Australia – Nearmap is targeted by short sellers and is optimistic about the "soft underbelly" of the Australian market | Australia Chinatown

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ACB News《澳华财经在线》2月15日讯 上周一家做空机构J Capital

ACB News《澳华财经在线》2月15日讯 上周一家做空机构J Capital对澳洲的航空成像上市公司Nearmap发起攻击,声称这家公司虚报了在美国的收入增长。在做空报告发布半小时内,Nearmap股价即暴跌了10%,目前仍处于停牌状态。

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(Picture source: "Aohua Finance Online")

这是空头对澳洲快速增长的上市公司打响的最新一战。饱受空头困扰的首席执行官们(其中一些人损失了数百万澳元)正在发起一场运动,要求监管机构进行干预。

他们表示,由于审查力度下降,再加上监管和法律上的漏洞,澳大利亚成为激进投资者眼中获利的热土。

Jamie Pherous, CEO of Corporate Travel Management, who has fought against bears, said that most of the activities that promote the decline in stock prices are false and misleading. The bears cooperate with the media to scare "mum and dad investors". They rush to sell stocks and suffer. loss.And listed companies need to spend a lot of resources to deal with such attacks.

In his view, it is not fair for listed companies to fight the short game.Listed companies will be punished for violating regulations, while short sellers "can make up something" without having to bear the consequences.

哈维•诺曼创始人格里•哈维(Gerry Harvey)亦有类似遭遇。2017年的一次空头伏击让这位零售业大佬在一周内就损失了1亿澳元,他说他已经对监管机构能够阻止这样的事件失去信心。

澳大利亚物流软件制造商WiseTech曾在14个月中遭遇了14份做空报告,其股价从37.52澳元跌到谷底的12澳元,公司估值缩水了超过10亿澳元。

WiseTech首席执行官理查德•怀特表示,空头对Nearmap和Tyro的攻击表明,海外空头对ASX上市公司的攻击越来越频繁,越来越强烈,他们并不受澳洲监管机构的管辖。

Joshua Mitts, associate professor at Columbia Law School, said that the United States and the European Union have increased their supervision of short sellers, causing them to turn their attention to Australia.The bears know how to suppress the stock price by 10%, 20%, 30%. This is not because the market must believe in the report of the bears, but because the bears know how to manipulate the market and how to scare investors.

Mitts found that a short attack can trigger a stampede effect, usually starting with a stop loss order. In a stop loss order, once the stock drops below a certain threshold, the broker will sell the stock.At that time, it didn't matter whether the content of the short report was really convincing, what was important was that people rushed to flee before the stock price bottomed out.So, for regulators, the real question is whether the way short-sellers create panic is transparent.

Tim Murray, the co-founder of J Capital, doesn't think that short sellers are launching an "attack", but rather an "objection."Because listed companies can freely issue announcements to affect their stock prices, when they exaggerate their performance, there should be different opinions in the market.

An ASIC spokesperson said that regulators are working closely with ASX to ensure the implementation of market regulations, including ensuring that listed companies are suspended as soon as possible after an attack, and that the company responds appropriately to the issues raised in the report.In this way, investors and the market can best evaluate various claims and form their own judgments. ASIC reviews the short-selling report and the company's response to see whether the listed company has fulfilled its information disclosure obligations, and also evaluates the behavior of fund short-sellers.

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