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  "docSlug": "16b80d15dcb2",
  "documentTitle": "Sino-Forest Corporation (TRE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2011-06-02 00:00:00",
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  "notes": "The slide uses photographic evidence of a rural field to contradict the legitimacy of a company's registered business address.",
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      "text": "it seems to be a shadow actor on TRE’s behalf to setup undisclosed but related subsidiaries in China.",
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      "text": "Photo of the registered address of Nanchang Tongdasheng showing a rural field.",
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      "text": "Below is photos of the registered address of Nanchang Tongdasheng.",
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      "text": "By looking at the SAIC file of Jiangxi Zhonggan’s Chinese partner Nanchang Tongdasheng, we don’t see any reason for its existence except that TRE needs a Chinese name to legally register a joint venture as its agent in Jiangxi. Tongdasheng was incorporated November 3rd, 2006, with a registered capital of 500,000 RMB. The registered address is a fishing village near Nanchang city 南昌市西湖区桃花镇渔业村. The business scope is Domestic Trading 国内贸易 (Appendix E16). According to the 2009 Annual Check Report in the SAIC files that the revenue of Tongdasheng for 2009 is USD 14,909.84 (RMB 104,368.93) with a net profit of USD 326.58 (RMB 2,286.07). It is nearly impossible for such a company to invest on its own with USD 1 million to setup Jiangxi Zhonggan with China Square unless someone else is “funding” the amount.",
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      "text": "China Square is a company registered in both Hong Kong and BVI with Lam Hon Chiu as its legal representative, it seems to be a shadow actor on TRE’s behalf to setup undisclosed but related subsidiaries in China.",
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