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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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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-16 00:00:00",
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  "notes": "The slide contains two distinct case studies of dairy farms (Erdao Hezi and Xintun Farm #2) that are incomplete and not performing milking operations.",
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      "text": "The farm is not doing any milking because the facilities were incomplete and the equipment had not been installed.",
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      "text": "Incomplete construction at Huishan Wufeng Dairy (Fuxin) Xintun Farm #2",
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      "text": "Per discussions our investigators had with workers at Huishan Wufeng Dairy Erdao Hezi, a post-IPO standard milking farm, construction there began in mid-2014 and halted in 2015. Like Lijiapu, Erdao Hezi is currently housing non-milking cows.",
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      "text": "Huishan Wufeng Dairy (Fuxin) Xintun Farm #2 was also designed to be a 3,000-cow dairy farm. Our investigators visited the farm in November 2016 and spoke with employees. Construction started in the middle of 2014 and limited operations began in March 2015.",
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