TechFlow News, June 18: According to Caixin Global, Andrew Left, founder of short-selling firm Citron Research—renowned for its short campaigns against Chinese companies listed in the U.S.—has had his sentencing hearing scheduled for August 31, 2026. Theoretically, the maximum prison term could reach 265 years, though the final sentence will be determined by the court based on specific circumstances.
Left previously targeted over 20 U.S.-listed Chinese companies, including New Oriental, Qihoo 360, Evergrande Real Estate, Southeast Financial Holdings, and China High-Speed Media. In earlier years, Citron’s short reports were nearly infallible; however, in later years, compared with peers such as Muddy Waters, Citron’s reports were frequently criticized as riddled with flaws. The Hong Kong Securities and Futures Commission (SFC) once banned Citron from operating in Hong Kong’s market for five years.
Prosecutors allege that Left routinely traded short-term options expiring within zero to five trading days, betting on extreme price volatility immediately following the release of Citron’s reports or tweets. He often placed limit orders in advance to exit positions, with actual exit prices frequently diverging significantly from Citron’s publicly announced target prices. Stocks involved in the case include NVIDIA, Tesla, Facebook, General Electric, and Luckin Coffee.
