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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": "Huishan faces a collateral and equity squeeze that is extremely dangerous.",
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      "text": "bank loans: RMB 15.3 billion",
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      "text": "Huishan RMB 8.8 billion liquid milk plant investment in Kangping: Nothing but cow statues. Our investigators visited the development zone in July 2016 and found no operational factory or construction site.",
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      "text": "Construction stopped on the RMB 6.8 billion Xifeng liquid milk plant. Our researchers found the site essentially abandoned with construction half complete.",
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      "text": "Collateral and equity squeeze portend calamity. Huishan faces a collateral and equity squeeze that is extremely dangerous. The company's RMB 15.3 billion in bank loans, nearly RMB 11 billion of which come due in September 2017, exceed equity by 18.6%.",
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      "text": "Huishan FY17 Interim Results, p. 5; Tieling government announcement; Construction project database; 2015 SAIC file.",
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