Global New Material International manufactures pigment in China and was listed on the HKSE in July 2021. in April 2024, short-seller Emerson Analytics targeted the company alleging that Global New Materials had faked revenues by selling to a hidden related party, which had inflated margins. It claimed the company was loss making on an underlying basis, and stated that it had passed on the results of its investigations to Hong Kong's SFC. The company appears to have ignored the short seller report. In late April 2024, it published its annual report with an unqualified opinion from auditor RSM. Furthermore, neither any directors, nor the auditor have resigned after the publication of Emerson’s report. Therefore, the allegations are unproven.

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