China Huishan Dairy Holdings
2 activist/short documents on this target.
Timeline
2016-12-16
Muddy Waters · 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.
N5 V2
2016-12-19
Muddy Waters · 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.
N4 V2