{
  "docId": "019dd923-622c-750b-8b96-8fb17e36fe49",
  "docSlug": "02b460a1c4f6",
  "documentTitle": "Man Wah Holdings (1999.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-06-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 17,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "This is a text-heavy research note page acting as an introduction to a rebuttal report.",
  "elementsJson": [
    "paragraph",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-8fb17e36fe49/2",
  "deckHref": "/decks/019dd923-622c-750b-8b96-8fb17e36fe49",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-8fb17e36fe49.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-8fb17e36fe49#slide-2",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.1,
        "y": 0.55
      },
      "kind": "callout",
      "text": "Too Good to be True",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fa75246-dc51-4528-9b02-a986da770478",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our opinion remains that MWH is likely committing fraud.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba87-52c71ab19966",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.25
      },
      "kind": "list",
      "text": "MWH’s profitability is an outlier; Macau profits – a red flag; Panjiva data casts doubt on export sales; Fieldwork casts doubt on the China growth story; MWH has inconsistencies in taxes, a strong indicator of fraud; MWH has undisclosed debt",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf2741b2-2d66-4c9c-a09c-e5eed653cfa5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.1,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "Muddy Waters Capital LLC (“Muddy Waters”) announced in a presentation on June 7, 2017 that we are short Man Wah Holdings Ltd. (“MWH”, 1999 HK). MWH promptly halted the stock and on June 9th issued a clarification announcement in response.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77b92fb7-ea0d-42ec-96f8-fafffbc82d8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.1,
        "y": 0.4
      },
      "kind": "paragraph",
      "text": "In our view, MWH has only attempted to substantively address two of these points... This report will first cover the four arguments we view as having been left without substantive response.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8465cd0e-2284-433f-8527-46959cf83505",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.1,
        "y": 0.6
      },
      "kind": "paragraph",
      "text": "Q: What’s made out of wood, glue and foam, and is purportedly more profitable than an iPhone? A: a couch",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c05f7eb0-60c1-4106-a64b-78b706d116ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.1,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Including the introduction, which laid out a “too good to be true” argument.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4be99fb1-aeb9-45c5-b0d4-138d5c642723",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}