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  "documentTitle": "Superb Summit International Group Limited (1228.HK)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2014-11-20 00:00:00",
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  "notes": "Includes a table of corporate officers and a metaphorical image comparing a Bentley to a bus.",
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      "text": "Paying HK$1.5 Billion for Jinfeite would be like Paying for a Bentley and Getting a Bus Pass.",
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      "text": "revenue: HK$773.3 million",
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      "text": "Jinfeite is barely a business, its technology has little value, and purchase of the JFT stake highly likely was not an arms length transaction.",
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      "text": "Substantially all of Superb Summit’s 2013 and 2012 revenue appears to have been attributed to Tianjin Libao. Superb Summit’s reported revenue is therefore massively and improperly inflated.",
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      "text": "Superb Summit reported revenue of HK$ 773.3 million in 2013, but its actual revenue appears to be no greater than HK$ 18.8 million (if that).",
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      "text": "Superb Summit’s claim to own a stake in Tianjin Libao is completely false, and Superb is therefore not permitted to consolidate any results from Tianjin Libao.",
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      "text": "Superb Summit attributed 93.2% of its 2012 revenue to Tianjin Libao. Superb Summit’s 2012 revenue should therefore be restated from HK$120.3 million to HK$8.2 million.",
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      "text": "We preclude the possibility of Tianjin Libao being a “variable interest entity” because coal trading is not prohibited from foreign investment...",
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      "text": "Paying HK$1.5 Billion for Jinfeite would be like Paying for a Bentley and Getting a Bus Pass.",
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      "text": "Tianjin Libao Insiders Inception through Present",
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