Rebuttal against Cogobuy Group's clarification announcement (SEHK:400)

More than a decade of fraud

Posted on 2017 May 30


In this rebuttal report, we present concrete evidence proving that most of the online SME clients claimed by Cogobuy does not exist. Both website platform ( and and mobile platform of Cogobuy has minimal amount of traffic. We also show that the clarification report of Cogobuy to be self-contradictory. For example, the data source selected by Cogobuy in its clarification report indicated that its website ranking is almost the lowest among its peers. For SAIC filings, Cogobuy explained that the discrepancy is due the large portion of revenue generated in Hong Kong. We continue the discussion on revenue mix in our first report and conclude that it is impossible for an online platform focusing on SME clients to have majority of revenue coming from Hong Kong. We found the behavior of online SME clients to be so mysterious that we can only conclude Cogobuy has successfully developed a new unique business model of “B2G”.

English Version: Download Full Report (PDF) View on Scribd
Chinese Version: Download Full Report (PDF) View on Scribd