{
  "docId": "019dd923-622c-750b-8b96-9f72f88816eb",
  "docSlug": "2df2f979ea6a",
  "documentTitle": "China Internet Nationwide Financial Services Inc. (CIFS)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-12-20 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 14,
  "pageCount": 18,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 25,
  "notes": "Includes a WaybackMachine screenshot and a table of ICP registration data.",
  "elementsJson": [
    "screenshot",
    "data_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-9f72f88816eb/14",
  "deckHref": "/decks/019dd923-622c-750b-8b96-9f72f88816eb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-9f72f88816eb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-9f72f88816eb#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "These conversations led our investigators to conclude that DZTD Wealth and DZSQ are taking investors' money and sticking them in products that are loans to individuals and SMEs – in other words, P2P lending.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bebf-602a4b13cb5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.375,
        "w": 0.763,
        "x": 0.118,
        "y": 0.143
      },
      "kind": "image",
      "text": "WaybackMachine capture of toprule.cn",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "400b4fed-fe4f-4189-9d84-58e5bd8d1731",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.763,
        "x": 0.118,
        "y": 0.591
      },
      "kind": "paragraph",
      "text": "The websites under the same ICP registration are as follows:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10dca812-48bd-4f12-9516-480f7e5fabc9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.763,
        "x": 0.118,
        "y": 0.538
      },
      "kind": "paragraph",
      "text": "The ICP registration (jing ICP bei 14055607) for this website belongs to the Ding Zhi that became BJ SYX and also hosts www.cifsp.com, CIFS’s current Chinese website.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35cfbf19-319d-44a4-b57c-8269d9207752",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.763,
        "x": 0.118,
        "y": 0.745
      },
      "kind": "paragraph",
      "text": "DZTD Wealth and DZSQ representatives told our investigators that the business was BJ SYX, but then was spun out so that BJ SYX / CIFS could IPO. These conversations led our investigators to conclude that DZTD Wealth and DZSQ are taking investors’ money and sticking them in products that are loans to individuals and SMEs – in other words, P2P lending. Because neither of their business scopes allow them to do this, this appears to be illegal.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98aeb715-1137-447a-afee-382508369a9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.763,
        "x": 0.118,
        "y": 0.093
      },
      "kind": "paragraph",
      "text": "Below is a WaybackMachine.org capture from September 27, 2015 of www.toprule.cn, which is the website for the P2P business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c30b320e-4094-43f1-b0e2-06e8b376b605",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We would expect a scope of business similar to that of Lufax (https://www.lu.com), which includes financial product research and development, portfolio design, private offerings of equity investment funds, and financial advice. — Footnote 27",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-bebf-67fde3810a42",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.763,
        "x": 0.118,
        "y": 0.865
      },
      "kind": "source-note",
      "text": "27 We would expect a scope of business similar to that of Lufax (https://www.lu.com), which includes financial product research and development, portfolio design, private offerings of equity investment funds, and financial advice.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c8e4dd0-e72f-4a3b-9a84-e599a8541166",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.763,
        "x": 0.118,
        "y": 0.628
      },
      "kind": "table",
      "text": "Table of websites under ICP registration 14055607",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85ebbb58-d9f6-4881-814d-9bc0a2a6055e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 18,
      "from": 4,
      "beatId": "9d53cc26-322c-42be-b630-1456141bf8df",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Multiple sections exposing contradictions in CIFS's financials and business practices",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 17,
      "from": 4,
      "beatId": "ff490d76-07a0-401e-874a-1e265d193022",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": null,
      "evidence": "Detailed investigation and analysis of CIFS's financials and business practices",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}