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  "docSlug": "6dfd595fdfac",
  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-01-25 00:00:00",
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      "text": "We think this joint venture is unlikely to proceed",
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      "text": "Broad Ocean announced on July 27th, 2017 a RMB 50 million joint venture with Zhongtong to produce and operate hydrogen fuel cell buses in Shandong Province. The joint venture, to be 88% funded by Broad Ocean, was planned to produce around 1,000 units each year.",
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      "text": "Broad Ocean briefly mentioned the cooperation with Zhongtong in its 1H 2017 report, but was silent on the cooperation in the Q3 report and there is no investment cash flow account that matches this level of investments",
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      "text": "Zhongtong released a statement about the cooperation on the same day but did not mentioned it in the 1H or 3Q reports or any other public statements subsequently. The board approved announcement specifically stated the name of the joint venture as “Shandong Zhongtong Broad Ocean Fuel Cell Technology Ltd” (通洋燃料电池科技(山东)有限公司)",
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      "text": "Our Investigators have checked registration records and this company, nor any other joint venture between these two groups, had been legally established as of December 18th, 2017",
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      "text": "We think this joint venture is unlikely to proceed",
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      "text": "Broad Ocean: Failed JV with Zhongtong?",
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