Texas Short Seller Fights China Fraud in $20 Billion U.S. Shares

By Dune Lawrence
Jan. 14 (Bloomberg) — On an April afternoon in 2009, in
his home office near Austin, Texas, John Bird was hunched over
his computer trying to figure out if a Chinese company some
6,500 miles away was anything close to what it claimed to be.
A silver-haired short seller, Bird, 62, projects an air of
relaxed amusement. His philosophy is reflected in a sticker from
“The Big Lebowski” over his door: “The Dude Abides…”
Some things he takes very seriously, including what he
calls the “sanctity of math.” On that afternoon it was being
defiled in his eyes by the claims of China Sky One Medical Inc.,
a maker of slimming patches and hemorrhoid ointments. Sky One,
according to its annual report, was selling out its inventory
and resupplying almost every seven days. That, Bird says he knew
from experience in business, was impossible.
Sky One, Bird would find, wasn’t the only stock recently
arrived from China to defy financial speed limits, Bloomberg
Businessweek reports in its Jan. 17 issue. It’s one of about 370
Chinese companies — with a combined market value of at least
$20 billion — that have obtained U.S. listings since 2004
without the rigors of initial public offerings.
Some of them have reported numbers making Bird suspect what
he calls “flat-ass” fraud. The Securities and Exchange
Commission hasn’t until recently paid much public attention to
what Bird describes as a pattern, at a time when investors are
still recovering from the Bernie Madoff Ponzi scheme.

Chinese Reverse Merger

Bird’s first business venture — before real estate
development, a music venue called Club Foot and a direct-mail
marketing firm — was a chain of nine movie theaters in Austin
in the 1970s. Audiences ate through stores of popcorn and candy
every three days or so, while cups and buckets took months to
run out, for an average turnover of eight to 10 days. Sky One’s
inventory, Bird figured, ought to move more slowly, because
cardboard boxes for packaging and adhesives for patches are
bought in bulk, and used bit by bit as orders come in.
They’re turning their supplies over faster than a doughnut
shop, Bird says he thought. Or, as he later put it, “It’s like
somebody telling you they just drove over here at 600 miles per
hour. It’s not going to happen.”
Sky One and the other companies have moved onto U.S.
exchanges through a process called a reverse merger, in which a
closely held company buys a publicly traded shell company — and
retains the U.S. listing as its own instead of extinguishing it,
as usually happens in takeovers. Bird says that many reverse
merger companies are deceptive, at best, about their numbers.

‘Thumbing Their Noses’

The questions Bird raised from his 70-acre spread northeast
of Austin touched off a dispute among short sellers, auditors
and regulators over the quality of companies with operations in
China and shares on U.S. exchanges.
“The whole thing has no place to go but to blow up,” Bird
says. “That’s a rational position for an investor to start with
— that every one of these Chinese reverse mergers is a fraud.”
Executives of the companies in China, he says, are “thumbing
their noses” at investors in the U.S.
Sky One officials declined to comment for this story.
The company’s shares are available to retail investors
through such funds as the Oppenheimer Main Street Small Cap Fund
and the Powershares Golden Dragon Halter USX China Portfolio,
and are scooped up by small cap index funds.
Roth Capital Partners, an investment bank in Newport Beach,
California, that has been one of the most active in helping
Chinese reverse merger companies raise money, recently tried to
define the size of the market. It came up with a list of 94
companies with a market capitalization between $50 million and
$1 billion that trade an average of at least 50,000 shares
daily, with a total stock market value of more than $20 billion.

Mosaic Eggs

Returns for Chinese reverse merger companies totaled 43
percent for the five years through 2010, even with a slide of 23
percent last year, according to Roth Capital’s analysis. The
Russell 2000 Index was up 25 percent in 2010 and the Nasdaq
Composite Index climbed 17 percent.
Bird says he didn’t start out on a mission against Chinese
stocks. It’s just that he’s not one who believes in doing things
by halves. His art collection includes a nine-ton copy of a
Babylonian horse figurine from 600 B.C. that sits next to his
pool and two six-foot-tall mosaic eggs that spin in a field. His
wife of 39 years, Jenny, gave him a backgammon set a few years
ago and he now travels to Las Vegas to compete in tournaments.
Bird has never been to China. His closest brush came on a
visit to Hong Kong in 1959, he says, while his father was
stationed with the U.S. Air Force in Japan.

Blank Check Companies

He came to shorting Chinese companies through a website run
by Manuel P. Asensio. Now an investment advisor, Asensio was
barred from the brokerage industry in 2006 by the National
Association of Securities Dealers, now called the Financial
Industry Regulatory Authority, for failing to cooperate with an
investigation into misleading research reports. Shorts bet
against a stock by selling borrowed shares with the plan to
repurchase them at a lower price and pocket the difference.
Asensio.com publishes short-selling ideas, and initiated
coverage of Sky One in April 2009, questioning a history of
restatements and frequent changes in auditors. That sparked
Bird’s investigation.
Sky One was a merger of Comet Technologies Inc. and
American California Pharmaceutical Group Inc., Bird found. Comet
Technologies was a so-called blank check company, incorporated
in Nevada, with no business other than finding a promising
acquisition. American California Pharmaceutical Group was a
holding company for Harbin Tian Di Ren Medical Science and
Technology Co., which had made over-the-counter medicines based
on herbal remedies since 1994 in the Chinese city of Harbin.

‘Dead Stock Walking’

The shares of the new combined company — China Sky One
Medical — finished 2006 at $8 and climbed 75 percent in 2007 to
$14, as the company promised it was stepping up from wart-
removal spray to gene recombination techniques. In 2008, Sky One
moved from the OTC Bulletin Board to trade on the American Stock
Exchange and then on the Nasdaq.
Bird turned up credit reports on Harbin Tian Di Ren from
data providers in the U.K., India and China. The numbers in all
three matched each other, but they did not match SEC filings
made by Sky One.
After two months of e-mails and phone calls, Bird says he
reached a woman named Terry at Qingdao Inter-Credit Services, a
credit report provider in China, who sent Bird the government
filings Inter-Credit used. They were from the State
Administration for Industry & Commerce, or SAIC.
The SAIC filings were “like getting X-rays of a terminal
patient,” Bird says. “It was dead stock walking.”

Waldo Mushman

The SAIC is the Chinese government agency responsible for
market supervision, regulation, and enforcement. According to a
SAIC filing, Sky One’s operating unit, Harbin Tian Di Ren, had
2008 sales of 6.93 million yuan, roughly $1 million at 2008
exchange rates. Yet to the SEC, Sky One reported 2008 sales of
$91.8 million, with Tian Di Ren accounting for at least 65
percent, or $59.7 million.
Bird ordered more reports to trace Sky One customers and
suppliers; he says the paperwork showed companies too small to
generate the orders or inventory Sky One reported.
By August 2009, Bird was ready to place a serious bet. He
logged onto his account and sold short 30,000 shares at $15.70.
The natural next step of a short seller is to get the word out,
and Bird posted a selection of his evidence.
He chose the Internet address waldomushman.com — Waldo
Mushman being the occasional pseudonym of the actor Steve
McQueen, at least according to Bird.

Focusing on ‘Gatekeepers’

Bird sent his evidence to the SEC, Sky One and Sky One’s
auditor, Cranford, New Jersey-based MSPC Certified Public
Accountants and Advisors P.C., then called Moore Stephens P.C.
Bird says an SEC official in Los Angeles named Junling Ma called
him about the SAIC documents, as did a Nasdaq enforcement
officer. Nasdaq spokesman Wayne Lee didn’t respond to requests
for interviews with exchange officials.
The SEC in the last few months has begun to look more
closely at reverse merger companies with foreign management and
ask for more disclosure on financial reporting and controls,
said John Nester, an agency spokesman. He said the SEC created
an enforcement working group to focus on the “gatekeepers”
involved in bringing the companies to U.S. exchanges. He
declined to comment on specific cases.
From his home office in Texas, Bird made regular posts to
websites, such as Seeking Alpha and Yahoo! Finance, arguing his
case. None of it, at first, proved much of a setback for Sky
One, whose price mainly climbed.

Muddy Waters

Bird’s approach did interest other investors, who began to
use his method of checking up on Chinese-American stocks through
SAIC filings. The far-flung crew included short sellers such as
Andrew Left of Citron Research in Los Angeles as well as
newcomers, including Muddy Waters Research, based in Hong Kong,
and Sahm Adrangi, a 29-year-old Yale graduate running the hedge
fund Kerrisdale Capital in New York.
Listing in the U.S. through a reverse merger is easier than
joining a market in China. Companies face a waiting period and
profitability requirements for a domestic listing on the main
exchanges in Shanghai and Shenzhen. A Hong Kong listing on the
Growth Enterprise Market presents hurdles, with minimum cash
flow thresholds and expected market capitalization.
A U.S. reverse merger can take as little as three months
and cost under $1 million in fees, according to Los Angeles-
based CCG Investor Relations, which specializes in Chinese
companies. In 2010, 78 Chinese companies listed in reverse
mergers, according to DealFlow Media Inc. figures as of Jan. 6.
They joined 294 other companies that did so from 2004 through
2009, DealFlow data show.

Utah Businessman

The Sky One deal cost between $600,000 and $800,000,
according to Charles Hung Jr. of American Eastern Group Inc.,
the Los Angeles investment firm that set it up. He says he and
his father, Charles Sr., visited the company for more than a
week to meet management and see the products on store shelves.
Sky One was led then and now by Chairman and Chief
Executive Officer Liu Yan-Qing. Liu’s background is in drug
marketing, journalism and research and development, and he has a
bachelor’s degree from Harbin Medical University as well as an
executive master’s degree in business from Tsinghua University,
according to his biography on the company website.
Hung Jr. says the company wanted to go public for the right
reasons — expansion, as opposed to a chance for the executives
to cash out.
Starting in the early 2000s, the Hungs engineered four
Chinese reverse mergers, the last one for China Shen Zhou Mining
& Resources Inc. in 2006. In three of the deals, including Sky
One’s, the Hungs paired off the Chinese companies with shell
company vehicles linked to Utah businessman Jack M. Gertino.
Regulatory filings list Gertino as investing in real estate and
having run a car tune-up franchise.

‘Very Thorough’

Gertino received 163,581 shares of the new company,
warrants for more shares and a consulting deal for financial and
management planning covering the two years after the merger,
according to company filings. Gertino says he passed on dozens
of deals before pursuing the China Sky One reverse merger, for
which he visited the company in China twice. He adds that it’s a
“terrific” company.
The Hungs also paired Sky One with E-Fang Accountancy
Corp., a two-partner firm in City of Industry, California, that
prepared two years of U.S.-audited financials. Hung remembers E-
Fang as “very thorough.”
In December 2008, The California Board of Accountancy
suspended E-Fang’s license for 30 days and imposed three years’
probation for gross negligence and violating professional
standards, not specifying which work triggered the action.

Just 1 Percent

Hung says that he wouldn’t do a reverse merger now unless
the company agreed to a top 10 auditor.
Others in the business include Benjamin Wey, who has built
a career bringing companies from China onto exchanges like
Nasdaq. Wey was born in China and likes to recount how he
arrived in the U.S. in 1992 with $62, and worked part-time as a
Chinese chef while attending Oklahoma Baptist University.
Wey now has offices on Wall Street and 60 employees in
China, and says he accepts just 1 percent of the companies that
seek him out. He says his clients don’t want to wait to list at
home and that a full-blown initial public offering in the U.S.
is expensive and difficult. “The reason these companies do
reverse mergers is not because it’s good or bad,” he says.
“They have no alternative.”
From a 38th-floor conference room overlooking the silver
and grey glints of lower Manhattan, he describes how a typical
deal works: List via reverse merger with private funding from
his company, New York Global Group; jump up to a name exchange
such as Nasdaq; then raise more money with a secondary offering
once the company has established credibility in the U.S.

‘Materially Different’

Last year, he helped a Chinese manufacturer of wind turbine
towers, CleanTech Innovations Inc., make its U.S. debut, and the
shares are now trading on the Nasdaq. He says he assigns up to
nine Chinese staff members to lead a company through seven to 11
months of due diligence before a U.S. listing. “There’s a lot
of traps to try to avoid,” he says.
In 2007, the American Stock Exchange delisted a fertilizer
company that he brought over, Bodisen Biotech Inc., for
incomplete and inaccurate disclosures related to share ownership
by officers as well as payments to Wey’s company. The move came
after stories in the New York Post and MarketWatch. Wey blames
journalists in league with short sellers.
The Oklahoma Department of Securities censured Wey in 2005
for not advising customers of the risks of stocks he sold and
not disclosing consulting relationships with some of the
companies. Wey agreed to a ban on working in the securities
business in the state without admitting to the allegations.

Margin Call

A couple of weeks after Bird’s waldomushman.com went live,
Sky One acknowledged its SAIC and SEC filings were “materially
different,” assuring investors of the accuracy of its U.S.
filings. Its shares slid gradually from almost $15 to under $12
by November, then began to climb again.
Bird was disappointed. “Here I put the SAIC documents out
and I expect to shake the world, and nothing much happens,” he
says. “So I thought, ‘This is going to take more effort.’”
Bird found a private investigator in Harbin who charged $59
an hour to take photos of Sky One’s facilities and investigate
land records, which Bird hoped would turn up incriminating
evidence. It didn’t. He began delving into the company’s seven
patents, which Sky One valued at $1.6 million in 2007 — and at
$15.1 million in 2008.
In the meantime, the shares rose to a high of $24.25 on
Dec. 28 and ended the year with a 42 percent gain. That meant
Bird needed cash to cover his losses, as brokerages call for a
cushion or “margin” to make sure short sales can be settled.
At the time of the stock’s rise, Bird was in New Zealand with
his wife and, because of the time difference, had to make trades
at 3 a.m. and 4 a.m. to cover his margin call.

‘A Stubborn Man’

He returned home exhausted, and down almost $90,000.
Instead of cutting his losses, he filed suit in federal court in
New Jersey in March against MSPC, the Sky One auditor, for
failing to acknowledge misrepresentations in financial
statements and errors in its audit work. Bird didn’t sue Sky One
directly because the U.S. company’s assets are in China. “I
just got pissed off, and I’m a stubborn man,” he says.
Michael G. Mullen, the head of MSPC’s audit department,
declined to comment on the lawsuit. The firm audits three U.S.-
listed Chinese companies and some that want to list, according
to Richard J. Montalbano, a principal who focuses on China work.
In an April 2009 inspection report on MSPC, the Public
Company Accounting Oversight Board, which is controlled by the
SEC, noted “audit deficiencies” in one case so significant
that the board declared the firm didn’t have enough evidence to
support its opinion on financial statements. By May 2010, other
shorts began to emerge, waving SAIC filings, just like Bird.

‘Doesn’t Add Up’

A Detroit forensic accountant, Steven R. Chapski, posted an
analysis on Seeking Alpha of the 2009 SAIC and SEC filings for
cable- and wire-maker Lihua International Inc. Lihua responded
by posting its 2009 SAIC filings and a reconciliation with SEC
filings on its website. Lihua gained 7.6 percent last year.
Chapski continues to question the company. “It just doesn’t add
up, and I’ve never heard anybody tell me a good reason why my
thinking is wrong,” Chapski says.
In June, Chinesecompanyanalyst.com, a blog run anonymously
by Kerrisdale Capital’s Sahm Adrangi, accused China Marine Food
Group Ltd. of fabricating SEC financial statements, citing SAIC
documents that showed 2008 revenue 85 percent lower than
reported in the U.S. Adrangi also questioned China Marine’s
acquisition of Shishi Xianghe Food Science and Technology Co. in
January 2010 for $27.8 million, pointing out that Xianghe’s
proprietary algae drink formula had been worth just $8,776 in
2009, when Xianghe purchased it.

‘He’s The Reason’

China Marine shares slumped 30 percent in June. The company
responded that for 2009, its SAIC filings were consistent with
its U.S. filings.
In November, Adrangi went after China Education Alliance
Inc. After meeting with executives in August, he asked a Chinese
friend to look at the company’s website. Nonfunctional, the
friend reported. So Adrangi followed in Bird’s footsteps: “If
there’s any person who started this, it’s John Bird,” he says.
“He’s the reason anybody is looking at the SAIC filings.”
Adrangi sent locals to look for its products and check out
its training center. He obtained the SAIC filings, which showed
online revenue of less than $1 million in 2008, while SEC filing
put the revenue at $16 million. Adrangi’s report, published Nov.
29, sent the shares tumbling 39 percent in two days — helping
his fund to a more than 30 percent gain for the month.
China Education Alliance denied the report’s allegations,
launched a stock repurchase and gave the SEC documentation of
its bank balances. The shares finished 2010 down 59 percent.

Love Box

In June, Muddy Waters took on Orient Paper Inc., a
papermaker based in Baoding, in Hebei province, whose stock had
climbed from 24 percent to $10.48 in 2009. Muddy Waters was the
brainchild of Carson Block, a lawyer and founder of Love Box
Self Storage in Shanghai (“Get Self Storage Without BS”).
In a June 28 report, Muddy Waters said Orient Paper’s
“purpose is to raise and misappropriate tens of millions of
dollars” and accused the company of overstating 2008 revenue by
27 times and 2009 revenue by 40 times.
Orient Paper denied the allegations. Its shares plunged 40
percent in the four trading days after the report was released.
They rebounded briefly, dropping again as the company retained
law firm Loeb & Loeb LLP to coordinate an investigation. The
results of the probe, carried out by Deloitte & Touche Financial
Advisory Services, were published in November and dismissed
Muddy Waters’ report almost entirely, including the evidence
based on SAIC filings.

‘Green Dollars’

Orient Paper’s audit committee chairman, Drew Bernstein,
says short sellers are exploiting the ignorance of U.S.
investors and the inexperience of Chinese executives. “You have
these Chinese chairmen, when they take green dollars from the
U.S., I don’t think they fully understand the obligations and
responsibilities that come with it,” says Bernstein, co-founder
of New York-based Bernstein & Pinchuk LLP, which represents 40
U.S.-listed Chinese companies.
Coupled with U.S. investors who “can’t find China on a
map,” it’s a “perfect storm” for shorts, Bernstein says.
The SAIC filings are sometimes not accurate because Chinese
companies want to minimize taxes and avoid giving competitors
too much information, according to Bernstein.

Billy Idol

Like many U.S.-listed Chinese companies, Orient Paper was
underwritten by Roth Capital, which responded to the short
attacks with a primer that aimed to explain the SAIC filings.
“Divergent PRC [People’s Republic of China] filings and U.S.
filings do not, in and of themselves, establish error,
misstatement, or fraud,” researchers John Ma and Mark Tobin
wrote in a July 2010 report. “This data should be viewed as one
aspect of a broader due diligence process.”
Since 2003, Roth Capital, run by three brothers from Iowa,
has made U.S.-listed Chinese companies into 24 percent of its
business, and has raised $3.1 billion in capital. Its annual
growth conference last year attracted more than 1,000
institutional investors who got three days of access to 350
companies, including 100 U.S.-listed Chinese companies, as well
as a Billy Idol concert and an IMAX screening of “Avatar.”
In the past year and a half, Roth Capital has run or helped
manage share sales for China Green Agriculture Inc., Harbin
Electric Inc., China Natural Gas Inc., China-Biotics Inc.,
Wonder Auto Technology Inc. and Orient Paper.
All the companies have been targets of questions and
allegations about some combination of mismatching Chinese and
U.S. filings or inflated claims in U.S. filings, overpayments
for acquisitions and choice of small auditors.
Byron Roth, Roth Capital’s chairman and CEO, says that as
the short attacks continued, “Everybody had that little moment
of, ‘Am I the sucker, or are they just full of it?’”

Chat Room Posting

Roth adds that there are doubtless cases of fraud among
Chinese companies, just not enough to outweigh the investment
opportunity. “There aren’t that many companies in the U.S.
growing at 20 percent plus,” he says. “You can’t paint every
Chinese company with the same brush.”
He also notes that, as Roth Capital’s due diligence
procedures “evolve,” it checks SAIC filings now too.
In August 2010, Bird learned through discovery in his suit
against MSPC that the SEC was investigating Sky One. Bird
promptly posted it to a Yahoo! chat room hosting conversations
about Sky One. MSPC would later get a court order making the
discovery documents confidential. Sky One revealed in its
second-quarter report that the SEC had launched a formal probe
of its accounting.

Questioning Auditors

Momentum appeared to be gathering. A July 12 audit alert
from the PCAOB noted that some U.S. accountants were issuing
opinions for companies without visiting China or reviewing the
work done by local assistants. The examples cited were based in
Hong Kong, China or Taiwan. In the 27 months ended March 31,
2010, the report said, at least 40 U.S. firms with fewer than
five partners and fewer than 10 professional staffers had issued
audit reports for Chinese companies.
“If you’re investing in a company whose operations are all
in the China region, you may want to ask some questions about
the quality of its audit,” says Greg Scates, the oversight
board’s deputy chief auditor.
The board has stepped up investigations of and inquiries
into audits of U.S.-listed Chinese companies since the July
alert and is coordinating with the SEC, according to its
director of enforcement and investigations, Claudius Modesti.
“Our inspectors continue to raise concerns in our
inspections of certain U.S. audit firms regarding their audits
of issuers either located in China or that have operations in
China,” Modesti says.

$1 Million Profit

In Texas, through the spring and summer of 2010, Bird added
to his bet against Sky One and built positions against Orient
Paper, China-Biotics, China Marine Foods, China Natural Gas and
China MediaExpress Holdings.
In September, Sky One lowered its 2010 revenue forecast
from $160 million to $164 million to between $128 million and
$136 million, citing the loss of major distributors. The
distributors, Sky One said in a Sept. 3 statement, didn’t want
their business information disclosed in public SEC filings,
which has led to increased scrutiny by the Chinese government.
The shares slumped 31 percent in the first trading day
after the announcement. John Bird found himself with a profit of
more than $1 million.
Soon, other bets would begin to pay off. In November, Muddy
Waters issued a report on Rino International Corp., which Bird
did not short, accusing the maker of pollution-control equipment
of fabricating some of customer relationships and overstating
2009 revenue by 17 times. Rino then admitted some of its
contracts did not exist. Its stock plunged 85 percent in 2010.

China ‘Flying High’

Investors dumped shares of companies that used Rino auditor
Frazer Frost LLP, including Harbin Electric, which Bird had
shorted. Harbin dropped 15 percent in two days after trading in
Rino was halted on Nov. 17.
A couple of days later, Audit Integrity Inc., a governance
research firm that rates almost 20,000 public companies, warned
U.S. investors about Chinese stocks listed in the U.S.
Its system for scoring companies on 100 different
accounting and governance metrics had been turning up poor
ratings, often a sign that companies are manipulating their
numbers, says Audit Integrity’s chairman, James Kaplan.
“I noticed this issue well over a year ago,” he says.
“But in all candor, no one cared because of the brand of China.
China was flying high. If it was branded as a Chinese company,
it must mean it was going to be good and make money.”

‘Pretty Attractive’

“As these companies are scrutinized, investors will
uncover the facts behind the ‘Chinese Curtain,’” Kaplan wrote
in a Dec. 3 report. “Many of these stocks may prove to be
Still, there are believers, including William Wells of
Memphis-based Pope Asset Management LLC, a major investor in Sky
One and other reverse merger companies.
“We see China, and correctly so for the last few years, as
the major country with the largest amount of growth,” says
Wells, whose firm manages about $650 million and started buying
reverse merger Chinese companies in 2005 after large-cap Chinese
stocks got expensive. “If you can work through these corporate
governance issues, the valuations and the earnings growth on a
lot of these companies look pretty attractive.”
According to SEC filings, Pope Asset held 1,040,224 shares
in Sky One as of June 30, 2010. As of the end of September, the
fund owned 723,647 shares.

‘It’s Unbelievable’

Jeff Papp, a senior analyst for the $300 million Oberweis
China Opportunities Fund, which has less than five percent
invested in reverse-merger stocks, is also cautiously positive.
“Right now, the whole group is trading at levels implying
that they are all frauds, but those who can tell the difference
will hit some home runs,” Papp says. “We’re either never going
to see any of these types of Chinese companies listing here
again, or we may be near a bottom in terms of valuations.”
Bird did not go to New Zealand this past Christmas. Instead
he was serenaded by the sound of waves in a Hawaii beach rental,
and he heard only good news from his short-selling experiments.
Sky One’s shares retreated 69 percent in 2010, and Bird put
$500,000 of his $1 million-plus in profits into a startup cancer
drug company. His suit against Sky One’s auditors drags on. He’s
still short 175,000 shares of the company and hopes the next
salvo will come from the SEC. The SEC did not respond to two
requests for comment on this story.
“When you know the stock is going broke, they’re crooks,
the SEC is going after them — where are you going to find a
better short than that?” Bird says. “It’s unbelievable how the
sucker born every minute keeps on wanting to line up and throw
their money at these ‘opportunities of a lifetime.’”


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