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  "docSlug": "2df2f979ea6a",
  "documentTitle": "China Internet Nationwide Financial Services Inc. (CIFS)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-12-20 00:00:00",
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  "notes": "The slide uses financial data from SAIC filings to argue that the counterparty is a shell company.",
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      "kind": "callout",
      "text": "We believe Ailirui is a sham counterparty because a) its SAIC financials show that it is a tiny company that could not conceivably have received such a loan (hint: zero revenue).",
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      "text": "Total assets: $23.1 million",
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      "kind": "paragraph",
      "text": "Note that as of December 31, 2016, the loans CIFS claims to have made account for 64.2% of its assets.",
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      "kind": "paragraph",
      "text": "I. Beijing Ailirui Trading Co. Ltd. appears to be a sham counterparty, and therefore a fake loan. CIFS purports to have loaned it $23.1 million. This alone equaled 77.3% of CIFS's purported 2015 assets.",
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      "kind": "paragraph",
      "text": "Ailirui’s SAIC financials (converted to USD) are below. They show effectively zero revenue, zero net income, and de minimis assets.",
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      "text": "6 CIFS F1, p. F-20.",
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      "text": "BJ Ailirui financial table showing assets, liabilities, equity, revenue, and net income for 2014-2016 in Rmb000 and US$000.",
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