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China Huishan Part 2: Tax Bureau Evidence of Topline Fraud - Muddy Waters Research
In Part 1, we explained our conclusions that Huishan fraudulently inflates its profit margins, CapEx, and cash balance. In Part 2, we will detail our conclusion that Huishan’s reported revenue is also fraudulent. VAT data from the State Administration of Taxation (“SAT”) show that Huishan reports a significant amount of fraudulent revenue. To download the …