Discover and read the best of Twitter Threads about #PCAOB
Most recents (3)
@retheauditors @premnsikka 1/ “Flipping Hell”: #LSE listed taxpayer funded homeless/vulnerable accommodation op & #BDO audited ‘#HomeReit built on poor foundations’. CityAM, three days ago wrote: ‘#HomeREIT faces legal threat from biggest tenant over £5.5m rent relief deal’ … 
2/ (cityam.com/home-reit-face…). A week earlier it was reported that #HomeReit’s ‘investment adviser’ (‘Alvarium’) had (prior to its #SPAC merger) spun out the unit ‘advising’ #HomeReit (‘Alvarium Home REIT Advisors Ltd’) allegedly to a newly created shell, …
3/ before, along with wealth manager #TiedemannGroup, a #SPAC merger (Nasdaq listing) with ‘#CartesianGrowthCorporation (ex-#AIG emerging markets PE funds crew from back in the day). The #HomeReit board allegedly in effect ‘subcontracted the business’ operation to Alvarium’,
@retheauditors @premnsikka 1/‘ Investigation in to #AIM listed #RevolutionBeauty unveils "serious issues" over the way the business was allegedly run under previous senior managers’. Revolution hired Macfarlanes to investigate after their long term auditors #BDO ‘reared up’.
2/ Yesterday it reportedly emerged that Macfarlanes had discovered Revolution made "unacceptable" loans to senior managers, requested distributors book orders worth £9m to meet y/end financial targets + failed to consider key info. when acquiring a company owned by its chairman.
The market wasn't expecting this after media voicing skepticism about the rally & news Beijing's sticking to #zerocovid over the weekend. But another 4% gain on the HSTI on Monday, bringing 5-day gains to 19%, tells us this is more than just fluff. Sure, we may still just be in a
bear market rally. The things to consider are (1) China is closer to the end of COVID lockdown based on micro-level moves to reopen, (2) mainland funds/investors have practically put a floor underneath the market with their daily buys of CSOP HSTI ETF, (3) the #PCAOB audits ended
sooner than expected, (4) foreign funds are extremely underweight China and risk underperforming their benchmarks, and (5) China's tech majors have mostly adjusted to new regulations & started focusing on profitability several quarters ago. This increases the likelihood of upside
