Prominent short seller Carson Block said he’s now targeting China Internet Nationwide Financial Services Inc., a Nasdaq-listed stock that went public in July.
The chief investment officer of Muddy Waters Capital called the company “a fraud” in a report Wednesday. The Beijing-based company says it makes money from lending. Block said he believes almost none of China Internet Nationwide Financial Services’s business is real and the only person taking out loans from it is the chairman, Jianxin Lin.
China Internet Nationwide Financial Services has more than tripled since its initial public offering, lifting its market value to about $760 million. In a Bloomberg Television interview, he called the company “worthless.”
Tony Tian, a spokesperson for the company, said he couldn’t immediately comment on Block’s statement.
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