Glaucus Research：搜房的做空归纳总结报告.pdf

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1、GLAUCUSRESEARCHGROUP格勞克斯研究“Letthemeatcake”-MarieAntoinette(attributed)THISRESEARCHREPORTEXPRESSESOUROPINIONS.UseGlaucusResearchGroupCalifornia,LLC’sresearchopinionsatyourownrisk.Youshoulddoyourownresearchandduediligencebeforemakinganyinvestmentdecisionwi

2、threspecttothesecuritiescoveredherein.Thisisnotinvestmentadvicenorshoulditbeconstruedassuch.WeareshortSFUNandthereforestandtorealizesignificantgainsintheeventthatthepriceofthestockdeclines.Pleaserefertoourfulldisclaimeronpagethreeofthisreport.COMPANY:SOU

3、FUNHOLDINGSLIMITED

4、NYSE:SFUNINDUSTRY:OnlineRealEstateWebelievethatthefounderandChairmanofSouFunHoldingsLimited(“SouFun”ortheRecommendation:“Company”),whichownsandoperatesarealestatewebsiteinChina,hasdivertedresourcesfromtheCompanyforpersonalusethroughase

5、riesofquestionabletransactionsinvolvinghigh-pricedStrongSellNewYorkrealestateandcharitiesofdubiousauthenticity.SouFun’sVIEstructuredemandsthatshareholdershavefullfaithintheintegrityoftheChairmanbecauseitishe,ultimately,whoownsPrice:andcontrolstheoperatin

6、gbusinessinChina.WebelievethatSouFun’sChairmanhasirrevocablyUS$22.14brokenthetrustofshareholders,rendering,inourview,theCompany’ssharesonlyasvaluableasAsofMarketClose4/3/2013theChairman’sapparentrespectforhisfiduciaryduties.MarketCap:1.QueenofVersailles.

7、In2011,acharityunderthecontroloftheChairmanandhiswifepurchasedtheArdenHouse,aniconicAmericanpalace.Although,toourknowledge,theUS$1.8BmansionisneverdisclosedintheCompany’spublicfilingsandisnotincludedontheCompany’sbalancesheet,evidencesuggeststhatCompanyr

8、esourcesareusedtooperate(andPublicFloat:possiblywereusedtopurchase)themansionforthepersonalbenefitoftheChairmanandhis18mmshareswife:DailyVolume:a.RealEstateBrokersKnowBest.TherealestatebrokersforthesellersoftheArden326ksharesHouseclaimtohavesoldtheproper

9、tytoSouFun.(Avg.10days)b.RegisteredAddress.TheArdenHousedeedlistsSouFun’sNewYorkheadquartersastheowner’saddress.c.StaffedbytheCompany.AnemployeeofSouFunappearstoadministertheArdenHousewebsitethroughhisCompanyemailaddress.A