J Capital Research continues to sing the same tune on Vipshop Holdings Ltd (VIPS): investors beware.
On May 13, the Hong Kong-based firm issued a report on Vipshop Holdings Ltd dropping its price target on the stock to zero, contending company has massively overstated its revenue, profits and assets in SEC filings. And on June 2, it released yet another report on VIPS elaborating its case further.
“We believe that VIPShop is overstating its revenue and diverting capital investment into companies that have not been reported to the investors and in some cases are privately owned by members of the management team,” writes Anne Stevenson-Yang, research director of J Capital Research, in the report.
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