Orient Paper, Inc. · ONP

Muddy Waters reaffirms ONP is a fraud: SAIC-filed PRC financials, impossible equipment claims, and bogus acquisitions contradict ONP's SEC filings; Strong Sell.

Muddy Waters stands by its ONP fraud thesis: the Baoding factory is incapable of producing reported output, and the 'rejected $300K research fee' vendetta narrative is fabricated.

ONP claimed to own its China operating company HBOP for 16 months when it didn't, and replaced 80% of its top 10 customers while growing sales 56.5% — both flag fraud.

ONP secretly swapped its paper-machine order from corrugating medium to kraft board to salvage a technically impossible 360,000-ton output claim, while overpaying the vendor $13-14 million.

AMEX-listed Orient Paper is a Chinese reverse-merger fraud: tax records, shell-company suppliers, and customer interviews show revenues and profits are fabricated by orders of magnitude.