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  "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": "Includes Q&A regarding upstream farm capacity and cow herd reduction.",
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      "text": "Based on a fair value reduction of 38% (Table 4), we calculate the fair value loss is RMB 1.5 billion (Table 5).",
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      "text": "fair value loss: RMB 1.5 billion",
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      "kind": "paragraph",
      "text": "We believe Huishan should take a fair value loss on its milkable cow herd because their income dropped due to the lower yield rate and raw milk price.",
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      "kind": "quote",
      "text": "产能没有减少，牛的头数有减少。 — Anonymous industry source",
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      "text": "Huishan 1H17 Interim Report, 29 November 2016, p. 24",
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      "text": "Table 5: Estimated Fair Value Loss for Milkable Cows as of 30 September, 2016",
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