Asia Plastic Recycling – Glaucus Research

ASIA PLASTIC RECYCLING HOLDING LIMITED (“APR” or the “Company”) claims to be the #1 producer of EVA (foam rubber) products in China. In this report, we present publicly available tax and land records that, in our opinion, indicate that APR has made material
misrepresentations to Taiwan investors and regulators regarding its earnings and assets. We believe, based on the independent evidence presented in this report, that APR’s actual earnings are around 90% less than the figures reported in the Company’s Taiwan filings. Because of APR’s significant indebtedness we put the value of APR’s equity at TWD 0.00 per share.