We estimate that CKH Holdings (CKHH) has inflated profits by 20-25% through its uniquely aggressive use of acquisition accounting. Although permissible, the degree to which it has utilised these loopholes is unprecedented and undermines the understanding of reported profit. But CKHH is not alone. Our scan of 1,700 Asian companies highlights two others employing aggressive acquisition accounting, namely, Lenovo and SoftBank. Meanwhile, companies which should arguably impair their goodwill include Li & Fung, Takeda Pharmaceutical, GMR Infrastructure and China National Building.