The investigation focuses on whether misleading and/or false statements were made by Huazhu and/or that Huazhu failed to disclose pertinent information to investors. Huazhu is the subject of a report that was issued by Bonitas Research on September 21, 2020. Huazhu “lied about the ownership of its hotel portfolio to produce fake financials.”, according to this report. It is alleged within this report that the Huazhu secretly supported certain franchisee hotels that were owned by Huazhu employees and other off-book hotels. It is also alleged by Bonitas Research that it “believe[s] that Huazhu concealed operating expenses using undisclosed related party transactions to artificially inflate Huazhu’s reported profits[,]” and that it “calculate[s] that Huazhu’s fake profits manifested as RMB 2 billion (US$ 300 million) of fake PP&E on its CYE’19 balance sheet.” Shares of Huazhu fell by more than 3.5% in intraday trading on the same day, based on this news.

Huazhu Group Limited

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