{
  "docId": "019dd923-622c-750b-8b98-56362394aa64",
  "docSlug": "6dfd595fdfac",
  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-01-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 29,
  "pageCount": 60,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide highlights the competitive advantage of Beijing-based SOE-connected firms.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-56362394aa64/29",
  "deckHref": "/decks/019dd923-622c-750b-8b98-56362394aa64",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-56362394aa64.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-56362394aa64#slide-29",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Companies based in Beijing and connected to the major SOE enterprises, like Sinohytec, will generally be more successful than companies in South China backed by a local government without ties to central SOE's (Synergy).",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a4cf276-299c-427d-b611-c93a7efc60ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "list",
      "text": "Sinohytec works closely with its second largest investor Qinghua University, the \"Harvard of China\". Many Senior government, Communist Party and SOE management elites are graduates of Qinghua",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15b073c1-35ae-4e13-80cb-279ebe2c6db7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "list",
      "text": "Sinohytec, a Beijing based hydrogen fuel cell engine producer, is the biggest competitor to Ballard and its partners in China. We estimate Sinohytec presently has approximately 50% market share (Ballard ~40%).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17098515-7b48-4693-9eba-cb022b1f33cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.58
      },
      "kind": "list",
      "text": "Sinohytec engines are under the hood of 7 of the 13 approved vehicle producers by the Ministry of Information Industries Technology",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26bae6bd-2cef-4a28-ba38-fcb7c87e25b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "list",
      "text": "Sinohytec purchases MEAs from a variety of foreign suppliers like 3M and Hydrogenics and they do not plan to develop their own MEA",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f190b28-3c42-4933-9ec0-dd687df69c49",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "list",
      "text": "They have already sold 244 FCV engines to Zhangjiakou City government through a tender process. We estimate that they produced approximately 250 FC engines in 2017",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d5b06e5-c087-41b5-81c2-ab5eab94a521",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "market share: 50%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea7-bb2de0878008",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Sinohytec Overview",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b40a4b75-66ba-445c-ba3a-3f91b88c44ff",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}