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  "documentTitle": "China Huishan Dairy Holdings (6863 HK)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-12-16 00:00:00",
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      "text": "debt due within one year has spiked 55.4% in 1H17 to RMB 11.1 billion.",
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      "text": "short-term debt: RMB 11.1 billion",
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      "text": "We find the below statement from the 1H17 interim results puzzling because the auditor indicated the only reason it did not issue a going concern qualification was the supposed availability of RMB 11.2 billion in borrowing capacity.",
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      "kind": "paragraph",
      "text": "loan facilities imply that Huishan is concerned about its near-term liquidity and looming near-term debt maturity. 88% of Huishan's debt is already secured or guaranteed by PP&E, leases and equity.",
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      "text": "These condensed consolidated interim financial statements have been prepared on a going concern basis notwithstanding the net current liabilities as at September 30, 2016 because the directors of the Company are of the opinion that based on the unconditional",
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      "text": "These condensed consolidated interim financial statements have been prepared on a going concern basis notwithstanding the net current liabilities as at September 30, 2016 because the directors of the Company are of the opinion that based on the unconditional — Huishan 1H17 Interim Results",
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