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  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-01-25 00:00:00",
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      "text": "It appears not just Broad Ocean, but also its Chairman might be experiencing cash flow difficulties",
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      "text": "The Chairman and largest shareholder, Mr Lu Chudong, increased his borrowings against his shares on December 11th, 2017. He provided a further 125 million shares of his 755 million shares as collateral for borrowing, taking his total shares as collateral to 220 million which is 29% of his total shares and 9.28% of the total outstanding shares of the company",
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      "text": "Broad Ocean has been preparing to issue a convertible bond to raise RMB 3.4 billion all year and achieved the final required approval from the China Securities Regulatory Commission to issue the bond on November 20th, 2017",
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      "text": "Chinese Corporate bond issues were down 37% in 2017 and we believe Broad Ocean will struggle to successfully issue these bonds given the poor net operating cash flow",
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      "text": "RMB billions: 3.4",
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      "text": "Planned Usage From Convertible Bond: Vehicle Leasing Company (1.6), Electric Vehicle Power Train Production Line (0.9), Hydrogen FCV Delivery Van 17,000-unit production line (0.5), Hydrogen FCV Research (0.2), Software (0.2), Total (3.4)",
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      "text": "Successful Bond Issuance Critical to Broad Ocean Funding FCV Initiatives",
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