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Who is Chang Chung-Ling and, does Adani have a Chinese connection?

The name Chang Chung-Ling is mentioned at least four times in the short-seller report, but not even once in the Adani Group’s response. Let us break it down. 

By Pallav Jain
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Who is Chang Chung-Ling and, does Adani fraud has a Chinese connection?

The Hindenburg report has been out for more than a week, and there have been rebuttals from both sides. The current discourse is on how the Adani group is claiming the report to be an attack on India, and its growth rate. To which Hindenburg said, ‘draped itself in the Indian flag while systematically looting the nation.’

In the report, the Adani group has been accused of fraud, market manipulation, black money transactions, and more. But, all this has a Chinese connection. In the 413-page-long Adani group’s response, they have not even addressed it.

In Hindenburg's response titled ‘Our Reply To Adani: Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised’, the organization said, 

‘The Adani Group has not even attempted to clarify its relationship with a Chinese National (Chang Chung-Ling), despite a plethora of linkages. We had asked: What is the nature of Chang Chung-Ling’s relationship with the Adani Group, including his relationship with Vinod Adani?’

Read more: The mysterious Chinese connection in the Hindenburg-Adani saga | Mint 

About Chang Chung-Ling, in brief

The name Chang Chung-Ling is mentioned at least four times in the short-seller report, but not even once in the Adani Group’s response. Let us break it down. 

According to Taiwanese media, Chang has served as a shareholder and close business partner and has close relations with Vinod Adani. Vinod Adani is Gautam Adani’s elder brother. He served as the director in Gudami International, which according to the 2002 company filings is a company related to the Adani group. Interestingly, the same company is mentioned in the infamous AgustaWestland scam. This company invested heavily through Monterosa Investment Holdings. This investment is accused of being black money. 

Chang Chung-Ling

According to the Hindenburg report, “The son of Chang Chung Ling is the beneficial owner of the major contractor to the Adani Group called PMC Projects.”

Chang is reported to have been associated with a Mauritius entity called the Growmore Trade and Investment. This company also merged with Adani Power in 2011. According to a 2014 Directorate of Revenue Intelligence (DRI) investigative report, Chang has served as director to various companies to ‘siphon’’ money out of its publicly listed companies.

Vinod Adani became the director of Electrogen Infra Holding Pvt. Ltd., the day after Chang resigned. The home address of Chang and Vinod Adani is the same i.e. 75, Meyer Road, #17-01, Hawaii Tower, in 2005.

Chang has close relations with the Adani Group still, claims the report. The reports allege numerous more frauds, and operations of shell companies with Vinod Adani. 

Read more: Who Is Chang Chung-Ling: The Chinese Link Featured In Hindenburg-Adani Crossfire 


Adani Group is pushing to make the report seem like an attack on India’s sovereignty. Believe it or not, there is a series of tweets that think exactly that. China has been attacking India and trying to occupy regions in the North of India. Amidst these tensions, the Government of India is pushing for a Chinese boycott from the general population, but the biggest industrialist is making money, the report claims.

It is important to note that, a small organization like Hinderburg could pick out flaws in the Adani Group’s ecosystem, but the banks funding the company couldn’t. I am not talking about LIC or SBI, but multinational banks in US, UK, and more. Recently, the Port of Haifa in Israel was handed over Adani group for management. Adani SportsLine bought a team in the Women’s premier league. The share prices of Adani group companies keep falling, but their FPO was over-subscribed.


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