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  "docSlug": "d45bb4256e7c",
  "documentTitle": "Orient Paper Inc. (ONP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-07-01 00:00:00",
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  "notes": "This is a formal rebuttal document from Muddy Waters addressing a specific company response regarding their short-selling report.",
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      "text": "Despite ONP’s response, our thesis that ONP is a fraud remains unchanged, and we reiterate our “Strong Sell” rating on ONP’s shares.",
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      "text": "The capital verification report for the Entity dated March 27, 2003 shows its registered capital ownership breakdown as follows: Zhenyong Liu 93.26%, Xiaodong Liu 6.61%, Shuangxi Zhao 0.13%.",
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      "text": "As of our first review date, the most recent business license for the Entity had been issued on April 11, 2006. The Legal Representative listed on the Entity’s business license is刘振勇 (Zhenyong Liu). The registered capital is RMB 75.03 million.",
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      "text": "ONP’s SEC filings corroborate this name of the Entity. In Exhibit 10.5 to its amended Form 10-Q filed on February 1, 2010, ONP attached a (Short Term) Credit Facility Extension Agreement between HBOP and United Commercial Bank.",
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      "text": "July 1, 2010. Muddy Waters, LLC confirms that it reviewed the SAIC file for the correct Orient Paper, Inc. (“ONP”) entity. We stand by our statements of fact and conclusions.",
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      "text": "We have read June 30, 2010 press release response to our report initiating coverage on ONP with a Strong Sell. Despite ONP’s response, our thesis that ONP is a fraud remains unchanged, and we reiterate our “Strong Sell” rating on ONP’s shares.",
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