by 
Sebi’s research on the Hindenburg report is revealing many hidden facts and now the ‘Chinese connection’ of the entire incident has come to light.
According to a report in the Economic Times, the Kingdon family, who helped Hindenburg profit by short selling Adani Enterprises, has a ‘Chinese connection’. Keep in mind, Hindenburg and Kingdon together sold Adani Enterprises short before the release of the Hindenburg Report for Rs. Made a profit of more than 180 crores.
We will tell you in detail how Kingdon already had an agreement with Hindenburg and how he invested in the Indian market with the help of Kotak.
But first understand the Chinese connection of the Kingdon family and their affiliated companies. Let us tell you that Gautam Adani is already calling the Hindenburg Report and the loss to the company a conspiracy to destabilize India.
Contents
Mark Kingdon and his wife Annala Cheng
Mark Eliot Kingdon, founder of hedge fund Kingdon Capital Management LLC, has been in the investment world for the past five decades. His wife and hedge fund manager Annala Cheng is an American citizen of Chinese descent. Enla Cheng is also active in many social works through Kingdon Foundation.
Cheng, Serica Initiative and China Project
In her LinkedIn profile, Enla Cheng describes herself as the founder and CEO of Serica Initiative since January 2022.
The Serika Initiative was previously a sister organization to The China Project. Cheng was also the founder and CEO of this China project between 2015 and 2022. Earlier it was known as SupChina. According to SEBI’s investigation, Hindenburg first shared Adani’s report with Kingdon companies in November 2022.
Cheng and The China Project are accused of being supporters of the Chinese Communist Party
In October 2022, Cheng and the China Project ran into serious trouble when they were accused of working on behalf of the Chinese Communist Party and sympathizing with its causes. These allegations have been made by none other than a former employee of the China Project.
The Economic Times has cited reports that a complaint was also filed with the US Department of Justice and the SEC in this regard. Not only this, some Republican senators also raised this issue loudly. The Economic Times is currently unable to ascertain the current status of these complaints.
In fact, Serika Foundation is also said to be involved in many social works like Mark and Annala Cheng Foundation. According to the foundation, this includes, among others: 1) Creating an atmosphere of empathy to make people aware of the issue and overcome hatred of China and things related to it (Sinophobia). 2) Accelerating the next generation of American-Chinese social innovation and social action.
Mark and Cheng Foundation’s stake in Kingdon Offshore constitutes KIOF
Kingdon Offshore Master Fund invested (100% ownership) in FPI KIOF Class F Fund (Kingdon India Opportunities Fund) created by Kotak, thereby taking a short position on Adani Group shares.
Kingdon Offshore Master Fund consists of three feeder funds, namely Kingdon Associates (66% stake), Kingdon Offshore Limited (28%) and Kingdon Family Partnership (6%).
Now we are back at Kingdon Offshore. The Sebi report revealed that the Mark and Annala Cheng Foundation has over 25% stake in Kingdon Offshore.
Meaning, this entire episode involves people who have been accused of working for the Chinese Communist Party in the past or are close to them. In such a situation, it cannot be ruled out that further investigation may reveal some darker aspects related to the Hindenburg.
