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  "documentTitle": "Orient Paper Inc. (ONP)",
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  "authorName": "Muddy Waters",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-07-01 00:00:00",
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  "notes": "The slide highlights contradictions between official filings and online data, as well as operational impossibilities regarding production capacity.",
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      "text": "Our thesis remains unchanged: that ONP is a fraud and thus we maintain our “Strong Sell” rating in light of the following items we detailed in our initial research report",
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      "text": "Qinyang is incapable of producing a 5.6 m corrugating production line with 360,000 tons annual capacity and selling for $27.8 million.",
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      "text": "Net assets of RMB 360,068,589.63 ($52.7 million); Debt of RMB 127,695,341.45 ($18.7 million)",
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      "text": "Revenue of RMB 16,320,687.26 ($2.4 million); Taxes paid of RMB 308,831.67; Net loss of RMB 2,861,941.41; Net assets of RMB 165,868,258.64 ($24.3 million); Debt of RMB 122,721,322.31 ($18.0 million); Personal seal of Zhenyong Liu",
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      "text": "Shuang Xing had assets worth no more than $400,000, which ONP claims to have acquired for $13.6 million.",
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      "text": "The level of activity we witnessed at ONP was far less and on a much smaller scale than that of a factory producing at a rate of 212,500 tons per year.",
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      "text": "Revenue of RMB 698,746,829.03 ($102.3 million); Net profit of RMB 93,267,670.36 ($13.7 million); Net assets of RMB 456,857,752.88 ($66.9 million); Debt of RMB 131.2 million ($19.2 million)",
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      "kind": "paragraph",
      "text": "and Commerce (dated March 24, 2009) is for the Entity. It shows the following 2008 financial information:",
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      "text": "In the press release, ONP directed investors to the website of the He Bei Administration of Industry and Commerce to support its allegations that our statements regarding its 2008 audited financial statements are false.",
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