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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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  "notes": "Uses a custom flow diagram to map ownership (blue lines) and supply (red lines) to expose circular or self-dealing relationships.",
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      "kind": "callout",
      "text": "Synergy, the company that has made the single largest purchase in the history of Ballard, is essentially owned and controlled by the local government (Yunfu City), the CEO, Ma Dongsheng, and some venture investors",
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      "text": "The local government also owns the bus manufacturer Foshan Feichi (largest buyer of the fuel cell stacks), Foyun New Energy (bus operator) and provides the subsidies to operate the production facilities and the bus operating company",
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      "text": "Ma Dongsheng shifts the activity of the business through subsidiaries or related companies (cross ownership) where he can mask larger ownership",
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      "text": "Source: J Capital, SAIC, MIIT, qichamao.com",
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      "kind": "title",
      "text": "Yunfu City Government Touches and Mr. Dongsheng Profits from the Entire Synergy Supply Chain",
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