It looks like Left's concerns were largely legitimate, but he wasn't familiar enough with the standard accounting and industry practices that the authorities were able to nitpick details he got wrong, and he probably used a bit of hyperbolic tone to describe the real concerns about the Chinese property market.
The problems with the Chinese property market isn't "accounting fraud" as alleged because everybody is doing it in the open, I guess.
I think Left's main "fault" was that he shorted the stock, triggered a small panic, and profited from the deal. I mean, that's market manipulation unless the allegations are true, and it really is unfortunate that when it comes to truth, it's more like "what I said might be technically wrong, but I'm telling the truth!"