Our report has five sections that we believe are powerful on their own. Together, we feel they are overwhelming, and the company looks significantly over-valued. 1. Interviews allege round tripping 2. Accounting and other disclosures effectively corroborate that the numbers are too high, which might be suggestive of round tripping. 3. Questionable acquisitions: on the balance sheet side, acquisitions have been made and written off shortly afterwards. 4. Fundamental business deterioration: We think the VAT rebate will end. There are also a lot of insider sales and weakening cash flows 5. Other major risks include the undercapitalized loan business, regulatory problems, and weak internal controls