Mandolin Fund backs trouble-hit Sino-Forest
On June 2, short-seller research firm Muddy Waters branded Chinese timber firm Sino-Forest a fraud, prompting a 71% drop in the firm’s stock within 48 hours. Paulson & Co. cut and ran three weeks later. The hedge fund was said to have owned nearly 35 million shares in the company as of April 29, implying a paper loss of more than $500 million.
Toronto-listed Sino-Forest isn’t the only Chinese company to have listed on a foreign exchange through a reverse merger and then run into trouble. The high-profile exposure of several frauds has prompted...
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