In november 2012 hedge fund manager Fang Zheng began looking into China Metal Recycling (Holdings) after hearing rumors of questionable financial practices at the company, a Chinese scrap metal recycling outfit. Within weeks Zheng and his team of researchers at Keywise Capital Management (HK) concluded that there was substance to the talk. He began shorting the Hong Kong-listed stock between December 2012 and early January 2013 even as other investors were piling in, bidding up the share price by 26 percent, to a high of HK$10.30 ($ 1.33) on January 11. The shares sagged over the next two weeks on rumors that regulators had begun an investigation before the company suspended trading at HK$9.43. In July the Securities & Futures Commission of Hong Kong won a court order to wind up China Metal Recycling after citing evidence that the company inflated revenues ahead of its $200 million initial public offering in 2009. Hong Kong police are continuing to investigate allegations of fraud at the company.
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机译：对冲基金经理方正（Fang Zheng）于2012年11月开始调查中国金属回收（控股）公司，此前有传闻称该公司是一家中国废金属回收公司，其财务实践存在问题。郑和他在Keywise Capital Management（HK）的研究人员小组在几周内得出结论，这次谈话确实有实质性意义。他开始在2012年12月至2013年1月初之间做空在香港上市的股票，尽管其他投资者纷纷涌入，但股价还是上涨了26％，在1月11日达到10.30港元（1.33美元）的高位。在接下来的两周内，有传言称监管机构已开始调查，之后该公司以9.43港币的价格停牌。 7月，香港证券及期货事务监察委员会（SEC）援引证据显示，该公司在2009年2亿美元的首次公开募股（IPO）之前就增加了收入。公司。
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