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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 footnotes to cross-reference financial reports with government records to suggest potential asset stripping or misrepresentation.",
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      "text": "Wang and Fuhan Farming are almost certainly proxies for Muhejia and Chairman Yang.",
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      "text": "23 December 2014: Transfer of Fuyu shares from Huishan Dairy (China) Co., Ltd. (formerly named Huishan Investment Co., Ltd) to newly-formed entity Liaoning Fuhan Farming Company Ltd., controlled and 100%-owned by an individual named Wang Bing.",
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      "text": "38 NON-ADJUSTING EVENTS AFTER THE REPORTING PERIOD (a) Establishment of subsidiaries. On April 10, 2014 and April 11, 2014, the Group established five wholly-owned subsidiaries... to conduct dairy farming business.",
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      "text": "Huishan's FY15 financial reports disclose no consideration received for the disposal of subsidiaries. Wang and Fuhan Farming are almost certainly proxies for Muhejia and Chairman Yang. We estimate the value of the assets transferred was at least RMB 150 million.",
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      "kind": "paragraph",
      "text": "this subsidiary was always intended to be used for beef ranching, rather than dairy farming. May 2014 through December 2014: Government records show that between May 2014 and the transfer, Fuyu had completed construction of at least four cattle farms.",
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      "text": "A 2015 report by the Liaoning City Village Committee for Agricultural and Animal Husbandry Economy affairs lists fourteen Huishan Group standard farms that applied for subsidies. Among them are four Fuyu farms with dates of construction listed as May through December 2014.",
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      "text": "Notice of Public Announcement of the List of Qualified Standardized Livestock Farm Projects by the Huishan Dairy Group in Shenyang City in 2015...",
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      "text": "Notice of Public Announcement of the List of Qualified Standardized Livestock Farm Projects by the Huishan Dairy Group in Shenyang City in 2015 — Government Announcement",
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      "text": "Footnotes 45-49 detailing specific financial report pages and government record URLs.",
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