Moxian, Inc. MOXC
MOXC is a Nevada shell whose Chinese 'operating' subsidiaries lack valid licenses, working phones, and a real GM, while related-party debt swaps fueled a 2,400% stock pump.
Thesis
Wolfpack is short Moxian, Inc. (MOXC), arguing the Nasdaq-listed company is effectively a Nevada shell whose Chinese 'operating' subsidiaries do not actually operate. The purported VIE Moyi Shenzhen lacks valid licenses — its 2014 ICP covers only Guangdong, and its 2015 national license expressly excluded internet information services and was cancelled by China's MIIT in February 2021. Phone numbers, websites and emails for all three Chinese entities are dead, and Moxian Shenzhen has ignored a court order to remove its terminated General Manager. Reported FY2020 revenue of $946,466 came almost entirely from one related-party customer whose $1.35M receivable was later fully written off. Meanwhile, related-party debt swaps at $1.50 produced gains of ~2,400% as the stock pumped 2,318% in 12 months on suspected gamma-squeeze activity reminiscent of Archegos. Wolfpack sees severe downside risk.
SCQA
Moxian, Inc. (MOXC) is a Nasdaq-listed Nevada parent claiming to operate an online advertising business in China through subsidiary Moxian Shenzhen and purported VIE Moyi Shenzhen, with a $329M market cap.
Chinese entities lack the licenses required to legally run online advertising, have non-functional contact channels, ignore court orders on basic governance, and generate revenue almost entirely from one related party.
Wolfpack publishes evidence — MIIT license cancellation records, Qixinbao filings, court judgments, sanctions, the corporate-shell map, and related-party debt-swap data — to expose MOXC as a stock promotion vehicle with no real business.
Severe downside risk for MOXC shares in the near term as insiders sitting on ~2,400% gains with sub-$1.50 cost basis are positioned to sell into any volume at almost any price.
The three reasons
- 1
Chinese subsidiaries lack valid licenses: 2015 national ICP cancelled by MIIT Feb 2021, 2014 license is Guangdong-only
- 2
Operating entities are dead shells: no working phones, bounced emails, court-ordered GM removal ignored, 7 court sanctions on legal rep
- 3
FY2020 'best ever' revenue came from one related party whose $1.35M receivable was fully written off — pure stock promotion
Primary demands
- Investors should recognize MOXC as a Nevada shell engaged in stock promotion rather than a real operating business
- Nasdaq should reassess MOXC's continued listing given the absence of legitimate Chinese operations
KPIs cited
Pattern membership
Precedents cited
- Luckin Coffee (Centurion ZD audit takeover after E&Y resignation)
- Archegos/Bill Hwang gamma squeeze in GSX Techedu and iQIYI
- YRIV and CBAT (other Centurion-audited China-based US listings flagged as frauds)
- Spruce Point prior tweets on MOXC default
Composition what's on the 22 slides
Slide gallery ·
Notes
Classic Wolfpack short-seller research note format: Word-style prose body with embedded screenshots of Chinese government databases (Qixinbao, MIIT, Samoan registry, Open Corporates) as evidence. Strong evidence-as-image rhetoric — every claim is anchored to a screenshot. Corporate-structure shell map on p.10 with red callout annotations is the most slide-worthy visual; Bloomberg chart on p.14 annotates 'Btab deal announced/terminated' and 'Spruce Point Tweets' as catalysts on a 2,318% pump. Author byline is institutional (Wolfpack Research / WPR LLC), no named individual signatory.