瑞星科技（02018）被沽空機構追擊，拖累股價下跌11%，看看加利的看法。
瑞聲科技(2018.HK) 遭沽空機構GOTHAM CITY RESEARCH 追擊，目標價$40-$50，現價不建議追
成件事最吊鬼反而係拖埋蘋果落水，瑞聲出澄清也不一定能解決事件。
岩岩睇完份報告，解釋返先：
個重點位係質疑瑞星作為一個供應商，個純利率比蘋果，google，微軟仲要高
理據如下：
1.
AAC has used 20+ undisclosed related parties & dubious accounting to overstate & smoothen profits since 2014.
At least 20 undisclosed related party suppliers are owned or managed by AAC CEO’s family members or employees.
依個用關聯公司做大自己純利方法，我之前有文已經講解左個原理
焦點直擊：宏橋遭受沽空之謎（一） 2017年3月7日 星期二
https://garyinvesmentblog.blogspot.hk/2017/03/blog-post.html
2.
These undisclosed related party suppliers are not listed in Apple’s supplier list, despite some claiming otherwise.
Some of the undisclosed related entities supply the same products as AAC does, are based in the same locations as AAC is, & hire employees under AAC’s name.
AAC has used these hidden entities to evade Apple’s labor standards specified in the Apple Supplier Code of Conduct.
Apple (and other parties) will conduct independent investigations, & validate our findings. As a result, AAC’s profit margins will decline, converging to its peers’ levels.
AAC is in violation of Hong Kong listing rules, Apple’s supplier code of conduct, and its own representations.
依點好中要害，直接叫蘋果查瑞星，如果屬實會好大件事，大家要小心！
3.
AAC has no listed CFO since 2010, per its annual reports.
Chunyuan Wu, the wife of AAC’s CEO, is a member of AAC’s audit & risk committee
企業管治問題，應該攻擊corporate governance做得不好
4.
AAC’s auditor, Deloitte, is considered
the Audit Firm That Has Had the Most Trouble in China
德勤躺著也中槍
corporate code of conduct 在 18 of the Best Code of Conduct Examples | i-Sight 的相關結果
What Makes a Great Code of Conduct? · AT&T · Hanes Brands · Kellogg Company · Starbucks · PepsiCo · Sony Corporation · Mastercard. ... <看更多>