{
  "docId": "019dd923-622c-750b-8b96-874267abd326",
  "docSlug": "82a540401996",
  "documentTitle": "China Huishan Dairy Holdings (6863.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-19 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 13,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "appendix_methodology",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Includes screenshots of T-Mall product pages for Yili and Mengniu as evidence of data collection.",
  "elementsJson": [
    "screenshot",
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-874267abd326/11",
  "deckHref": "/decks/019dd923-622c-750b-8b96-874267abd326",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-874267abd326.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-874267abd326#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The data we collected corroborated a significant delta in the turnover with Mengniu and Yili exceeding Huishan in sales revenue by over 1500x.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c91-57f2c3b1b493",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.29,
        "w": 0.48,
        "x": 0.26,
        "y": 0.09
      },
      "kind": "image",
      "text": "Yili's pasteurized pure milk on T-mall",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7e5c4318-e3d3-4736-a1bd-744eb78b23dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.29,
        "w": 0.48,
        "x": 0.26,
        "y": 0.33
      },
      "kind": "image",
      "text": "Mengniu's pasteurized pure milk on T-mall",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dcf603ab-7121-452b-aa8a-3a04e23106a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.78,
        "x": 0.11,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "Web Scraping Methodology: Web scraping is the process of extracting data from websites. In this case, we developed custom software to extract information such as stock keeping units (SKUs), number of each SKU sold, and price per SKU during a 3-month sampling period, which included major commercial holidays, to ascertain the sales volume of a large array of dairy products available for online purchase. 1. We interrogated each url every hour and saved the results. 2. For each scrape, we extracted all products on the page with an indicated price and quantity sold. 3. We ran a query to find the maximum and minimum quantity sold for each Product ID/SKU at each price point every month, allowing us to track price movement and quantity sold.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6858f70-ff7b-4146-a7b6-b43f1ecf02df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.59
      },
      "kind": "paragraph",
      "text": "We used algorithms to scrape the websites Suning and T-Mall over a 3-month period and monitor the number of products, the quantity sold, and prices for Huishan, Mengniu, and Yili. The data we collected corroborated a significant delta in the turnover with Mengniu and Yili exceeding Huishan in sales revenue by over 1500x.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c92eaa0b-8f1e-4d78-9d68-35bdca88e2ae",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 13,
      "from": 10,
      "beatId": "92ad04d5-2bf3-4ec3-8d19-9ae672e96950",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document concludes with a clear call to action, stating that Huishan is a fraud through and through",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 13,
      "from": 10,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "8cc66b27-28a9-415f-ac32-d6169ee35aa3",
      "evidence": "The document concludes with a clear call to action, stating that Huishan is a fraud through and through",
      "position": 2,
      "objective": "Reveal the full extent of Huishan's fraud",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}