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March 24, 2014 - Glaucus Research Group California LLC initiates coverage on China Lumena (HK: 0067) with a Strong Sell Rating March 24, 2014 - Glaucus Research Group California LLC initiates coverage on China Lumena (HK: 0067) with a Strong Sell RatingCHINA LUMENA NEW MATERIALS CORP (“Lumena” or the “Company”) produces and sells thenardite and polyphenylene sulfide (“PPS”) products in China. We believe that Lumena has made numerous material misrepresentations to investors and the Hong Kong Stock Exchange (“HKEX”), both in its 2009 IPO prospectus and in subsequent financial statements. In this report we present publicly available tax records and stamped hard copies of SAIC filings which, in our opinion, indicate that Lumena’s sales are 90% less than the sales reported to investors and regulators in the Company’s Hong Kong filings.