I'll keep this short. Shenguan Holdings Group is a collagen sausage casing manufacturer listed in Hong Kong with a market cap of c.US$2.2 billion.
I did not realize this, but apparently sausage casing manufacturing is a fantastic business in China (sarcasm intended). Shenguan's topline grew at 45% in 2010 with an operating income margins of 58% (I double checked this). Even if I believe in the topline growth, I can name less than a handful of businesses in the world with margins in that region. Certainly not a sausage casing manufacturer.
Sorry, I just don't buy it. Fraud.
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