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\*\*DISCLOSURE: I am short NNNN and stand to benefit if the stock declines. This is not investment advice. Do your own research.\*\*
Anbio Biotechnology ($NNNN) is a COVID-19 test kit distributor trading at a $944M market cap on $8.2M in annual revenue with primary operations in China. While researching the company's fundamentals, we traced its IPO underwriter to a network connected to a DOJ-indicted securities fraud. 18 stocks from this network have already collapsed an average of 96% from their peaks. 9 more — including NNNN — totaling $1.15B in market cap remain at elevated valuations.
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\## The DOJ Case: Ostin Technology ($OST)
In September 2025, the DOJ indicted the co-CEO of Ostin Technology Group ($OST) for orchestrating a $110 million pump-and-dump scheme.
\*\*The playbook according to the indictment:\*\*
1. Insiders obtained millions of shares through "non-bona fide securities transactions" (essentially free)
2. Fake social media accounts impersonated investment advisors to generate hype
3. Stock pumped from $22M to over $1B market cap in two months
4. Insiders dumped on retail investors
5. On June 26, 2025, OST crashed 94% in a single trading session
OST peaked at 247,875% of its $4 IPO price. It now trades at 42%.
\*\*Source:\*\* \[DOJ Press Release\](https://www.justice.gov/usao-edva/pr/co-ceo-chinese-publicly-traded-technology-company-and-financial-advisor-indicted-over)
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\## The Connection to NNNN
We traced OST's placement agent: \*\*Univest Securities LLC (CRD# 7842)\*\*.
Univest was founded by the same individual who founded \*\*AC Sunshine Securities (SEC ID# 8-70837)\*\* — the underwriter for $NNNN.
Both firms clear trades through \*\*Velox Clearing LLC (CRD# 46122)\*\*.
In 2025, Velox was fined \*\*$1.8 million\*\* by the SEC and FINRA for:
\- Failing to detect spoofing and layering
\- Failing to file Suspicious Activity Reports
\- 10,000+ off-channel communications (WeChat) never reviewed
\---
\## The Pattern: FINRA Warning
FINRA Regulatory Notice 22-25 (November 2022) warned of a "heightened threat of fraud" in offerings with:
\- Cayman Islands incorporation
\- China-based operations
\- $4-8 IPO pricing
\- Sub-$25M deal size
\- Share allocations to Hong Kong brokers
$NNNN matches all of these characteristics.
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\## The Data: 18 Collapsed Stocks
We analyzed 47 IPOs from these connected underwriter networks using a 10-factor framework based on the FINRA warning.
\*\*27 stocks matched the high-risk pattern. 18 have collapsed:\*\*
| Ticker | Peak % of IPO | Current % | Decline |
|--------|---------------|-----------|---------|
| WTO | 36,875,000% | 14% | 100% |
| JZXN | 3,485,664% | 34% | 100% |
| WNW | 1,715,000% | 30% | 100% |
| OST (DOJ) | 247,875% | 42% | 100% |
| TAOP | 105,450% | 37% | 100% |
| ATXG | 131,308% | 7% | 100% |
| SXTC | 29,875% | 2% | 100% |
| GVH | 12,900% | 31% | 100% |

\*\*Average decline from peak: 96.4%\*\*
\---
\## Volume Anomalies
The collapsed stocks show extreme volume spikes indicating coordinated trading.
Normal securities show max/median daily volume ratios of 5-20x.
| Ticker | Volume Ratio |
|--------|--------------|
| WTO | 2,473,400x |
| WNW | 89,992x |
| GVH | 82,227x |
| JZXN | 77,406x |
| OST | 43,502x |
\*\*Average across all 18 collapsed stocks: 158,281x\*\*
\---
\## At-Risk Stocks: $1.15B Exposure
9 stocks matching the same pattern remain at elevated valuations:
| Ticker | Company | Market Cap | Pattern Factors |
|--------|---------|------------|-----------------|
| NNNN | Anbio Biotechnology | $944M | 9/10 |
| ZBAI | ATIF Holdings | $74M | 8/10 |
| LICN | Lichen China | $51M | 10/10 |
| HOLO | MicroCloud Hologram | $40M | 8/10 |
| TKLF | Yoshitsu Co | $15M | 8/10 |
| SPHL | Springview Holdings | $12M | 8/10 |
| TWG | Top Wealth Group | $7M | 10/10 |
| BAOS | Baosheng Media | $5M | 10/10 |
| UPC | Universe Pharmaceuticals | $2M | 10/10 |
\*\*Combined: $1.15 billion\*\*
\---
\## NNNN Specifics
$NNNN shares every structural characteristic of the collapsed stocks:
\- ✓ Cayman Islands incorporation
\- ✓ Foreign Private Issuer status
\- ✓ VIE structure
\- ✓ Dual-class voting (50:1)
\- ✓ $5 IPO price
\- ✓ China operations
\- ✓ Same underwriter network (AC Sunshine)
\- ✓ Same clearing firm (Velox)
\*\*Fundamentals:\*\*
\- FY2024 revenue: $8.2M
\- Current market cap: $944M
\- Price/Sales ratio: 115x
\- Business: COVID-19 test kits (commoditized, declining market)
\---
\## The 10-Factor Framework
| # | Factor | NNNN |
|---|--------|------|
| 1 | Offshore incorporation (Cayman/BVI) | ✓ |
| 2 | Foreign Private Issuer status | ✓ |
| 3 | $4-8 IPO price | ✓ |
| 4 | Micro-cap offering (<$25M) | ✓ |
| 5 | VIE structure | ✓ |
| 6 | Dual-class voting | ✓ |
| 7 | China/HK operations | ✓ |
| 8 | High-risk clearing firm (Velox) | ✓ |
| 9 | High-risk underwriter network | ✓ |
| 10 | Volume anomaly (>100x) | Pending |
\*\*NNNN scores 9/10.\*\*
\---
\## Sources
All data from public records:
\- DOJ press releases
\- SEC/FINRA enforcement actions
\- Company SEC filings (EDGAR)
\- FINRA BrokerCheck
\- Yahoo Finance (price/volume data)
\---
\## Conclusion
We are not making predictions about what will happen to NNNN or any other stock.
We are documenting that 18 stocks with identical characteristics from the same underwriter network have collapsed an average of 96% from their peaks. 9 more stocks — including NNNN at $944M — match the same pattern.
\*\*DISCLOSURE: We hold a short position in $NNNN and stand to benefit if the stock declines. This is not investment advice. DYOR.\*\*
\---
Happy to answer questions or provide additional documentation.

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