{
  "docId": "019dd923-622c-750b-8b96-4fec9c84ee4f",
  "docSlug": "1b5057c3a25e",
  "documentTitle": "Superb Summit International Group Limited (1228.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2014-11-20 00:00:00",
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  "pageNumber": 3,
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  "notes": "This is a forensic research note exposing corporate fraud/misrepresentation.",
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  "components": [
    {
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      "kind": "callout",
      "text": "Tianjin SAIC shows that Superb Summit’s ownership claim is completely false.",
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      "kind": "image",
      "text": "Table from 2013 AR showing 80% ownership of Tianjin Libao",
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      "kind": "paragraph",
      "text": "Superb Summit's 2012 AR reads: \"On July 31, 2012, the Group acquired 80% equity interest in Tianjin Libao...\"",
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      "kind": "paragraph",
      "text": "Tianjin SAIC shows that Superb Summit's ownership claim is completely false. The current owners are companies named Lvse Juguang, Beijing Zhongjia, and Beijing Wangxincheng.",
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      "kind": "quote",
      "text": "On July 31, 2012, the Group acquired 80% equity interest in Tianjin Libao Coal Trading Company (“Tianjin Libao”), a company incorporated in Tianjin, People’s Republic of China (“the PRC”) at a total consideration of RMB 1,300,000 (equivalent to HK$1,579,858). Tianjin Libao is principally engaged in trading of coals in PRC. The acquired business contributed revenue and net loss of HK$112,080,000 and HK$61,901,000 respectively to the Group for the period form 31 July 2012 to 31 December 2012. — Superb Summit 2012 AR",
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      "kind": "title",
      "text": "Superb Summit falsely claims to have acquired Tianjin Libao",
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      "evidence": "Contrasting company-reported data with official government registry (SAIC) data.",
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      "arcSlug": "overcoming-monster",
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      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents several examples of Superb Summit's questionable business practices, including false claims of acquisitions and inflated financials",
      "position": 1,
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  "loops": [
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      "bestFor": "Product launches, strategic pivots, unexpected findings",
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      "evidence": "The document reveals a discrepancy between Superb Summit's reported revenue and its likely actual revenue",
      "position": 0,
      "objective": "What is Superb Summit's real revenue?",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
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