{
  "docId": "019dd923-622c-750b-8b95-bff5e54015f6",
  "docSlug": "0bfb929e6a0e",
  "documentTitle": "Orient Paper Inc. (ONP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters, LLC",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-07-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 8,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "research-note",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "This slide serves as a primary source translation documenting the conflict between Muddy Waters and Orient Paper, specifically highlighting discrepancies in capacity claims and customer revenue.",
  "elementsJson": [
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-bff5e54015f6/2",
  "deckHref": "/decks/019dd923-622c-750b-8b95-bff5e54015f6",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-bff5e54015f6.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-bff5e54015f6#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "A senior official of China's Paper Manufacturing Association stated that ONP's claims about the capacity of the corrugating medium line it has ordered are in \"no way\" accurate.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcab-fe452656b8b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.11
      },
      "kind": "list",
      "text": "A senior official of China's Paper Manufacturing Association stated that ONP's claims about the capacity of the corrugating medium line it has ordered are in \"no way\" accurate.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "905d8ed4-dc7f-47b8-add7-34b9b34564dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.7,
        "x": 0.15,
        "y": 0.23
      },
      "kind": "list",
      "text": "The reporter spoke with one of ONP's new 2009 customers... The company representative partially corroborated that its first half purchases from ONP were approximately 25% of the annual volume that ONP claimed for the year.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc62f127-a58b-4d6b-97fd-a66abc947e1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.75
      },
      "kind": "paragraph",
      "text": "The report claimed that ONP is suspected of exaggerating its profit levels in the past three years and is also suspected of forging its total asset values, inventory turnover and also key customer information.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea0a3635-32d1-47b6-9e1b-62379127a0ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Getting listed will allow the Company to develop at rocket-like speed.\" — Liu Zhen Yong",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcac-0270abfe5afe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.7,
        "x": 0.15,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "July 22, 2010 | Muddy Waters, LLC | Page 2",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e22c8389-2341-443f-8307-f2904524b00a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.43
      },
      "kind": "title",
      "text": "Muddy Waters LLC Translation of the 21st Century Business Herald Article",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7afe9742-ed93-45c1-b256-6b56a9fe7047",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.46
      },
      "kind": "title",
      "text": "An Investigation into the Financial Mysteries of AMEX-Listed Orient Paper",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa61205f-c840-4cd3-97fd-950227b224a4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "69358c2d-1d9a-4d1f-9d9a-303efdecaa04",
      "evidence": "The slide details specific allegations of profit exaggeration, asset forging, and customer information falsification.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 3,
      "from": 1,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "fe8c7acf-fc80-404a-91a2-ab5ba5ed674e",
      "evidence": "The first three slides present contradictions, leading to a potential aha moment",
      "position": 0,
      "objective": "Is ONP's financial reporting accurate?",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    },
    {
      "to": 6,
      "from": 1,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "f6db457d-0af2-4a18-82a9-bda0c1fe5d88",
      "evidence": "Slides 1-6 expose contradictions, hinting at deeper issues",
      "position": 1,
      "objective": "What are the underlying issues with ONP's business practices?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.6,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}