Tianhe issues further rebuttal against Anonymous Analytics allegations
The battle between Tianhe Chemicals Group and Anonymous Analytics continues as the company issued a further statement on Friday rebutting fraud allegations.
The battle between Tianhe Chemicals Group and Anonymous Analytics continues as the company issued a further statement on Friday rebutting fraud allegations by the US-based analyst group.
Tianhe shares rebounded close to 6 per cent on Friday morning, after plunging around 40 per cent on Thursday when it resumed trading from a month-long suspension. The share price increase extended in the afternoon session, rising over 10 per cent.
The company filed a five-page clarification statement to the Hong Kong stock exchange and reiterated that the fraud allegations are groundless, in response to the analyst group’s third report published on Thursday, which was responding to Tianhe’s 55-page long clarification posted the night before it resumed trading.
In the Friday statement, Tianhe rebutted all of the four points raised in the third report of the analysts, including taxes, the subsidiary Fuxin Hengtong, transactions with Citic international, and sales of anti-mar products.
It is apparent that the author of the reports has been twisting facts and intertwining figures
According to Tianhe, Anonymous Analytics made incorrect calculations and quoted numbers that the company could not find when making the allegations. “It is apparent that the author of the reports has been twisting facts and intertwining figures,” said the statement.