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  "docSlug": "82a540401996",
  "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": "2016-12-19 00:00:00",
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  "notes": "The slide uses a screenshot of a T-mall store page to highlight low monthly sales volume (826 units) as evidence against the company's claims.",
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      "text": "While Huishan has a presence on China’s largest e-commerce platforms such as T-mall, JD.com, Suning and instant messaging platform WeChat, our analysis of snapshots of e-commerce data suggest that actual sales are slow and small.",
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      "text": "Screenshot of Huishan's T-mall store showing 826 monthly sales.",
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      "text": "In its FY16 annual report, Huishan stated “To create sales amidst adversities, we shifted from traditional price war to precise marketing by differentiation, and later on to the new model of “Internet +”, which led to a sales miracle of our liquid milk...",
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      "text": "While Huishan has a presence on China’s largest e-commerce platforms such as T-mall, JD.com, Suning and instant messaging platform WeChat, our analysis of snapshots of e-commerce data suggest that actual sales are slow and small.",
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      "kind": "quote",
      "text": "“To create sales amidst adversities, we shifted from traditional price war to precise marketing by differentiation, and later on to the new model of 'Internet +', which led to a sales miracle of our liquid milk in the sluggish market of dairy products.” — Huishan 2016 Annual Report",
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      "text": "10 Huishan 2016 Annual Report, p. 19; 11 The Chinese name is 辽宁辉记良品商贸有限公司...; 12 Huishan 2016 Annual Report, p. 39",
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      "kind": "title",
      "text": "FY16 sales increased purportedly in part due to an online “sales miracle” – What miracle?",
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