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  "documentTitle": "China Huishan Dairy Holdings (6863 HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-16 00:00:00",
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  "notes": "The slide uses forensic accounting to challenge the company's reported capital expenditure figures by comparing them against external environmental impact reports.",
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      "kind": "callout",
      "text": "We estimate that from FY14 through FY16, Huishan booked CapEx of RMB 89 million per dairy farm; FY16 CapEx appears to have ballooned to RMB 107 million.",
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      "text": "CapEx per dairy farm: RMB 107 million",
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      "text": "The “entirely” through offering proceeds verbiage is notably absent in discussion of the use for proceeds for dairy farm construction, opening the door to per farm CapEx exceeding the disclosed use of IPO proceeds.",
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      "text": "We estimate that from FY14 through FY16, Huishan booked CapEx of RMB 89 million per dairy farm; FY16 CapEx appears to have ballooned to RMB 107 million.",
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      "text": "29 Huishan 2013 Prospectus, pp. 270-271",
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