08-01-2013, 04:03 AM
Art, I don't know the exact figures (as I believe this was mostly done in Asia), but it was substantial and they were making a lot of noise. You can see how they took the price down (before this epic rally started) to levels where the valuation was really nonsensical ($5-6).
It was the only thing that I was slightly worried about, having some IOC experience under my belt. However, the stuff they were saying about bogus sales in China started to melt once serious people started to do serious DD. Doublebagger went to China, for instance and he didn't only speak with the company. There are really thorough SA articles written, and we've published research reports here as well basically blasting the short thesis away. The growth and deals and above expectations delivery of figures simply continued, so something had to give sooner or later..
It was the only thing that I was slightly worried about, having some IOC experience under my belt. However, the stuff they were saying about bogus sales in China started to melt once serious people started to do serious DD. Doublebagger went to China, for instance and he didn't only speak with the company. There are really thorough SA articles written, and we've published research reports here as well basically blasting the short thesis away. The growth and deals and above expectations delivery of figures simply continued, so something had to give sooner or later..