notoriety for a bearish report exposing financial malfeasance at Sino-Forest, labelling the plantations operator as a Ponzi scheme. Another company that was targeted was Superb Summit, which had its shares suspended by regulators in Market manipulation could be aided by a rule in Hong Kong that required companies to maintain a minimum float — the number of shares that must be freely tradable on a stock exchange — of only 25 per cent, smaller than many Asian bourses, Block said.

That makes the tradable shares vulnerable to price and volume movements, which can be exacerbated by shocking revelations.

Citron Research, a US short-selling firm, was found guilty by the Securities and Futures Commission for publishing a false report on Evergrande Real Estate Group in Skip to main content. South China Morning Post Edition: International Hong Kong International. Jobs Events Education Courses Newsletters.

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Short seller Carson Block says he has a Hong Kong stock in sight. Monday, 27 March, , 8: Related topics Stocks Investing. More on this story. Companies After Muddy Waters attack, timber firm hit by Hong Kong regulator 15 Dec Money News Commodity trader Olam battles Muddy Waters accounting claims 20 Nov Companies Muddy Waters alleges fraud at Superb Summit 21 Nov Muddy waters for punters' pick 5 Sep Opinion Just how long can tech stocks continue to surge?

Cash-strapped Chinese dairies are selling and then renting back their cows The cash-strapped dairy giant is one of the biggest employers in Liaoning province, an area suffering an economic malaise with rapidly deteriorating credit. China Huishan Dairy shares plunge as much as 91 per cent Muddy Waters first rose to notoriety for a bearish report exposing financial malfeasance at Sino-Forest, labelling the plantations operator as a Ponzi scheme.

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