Posted on 04/02/2020 6:07:52 AM PDT by qwerty1234
headline only, this is breaking financial news
Good. May they go bankrupt. Along with the other frauds.
Chuck Fina!
Never heard of them. Are they a conglomerate for known brands?
This happens a lot with Chinese stocks, they get Americans to invest in the stock, lie about the numbers then go out of business - no recourse for American investors
China is Asshoe.
Winning every American can crush china in this way,
BUY AMERICAN
The entire nation of China is a gigantic lie. They need to be crushed without mercy.
L
Why would any sane American even think of drinking chingchang coffee?
After they were caught putting melamine in pet food, I don’t know why anyone would knowingly consume anything from that hellhole.
There is a great and informative (though fury inducing and somewhat discouraging) book called “Stealth War” by General Robert Spaulding, who was the JCS Cybersecurity specialist.
In the book, he discusses the just infuriating unfair trade practices that non-Chinese companies are required to comply with in order to do business in country there.
One of the things he spends some time discussing is the total and absolute lack of corporate finance transparency and oversight, and the Chinese Communist intransigence at even complying with any semblance of western financial standards in this respect.
The only explanation, the ONLY one, is that the Chicoms want to cook the books at their whim, and they most certainly do.
EXACTLY. General Spaulding talks about that at some length in his book.
Other things too...such as you have to have complete disclosure of your product to them, the production process, composition, everything.
Then, they set up their own factories and begin producing YOUR product, selling it on Amazon which is perfectly fine with that, put your company out of business, and there is ZERO recourse, as you said.
If a seller goes to Amazon with the issue of counterfeit goods made in Communist China, they say “That is between you and the other seller. We have no part in it” although they are SELLING the counterfeit products.
Also, General Spaulding was at the center of the great Huawei kerfuffle, where he was dead set against non-Chinese countries using their equipment in their 5G backbones due to security concerns, and rightly so IMO.
I’m not surprised they faked their numbers. Competition is tremendous.
Ok...thanks for the info
They can have their Luckin and Starbucks too for that matter.
Now, if they had added CHICKEN to their selections, they coulda been called Cluckin’ Luckin; sold chicken and waffles AND coffee; and then they’da REALLY had somethin’ goin’ on!
Just as those in China know the mainland government does - fabricates its figures. It’s common.
A Chinese American private equity investment broker friend of mine finally moved back to the U.S. from Beijing a few years ago, fed up with how often she got screwed, financially, by companies and partners that fudged their numbers so often. She said “you can’t trust anyone there”.
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