In “Superb Summit (Part I): It’s a Long Way Down from Here” Muddy Waters explains why we are short 1228.HK. In this 18-page report, we show that virtually all of its reported 2012 and 2013 revenue belongs to a different company, its recent acquisition of a stake in coal liquefaction company Beijing Jinfeite (“JFT”) is utterly without substance because JFT is effectively a one-man operation, and Superb has an unbroken seven-year track record of completely failing in every new line of business it has purportedly pursued. In short, Superb’s raison d’etre is being a public company.