Organization: This company involving financial fraud Comtech core city has information channel alarm _ _ _ China accounting perspective network required to accountants - CPA | Certified Tax | Accounting titles | Senior Accountant | Accounting practitioners

Following a few days before the crash nearly 30% and recover the decline, the core of the city through (00400, HK) Once again fell 22%, and announced a suspension. This time the cause of the crash, is a company called "flames research" of the agency, issued a report for the city of Koton City, short selling report, given the company "strong sell" rating, the target price of HK $ 0.53. Kantong core city chairman Kang Jingwei said, has the first time to Police report, at the same time will be firm The A wave is not flat, one after another. , Keton City stock prices suddenly fell nearly three percent intraday, followed by strong , All day deep V trend. Then the company announced a good quarterly data and repurchase progress, the company's share price has been basically stable. Only one trading day, May 22, a company called "flames research" agency issued a report for the shortcomings of the city of Koton. At first the company did not have much reaction to the stock price, but after 14:10 began a rapid diving, down once 26.5%. As of 14:49 the company Emergency suspension, the stock reported 7.8 Hong Kong dollars, down 22%. "daily News "reporter to obtain the corresponding short sales report, called" flames research "of the agency that the core of the city not only exaggerated And net , Its online platform and the so-called "China's largest hardware innovation platform" hard egg is also a completely scam. Short selling report alleged that the city of Koton Fraud, and give the target price of HK $ 0.53. The short selling report, from seven aspects to support its judgments: First, from April 18 to 26, CotenCity website Cogobuy.com has been unable to browse without any maintenance. Independent web traffic and ranking providers show that Cogobuy.com and Bars are compared to their opponents at the end of the traffic rankings; second, the revenue figures on the business files on the city There are significant differences in the number of years disclosed. Even under the most conservative assumptions, the income figures cited by the business files are only four percent of the income reported in the annual report, and the tax figures are only three percent of the income tax on mainland income tax disclosed in the annual report. Thirdly, the company is far more than the industry, And the rate of return is also far behind, its four years Has been around 20%. In addition, it also from the city of Koton with Situation, as well as repurchase shares account questions questioned. Now the part of the city of Koton , Originally from its predecessor, Cogo Group, who was in 2004 , In recent years before delisting. This history has also been shorted out of the report and pointed out that there is a problem. Reporters noted that the "flames of the study" in the Hong Kong stock market seems to be a new face, and its website is only a short selling report, is the report for the core of the city. "Flames research" claiming to be not the traditional short selling institutions, the establishment of the purpose is to fight against the public Crime and exposing fraud. "We may be shorting the companies we cover, but the profits are only for our daily operations. We do not have any , Nor accept any The "The agency said its members consist of a group of retirees. Yesterday (May 22), Reporters to the city through the designated mailbox sent to interview outline, but as of the deadline did not reply. Yesterday afternoon 16:30, Koton City held an emergency telephone clarification meeting, the meeting was very noisy at the beginning, many participants want to ask questions. At the meeting, Koton Core City Vice President Guo Jingjing made a few aspects of clarification: "First, the problem of traffic on the site, the core of the city is not a pure line of electricity business model, but the mobile Internet social O2O Business procurement platform for business model, there are many lines of service to do support, so the site traffic will not be like to C enterprises; second, on the industrial and commercial archives and disclosure of significant differences in the number of issues, all of our published data are after And the flames report only covers the income of some of our domestic entities and will be released in detail in the clarification report. Thirdly, the question of the US Cogo Group has been described in detail in the prospectus. " Guo Jingjing also said, on the Flow problem, in the process of pure IC component procurement process, this part of the profit cash has been positive, and the middle of the annual report of the negative cash flow, because the operating cash flow which contains the supply chain finance part, this part is Net outflow and large amount. In addition, the repurchase account is not associated with the controlling shareholder of the company , All repurchase transactions can be checked and traced back last year, the stock has been canceled all the cancellation. Konton Center Chairman Kang Jingwei stressed that the company has Cogobuy.com this site, but this site is not the same as B2B, (many) customer orders and traffic has not been through this page, in the process of customer service , Part of the line is completed, the other part also includes a lot of line services. "In fact, most of our business needs flow orders come from the mobile side, which we are in Time has been described. " Kang Jingwei said that the police have been reported to the Shenzhen, if the short selling agency is a real research institutions in China, or China's domestic participation, then the police should give a satisfactory answer. In addition, the company will issue a clear report in the shortest time and resume trading. "The company will immediately pass the auditors and third parties to verify that the figures involved in the report, with the auditor or third party report to prove that the figures presented by the other is unfounded." Kang Jingwei said.