{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b95-c91281d84a77", "slug": "85021cb773d9", "title": "RINO International Corp. (RINO)", "subtitle": "Carson C. Block · 2010-11", "author": "Carson C. Block", "date": "2010-11-10 00:00:00", "pageCount": 30, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.7070758, "targetCompany": "RINO International Corp.", "targetTicker": "RINO", "document": { "id": "019dd923-622c-750b-8b95-c91281d84a77", "slug": "85021cb773d9", "title": "RINO International Corp. (RINO)", "rawTitle": "RINO MW 11102010", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "authorDisplay": "Carson C. 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auditor resigned). Format is a Word-style research memo with appendices (RINO's own investor presentation reproduced as proof, SAIC filings, VIE balance sheets, a horizontal timeline of the luxury-home loan). Strong forensic playbook: triangulating SEC filings vs. SAIC vs. customer interviews vs. China Construction Project Bidding website. Auditor (Frazer Frost) named alongside management. No traditional stake disclosure since this is a short position; disclaimer states Muddy Waters and clients hold a short position and stand to gain on declines.", "kpisCited": [ { "detail": "$192.6 million", "metric": "Reported 2009 revenue (US filings)" }, { "detail": "$11.1 million — 94.2% lower than US-reported", "metric": "Actual 2009 consolidated revenue (SAIC filings)" }, { "detail": "Less than $15 million", "metric": "Estimated true annual revenue" }, { "detail": "5 of 9 named customers deny buying; 6th likely fabricated (Bao Steel)", "metric": "Fabricated FGD customer relationships" }, { "detail": "60% to 75% historically", "metric": "FGD share of reported revenue" }, { "detail": "35-40% vs. industry leaders generally <20%", "metric": "Claimed FGD gross margin" }, { "detail": "At least $35-40 million via Innomind", "metric": "Cash diverted from RINO to VIE / founders" }, { "detail": "$120 million owed under Entrusted Management Agreement", "metric": "Cumulative VIE pretax income unpaid to RINO" }, { "detail": "~$3.5M borrowed Dec 7, 2009 to buy a $3.2M Orange County, CA home", "metric": "Founders' luxury home loan" }, { "detail": "~$70M / $2.45 per share, based on residual raise cash", "metric": "Implied valuation" } ], "closingAsk": "Sell RINO — its financials are fabricated, management is diverting cash, and the company is worth no more than the residual raise capital, about $2.45 per share.", "extraction": { "at": "2026-04-22 18:57:21+00", "model": "unknown-legacy", "runId": null, "seconds": 101.76706, "promptVersion": null }, "scqaReward": "Price target of $2.45 per share (~$70M equity value) versus the prevailing $15.52 — roughly 84% downside, with further declines as cash continues to leak from the company.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Chinese SAIC filings show 2009 revenue of $11M vs. $192.6M reported in US (94.2% lower)", "Five of nine purported FGD customers deny ever buying from RINO", "Founders drained $35-40M from company via VIE abuse and a $3.5M luxury home loan" ], "scqaSituation": "RINO International is a $444M-market-cap Nasdaq-listed Chinese reverse-merger that claims to be the leading supplier of flue-gas desulfurization (FGD) systems to China's iron and steel mills, with $192.6M of 2009 revenue.", "thesisSummary": "Muddy Waters argues RINO International, a Chinese reverse-merger maker of steel-mill desulfurization equipment, is a fraud worth $2.45 per share versus a $15.52 market price. Chinese SAIC regulatory filings show 2009 consolidated revenue of just $11.1 million, 94.2% below the $192.6 million reported to the SEC, and five of nine claimed FGD customers (Yueyufeng, Yuhua, Lai, Chongqing, Changli) deny ever purchasing from RINO. Beyond inflated revenues, founders Mr. Dejun Zou (CEO) and Ms. Jianping Qiu (chairwoman) are abusing the VIE structure: VIE has never paid the $120 million of pretax income owed to Innomind, and the couple borrowed $3.5 million to buy a Coto de Caza luxury home the day RINO closed a $100 million raise. Auditor Frazer Frost has been linked to other problem China micro-caps. Block values the company on residual cash, not earnings.", "primaryDemands": [ "Sell the stock (Strong Sell rating, $2.45 price target vs. $15.52)", "Recognize that reported revenue is fabricated and that management has diverted shareholder cash via the VIE structure" ], "scqaResolution": "Sell RINO immediately. Treat reported earnings as fabricated, value the company on residual cash from the December 2009 raise (less the $35-40M already diverted to the VIE), and assume the Changxing Island project burns more capital.", "thesisOneLiner": "RINO is a near-zero: 94% of its reported revenue is fabricated, customers deny buying its FGD systems, and founders are draining cash via the VIE; fair value $2.45 vs. $15.52.", "precedentsCited": [ "Frazer Frost auditor's record at other problem Chinese micro-caps", "Common pattern of Chinese reverse-mergers understating SAIC revenue by 20-50%" ], "scqaComplication": "RINO's Chinese SAIC filings show only $11.1M of 2009 revenue, multiple named FGD customers deny buying from RINO, and founders are siphoning cash through a VIE that has never made the $120M of payments it owes the listed entity.", "narrativeInterest": 5, "notableSlidePages": [ 1, 11, 12, 25, 30 ], "peerCompaniesCited": [ "Panzhihua Iron & Steel Group", "Jinan Iron & Steel Group", "Bao Steel (Baosteel)", "Yueyufeng Steel Group", "Yuhua Steel", "Lai Steel Group", "Chongqing Iron & Steel", "Nanchang Changli Iron & Steel" ], "valuationFrameworks": [ "asset_value" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is a classic Muddy Waters short-thesis research note.", "function": "summarize", "imagePath": "https://imgproxy.kitesheet.com/9nD-VwC5Jux58dFsgrCIzhl8sRfe4RLZxxPMm5fu-oU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84NTAyMWNiNzczZDkvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 12, "textChars": 1273, "nDataPoints": 10, "notes": "This is a classic Muddy Waters short-thesis research note.", "elementsJson": [ "logo_grid", "bullet_list", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:53:24.521+00", "seconds": 4.525, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-c91281d84a77/1", "deck": "/decks/019dd923-622c-750b-8b95-c91281d84a77", "deckAnchor": "/decks/019dd923-622c-750b-8b95-c91281d84a77#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b95-c91281d84a77.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "RINO claims to be the leader in selling desulfurization (“FGD”) and other environmental equipment to Chinese steel mills. It reported 2009 revenue of $193 million. 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We found that many of its customer relationships do not exist.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29a8e6ac-272b-4ae3-a229-1eb1c045a936", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.44, "x": 0.5, "y": 0.42 }, "kind": "list", "text": "RINO claims to be the leader in selling desulfurization... We value RINO based on the cash we believe remains in the company after the most recent raise.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2edffeae-c9f1-4ffb-a0cd-9dfd2c4a3059", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.44, "x": 0.5, "y": 0.65 }, "kind": "list", "text": "RINO's accounting has serious flaws that are clear signs of cooked books.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44c096d1-de34-4254-a95b-0b8e34af9ff3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.44, "x": 0.5, "y": 0.85 }, "kind": "list", "text": "We are not sanguine about management “borrowing” $3.2 million to purchase a luxury home in Orange County, CA.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73282634-a969-45a2-bb31-dba95f20b451", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.44, "x": 0.5, "y": 0.69 }, "kind": "list", "text": "RINO's management is draining cash from the company for its own business and personal uses.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, 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"019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.521+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d693c725-e351-42f3-8f09-266ea7b919ed", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.44, "x": 0.5, "y": 0.59 }, "kind": "list", "text": "Chinese regulatory filings show that RINO's consolidated 2009 revenue was only $11 million, or 94.2% lower than it reported in the US.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null 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It claims gross margins of 35% to 40% on FGD projects, which are far in excess of those of the leading companies (generally less than 20%).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33779bd9-e354-4a8e-b2a1-c55f98b2011f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.49 }, "kind": "paragraph", "text": "While immaterial compared to their other sins, RINO management's \"borrowing\" $3.5 million to purchase a luxury home in Orange County gives insight to their character.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41aa0cd7-ccda-475a-a4d4-d3c4ad451490", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "RINO's value added tax (\"VAT\") payment disclosures in its SEC filings greatly contradict its reported revenues, and are a clear sign of cooked books. The discrepancies also suggest money leakage from the Company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41c72608-381b-496e-89bc-7c58f619f38d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.35 }, "kind": "paragraph", "text": "RINO's balance sheet has an astonishingly small amount of tangible assets for a manufacturer. Rather, it is filled with low quality \"paper\" assets that we doubt exist.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ccdfc45-9572-4e27-9a9d-b49f5b0e5d3b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.16 }, "kind": "paragraph", "text": "RINO's claim that it had no PRC income tax expense in 2008 and 2009 cannot be true, which also shows significant misstatements in its financials and lack of diligence by its auditor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a624bcc-3b03-47b7-a2b0-c16301d4e1c5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.26 }, "kind": "paragraph", "text": "Because management is abusing the VIE structure. We believe that RINO's shareholders own only a shell company that still has some of the cash they contributed. Instead, they have pulled out at least $35 million from the Company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adde4e74-2ab1-48a1-9eed-ec75c6b1285b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.6 }, "kind": "paragraph", "text": "RINO designs, sells, manufactures, installs, and services environmental protection equipment for China's iron and steel producers. Because FGD systems historically have accounted for 60% to 75% of RINO's revenue, we focus specifically on this line of business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d686ea16-85cb-47ff-912c-ee8841e4d1f6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.69 }, "kind": "title", "text": "RINO has Fabricated FGD Customer Relationships and Significantly Overstated Revenue.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "747c1d29-d510-4375-a4c0-d2203fc352fb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.14, "y": 0.56 }, "kind": "title", "text": "Company Description", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.877+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2dc522c-b5dd-4eed-82e4-5e1d295d3dc0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "dafe3c6d-3fca-43c8-858e-2993475fef13", "matchId": "a2397a99-6607-4ebc-8546-3fcbe5f024ba", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document introduces the problems with RINO's financials and management", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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It is likely that RINO fabricated a sixth customer relationship (Bao Steel) from this group as well. Only three customers from the group confirm having purchased FGD systems from RINO.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:36.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18121fc4-6e0d-42b7-a9a8-fb356c851b16", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.39 }, "kind": "paragraph", "text": "We confirmed that Yueyufeng is not an FGD customer, which means that 2009 revenue is at least $12.7 million lower than reported. A RINO March 2010 investor presentation (“Investor Presentation”) claims that Yueyufeng is a significant FGD customer.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:36.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6c881a4-ef6c-492c-ae7e-bc5072e6cb5f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.26 }, "kind": "paragraph", "text": "The purported FGD customers we found that have not actually purchased RINO FGD systems are the Yueyufeng Steel Group (“Yueyufeng”), Yuhua Steel Co. Ltd (“Yuhua”), the Lai Steel Group (“Lai”), Chongqing Iron & Steel (“Chongqing”), Nanchang Changli Iron & Steel (“Changli”), and most likely Bao Steel (“Bao”).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:36.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a763b9e6-2960-43c6-8aee-2a7fe1c07e2a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.64 }, "kind": "paragraph", "text": "We confirmed that Yuhua is not an FGD customer. RINO disclosed in its 2008 10-K (filed March 31, 2009) that it had installed an FGD system at Yuhua. However, our contact reported that Yuhua only has one FGD system, and that RINO was not the vendor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:36.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebe7d579-07b2-461f-8ba5-8cae4701028e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.14, "y": 0.81 }, "kind": "source-note", "text": "2 See Appendix A. 3 See Appendix B. 4 http://www.cnr.cn/zhfw/xwzx/zhxw/200908/t20090811_505427307.html 5 See Appendix C - we obtained the bid information from www.zhaobiao.gov.cn. 6 RINO International Corp. 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We think it is probable that RINO did not work on any FGD projects for Bao or its subsidiaries, despite its claim in the Investor Presentation to have done so.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.361+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ec22a44-7a2f-424e-a9d7-013b6ebdc643", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.12 }, "kind": "paragraph", "text": "Lai relationship is fabricated. We confirmed that Lai is not an FGD customer. The Investor Presentation claims that Lai is an FGD customer. However, Lai has two FGD systems, and no work was contracted or sub-contracted to RINO.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.361+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b046fbd-9618-43f5-84dd-a8bf022731a2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.28 }, "kind": "paragraph", "text": "Chongqing relationship is fabricated. We confirmed that Chongqing is not an FGD customer. RINO's 2009 Form 10-K states that RINO has installed an FGD system at Chongqing. However, our contact stated that Chongqing is currently building its first FGD system.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.361+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39cb6b7f-2170-4bdb-884d-a7ba44381085", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.72, "x": 0.14, "y": 0.44 }, "kind": "paragraph", "text": "Changli relationship is fabricated. We confirmed that Changli is not currently an FGD customer. However, RINO's 2009 Form 10-K states that RINO had installed an FGD system at Changli. Changli is presently soliciting bids for its first FGD system.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:23.361+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e26d2f27-8797-4a3a-90b8-2379175ad7cd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"[RINO’s] technology has no advantage beside not producing wastewater.\" — Contact at Lai", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdf1-04f3db1214f2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.14, "y": 0.85 }, "kind": "source-note", "text": "8 See Appendix A. 9 RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. 11. 10 Id. 11 www.ifragroup.com.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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It may also disguise cash leakage from the Company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:25.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a21a0a0-8fa0-4f94-bf2c-aec4c5954b7d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. F-30. — RINO International Corp.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdf1-870f79f83da1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.09, "y": 0.84 }, "kind": "source-note", "text": "15 RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. F-30.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(RINO should have paid income taxes of at least 15% in 2008 and 2009.) We cannot comment on the exact implications of RINO’s misstatement. In a general sense though, RINO is committing a complicated accounting fraud with a lot of moving parts. When the difference between reality and reported numbers is great, it is easy to make mistakes. Claiming zero income taxes in 2008 and 2009 is one such mistake. RINO has had four CFOs in three years, which increases the challenge of committing the fraud.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7016a5c7-928c-4370-bafc-337c22877d0a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.72, "x": 0.14, "y": 0.31 }, "kind": "paragraph", "text": "There are two principal entities involved in the tax analysis: Dalian Rino Environmental Engineering Science and Technology Co. Ltd. (“VIE”), and Dalian Innomind Environment Engineering Co., Ltd. (“Innomind”). VIE is RINO’s operating entity, but is owned by the Company’s CEO, Mr. Dejun Zou, and chairwoman, Ms. Jianping Qiu. (Mr. Zou and Ms. Qiu are married.) Innomind is owned by RINO (i.e., the public company), and its purpose is purportedly to provide management services to VIE in return for 100% of VIE’s pre-tax income. (See RINO’s Founders Have Failed to Transfer Income to the Company, and to Let the Company Operate out of the Facilities it Supposedly Leases. What do RINO Shareholders Actually Own? for an in-depth discussion of the relationship between VIE and Innomind.) Recall that according to the 2009 SAIC income statements, VIE is the only RINO entity booking any revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "716fb903-41b9-428b-81f8-328defe9170c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.14, "y": 0.57 }, "kind": "paragraph", "text": "The key takeaways from the following table analyzing RINO’s claimed tax treatment are 1) Innomind has no applicable exemptions to its income in 2008 and 2009, 2) Even if VIE transferred income to Innomind via a management fee, VIE cannot deduct this expense from income; and, thus RINO (through VIE) would have paid income taxes. 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Lease to Innomind substantially all of RINO's manufacturing plant and land at an annual rent of RMB 612,000; and Pay to Innomind on a monthly basis whatever pretax profit VIE generates.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:25.383+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14e3a28b-0402-49ee-9377-db42580c76d4", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.14, "y": 0.55 }, "kind": "paragraph", "text": "When RINO went public via reverse merger in October 2007, VIE had been carrying out all operations. 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RINO’s reported cumulative pretax income from September 30, 2007 onward is $120.0 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "888bc289-bbe6-4df5-a21f-9335fd7a6e30", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.585 }, "kind": "paragraph", "text": "The current asset balance for ROC should largely consist of cash RINO raised on December 7, 2009. The preponderance of operating liabilities in VIE shows that VIE continues to carry on almost all of RINO’s operations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9fa1e32-036f-4b31-84f2-da00f67cde3a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.08 }, "kind": "paragraph", "text": "The table below shows the VIE account balances. In order to determine the amounts in the rest of the company (“ROC”), we subtracted the VIE balances from those in the consolidated balance sheet.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:24.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0bf08f2-d210-4664-94b2-5ba6fc916cd6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Refer to RINO's SAIC Financial Statements Show 2009 Revenue of $11 million in which we show the 2009 SAIC income statement for Innomind, which shows no 2009 revenue.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdf2-bacc0546d6b9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.14, "y": 0.89 }, "kind": "source-note", "text": "RINO International Corp. June 30, 2010 Form 10-Q (filed May 15, 2010), p. 8.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Because We are Skeptical of Much of the “Paper” in RINO’s Balance Sheet, These Funds Could Have Been Misappropriated.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:28.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfb2f05b-4ff9-4541-ba04-f5aa812b6f1c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Even Worse, Innomind Appears to Have Provided VIE $35 - $40 million of Shareholders’ Money. Because We are Skeptical of Much of the “Paper” in RINO’s Balance Sheet, These Funds Could Have Been Misappropriated.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdf2-5917f0b82544", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.704, "x": 0.148, "y": 0.083 }, "kind": "paragraph", "text": "There are two reasons why VIE has never made these payments. The first is that the money simply is not there. As this report shows, RINO has significantly inflated its revenue and profits. The second reason is that to the extent VIE is profitable, Mr. Zou and Ms. Qiu want to keep the profits in the company of which they own 100%, rather than sharing with the shareholders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:28.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d9595aa-adbf-4460-9979-136a2afd37e8", "parentComponentId": null }, { "bbox": { "h": 0.165, "w": 0.704, "x": 0.148, "y": 0.588 }, "kind": "paragraph", "text": "The money that went into Innomind came directly from RINO’s equity raises. Innomind was originally incorporated with $20 million in paid-in-capital, which RINO paid in following its $21.3 million (net) raise in October 2007. Almost all of the money paid in had become receivables by December 31, 2008. In late 2009, Innomind applied to increase its capital to $80 million; and, has contributed a total of $40 million to date. (The additional $20 million would have had to come from the December 2009 equity raise. By law, VIE would not have been able to contribute equity capital to Innomind.) Note below that Innomind ended the year with $40.7 million in receivables. The December 2009 raise funded the increase in Innomind’s receivables.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:28.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c963807-1b0f-4e21-8e84-1dd6f5dc9675", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.704, "x": 0.148, "y": 0.478 }, "kind": "paragraph", "text": "The SAIC balance sheets we obtained through a reputable credit bureau show VIE’s Other Accounts Payable approximate Innomind’s Accounts Receivable plus Other Accounts Receivable. As of December 31, 2009, the approximate amount of these totals is $40 million. Given the $36.5 million difference between US GAAP cumulative pretax income and VIE’s payable to Rino International, it is clear that roughly $35 million to $40 million has improperly flowed from Innomind to VIE.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:28.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a0bf1db-2ab2-45e0-857d-e67ed134edd5", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.704, "x": 0.148, "y": 0.428 }, "kind": "paragraph", "text": "The $36.5 million difference between the payable and the cumulative pretax income (discussed in the prior section) is likely due to VIE borrowing money from Innomind.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:28.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b73dc92f-8385-491b-9913-1f6d11bc60f8", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.704, "x": 0.148, "y": 0.258 }, "kind": "paragraph", "text": "Because RINO does not own VIE, it has agreements with VIE designed to transfer money and value to RINO. Beyond not honoring those agreements, the management is causing money to flow the wrong way – into VIE. Innomind is lending money to VIE, which is highly improper and alarming because it would mean that VIE is actually taking money directly from RINO’s shareholders. Approximately $40 million in raised funds have been paid into Innomind, yet according to SAIC financials, Innomind is nearly devoid of cash or any tangible assets. Clearly, were VIE sitting on $120.0 million it owes Innomind, it would not need to pull $35 - $40 million more out of Innomind.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:28.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d843ba0f-540f-489b-9c69-dbb202052d9c", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.604, "x": 0.148, "y": 0.865 }, "kind": "source-note", "text": "18 RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. 29.\n19 All balance sheet numbers converted at RMB 6.83:$1.\n20 RINO International Corp. December 31, 2009 Form 10-K (filed March 31, 2010), p. 29.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Below is a table showing fiscal 2007 – 2009 contract revenues and year-end raw material balances.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:26.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f85e3cc5-43cf-4168-bcb0-da71068b5b08", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.3, "y": 0.24 }, "kind": "table", "text": "Long King and Fei Da tangible operating assets comparison table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:26.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73bd8316-aae6-4d60-8ba2-b2325f8fe127", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.27, "y": 0.46 }, "kind": "table", "text": "RINO contract revenue vs raw material balance table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:26.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8da41805-2e2f-4c89-bc32-f3631a9df40f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 16, "name": "The Victory", "beatId": "60b16da2-149a-4375-ab5d-61871983def3", "matchId": "a2397a99-6607-4ebc-8546-3fcbe5f024ba", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document concludes that RINO is not a viable investment opportunity", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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Common sense dictates that a factory such as this could not run a just in time system. The 2007 number becomes even more implausible by 2009. 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The advances for inventory are far too many times the raw material balance to be taken seriously.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdf2-d671549d73dc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "advances for inventory: $84,358,237", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdf2-dc2d423915e9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.75 }, "kind": "paragraph", "text": "If RINO keeps only one day of raw materials on hand... it would have effectively prepaid 138 to 355 days worth of raw materials... RINO claims to purchase 93% of its raw materials from only two suppliers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:25.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dc90258-d368-44b5-a866-37fb87fb1911", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.58 }, "kind": "paragraph", "text": "The least believable account balance above is advances for inventory. The advances for inventory are far too many times the raw material balance to be taken seriously.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:25.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "798e20a4-c0dd-48b6-98be-ec314a6f0e4b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.13 }, "kind": "paragraph", "text": "Below is the asset portion of RINO's balance sheet over the prior three quarters. Note how cash (much of which RINO raised in a $100 million offering on December 7, 2009) has declined by $46.5 million in six months.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:25.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd2dd15b-5449-4cc7-8344-75310e5b0711", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "RINO International Corp. 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RINO has not been forthcoming about being in the middle of a crowded field.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:29.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7b73822-6892-43a8-bf38-1d280e829c6b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.86 }, "kind": "source-note", "text": "27 http://www.longking.com.cn/Investor.asp?MID=51&NID=424, p. 19\n28 RINO International Corp. December 31, 2009 Form 10-K (filed March, 31, 2010), p. 13.\n29 http://www.longking.com.cn/News.asp?MID=8&NID=278\n30 http://www.miit.gov.cn/n11293472/n11293832/n11293907/n11368223/12484645.html", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We showed him a description of RINO's technology and flow-chart in the 10K", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c0577ef-3842-4404-9c65-02dfa8354c91", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "While RINO's obscurity may have escaped RINO, there seems to be growing awareness of this issue within the mainstream investment community. Two recently released equity research reports highlight greater than anticipated competition as reasons for downgrades.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38b9e63a-b60b-4b77-8ae9-3c5495f674e5", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.72, "x": 0.14, "y": 0.61 }, "kind": "paragraph", "text": "The FGD industry expert (from here on referred to as \"the expert\") is an engineer at Baosteel Group's in-house research institute. We have kept the identity of the engineer anonymous per his request. With over 20 years of experience in the Chinese steel industry and close to 10 years of experience dealing with desulphurization related research and projects, he is an expert. He personally participated in the development of Baosteel's proprietary Jet Cyclone Tower desulphurization technology, which has been successfully utilized in three of Baosteel group's completed FGD projects and stably operating for almost three years. He was also actively involved in the planning, design and implementation of the three FGD projects. The same technology is currently being implemented in two more FGD systems currently under construction at Baosteel.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53d93b03-cd16-4ab3-a4ef-1af5280c6543", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.72, "x": 0.14, "y": 0.22 }, "kind": "paragraph", "text": "We received negative feedback on RINO's work from one confirmed client and one fabricated client. Panzhihua Steel confirmed that RINO built the smallest of its FGD systems (for a 180 square meter sinter). The Panzhihua employee stated, \"We are not satisfied with [RINO's] technology because the desulphurization rate is lower than what we want.\" He further stated that Panzhihua is unlikely to engage RINO in the future for FGD projects.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9169cf3-efcf-41bc-9083-0f644da1641f", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.34 }, "kind": "paragraph", "text": "An employee from fabricated client Lai Steel Group stated \"I've heard that the sinter built by RINO in Jinan has stopped running. Their technology has no advantage beside not producing wastewater.\" We confirmed that RINO built one FGD system for Jinan Iron & Steel Group in 2005. Jinan Iron & Steel Group refused to comment on RINO's work.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdcab59f-b49f-420b-83b1-4af4062ca345", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.48 }, "kind": "paragraph", "text": "We reviewed a report provided by the International Financial Research & Analysis Group on an interview with a Bao Steel engineer who is familiar with RINO's circulating fluidized bed (\"CFB\") technology. Based on our own work, we believe that the following report is accurate:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4ba5305-b160-47cc-aaf3-b0331489edf7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.72, "x": 0.14, "y": 0.18 }, "kind": "paragraph", "text": "To the extent RINO has a reputation among steel mills, it is poor", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef8e9019-8261-4504-ae43-dec053847429", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.72, "x": 0.14, "y": 0.44 }, "kind": "paragraph", "text": "RINO's technology is inferior to competing semi-dry technologies in the China market", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2f70047-d03e-4909-94a7-ef6efb67e4b5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We are not satisfied with [RINO's] technology because the desulphurization rate is lower than what we want. — Panzhihua employee. I've heard that the sinter built by RINO in Jinan has stopped running. Their technology has no advantage beside not producing wastewater. — Employee from fabricated client Lai Steel Group.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdf2-8c6617293694", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.87 }, "kind": "source-note", "text": "31 Deng, Michael and Chen, Honghua, RINO International Corp.: Increasing Competition May Undermine Profitability, Cannacord Genuity (October 29, 2010)\nShapiro, Dmitriy, RINO International Corporation, Global Hunter Securities, LLC (November 2, 2010).\n32 www.ifragroup.com.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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PRC Company Law article 149 clearly prohibits this action.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:18:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14db-7299-bdf3-59224344dc82", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.07, "x": 0.148, "y": 0.925 }, "kind": "image", "text": "Muddy Waters Research", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:29.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82dd752a-80e5-488c-8706-1b51726a7c3c", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.704, "x": 0.148, "y": 0.213 }, "kind": "paragraph", "text": "Mr. Zou and Ms. Qiu borrowed “approximately $3.5 million” on December 7, 2009. This is the same day that RINO closed its $100.0 million financing. Two days later the couple bought a luxury home in Orange County, CA assessed at $3.2 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:29.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fd16c85-37df-4af5-a22e-94e04c9577e0", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.704, "x": 0.148, "y": 0.148 }, "kind": "paragraph", "text": "While immaterial compared to their other sins, RINO management's “borrowing” $3.5 million to purchase a luxury home in Orange County gives insight to their character, as well as a window into the dynamics between management, RINO’s independent directors, and the Company’s auditor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:29.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "250d19bd-7ea8-4aa1-9397-c18ad0b3102f", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.704, "x": 0.148, "y": 0.365 }, "kind": "paragraph", "text": "Some have publicly stated that the couple took the loan out of naïveté about the complicated restrictions of being a public company. We doubt that. Based on the timeline of events and haphazard means of accounting for this loan, we wonder whether the couple volunteered that they had taken this money; or, whether the auditor uncovered it just before the filing deadline.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:29.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c0a6900-fd22-415f-81c2-116b24214ac9", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.704, "x": 0.148, "y": 0.565 }, "kind": "paragraph", "text": "We doubt that the couple was unaware it was improper to borrow / take money from RINO. PRC Company Law article 149 clearly prohibits this action. Might they have been unaware of this prohibition? We find that unlikely – stories of minority shareholders getting screwed by management borrowing / taking money from their companies abound in China’s newspapers and business circles. We are comfortable that they understood their duty not to take money from the company. They just didn’t care.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:29.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4132777a-6b15-4f91-b6c9-8475061782d7", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.704, "x": 0.148, "y": 0.465 }, "kind": "paragraph", "text": "If the latter, it begs questions of whether involved parties met their fiduciary duties. Further to that, the manner in which the home was used to secure the loan presents questions. 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This was just before the filing deadline, and makes us think that because they could have transferred it in the three and one-half months prior, it", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:29.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89a30785-7bca-4e65-bf9c-84a4fe0b77cc", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.704, "x": 0.148, "y": 0.084 }, "kind": "paragraph", "text": "An engineer from a competitor who is familiar in a general sense with the Chinese Academy of Science CFB system stated that the system is problematic because it creates too much pressure. He was not familiar with RINO.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:29.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd490d7f-b2c1-4c03-8c23-53f58e898cc0", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.704, "x": 0.148, "y": 0.815 }, "kind": "source-note", "text": "33-37 Footnotes detailing RINO 10-K filings and legal documents.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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中国建设招标网 www.zhaobiao.gov.cn\n建设行业专业招投标网站 【打印】【收藏此文】【我要纠错】", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c38c2d6-61bf-420c-990e-de712111f0b7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.5, "x": 0.11, "y": 0.73 }, "kind": "list", "text": "招商拟建详情 年产1万吨石膏项目\n发布日期：2009年4月1日\n地区：广东\n投资总额：2650万元\n进展阶段：备案\n详细内容：项目名称：年产1万吨石膏项目\n进展阶段：备案\n新建介绍：", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:27.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "418fd976-9504-4c6e-8c5c-d9c58bb07495", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "本条信息来自 - 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