Short-seller Blue Orca said its investigation on Ausnutria Dairy Corp Ltd (01717) indicates that the company inflates revenues, hides costs, misleads Chinese consumers and secretly enriches executives through undisclosed related party transactions.
It said all of the infant milk products sold by the company in China are imported from company-owned factories or third-party suppliers in Europe, New Zealand and Australia.
However, publicly available customs records indicate that Ausnutria is importing far less infant milk formula than the company claims, indicating that Ausnutria is overstating both its revenues and profits, Blue Orca noted.
It values Ausnutria at HK$5.78 per share. At 11 a.m. the shares fell 9% to HK$11.08.
15/08/2019 11:02
Blue Orca values Ausnutria Dairy (01717) at HK$5.78
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