It was all supposed to be so easy: just analyse the 30 largest US-listed Chinese companies and evaluate the risk. Well, it wasn’t. This share class has an unusually high historic track record of fraud and shenanigans, likely stemming from the deliberate avoidance of regulatory oversight through the exploitation of Foreign Private Issuer status. The accounting picture is further muddied by the use of Variable Interest Entities (VIEs) where we suspect there are large undisclosed tax liabilities. These issues are complicated and need explaining, hence the length of this report. Our analysts regarded over 70% of this sample as a high accounting risk, and found multiple examples of shenanigans. The end result is that we could only find three companies that we regarded as low risk, including BeiGene, Autohome and Yum China. Meanwhile, our top shorts focused on those with unrealistic business models and deteriorating expectations, including Bitauto, Pinduoduo and Bilibili.