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  "docSlug": "c47ae4d76596",
  "documentTitle": "China Huishan Dairy Holdings (6863 HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2016-12-16 00:00:00",
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  "notes": "The slide uses a table to contrast projected vs. actual allocation of IPO proceeds to cast doubt on the company's transparency.",
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      "text": "The prospectus seems to give Huishan the wiggle room to spend substantially more on dairy farms.",
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      "text": "CapEx: RMB 45.2 million",
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      "text": "Huishan has always been opaque about its dairy farm CapEx. While the IPO prospectus excludes an average construction cost, the disclosed use of proceeds appeared to indicate that the average CapEx for the 45 new farms would be RMB 45.2 million per farm.",
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      "text": "The prospectus seems to give Huishan the wiggle room to spend substantially more on dairy farms. Elsewhere in the prospectus, Huishan indicates that it supposedly has supplemental funds it plans to add to the spend on dairy farms.",
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      "kind": "source-note",
      "text": "Source: Prospectus, Use of Proceeds, pp. 270-271",
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      "text": "28 Huishan 2013 Prospectus, pp. 182-183",
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      "text": "Table 1: Announced Use of IPO Proceeds",
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