This is pretty devastating. I can’t see why anyone would buy shares in Chaoda Modern Agriculture after such a broadside. Here’s a taster:

Recently, our representatives traveled to Hong Kong to meet with executives of Chaoda Modern Agriculture, one of China’s largest agricultural companies. Chaoda places itself as a leader in farming and agricultural innovation. At the meeting, management showed us how fast the Company was growing. They told us how many production bases they operated. They told us about their involvement in the 2008 Beijing Olympics, about all the awards they had won. Phrases like ‘state‐level dragon head leading enterprise’ and ‘most valuable brand in China’ were peppered throughout the meeting. We left with books, pamphlets, and CDs full of marketing material and notes.
But it wasn’t their marketing material that caught our attention. It wasn’t that this company was chosen as the official vegetable caterer to the 2008 Beijing Olympics. It wasn’t that Chaoda had been ranked as one of the most valuable companies in China. It was their numbers, which were eye‐popping. This once small company had managed to redefine the farming model, and in the process, grown to one of the biggest, most lucrative agricultural companies in the world – a company that Credit Suisse hailed as “revolutionary”. We shook hands and left the meeting with the impression that Chaoda was either one of the greatest companies we had ever witnessed, or …