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Campaigns / Muddy Waters → China Huishan Dairy Holdings
Muddy Waters vs. China Huishan Dairy Holdings

China Huishan Dairy Holdings · 6863 HK

2 decks published between 2016-12-16 and 2016-12-19 — 60 pages, 60 analysed slides total. Outcome: won.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2016-12-16 initial thesis

    2016 12 MW_6863_HK_20161216

    47pp · research_note

    Huishan is a fraud worth close to zero — fabricated alfalfa self-sufficiency inflates margins, RMB 1.6bn of CapEx is fictitious, and Chairman Yang has siphoned farms to a related party.

    N 5 V 2 C 2
    ⌂ ” ⚑
  2. 2016-12-19 follow up

    2016 12 MW_6863_HK_20161219

    13pp · research_note

    Huishan's revenue is fabricated: tax-bureau data, cow-farm photos, and e-commerce scrapes all show the reported top line is dramatically overstated — the stock is a zero.