Unreachable Huishan Executive Exposes China Debt, Bank Risks

An unreachable corporate treasurer. An emergency meeting with creditors. A $4.1 billion stock collapse. And a vindicated short seller.

All that and more converged in a remarkable week for China Huishan Dairy Holdings Co., a milk producer with outsized ambitions that may turn into the country’s latest poster child for weak corporate governance, the dangers of leverage and the potential for financial shocks.