以下为Citron在其网站公布的原文：

Citron非常高兴有机会在这里与大家分享关于恒大地产集团(股票代码：HK 3333)的研究成果。在历时数月的研究分析之后，我们编写了这份报告，它将向您展示这样一个结论：恒大地产其实已经资不抵债。而在过去，该公司一直向投资人汇报虚假的信息。

我们将在以下的报告中向各位证明这个结论。

恒大地产不是一个关于中国地产泡沫的故事；它讲述的是这样的一个公司：它滥用了资本市场的支持以及中国政府慷慨的贷款，以换取一个人的中饱私囊、其自负的无限扩大，并将股东的钱挥霍在其个人的各种爱好上。

我们的研究表明：贿赂、过度支出以及表外交易支撑起了恒大的财务报表。

恒大地产的处境十分糟糕，以至于在过去的一年中，连中国财政部都因其虚报财务数据而对其进行了处罚。

Citron在这里想表明一个非常清晰的观点：我们不建议做空任何中国的国有银行以及任何由中国政府支持的建设项目；但与此同时，我们坚信恒大地产已经误导了投资人，并代表了中国新型资本主义之糟粕中的糟粕。因此，我们认为恒大是中国资本市场中一个极佳的做空机会。

无论是被资本市场所抛弃，还是为中国政府所惩罚，无论是中国经济硬着陆还是软着陆，恒大的最终结局都是注定的。唯一不确定的只有时间，为此我们将拭目以待！

Deception on a Grande Scale

Citron Research is pleased to present our analysis of Evergrande Real Estate Group. This research and analysis, compiled over several months, presents the conclusion that HK:3333 is essentially an insolvent company that has consistently presented fraudulent information to the investing public。

We prove this conclusion in the following presentation。

Evergrande is not a story about the “China real estate bubble”； rather it is a tale of a company who has abused the capital markets as well as the generous lending of the Chinese Government in order to enrich one man, aggrandize his personal ego and support his pet projects.

Bribery, excessive spending, and off-balance sheet transactions are the foundation of Evergrande’s financials.

The situation at Evergrande is so murky that, within the last year, even the Chinese MINIstry of Finance fined Evergrande for reporting inaccurate financial statements。

Citron wants to make one thing clear: we do not recommend shorting any of China’s state owned banks or any construction project backed by the Government of China. On the other hand, we believe that Evergrande has misled investors and represents the worst of Chinese neo-capitalism, and therefore represents a good short opportunity in relation to other exposure in the Chinese capital markets。

Whether it be the capital markets, government enforcement, hard or soft landing, the endgame for Evergrande is a certainty; the only uncertainty is the timing。