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And if it’s not out to make money, what’s the motivation for the analysts to undertake the project? They claim it’s all about transparency.

According to its website, the purpose of Anonymous Analytics is to take the principles around access to information and transparency espoused by the larger Anonymous movement to the corporate world.

Since 2011, it has taken aim at about a half-a-dozen companies it alleges tried to mislead shareholders — most but not all of them Chinese.

The charges against Tianhe, and other targets of Anonymous, have not been proven in court, so it remains an open question as to how supportable its charges are.

“There’s nothing wrong with short selling — it’s perfectly legitimate,” said Laurence Booth, a finance professor at the Rotman School of Management. What would not be legitimate is if short sellers were to plant false stories in the media to crater the stock price, he said. “When you get a report by a group of individuals or a brokerage, you have to take that into account.”

Tianhe had reached a market value of US$7.6-billion before trading was suspended shortly after the report became public. The company on Tuesday evening slammed Anonymous Analytics, saying the report “contains errors of fact, misleading statements and malicious accusations…” It said a more thorough response would be issued “as soon as practicable.”

The company’s shares slipped nearly 5% before they were halted, though they’re still up substantially from the initial public offering in the summer. Morgan Stanley Private Equity is a major investor in Tianhe.