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  "documentTitle": "China Internet Nationwide Financial Services Inc. (CIFS)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-12-20 00:00:00",
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  "notes": "The slide uses a 'before/after' box to show a change in corporate ownership, likely to imply a shell company structure.",
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      "text": "CIFS’s SEC filings imply that during the first two days of Kashgar SYX’s existence (December 29 – 31, 2016), it generated pre-tax income of $6.6 million (which translated into an astounding 47.3% of CIFS’s consolidated net income).",
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      "text": "Change in ownership structure of a company.",
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      "text": "Pre-tax income: $6.6 million",
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      "kind": "paragraph",
      "text": "Tongda appears to be a sham counterparty. It shares SAIC phone numbers in 2015 and 2016 with Ailirui and in 2015 with DZTD... Tongda shares a SAIC contact email with Ailirui as well.",
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      "text": "CIFS's SEC filings imply that during the first two days of Kashgar SYX's existence... it generated pre-tax income of $6.6 million... Kashgar SYX's SAIC financials confirm that was not the case.",
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      "text": "Kashgar SYX's $6.6 Million Pre-tax Income for 2 Days of Operations is Almost Certainly a Lie",
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