Tianhe Chemicals Group has strongly denied allegations of fraud – inflating sales and profits – by Anonymous Analytics, a U.S. group of anonymous analysts, and threatened to sue it for damages. “The report contains errors, misleading statements and malicious accusations against the company and its directors,” Tianhe said in a statement. Anonymous Analytics called for the company to be delisted from the Hong Kong stock exchange and its executives prosecuted. State Administration for Industry and Commerce (SAIC) filings of Tianhe’s subsidiaries show that in 2012, its revenue was 85% less than it reported and its net profit was almost 100% less, Anonymous Analytics alleged. Tianhe listed in Hong Kong in June, raising HKD3.5 billion. The joint sponsors were Morgan Stanley, UBS, and Bank of America Merrill Lynch. Morgan Stanley declined to comment. In 2012, Morgan Stanley Private Equity Asia invested USD300 million in Tianhe, the company’s initial public offering (IPO) prospectus said. The investment was the largest by the Morgan Stanley private equity fund, said a hedge fund manager who declined to be named. During Tianhe’s pre-IPO roadshow in May, its executives told the hedge fund manager that Morgan Stanley had spent millions of U.S. dollars doing due diligence on Tianhe before it listed, the hedge fund manager told the South China Morning Post. UBS confirmed that Joyce Wei, the daughter of Tianhe Chairman Wei Qi, still works at the Swiss bank after leaving JP Morgan in late 2013. In January, JP Morgan withdrew its involvement in the IPO, on concerns about the U.S. bank’s previous employment of Joyce Wei.