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Li Ka-shing’s long and short is short! Was accused of concealing 57.7 billion Hong Kong dollars in debt late night response

May 15, 2019 08:26
source: Upstream finance

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Summary
[Li Ka-shing's long and short! The company was accused of concealing HK$57.7 billion in debt late-night response. On May 14, research institute GMT Research issued a short-selling report, saying that the long-term and recent annual report showed that accounting adjustments related to the acquisition of Italian telecommunications company Wind Tre, plus 2015 The residual impact of the annual restructuring boosted its FY1818 profit by approximately HK$13.2 billion, an increase of 38%. These non-cash adjustments explain why Changhe's operating cash flow lags behind cash profit and why capital expenditures always exceed depreciation and amortization. (upstream news)

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On May 14, research institute GMT Research released a short report, sayingLong andThe annual report released recently shows that accounting adjustments related to the acquisition of Italian telecommunications company Wind Tre, plus 2015ReorganizationThe residual impact of the company's profit in FY 2018 increased by approximately HK$ 13.2 billion, an increase of 38%. These non-cash adjustments explain whyLong andThe operating cash flow lags behind the cash profit and why the capital expenditure always exceeds the depreciation and amortization.

In addition, by considering some assets as sales assets,Long andIt may have concealed the $57.7 billion in debt associated with the sale of assets. It is speculated that this radical accounting method is being used forLong andBring higher market ratings and get cheaper than originallyCredit.

These non-cash adjustments explain whyLong andThe operating cash flow lags behind the cash profit and why the capital expenditure always exceeds the depreciation and amortization. In addition, by considering some assets as sales assets,Long andIt may have concealed the $57.7 billion in debt associated with the sale of assets. It is speculated that this radical accounting method is being used forLong andBring higher market ratings and get cheaper credit than originally.

March 21,Long and(00001) released in 2018PerformanceThe company's revenue was 45.887 billion Hong Kong dollars, a year-on-year increase of 29.64%;Net profitIt was HK$39 billion, an increase of 11% year-on-year. This is the resignation of the Chinese richest man Li Ka-shing.Long andOn the first anniversary of the chairmanship, his eldest son, Li Zezhen, handed over his first performance as chairman.

But it is such excellent performance data,Long andThere are a number of subjects under the cash flow statement that have experienced negative growth, such as a decrease in cash flow from investing activities of HK$59.079 billion.

In addition, the cash flow of operating activities is also abnormal.Long andCash flow from operating activities was only HK$55.734 billion, a year-on-year increase of less than 4%. This is inconsistent with the company's 2018 revenue and net profit double-digit growth.

In addition, the cash flow of operating activities is also abnormal. Cash flow from operating activities was only HK$55.734 billion, a year-on-year increase of less than 4%. This is inconsistent with the company's 2018 revenue and net profit double-digit growth.

Short-selling report for GMT, late at night on the 15th,Long andClarifiedannouncementSaid that the company has been auditedFinancial StatementsStrictly comply with applicable Hong Kong Financial Reporting Standards. As for the short-covering of the debts related to the assets for sale, there is no comprehensive accounting, and it is also in full compliance with the requirements of the applicable accounting standards.

“The company believes that the report shows selectivity, bias and serious misleading. The company completely denies any insinuations or suggestions contained in the accounting violations in the short report.”Long andAlso pointed out.

As of the close of the 14th,Long andThe stock price was HK$78.800, down 1.19%.

(Article source: upstream finance)

                (Editor: DF376)

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