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  "docSlug": "02b460a1c4f6",
  "documentTitle": "Man Wah Holdings (1999.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-06-16 00:00:00",
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  "notes": "Includes a small table of financial data and a footnote referencing a Forbes article.",
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      "text": "The bottom line from our fieldwork was that we found no evidence to contradict our view that MWH’s reported China sales are highly questionable.",
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      "text": "MWH has disclosed the preference became effective as of July 2012... SAIC financials show the preference becoming effective on 1-Jan 2013...",
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      "text": "tax rate: 25%",
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      "text": "MWH Has Inconsistencies in its Taxes, a Strong Indicator of Fraud",
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      "text": "We also noted the online CV of a former MWH employee who claims to have been responsible for selling to distributors in a northeastern province. His CV claimed sales per average store were approximately HK$960,000 in CY 2015.",
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      "text": "Distributor stores reportedly bought on average HK$1.5 million of merchandise from MWH in FY 2017. We identified a large distributor with stores in Beijing: Beijing Classic Living Co. Ltd. Beijing Classics was highlighted in a 2014 Forbes article about MWH and Chairman Wong.",
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      "text": "We found four inconsistencies with how MWH has applied a tax preference to its Huizhou entity. We consider these inconsistencies to be an accounting red flag.",
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      "text": "https://www.forbes.com/sites/russellflannery/2014/01/08/rising-furniture-billionaire-wong-man-li-shakes-up-u-s-market-widens-aim-at-chinas/#639b784c334f",
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