A Stock Picker's Tale of Greed Hits the Bond Market [Yahoo! Finance News]
Luckin Coffee Inc. (LK)
Last luckin coffee inc. earnings: 11/13 06:00 am
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Source: Yahoo! Finance News
Bloomberg Opinion) -- All of a sudden, bond traders are crossing paths with short sellers, and things are getting messy.Bringing them together is a growing list of Chinese corporate accounting scandals. Last week, Luckin Coffee Inc., a target of short seller Muddy Waters Research, admitted its chief operating officer may have fabricated billions of yuan in sales. Days later, TAL Education Group said an internal audit found an employee wrongly inflated revenue. Muddy Waters also said it's shorting shares of iQiyi Inc., tweeting that it believes the Netflix-like streaming service is a “fraud.” The company, backed by Baidu Inc., said the report contains “numerous errors.”At first glance, this is a story about stock investors’ irrationality and greed. These high-flying companies were cut off from the more analytical bond world, because they don’t have much by way of cash flow or tangible assets. At best, a few financially savvy ones like Luckin and iQiyi were able to issue convertible bon
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