{
  "docId": "019dd923-622c-750b-8b96-835a69513742",
  "docSlug": "c47ae4d76596",
  "documentTitle": "China Huishan Dairy Holdings (6863 HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 29,
  "pageCount": 47,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses public registry data to challenge the legitimacy of asset transfers and financial disclosures by Huishan.",
  "elementsJson": [
    "screenshot",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-835a69513742/29",
  "deckHref": "/decks/019dd923-622c-750b-8b96-835a69513742",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-835a69513742.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-835a69513742#slide-29",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We highly doubt that an improper undisclosed transaction of this nature would be accompanied by a proper reassignment of loans and other liabilities.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87f7-76cc9c40e735",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "asset value: RMB 150.4 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87f7-79b03649cc45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.75,
        "x": 0.13,
        "y": 0.39
      },
      "kind": "paragraph",
      "text": "At the end of 2014, Fuyu’s total assets were reported as RMB 150.4 million, with RMB 121.2 million in liabilities, leaving owner’s equity of capital as RMB 29.2 million. The Huishan FY15 AR does not record any disposal of subsidiaries.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31e19eae-139e-4358-a2f4-6053b79fc612",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.75,
        "x": 0.13,
        "y": 0.32
      },
      "kind": "paragraph",
      "text": "As four Fuyu farms were transferred, the construction cost alone imputes a time and materials value of RMB 140 million. Including additional soft costs and considering the value of the whole exceeding that of the parts, the implied value would exceed RMB 150 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c15f2ed7-0e65-4d32-a3e2-7a396b248bc5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.13,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "In 2015, Fuyu applied for a “large scale cattle ranching enterprise subsidy”, declaring that two farms had more than 1,200 head per farm and a third had 510 head. Breeding records show that cows belonging to Fuyu were impregnated beginning on January 7, 2015.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4745543-3219-405e-9a8f-ca58d393a34d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.13,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Footnotes 55 and 56 referencing government registry URLs.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1211fa6b-1fa1-45e5-963c-b4e65f7afd29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.75,
        "x": 0.13,
        "y": 0.16
      },
      "kind": "table",
      "text": "Project details table including location, construction area, estimated cost, and timeline.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9831bad7-e459-472d-afaa-df1f530022d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.13,
        "y": 0.67
      },
      "kind": "table",
      "text": "National breeding license registry table showing Fuyu's permit details.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd5d7464-0baa-4e45-a2db-7fe1c0783902",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.13,
        "y": 0.09
      },
      "kind": "title",
      "text": "Shenyang Huishan Investments Fuyu Shenyang Farming Co. Ltd. Construction of New Haoguan 4000 Head Modern Cattle Farm Project",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c878b37e-7de9-4475-bf16-aad303502caf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5bdb4c97-09da-43fa-b2b5-3ccf643336c0",
      "evidence": "The slide systematically compares reported financial assets against physical construction costs and regulatory filings to identify potential asset theft.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 29,
      "from": 23,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "31338c39-90b7-4c50-b885-2138304840ab",
      "evidence": "The report reveals various instances of Huishan's fraudulent activities",
      "position": 1,
      "objective": "What is the extent of Huishan's fraudulent activities?",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}