Despite Accusations by a Short Seller of Fabricating Profits, Hengan’s FVE Remains Unchanged
On Dec.11, short seller Bonitas Research claimed Hengan International Group, a leading Chinese personal hygiene and household paper product manufacturer, had fabricated a total of CNY 11 billion net profit--mainly from its most profitable sanitary napkin business--since 2005 that is now reflected as fake cash on its balance sheet and asserts the company’s equity is worthless. The share price dropped 5.7% before a trading halt was called on Dec. 12. On the next day, Hengan published a clarificati...Hengan International Group Co. is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing, distribution and sale of personal hygiene products including sanitary napkins products, disposable diapers products and tissue papers products and food and snack products in the People's Republic of China, Hong Kong and certain overseas markets.
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