No one answered the phone. Should we make conclusion that this is a false firm? Keep in mind that Muddy Waters claimed that ONP is a false one b/c few of the clients answered the phone. LOL. Let SEC investigate whether Blog's family involved into the short behavior.
This is the invoice I got from ONP and I have them translated into ENGLISH.
5600mm/1200m four-fold net paper machines 1. paper machine 1,150 million 2, glue machine 8 million 3. Roller Warehouse Roller Reel 1 million 4. High-speed rewinding machine --- 3 times 18 million 5. Quantitative determination of water meter 10 million More than 30% of the parts are imported equipment, purchased 10%, 60% self-produced Total of 196 million yuan Bid of 190 million yuan
You can call First Paper Machinery Co., Ltd. Qinyang to verify the prices. Your tone seems a little inconsistent to me. You first advocate Muddys Waters and then claimed you have done your own DD afterwards. Where is your voice before Muddys Waters' false report?
First of all, I was long ONP before the Muddy Waters report and after reviewing there report and redoing my own due diligence, I sold the stock. There is nothing inconsistent in my tone at all in anyway - referring to Muddy Waters and my own DD is not inconsistent. I don't advocate or not advocate Muddy Waters - the issue is ONP but it appears to me they do a good job. I think it is important just to focus on the facts concerning ONP, whether presented by Muddy Waters, ONP, or anyone else, to see through independent verification, whether those facts are true or not. "ad hominen" is the latin term for the technique of 'attacking the person' making an argument, rather then the facts or arguments they present, and it is classified as a logical flaw or fallacy. Your strategy seems primarily composed of the 'ad hominem' type. That doesn't appear to be much of an invoice for a $27 million dollar purchase. Nothing on it appears to state or indicate that it is custom. Can you provide, the chinese name for "First Paper Machinery Co., Ltd. Qinyang" (as you know the English name is not enough to translate the name into chinese). Can you provide in English and Chinese, the name, address and phone number of a person at the company who can verify the purchase by ONP of the items and at the prices that they claim? Disclosure: short ONP.
With all due respect, who cares whether Muddy Waters is the devil itself? the stock being discussed here is ONP"s stock, not Muddy Waters, and the question is whether ONP's representations are consistent, true and accurate. Muddy Waters has provided enough information in there report for you to independently verify. Have you called the customers? The suppliers? have you reviewed ONP's video and SEC filings and CFO statements, which show inconsistent statements and a reduction in employees, plants and production lines which makes one question their claims of large increases in production and sales?
Disclosure: Short ONP
A review of ONP's video and SEC filings, as well as statements by the CFO, are simply not consistent.
I wonder whether you call the custom yourself. I have identified the prices of paper machinese from the invoice I received from ONP. I doubt your existence because you are quite within one week and show up when shorters begin to cover.