Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p>Our prior Insight regarding production halts in Shijiazhuang City highlighted the differences between the impacted companies' disclosures. SSY Group (2005 HK) has particularly high exposure to the halt because their factories in Shijiazhuang City generate 90%+ of revenue.</p><p>Management had hoped to receive approval to resume production by the end of November (which apparently hasn't occured). Shenzhen-listed Shijiazhuang Yiling Pharmaceutical Co., Ltd. (002603:CN) filed a disclosure on 1 December that not only provides additional general perspective, but suggests that some companies are preparing for the production ban to continue into January 2017.</p>

Our prior Insight regarding production halts in Shijiazhuang City highlighted the differences between the impacted companies' disclosures. SSY Group (2005 HK) has particularly high exposure to the halt because their factories in Shijiazhuang City generate 90%+ of revenue.Management had hoped to receive approval to resume production by the end of November (which apparently hasn't occured). Shenzhen-listed Shijiazhuang Yiling Pharmaceutical Co., Ltd. (002603:CN) filed a disclosure on 1 December that not only provides additional general perspective, but suggests that some companies are preparing for the production ban to continue into January 2017.

China

Shijiangzhuang Yiling Pharmaceutical Co Ltd develops, produces and sells Chinese patent medicine. The Company's major products include Tongxinluo capsules, Shensongyangxin capsules, Lotus Qingwen capsules, Qili Qiangxin capsules and Bazi Bushen capsules.

Shijiazhuang Yiling Pharmaceutical (002603 CH)

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Shijiazhuang Yiling Pharmaceutical (002603 CH)

"Temporary" Looking Longer Here

Our prior Insight regarding production halts in Shijiazhuang City highlighted the differences between the impacted companies' disclosures. SSY...

Kemp Dolliver, CFA

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