Carson C. Block · research-note
China Huishan Dairy Holdings (6863 HK)
47 pages · 3 arc beats · 2 loops
China Huishan Dairy Holdings (6863 HK)
Carson C. Block · 2016-12 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 30 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster 4 slides 100% 4/4 slides 100% 4/4 slides · 35 hits — 0/4 slides
50% 2/4 slides 75% 3/4 slides 100% 4/4 slides 50% 2/4 slides The Struggle 15 slides 100% 15/15 slides 100% 15/15 slides · 102 hits — 0/15 slides
— 0/15 slides
53.3% 8/15 slides 100% 15/15 slides 33.3% 5/15 slides The Victory 11 slides 100% 11/11 slides 100% 11/11 slides · 83 hits — 0/11 slides
— 0/11 slides
45.5% 5/11 slides 100% 11/11 slides — 0/11 slides
Slide inventory
47 every slide · same image gating as the playbook
02
This is a classic activist short report summary page.diagnose_problem
Open slide detailBeat · The Monster
03
This is a research note page from a short-seller report on Huishan Dairy.diagnose_problem
Open slide detailBeat · The Monster
04
The slide uses a visual process flow to illustrate the company's claims, which the text then refutes as fraudulent.expose_contradiction
05
The slide uses financial data and investigative findings to argue that Huishan's reported margins are fraudulent.expose_contradiction
06
The slide uses investigative findings (photographic evidence and distributor interviews) to contradict company claims.expose_contradiction
07
The slide uses external investigator reports and court judgments to challenge the company's narrative regarding its agricultural operations.expose_contradiction
08
This is a text-heavy research note page from a Muddy Waters short report on Huishan Dairy.expose_contradiction
09
The chart uses a dual-axis line graph to show trends in production, herd size, and feed availability. The text explicitly accuses the company of 'yield fraud'.expose_contradiction
10
The slide uses a combination of financial analysis and investigative research to allege fraudulent reporting practices.expose_contradiction
11
The slide uses a table to contrast projected vs. actual allocation of IPO proceeds to cast doubt on the company's transparency.expose_contradiction
Open slide detailBeat · The Struggle
12
The slide uses forensic accounting to challenge the company's reported capital expenditure figures by comparing them against external environmental impact reporexpose_contradiction
Open slide detailBeat · The Struggle
13
The methodology involves deducting specific segment CapEx (liquid milk, milk powder, motor vehicles) from total cash flow, then adjusting for construction in pranalyze_data
Open slide detailBeat · The Struggle
14
The slide justifies the conservative nature of the financial estimates by detailing specific accounting assumptions regarding PP&E, land leases, and CIP allocatpreempt_rebuttal
Open slide detailBeat · The Struggle
15
The slide uses a forensic accounting approach to reconcile cash flow data with reported farm investments, alleging fraud.expose_contradiction
Open slide detailBeat · The Struggle
16
The slide uses expert testimony and environmental impact reports to challenge the company's reported CapEx figures.expose_contradiction
Open slide detailBeat · The Struggle
17
The slide details discrepancies between reported construction costs and actual observed costs, highlighting that many farms are built but not fully equipped foranalyze_data
Open slide detailBeat · The Struggle
18
The text uses investigative research to highlight a discrepancy between public filings and actual construction costs.expose_contradiction
Open slide detailBeat · The Struggle
19
Includes manuscript annotations translating Chinese project details into English.analyze_data
Open slide detailBeat · The Struggle
20
The slide argues that reported costs are inflated compared to industry expert and internal bidding estimates.expose_contradiction
Open slide detailBeat · The Struggle
21
The slide uses a table to compare cost estimates from three sources (China Dairy Expert A, Huishan Deputy Farm Manager, China Dairy Expert B) to calculate totalanalyze_data
22
The slide contains two distinct case studies of dairy farms (Erdao Hezi and Xintun Farm #2) that are incomplete and not performing milking operations.illustrate_case
23
Includes footnotes referencing external sources and internal interviews. The slide uses charts to establish the economic incentive for the alleged fraud.expose_contradiction
Open slide detailLoop · The Reveal
24
The slide highlights the complexity and potential obfuscation in corporate naming conventions, specifically linking Huishan Dairy to Liaoning Muhejia.expose_contradiction
Open slide detailLoop · The Reveal
25
The slide uses footnotes to cross-reference financial reports with government records to suggest potential asset stripping or misrepresentation.expose_contradiction
Open slide detailLoop · The Reveal
26
The document includes a table detailing farm locations, construction periods, herd sizes, and subsidy amounts, highlighting that these were beef, not dairy, opeanalyze_data
Open slide detailLoop · The Reveal
27
Includes SAIC registration change details and investigative fieldwork findings linking contact information and personnel.expose_contradiction
Open slide detailLoop · The Reveal
28
The slide uses investigative field research and digital evidence to challenge the official narrative regarding farm ownership and asset transfers.expose_contradiction
Open slide detailLoop · The Reveal
29
The slide uses public registry data to challenge the legitimacy of asset transfers and financial disclosures by Huishan.expose_contradiction
Open slide detailLoop · The Reveal
30
The slide uses a 'fraud-exposure' framework to highlight the discrepancy between the company's reported financial health and the reality of its operations.expose_contradiction
Open slide detailBeat · The Victory
31
The slide uses a series of bullet points to highlight specific financial red flags, supported by numerous footnotes referencing annual and interim reports.name_villain
Open slide detailBeat · The Victory
32
The slide uses a short-seller research tone to challenge the company's financial health and auditor's assessment.expose_contradiction
Open slide detailBeat · The Victory
33
The slide uses a red arrow to draw attention to the 'Guaranteed by intra-group entities' line item, which increased from 8.6B to 11.0B.expose_contradiction
Open slide detailBeat · The Victory
34
Includes a table of debt components and narrative regarding failed financing transactions.analyze_data
Open slide detailBeat · The Victory
35
The slide serves as a critical investigation into the company's financial health, highlighting the reliance on asset liquidation and high-cost debt.expose_contradiction
Open slide detailBeat · The Victory
36
This is a text-heavy research note page containing investigative findings on corporate assets and financial health.diagnose_problem
Open slide detailBeat · The Victory
37
Includes photographic evidence of cow statues in the development zone.appendix
Open slide detailBeat · The Victory
38
This is a research note page focusing on forensic accounting red flags. It uses specific financial data points to build a case for fraud.expose_contradiction
Open slide detailBeat · The Victory
39
The slide uses investigative research to challenge the company's claims about operational efficiency and asset valuation.expose_contradiction
Open slide detailBeat · The Victory
40
The slide uses a line chart to highlight a divergence in pricing and a table to quantify the price difference between internal and external sales.expose_contradiction
Open slide detailBeat · The Victory
41
The slide uses a table to contrast historical metrics (milkable cows, yield rate, and ASP) against the company's reported fair value claims.expose_contradiction
42
The chart uses a dot plot format to show two metrics over time; the text explicitly contrasts the management views of two companies.expose_contradiction
43
Includes Q&A regarding upstream farm capacity and cow herd reduction.show_valuation_bridge
44
The slide uses screenshots of a web-based data portal (CCASS) to demonstrate the increase in share holdings by brokers and custodians over time.diagnose_problem
45
The slide highlights the shift in broker holdings as a proxy for pledged shares.analyze_data
46
The table provides granular cost estimates for various infrastructure and equipment components.appendix
47
The table compares costs for Waste system, Feed Storage, Roads, and Other facilities, including subtotals, contingency, and total cost per head.analyze_data