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May 4, 2014 - Glaucus Research Open Letter to the Market on Asia Plastic (TWSE: 1337) April 30, 2014 - Glaucus Research issues a Supplemental Report on Asia Plastic Recycling (TWSE: 1337) and maintains a Strong Sell rating April 27, 2014 - Glaucus Research Responds to Asia Plastic Recycling (TWSE: 1337). Maintain Strong Sell Rating April 23, 2014 - Glaucus Research initiates coverage on Asia Plastic Recycling (TWSE: 1337) with a Strong Sell Rating - CHINESE Executive Summary April 23, 2014 - Glaucus Research Group California LLC initiates coverage on Asia Plastic Recycling (TWSE: 1337) with a Strong Sell Rating - ENGLISH Full ReportASIA 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.