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2023-03-03

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ZTO Express collapses? The short-selling institution pointed out that the US financial statements were falsified and the stock price could decline by at least 50%.

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The short-selling institution pointed out that the US financial statements were falsified and the stock price could decline by at least 50%.","url":"https://stock-news.laohu8.com/highlight/detail?id=2316419995","media":"华尔街见闻","summary":"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","content":"<p><html><head></head><body><b>According to short-selling firm Grizzly Research, ZTO Express's profit margin was once comparable to Apple's. The profit margin reported to the State Administration for Industry and Commerce was far lower than the level reported in the United States. In the United States, it underreported the number of employees, reduced labor costs, and inflated capital expenditures, creating the illusion of extremely high profit margins, which helped it raise more than $3 billion since its listing. ZTO Express also used undisclosed related-party transfer operating expenses to use large loans to support insider real estate investments.</b>As popular Chinese concept stocks continue to rebound, leading Chinese concept logistics companies...<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>Financial fraud has been exposed.</p><p>On Thursday, March 2, Eastern Time, Grizzly Research, a short-selling firm in the United States, released a report suggesting that ZTO Express may have achieved profits that appear to be far higher than its peers simply because it falsified financial statement data. Considering ZTO's artificially inflated profit margins and the use of multiple valuation adjustments, the report believes that ZTO's current US stock trading price is far higher than its fair value, with at least 50% downside potential.</p><p><b>Profit margins were more than double those of domestic counterparts, and were once comparable.<a href=\"https://laohu8.com/S/AAPL\">Apple</a></b></p><p>The aforementioned Grizzly Research report begins by stating that ZTO Express is the leader in the highly competitive Chinese logistics market. Although the entire industry has become standardized, ZTO's profit margin is more than twice the average level of its domestic counterparts—SF Express, YTO Express, Yunda Express, and STO Express.<img src=\"https://static.tigerbbs.com/c5011a6a75b71073f0bce12769cd4f12\" tg-width=\"571\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p>The report states that data shows that ZTO's profitability was once comparable to that of blue-chip companies with higher profit margins like Apple. For a company to achieve such outstanding results, it either has an excellent management team or is in incredibly good financial condition. Grizzly Research discovered through due diligence that ZTO Express had deceived investors. The report reads:</p><p>We believe that ZTO's significantly higher profit margins are actually just the result of possible falsification of financial statements. We believe that in order to fabricate these outstanding results, ZTO Communications understated its operating revenue and costs.</p><p><b>Understating the number of employees to reduce labor costs creates the illusion of extremely high profit margins.</b></p><p>Grizzly stated that its report highlighted conclusive evidence inconsistent with extremely high profit margins, including continuous financing, inconsistent accounting data, and numerous conflicts of interest. It specifically mentions that the data reported by ZTO Express to China's State Administration for Industry and Commerce is completely different from the data submitted by the company to the U.S. Securities and Exchange Commission (SEC).</p><p>According to filings with the State Administration for Industry and Commerce, ZTO's profit margin is actually comparable to that of its peers in the express delivery industry. Between 2019 and 2021, ZTO's net profit margin was between 6.3% and 10.6%, but the company reported a net profit margin of 15.5% to 25.7% in its financial statements filed with the SEC.</p><p><img src=\"https://static.tigerbbs.com/43965d7078947f4b474d7a72f0928a29\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/></p><p>The report points out that ZTO Express reports a large number of employees in China, but a lower number in the United States. Because ZTO deliberately underreported the number of employees, it could support its reported labor cost data and justify its extremely high profit margins. Based on conservative salary estimates, ZTO's actual number of employees and related labor costs may be more than double the figures the company reports to the SEC.</p><p><b>Overstating capital expenditures has helped raise over $3 billion since its IPO.</b></p><p>The report argues that in order to make the financial fraud appear justified, ZTO also misrepresented capital expenditures in its financial reports submitted to the SEC, attempting to justify the growth rate of its property, plant and equipment (PP&E) and land use rights exceeding its revenue. However, from a strategic perspective, ZTO Express has no reason to hoard land.</p><p>Grizzly Research suspects that ZTO is using its extremely high profit margins to raise funds, as false capital expenditure data could explain the high profits. So far, ZTO's approach seems to be working. In 2016<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>Since its listing, ZTO has raised more than $3 billion, although the company's expenditures have not shown tangible shareholder value.</p><p>Fraudulent acquisitions expanded insider trading, with undisclosed related parties transferring operating expenses and large loans used for insider real estate investments.</p><p>The report states that ZTO used some acquisitions in 2014 and 2015 to expand the number of insiders and/or balance the company's books. Company documents show that ZTO acquired franchisees it referred to as network partners from related parties at a price far exceeding the start-up costs of these partners. Worryingly, records in China show that ownership has not changed since the transaction. This may be because these entities already operate as subsidiaries of ZTO Express. Grizzly Research doubts whether ZTO Express wasted its shareholders' money without receiving any return.</p><p>The report suggests that ZTO Express has used an undisclosed network of related parties to transfer operating expenses off its balance sheet. Several of ZTO Express's counterparties are owned and controlled by individuals employed by ZTO Express or its management team.</p><p>The report states that Grizzly Research's on-site investigation uncovered more potential undisclosed related parties, including allegedly independent entities that operate very close to each other and share logos.</p><p>Even the related-party transactions disclosed by ZTO Express are worrying. The report argues that because ZTO's large loans originated from the company funding insider real estate investments, public shareholders unnecessarily took on risks in China's real estate industry. The risk of default on these individual projects falls on the investors, not the related parties who benefit from the loans.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ZTO Express collapses? The short-selling institution pointed out that the US financial statements were falsified and the stock price could decline by at least 50%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZTO Express collapses? The short-selling institution pointed out that the US financial statements were falsified and the stock price could decline by at least 50%.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-03-03 09:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>According to short-selling firm Grizzly Research, ZTO Express's profit margin was once comparable to Apple's. The profit margin reported to the State Administration for Industry and Commerce was far lower than the level reported in the United States. In the United States, it underreported the number of employees, reduced labor costs, and inflated capital expenditures, creating the illusion of extremely high profit margins, which helped it raise more than $3 billion since its listing. ZTO Express also used undisclosed related-party transfer operating expenses to use large loans to support insider real estate investments.</b>As popular Chinese concept stocks continue to rebound, leading Chinese concept logistics companies...<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>Financial fraud has been exposed.</p><p>On Thursday, March 2, Eastern Time, Grizzly Research, a short-selling firm in the United States, released a report suggesting that ZTO Express may have achieved profits that appear to be far higher than its peers simply because it falsified financial statement data. Considering ZTO's artificially inflated profit margins and the use of multiple valuation adjustments, the report believes that ZTO's current US stock trading price is far higher than its fair value, with at least 50% downside potential.</p><p><b>Profit margins were more than double those of domestic counterparts, and were once comparable.<a href=\"https://laohu8.com/S/AAPL\">Apple</a></b></p><p>The aforementioned Grizzly Research report begins by stating that ZTO Express is the leader in the highly competitive Chinese logistics market. Although the entire industry has become standardized, ZTO's profit margin is more than twice the average level of its domestic counterparts—SF Express, YTO Express, Yunda Express, and STO Express.<img src=\"https://static.tigerbbs.com/c5011a6a75b71073f0bce12769cd4f12\" tg-width=\"571\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p>The report states that data shows that ZTO's profitability was once comparable to that of blue-chip companies with higher profit margins like Apple. For a company to achieve such outstanding results, it either has an excellent management team or is in incredibly good financial condition. Grizzly Research discovered through due diligence that ZTO Express had deceived investors. The report reads:</p><p>We believe that ZTO's significantly higher profit margins are actually just the result of possible falsification of financial statements. We believe that in order to fabricate these outstanding results, ZTO Communications understated its operating revenue and costs.</p><p><b>Understating the number of employees to reduce labor costs creates the illusion of extremely high profit margins.</b></p><p>Grizzly stated that its report highlighted conclusive evidence inconsistent with extremely high profit margins, including continuous financing, inconsistent accounting data, and numerous conflicts of interest. It specifically mentions that the data reported by ZTO Express to China's State Administration for Industry and Commerce is completely different from the data submitted by the company to the U.S. Securities and Exchange Commission (SEC).</p><p>According to filings with the State Administration for Industry and Commerce, ZTO's profit margin is actually comparable to that of its peers in the express delivery industry. Between 2019 and 2021, ZTO's net profit margin was between 6.3% and 10.6%, but the company reported a net profit margin of 15.5% to 25.7% in its financial statements filed with the SEC.</p><p><img src=\"https://static.tigerbbs.com/43965d7078947f4b474d7a72f0928a29\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/></p><p>The report points out that ZTO Express reports a large number of employees in China, but a lower number in the United States. Because ZTO deliberately underreported the number of employees, it could support its reported labor cost data and justify its extremely high profit margins. Based on conservative salary estimates, ZTO's actual number of employees and related labor costs may be more than double the figures the company reports to the SEC.</p><p><b>Overstating capital expenditures has helped raise over $3 billion since its IPO.</b></p><p>The report argues that in order to make the financial fraud appear justified, ZTO also misrepresented capital expenditures in its financial reports submitted to the SEC, attempting to justify the growth rate of its property, plant and equipment (PP&E) and land use rights exceeding its revenue. However, from a strategic perspective, ZTO Express has no reason to hoard land.</p><p>Grizzly Research suspects that ZTO is using its extremely high profit margins to raise funds, as false capital expenditure data could explain the high profits. So far, ZTO's approach seems to be working. In 2016<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>Since its listing, ZTO has raised more than $3 billion, although the company's expenditures have not shown tangible shareholder value.</p><p>Fraudulent acquisitions expanded insider trading, with undisclosed related parties transferring operating expenses and large loans used for insider real estate investments.</p><p>The report states that ZTO used some acquisitions in 2014 and 2015 to expand the number of insiders and/or balance the company's books. Company documents show that ZTO acquired franchisees it referred to as network partners from related parties at a price far exceeding the start-up costs of these partners. Worryingly, records in China show that ownership has not changed since the transaction. This may be because these entities already operate as subsidiaries of ZTO Express. Grizzly Research doubts whether ZTO Express wasted its shareholders' money without receiving any return.</p><p>The report suggests that ZTO Express has used an undisclosed network of related parties to transfer operating expenses off its balance sheet. Several of ZTO Express's counterparties are owned and controlled by individuals employed by ZTO Express or its management team.</p><p>The report states that Grizzly Research's on-site investigation uncovered more potential undisclosed related parties, including allegedly independent entities that operate very close to each other and share logos.</p><p>Even the related-party transactions disclosed by ZTO Express are worrying. The report argues that because ZTO's large loans originated from the company funding insider real estate investments, public shareholders unnecessarily took on risks in China's real estate industry. The risk of default on these individual projects falls on the investors, not the related parties who benefit from the loans.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3683191\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/659e9f729bba48dc59353a363b665949","relate_stocks":{"ZTO":"中通快递"},"source_url":"https://wallstreetcn.com/articles/3683191","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316419995","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。","news_type":1,"symbols_score_info":{"ZTO":0.9}},"isVote":1,"tweetType":1,"viewCount":3812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9940884798,"gmtCreate":1677812711914,"gmtModify":1677813469477,"author":{"id":"4127809978923482","authorId":"4127809978923482","name":"福綠壽星","avatar":"https://community-static.tradeup.com/news/0f1972f9c2d478705726cd03c4863339","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4127809978923482","authorIdStr":"4127809978923482"},"themes":[],"title":"","htmlText":"[可爱]&nbsp;[可爱]&nbsp;[可爱]&nbsp;","listText":"[可爱]&nbsp;[可爱]&nbsp;[可爱]&nbsp;","text":"[可爱] [可爱] [可爱]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940884798","repostId":"2316419995","repostType":2,"repost":{"id":"2316419995","kind":"news","pubTimestamp":1677806968,"share":"https://ttm.financial/m/news/2316419995?lang=en_US&edition=fundamental","pubTime":"2023-03-03 09:29","market":"us","language":"zh","title":"ZTO Express collapses? The short-selling institution pointed out that the US financial statements were falsified and the stock price could decline by at least 50%.","url":"https://stock-news.laohu8.com/highlight/detail?id=2316419995","media":"华尔街见闻","summary":"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","content":"<p><html><head></head><body><b>According to short-selling firm Grizzly Research, ZTO Express's profit margin was once comparable to Apple's. The profit margin reported to the State Administration for Industry and Commerce was far lower than the level reported in the United States. In the United States, it underreported the number of employees, reduced labor costs, and inflated capital expenditures, creating the illusion of extremely high profit margins, which helped it raise more than $3 billion since its listing. ZTO Express also used undisclosed related-party transfer operating expenses to use large loans to support insider real estate investments.</b>As popular Chinese concept stocks continue to rebound, leading Chinese concept logistics companies...<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>Financial fraud has been exposed.</p><p>On Thursday, March 2, Eastern Time, Grizzly Research, a short-selling firm in the United States, released a report suggesting that ZTO Express may have achieved profits that appear to be far higher than its peers simply because it falsified financial statement data. Considering ZTO's artificially inflated profit margins and the use of multiple valuation adjustments, the report believes that ZTO's current US stock trading price is far higher than its fair value, with at least 50% downside potential.</p><p><b>Profit margins were more than double those of domestic counterparts, and were once comparable.<a href=\"https://laohu8.com/S/AAPL\">Apple</a></b></p><p>The aforementioned Grizzly Research report begins by stating that ZTO Express is the leader in the highly competitive Chinese logistics market. Although the entire industry has become standardized, ZTO's profit margin is more than twice the average level of its domestic counterparts—SF Express, YTO Express, Yunda Express, and STO Express.<img src=\"https://static.tigerbbs.com/c5011a6a75b71073f0bce12769cd4f12\" tg-width=\"571\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p>The report states that data shows that ZTO's profitability was once comparable to that of blue-chip companies with higher profit margins like Apple. For a company to achieve such outstanding results, it either has an excellent management team or is in incredibly good financial condition. Grizzly Research discovered through due diligence that ZTO Express had deceived investors. The report reads:</p><p>We believe that ZTO's significantly higher profit margins are actually just the result of possible falsification of financial statements. We believe that in order to fabricate these outstanding results, ZTO Communications understated its operating revenue and costs.</p><p><b>Understating the number of employees to reduce labor costs creates the illusion of extremely high profit margins.</b></p><p>Grizzly stated that its report highlighted conclusive evidence inconsistent with extremely high profit margins, including continuous financing, inconsistent accounting data, and numerous conflicts of interest. It specifically mentions that the data reported by ZTO Express to China's State Administration for Industry and Commerce is completely different from the data submitted by the company to the U.S. Securities and Exchange Commission (SEC).</p><p>According to filings with the State Administration for Industry and Commerce, ZTO's profit margin is actually comparable to that of its peers in the express delivery industry. Between 2019 and 2021, ZTO's net profit margin was between 6.3% and 10.6%, but the company reported a net profit margin of 15.5% to 25.7% in its financial statements filed with the SEC.</p><p><img src=\"https://static.tigerbbs.com/43965d7078947f4b474d7a72f0928a29\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/></p><p>The report points out that ZTO Express reports a large number of employees in China, but a lower number in the United States. Because ZTO deliberately underreported the number of employees, it could support its reported labor cost data and justify its extremely high profit margins. Based on conservative salary estimates, ZTO's actual number of employees and related labor costs may be more than double the figures the company reports to the SEC.</p><p><b>Overstating capital expenditures has helped raise over $3 billion since its IPO.</b></p><p>The report argues that in order to make the financial fraud appear justified, ZTO also misrepresented capital expenditures in its financial reports submitted to the SEC, attempting to justify the growth rate of its property, plant and equipment (PP&E) and land use rights exceeding its revenue. However, from a strategic perspective, ZTO Express has no reason to hoard land.</p><p>Grizzly Research suspects that ZTO is using its extremely high profit margins to raise funds, as false capital expenditure data could explain the high profits. So far, ZTO's approach seems to be working. In 2016<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>Since its listing, ZTO has raised more than $3 billion, although the company's expenditures have not shown tangible shareholder value.</p><p>Fraudulent acquisitions expanded insider trading, with undisclosed related parties transferring operating expenses and large loans used for insider real estate investments.</p><p>The report states that ZTO used some acquisitions in 2014 and 2015 to expand the number of insiders and/or balance the company's books. Company documents show that ZTO acquired franchisees it referred to as network partners from related parties at a price far exceeding the start-up costs of these partners. Worryingly, records in China show that ownership has not changed since the transaction. This may be because these entities already operate as subsidiaries of ZTO Express. Grizzly Research doubts whether ZTO Express wasted its shareholders' money without receiving any return.</p><p>The report suggests that ZTO Express has used an undisclosed network of related parties to transfer operating expenses off its balance sheet. Several of ZTO Express's counterparties are owned and controlled by individuals employed by ZTO Express or its management team.</p><p>The report states that Grizzly Research's on-site investigation uncovered more potential undisclosed related parties, including allegedly independent entities that operate very close to each other and share logos.</p><p>Even the related-party transactions disclosed by ZTO Express are worrying. The report argues that because ZTO's large loans originated from the company funding insider real estate investments, public shareholders unnecessarily took on risks in China's real estate industry. The risk of default on these individual projects falls on the investors, not the related parties who benefit from the loans.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ZTO Express collapses? The short-selling institution pointed out that the US financial statements were falsified and the stock price could decline by at least 50%.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZTO Express collapses? The short-selling institution pointed out that the US financial statements were falsified and the stock price could decline by at least 50%.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-03-03 09:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>According to short-selling firm Grizzly Research, ZTO Express's profit margin was once comparable to Apple's. The profit margin reported to the State Administration for Industry and Commerce was far lower than the level reported in the United States. In the United States, it underreported the number of employees, reduced labor costs, and inflated capital expenditures, creating the illusion of extremely high profit margins, which helped it raise more than $3 billion since its listing. ZTO Express also used undisclosed related-party transfer operating expenses to use large loans to support insider real estate investments.</b>As popular Chinese concept stocks continue to rebound, leading Chinese concept logistics companies...<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>Financial fraud has been exposed.</p><p>On Thursday, March 2, Eastern Time, Grizzly Research, a short-selling firm in the United States, released a report suggesting that ZTO Express may have achieved profits that appear to be far higher than its peers simply because it falsified financial statement data. Considering ZTO's artificially inflated profit margins and the use of multiple valuation adjustments, the report believes that ZTO's current US stock trading price is far higher than its fair value, with at least 50% downside potential.</p><p><b>Profit margins were more than double those of domestic counterparts, and were once comparable.<a href=\"https://laohu8.com/S/AAPL\">Apple</a></b></p><p>The aforementioned Grizzly Research report begins by stating that ZTO Express is the leader in the highly competitive Chinese logistics market. Although the entire industry has become standardized, ZTO's profit margin is more than twice the average level of its domestic counterparts—SF Express, YTO Express, Yunda Express, and STO Express.<img src=\"https://static.tigerbbs.com/c5011a6a75b71073f0bce12769cd4f12\" tg-width=\"571\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p>The report states that data shows that ZTO's profitability was once comparable to that of blue-chip companies with higher profit margins like Apple. For a company to achieve such outstanding results, it either has an excellent management team or is in incredibly good financial condition. Grizzly Research discovered through due diligence that ZTO Express had deceived investors. The report reads:</p><p>We believe that ZTO's significantly higher profit margins are actually just the result of possible falsification of financial statements. We believe that in order to fabricate these outstanding results, ZTO Communications understated its operating revenue and costs.</p><p><b>Understating the number of employees to reduce labor costs creates the illusion of extremely high profit margins.</b></p><p>Grizzly stated that its report highlighted conclusive evidence inconsistent with extremely high profit margins, including continuous financing, inconsistent accounting data, and numerous conflicts of interest. It specifically mentions that the data reported by ZTO Express to China's State Administration for Industry and Commerce is completely different from the data submitted by the company to the U.S. Securities and Exchange Commission (SEC).</p><p>According to filings with the State Administration for Industry and Commerce, ZTO's profit margin is actually comparable to that of its peers in the express delivery industry. Between 2019 and 2021, ZTO's net profit margin was between 6.3% and 10.6%, but the company reported a net profit margin of 15.5% to 25.7% in its financial statements filed with the SEC.</p><p><img src=\"https://static.tigerbbs.com/43965d7078947f4b474d7a72f0928a29\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/></p><p>The report points out that ZTO Express reports a large number of employees in China, but a lower number in the United States. Because ZTO deliberately underreported the number of employees, it could support its reported labor cost data and justify its extremely high profit margins. Based on conservative salary estimates, ZTO's actual number of employees and related labor costs may be more than double the figures the company reports to the SEC.</p><p><b>Overstating capital expenditures has helped raise over $3 billion since its IPO.</b></p><p>The report argues that in order to make the financial fraud appear justified, ZTO also misrepresented capital expenditures in its financial reports submitted to the SEC, attempting to justify the growth rate of its property, plant and equipment (PP&E) and land use rights exceeding its revenue. However, from a strategic perspective, ZTO Express has no reason to hoard land.</p><p>Grizzly Research suspects that ZTO is using its extremely high profit margins to raise funds, as false capital expenditure data could explain the high profits. So far, ZTO's approach seems to be working. In 2016<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>Since its listing, ZTO has raised more than $3 billion, although the company's expenditures have not shown tangible shareholder value.</p><p>Fraudulent acquisitions expanded insider trading, with undisclosed related parties transferring operating expenses and large loans used for insider real estate investments.</p><p>The report states that ZTO used some acquisitions in 2014 and 2015 to expand the number of insiders and/or balance the company's books. Company documents show that ZTO acquired franchisees it referred to as network partners from related parties at a price far exceeding the start-up costs of these partners. Worryingly, records in China show that ownership has not changed since the transaction. This may be because these entities already operate as subsidiaries of ZTO Express. Grizzly Research doubts whether ZTO Express wasted its shareholders' money without receiving any return.</p><p>The report suggests that ZTO Express has used an undisclosed network of related parties to transfer operating expenses off its balance sheet. Several of ZTO Express's counterparties are owned and controlled by individuals employed by ZTO Express or its management team.</p><p>The report states that Grizzly Research's on-site investigation uncovered more potential undisclosed related parties, including allegedly independent entities that operate very close to each other and share logos.</p><p>Even the related-party transactions disclosed by ZTO Express are worrying. The report argues that because ZTO's large loans originated from the company funding insider real estate investments, public shareholders unnecessarily took on risks in China's real estate industry. The risk of default on these individual projects falls on the investors, not the related parties who benefit from the loans.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3683191\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/659e9f729bba48dc59353a363b665949","relate_stocks":{"ZTO":"中通快递"},"source_url":"https://wallstreetcn.com/articles/3683191","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316419995","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。","news_type":1,"symbols_score_info":{"ZTO":0.9}},"isVote":1,"tweetType":1,"viewCount":3812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}