The number of anonymous short-seller reports targeting Hong Kong listed companies is likely to rise, primarily due to their low quality which is, in part, a result of regulatory shortcomings. While the win rate of short-sellers is very high, not all are equal. Investors should be particularly concerned with Emerson and Glaucus given the high quality of their research and level of success. However, there is some hope for investors: Companies accused by short-sellers of Fake Cash Flow Fraud all score poorly under our scoring system and we urge investors to check their stocks with our Accounting & Governance Screen. Within this report, we highlight some of Hong Kong’s regulatory short-comings, assess short-sellers operating in Asia, providing links to their reports and our screens.