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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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  "notes": "The slide uses external investigator reports and court judgments to challenge the company's narrative regarding its agricultural operations.",
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      "kind": "callout",
      "text": "We believe one reason that Huishan cannot grow enough alfalfa for its needs is that northeastern China isn’t a good area for this crop.",
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      "text": "Bales of El Toro alfalfa on a Huishan farm. Photographs taken in 2014 by investigators dispatched by another investor.",
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      "text": "Signage on Huishan's farms further contradicts its filings. Visitors to one of the company's “show farms” are told calves raised there are fed premium alfalfa imported from the US.",
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      "text": "An investor who conducted extensive due diligence on Huishan in 2014 gave us information that corroborates our investigators’ work. We were told that in 2014, the investor’s investigators visited seven farms with about 16,000 cows in total.",
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      "text": "We believe one reason that Huishan cannot grow enough alfalfa for its needs is that northeastern China isn’t a good area for this crop. Despite touting Liaoning as “one of the most suitable planting areas for alfalfa growing,” the region’s climate poses stark challenges.",
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      "kind": "quote",
      "text": "“该地段守着辽河，承包的时候有风险，后来转包给辉山乳业，所承包的地段十年九涝，辽河涨水就绝收。” — Court judgment regarding a dispute in Chang Tu",
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