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Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<p>Air quality in Shijiazhuang City, Hebei Province continues to deteriorate as colder weather causes a sharp uptick in coal burning to heat buildings. As a result, the risk of longer production suspensions for pharmaceutical companies is increasing. The headline below from the SCMP is scary enough (PM2.5 and PM10 of 1,000+). The article mentions that conditions could improve in a few days, but this year's "smog season" (for lack of a better term) is proving to be worse than expected:</p><p style="text-align: center;"><a href="http://www.scmp.com/news/china/society/article/2055810/air-pollution-hebei-climbs-past-1000-mark" target="_blank">Air Pollution</a>…</p>

Air quality in Shijiazhuang City, Hebei Province continues to deteriorate as colder weather causes a sharp uptick in coal burning to heat buildings. As a result, the risk of longer production suspensions for pharmaceutical companies is increasing. The headline below from the SCMP is scary enough (PM2.5 and PM10 of 1,000+). The article mentions that conditions could improve in a few days, but this year's "smog season" (for lack of a better term) is proving to be worse than expected:Air Pollution…

SSY Group Ltd

Conspiracy of the Weather Gods