We conclude that China Internet Financial Services Inc. (NASDAQ:CIFS) is a King Zero – just another worthless China fraud. We believe zero to almost none of CIFS’s purported business is real. PRC financials show that CIFS overstated its 2016 revenue by 5x. Every one of the purported borrowers to which CIFS disclosed having made loans (accounting for 84.2% of loan balances) appears to be a sham counterparty. (The purported borrowers of the remaining 15.8% of reported loan balances were not disclosed; however, we strongly suspect that most – if not all – of these loans and associated income are also fabrications.) Therefore, the associated loans, revenue, and profits appear to be completely fake.