華住(01179.HK)港掛牌前夕遭沽空機構指財務報表造假
華住(01179.HK)今早掛牌,沽空機構博力達思(Bonitas Research)發表沽空報告,指華住謊報其酒店投資組合的所有權,以製造虛假財務報表,相信其實際財務表現將致股價大幅下跌,沽空華住。華住週一美國ADS盤中一度跌逾6%至39.17美元,收市報40.48美元,跌3.7%。
沽空機構博力達思指在北京及上海的實地調查發現,華住秘密支持特許經營酒店的運營成本,這些特許經營酒店由未披露的現華住員工和其他未披露關聯方擁有。報告引述酒店經營許可證顯示,華住集團秘密控制了共1,952家酒店,佔約35%;而華住自稱只運營688家酒店,佔約12%。
報告並指,截至去年底,中國商務部的特許經營登記顯示華住旗下共有3,020間獨立特許經營商,少於華住報告的4,930家管理和特許經營酒店。中國國家工商行政管理局記錄顯示,華住在美國證券交易委員會報告中起碼少報至少16%僱員人數。機構認為華住利用未披露的關聯方交易隱瞞經營費用,人為誇大華住的報告利潤,並計算出虛假利潤在其去年底資產負債表上以20億元人民幣(下同)的虛假廠房及設備呈現。去年底華住報告每間客房的凈虛假廠房及設備為54,502元,惟47份不同的華住酒店的信用報告顯示,華住每間客房的實際凈廠房及設備僅得一半,與其中國國內直接競爭對手一致,亦與華住最大的運營子公司之一保持一致,及與漢庭酒店品牌首席執行官徐皓淳於8月21日的訪問一致。
報道引述調查顯示,華住批准的酒店建築承包商名單中包括多名未披露的現任華住員工。兩間未披露的關聯方承包商的信用報告顯示,其收入可觀卻沒有利潤或資產,相信是被用作通過建築成本洗刷虛假現金的幌子。機構認為,華住真實所獲得的利潤及廠房及設備資產均大大低於上交給美國證監會及聯交所的申報。
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