快讯：波司登遭遇沽空机构狙击 股价跳水大跌逾19%

　　新浪港股讯 6月24日消息，波司登股价跳水，截止发稿，跌逾19%。沽空机构博力达思对波司登发布沽空报告，称其在公开市场欺诈，夸大收入及盈利，不披露关联交易等。另外，该公司将于本周公布业绩。

　　以下为沽空报告原文：

　　在公开市场欺诈的世界中，我们认为波司登国际的执行管理层一如既往地腐败。波司登的故事存在许多公开市场欺诈的特征，包括夸大的收入和利润，未披露的关联方交易，以及以天价从未披露内部人士手中收购的多付款。

　　我们的尽职调查揭示了波司登的族长高德康（“高主席”）和他的同谋从波司登少数股东那里偷走的一些方式，包括：

　　中国信用报告显示，波司登为引起投资者的兴趣，自2015年以来在其报告的财务报表中捏造了8.07亿元的虚假利润，虚报174%！

　　波司登人为地向未披露的内部人士进行多次收购并多付了人民币20亿元。

　　以优惠价格处置5600万元的实物资产（波司登为人民币540万元，相当于初始代价的10%）给高主席，高德康甚至连钱都没付。

　　波司登向拥有波司登65%以上流通股的内部人士支付了巨额历史股息。

　　一项对波司登中国子公司信用报告的分析显示，大量未披露的应收账款和未披露的应付款余额，似乎是公司间重大虚假交易（可能是与高主席私人合作）的结果，这些交易被用来捏造交易量，在波司登报告的财务报表上显示为虚假利润。

　　尽管波司登声称，其主要收购是从独立第三方购买的，但提交的文件显示，波司登的三项主要收购协议，每一项都是从高的同谋之一周先生那里购买的。在我们看来，周先生的做法似乎是，他将购买少量乃至零成本的服装品牌在一至三年内出售给波司登，最高价格比周先生最初购买该资产时高出40倍。

　　利用这一策略，我们认为高主席及其同谋者已经从波司登抽走了20亿元的现金和股票，通过以人为抬高的价格将很少甚至没有价值的服装品牌出售给波司登并将其股票卖出。

　　作为锦上添花，周先生似乎在他自己的私营公司中持有波司登品牌的生产设施资产，其中一家申请竞争Jessie的商标，而高德康董事长在2011年将Jessie卖给了波司登！此外，中国信用报告显示，主席将波司登的一项房地产资产转让给了自己的私营公司，但未能支付该资产的对价！

　　由于波司登的捏造利润计划被揭露，波司登的短期负债即将到期，我们预计高主席将决定通过支撑一直意味着崩溃和燃烧的车辆的股价来浪费被盗资金。

　　我们做空波司登，认为该公司的股票毫无价值，为0港元。（本文翻译自新浪财经 林嘉颖）

　　以下为为英文：

　　Bosideng （HKEx： 3998） = Fraud

　　In the world of public market frauds， we believe that the executive management of Bosideng International （HKEx： 3998） （“Bosideng”， the “Company”） are as corrupt as they come． Bosideng’s story includes many hallmarks of a public market fraud， including overstated revenues and profits， undisclosed related party transactions， and overpayments for acquisitions from undisclosed insiders at astronomically high prices．

　　Our due diligence efforts have uncovered a number of ways Bosideng’s patriarch Chairman Gao Dekang （“Chairman Gao”） and his conspirators stole from Bosideng minority shareholders， including：

　　Bosideng included RMB 807 million of fabricated profits in its reported financial statements to generate investor interest．

　　Bosideng artificially overpaid RMB 2 billion for multiple acquisitions from undisclosed insiders．

　　Disposed RMB 56 million of real assets at bargain prices （in the case of Bosideng， RMB 5.4 million equal to 10% of initial consideration） to Chairman Gao．

　　Significant historical dividends paid to Bosideng insiders who own 65%+ of Bosideng’s shares outstanding

　　PRC Credit Reports show that Bosideng fabricated RMB 807 million of net profits since 2015， an overstatement of 174%！

　　An analysis of Bosideng’s PRC subsidiaries’ Credit Reports revealed large balances of undisclosed receivables and undislcosed payables that appear to be a result of significant inter-company sham transactions （and possibly with Chairman Gao’s private entities） used to fabricate transaction volumes that manifested as fabricated profits on Bosideng’s reported financial statements．

　　Despite Bosideng’s claim that its primary acquisitions were purchased from independent third parties， Equity Transfer Agreements from SAIC Filings show that each of Bosideng’s three primary acqusitions were purchased from one of Chairman Gao’s conspirators， Mr． Chow． The modus operandi appears to us to be that Mr． Chow would buy a little- to no-cost apparel brand and then sell it to Bosideng within one to three years at a consideration up to 40x higher than what Mr． Chow initially paid for the asset．

　　Using this strategy， we believe that Chairman Gao and his conspirators have already siphoned RMB 2 billion in cash and stock out of Bosideng by flipping little to no value apparel brand assets to Bosideng at artificially inflated prices．

　　As icing on the cake， it appears that Mr． Chow holds production facility assets for Bosideng’s brands in his own private companies， one of which filed for a competing Jessie trademark， and Chairman Gao is gifting himself la in 1Q’18 despite selling Jessie to Bosideng in 2011！ In addition PRC Credit Reports show that the Chairman transferred one of Bosideng’s property assets into his own private company but failed to ever pay the consideration for the asset！

　　As Bosideng’s fabricated profits scheme is uncovered and Bosideng’s short-term liabilities become due， we expect that Chairman Gao will decide that stolen funds would be wasted by propping up the share price of a vehicle that was always meant to crash and burn．

　　We are short Bosideng and think its stock is ultimately worthless at HK$ 0.00．

责任编辑：白仲平