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  "documentTitle": "Superb Summit International Group Limited (1228.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2014-11-20 00:00:00",
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  "notes": "The slide uses a narrative structure to build a case of fraud/misrepresentation regarding the beneficial ownership of JFT.",
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      "text": "Superb Summit's HK$ 600 Million Purchase of a 40.8% Indirect Stake in JFT is Likely a Sham.",
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      "text": "JFT Ownership 14-Aug-2008 through 10-Jan-2014",
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      "text": "On January 10, 2014, Chongcheng bought 80% of the registered capital of JFT. Strangely, Superb Summit never disclosed the full name of the beneficial owner of Cosmic Summit - it only identified him as “Mr. Ng”.",
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      "text": "On June 5, 2013, Superb Summit signed a letter of intent to acquire “no less than 80%...or the controlling interest” of JFT. At the time Superb Summit made the announcement, it did not disclose JFT's name, and only referred to it as the “Target Company”.",
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      "text": "On March 3, 2014 Superb Summit agreed to buy a 40.8% indirect stake in JFT for up to HK$600 million. The actual consideration amount could have been less than HK$600 million, and would be determined by the “independent” valuation.",
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      "text": "On December 25, 2013, a new PRC entity was formed, Chongcheng (Shanghai) Energy Technology Co. Ltd. The shareholder was a Seychelles company called Cosmic Summit Ltd.",
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      "text": "The following describes the major events leading to Superb Summit's acquisition of the 40.8% indirect stake in JFT:",
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      "text": "Superb Summit's HK$ 600 Million Purchase of a 40.8% Indirect Stake in JFT is Likely a Sham.",
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