IHC is this kind of sprawling network of companies.

IHC 就是这种庞大的公司网络。

Some of IHC's biggest subsidiaries are themselves listed companies.

IHC 的一些最大子公司本身就是上市公司。

In other words, IHC's numbers just did not add up.

换句话说，IHC 的数字并没有加起来。

IHC also has made investments in firms ranging from India's Adani Group to Elon Musk's SpaceX.

IHC 还投资了从印度的 Adani Group 到 Elon Musk 的 SpaceX 等公司。

And he's talking about International Holding Company or IHC.

他说的是国际控股公司或 IHC。

And as IHC got bigger, so did the stock exchange that it's listed on.

随着 IHC 变大， 它上市的证券交易所也变大了。

Over a three-year timeframe, between 2020 and 2023, he found that two-thirds of IHC's transactions were done in this bulk trading style.

在 2020 年至 2023 年的三年时间范围内， 他发现 IHC 三分之二的交易都是以这种大宗交易方式完成的。

And back then, IHC was still nowhere near the size that it is today.

那时，IHC 的规模还远不及今天的规模。

Andrew published another story about these trades last month and he says he still has big questions about IHC.

安德鲁上个月发表了另一个关于这些交易的故事， 他说他对 IHC 仍然有很大的疑问。

So there are plenty of unknowns here, and IHC only wants to grow larger.

所以这里有很多未知数， 而 IHC 只想做大。

I mean, we were told by IHC'S CEO that he wants to create a global giant.

IHC 的首席执行官告诉我们他想创建一个全球巨头。

So how did IHC do it? How did it get so big?

那么IHC是怎么做到的呢？它是怎么变得这么大的？

If it had one, there'd be more information on IHC from ratings agencies.

如果有的话， 评级机构就会提供更多关于 IHC 的信息。

So Andrew observed IHC's rapid growth and the growth of the Abu Dhabi Securities Exchange, or ADX.

因此， 安德鲁观察了 IHC 的快速成长和阿布扎比证券交易所 (ADX) 的成长。

There's no suggestion of illegal activity by IHC.

没有迹象表明 IHC 存在非法活动。

So Andrew and Simeon decided they needed to hear from the horse's mouth itself: IHC.

因此，Andrew 和 Simeon 决定他们需要从马口中听到：IHC。

Shueb explained that IHC had grown through a transfer of assets from a company called Royal Group.

Shueb 解释说， IHC 是通过从一家名为 Royal Group 的公司转移资产而发展壮大的。

So Andrew and Simeon decided they needed to hear from the horse's mouth itself — IHC.

因此，Andrew 和 Simeon 决定他们需要听听马口中的说法——IHC。

Now, IHC would come back to us and say, well, not only were the assets transferred, but then they grew and they've been very successful.

现在，IHC 会回来告诉我们，好吧，不仅资产转移了，而且他们成长了， 他们非常成功。

But it's important to note that Royal Group is yet another company in Sheikh Tahnoon's web that we mentioned earlier and it's actually the majority shareholder in IHC.

但值得注意的是， Royal Group 是我们之前提到的 Sheikh Tahnoon 网站上的另一家公司， 它实际上是 IHC 的大股东。