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Middle FNGR
We’re ending the year off with a fun investigation. On October 3rd 2023, FNGR was targeted by a short activist called Capybara Research, which alleged that FNGR targets retail investors with paid promotions in order to drive up the price of its stock, which is given to consultants as compensation. Shares declined sharply, and FNGR sued.
We think the problem goes far deeper.
We believe that FingerMotion (FNGR) could be dramatically over-reporting its revenue. The company reports that its business is to take commissions from the sale of top-up charging cards for mobile services in China, but we cannot find any site in China, physical or virtual, that offers FNGR’s recharging service.