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July 27, 2016 - Glaucus Research is Short Tech Pro (HK: 3823)Tech Pro Technology Development Limited (HK: 3823) (“Tech Pro” or the “Company”) is a rollup of unrelated businesses: it manufactures and sells LED lighting products, it is a sub-leasing agent for a commercial real estate property in Shanghai, and it recently purchased a French soccer team.
In this report we present publicly available SAIC filings, which, in our opinion, indicate that TechPro has massively overstated its reported profits and inflated the reported purchase price of its acquisitions. We believe that Tech Pro is an obvious fraud, that its equity is worth HKD 0.00 and trading of its stock should be halted to protect future investors from further losses and hopefully provide a modicum of recovery for shareholders and creditors.