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  "docSlug": "119f785c139d",
  "documentTitle": "ZJK Industrial (ZJK)",
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  "authorName": "White Diamond Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-05-03 00:00:00",
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  "notes": "Includes screenshots of financial tables and text excerpts from SEC filings to support the claim of related-party influence.",
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      "kind": "callout",
      "text": "ZJK reports that it puts a considerable amount of investment in its subsidiaries every year. It’s possible some of that investment comes back in related party sales as “round tripping”.",
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      "text": "Table showing related party sales and loan transactions for PSM ZJK.",
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      "text": "Excerpt from SEC filing regarding board composition.",
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      "text": "related-party sales: $15,093,811",
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      "kind": "paragraph",
      "text": "ZJK reports that it puts a considerable amount of investment in its subsidiaries every year. It’s possible some of that investment comes back in related party sales as “round tripping”. This is shown below:",
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      "kind": "paragraph",
      "text": "I am an investor in ZJK. I have some questions about the company, who can i speak to?",
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      "kind": "paragraph",
      "text": "ZJK has an equity investment in PSM ZJK, and also, the CEO of ZJK, Ning Ding, is on the board of PSM ZJK:",
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      "kind": "paragraph",
      "text": "As stated, ZJK is a rudimentary screw maker. Their related party customer literally has the name 'ZJK' in it:",
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      "kind": "quote",
      "text": "On November 29, 2021, two new directors, Mr. Ning Ding and Mr. Shucai Song joined the board of PSM-ZJK. Together the existing director Mr. TAN EL PAN EDDY, there were three directors on the board, of which, two are nominated by BULTEN Wuxi, one is nominated by Zhongjinke Shenzhen.",
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      "text": "Source: SEC filings",
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      "text": "Revenue breakdown table for 2022 and 2023 showing third-party vs related-party sales.",
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      "kind": "title",
      "text": "ZJK’s Revenue Growth Comes From Related-Party Sales – Its Subsidiary PSM ZJK",
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