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Abalance – Open Kimono

May 19, 2023 – This report will detail the corporate filings our team has pulled from Japan and Hong Kong showing numerous undisclosed related party transactions with Abalance insiders. These transactions take place with dummy shell companies and unconsolidated subsidiaries of VSUN.

  • Our research suggests that Abalance management and their CSUN associates have been embezzling assets and money from Abalance shareholders.
  • The center of this web appears to be Abalance CEO Ryu Junsei who we believe must explain his involvement to shareholders.
  • Fuji Solar, who accounts for over 90% of company revenues with its subsidiary VSUN, appears to be audited by a co-owner of the subsidiary, and not an independent third-party accounting firm.
  • This report will also break down ridiculous valuation metrics applied to Abalance’s minor economic interests in fully consolidated subsidiaries.
  • In our first report Viceroy highlighted the fact that despite fully consolidating VSUN, it is only entitled to ~43% of profits from its operations due to its holding structure. Abalance owns 51% of Fuji Solar which in-turn owns ~85% of VSUN.

The data we have collected are all sourced from public registries and are independently verifiable at the cost of a few dollars. Our work is accurately referenced. Management has no room to deny the veracity of Viceroy’s work without directly addressing any of our concerns.

[A Japanese translation of this report will be available shortly]

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