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Carson C. Block · research-note

ANTA Sports Products Limited (2020.HK)

92 pages · 3 arc beats · 0 loops

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ANTA Sports Products Limited (2020.HK)

Carson C. Block · 2019-07
arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
—

Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 93 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 87 slides 100% 87/87 slides 100% 87/87 slides · 447 hits
— 0/87 slides
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39.1% 34/87 slides 100% 87/87 slides · 93 hits
— 0/87 slides
Appendix Disclosure 5 slides 100% 5/5 slides 100% 5/5 slides · 14 hits
— 0/5 slides
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20% 1/5 slides 100% 5/5 slides · 11 hits
— 0/5 slides
Precedent Table 1 slides 100% 1/1 slides 100% 1/1 slides
— 0/1 slides
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100% 1/1 slides · 3 hits
— 0/1 slides

Slide inventory

92
every slide · same image gating as the playbook
01
Slide 1
This is a standard legal disclaimer page for an investment research firm.other
Open slide detail
02
The slide uses a provocative title to frame the thesis of a short-seller report.expose_contradiction
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03
The slide functions as an introduction to a short-seller report, specifically focusing on the 'fraud' thesis.expose_contradiction
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04
The slide uses a Q&A format to present testimony from a former executive (Mr. A) regarding ANTA's control over distributors.expose_contradiction
Open slide detailBeat · Expose Contradiction
05
Bilingual transcript (Chinese/English) presented in a table format.expose_contradiction
Open slide detailBeat · Expose Contradiction
06
The slide presents a Q&A format in both Chinese and English, highlighting potential conflicts of interest or hidden control structures within ANTA's distributioexpose_contradiction
Open slide detailBeat · Expose Contradiction
07
The table contains a Q&A format in both Chinese and English. It appears to be part of an investigative report.expose_contradiction
Open slide detailBeat · Expose Contradiction
08
The slide contains two interview excerpts (Mr. D and Mr. E) detailing the relationship between the brand and its distributors, and the practice of separating seexpose_contradiction
Open slide detailBeat · Expose Contradiction
09
The slide uses a Q&A transcript to establish corporate control, followed by a summary paragraph linking specific managers to the parent company.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
10
The slide uses a screenshot from a Chinese corporate registry (TianYanCha) to verify the identity and associations of Wang Huayou.expose_contradiction
Open slide detailBeat · Expose Contradiction
11
The top half is a screenshot of a recruitment page for 'Jinjiang Yundong Business Consulting Co., Ltd.', which the author links to the Peng brothers and ANTA's expose_contradiction
Open slide detailBeat · Expose Contradiction
12
The slide lists 23 entities and provides a narrative argument linking their low margins to potential financial fraud at the parent company level.expose_contradiction
Open slide detailBeat · Expose Contradiction
13
The slide compares ANTA's distributor margins against public companies like Belle and Pousheng to highlight discrepancies.compare_peers
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14
The slide uses a diagram to explain the 'Connected Person' relationship under Hong Kong Listing Rules to argue that ANTA exerts de facto control over its distriexpose_contradiction
Open slide detailBeat · Expose Contradiction
15
The document shows the transition of the Legal Representative from Lin Lisui to Lin Aimin in July 2017.analyze_data
Open slide detailBeat · Expose Contradiction
16
The slide uses a scanned document (likely an ID or employment record) to prove that Ding Qingliang was employed by ANTA (China) Ltd. during a period the companyexpose_contradiction
Open slide detailBeat · Expose Contradiction
17
The slide uses red boxes to highlight the specific claims being challenged in the prospectus text.expose_contradiction
Open slide detailBeat · Expose Contradiction
18
The document includes a company stamp from Guangzhou Anda, confirming the authenticity of the employment details.analyze_data
Open slide detailBeat · Expose Contradiction
19
Includes a table of Quanzhou provident fund participants and a table of SAIC registered capital changes for Guangzhou Anda Trade Development Co.analyze_data
Open slide detailBeat · Expose Contradiction
20
Includes images of an ID card and an SAIC registration change notice.expose_contradiction
Open slide detailBeat · Expose Contradiction
21
Includes a screenshot of a government filing portal as evidence of the distributor's lack of independence.expose_contradiction
Open slide detailBeat · Expose Contradiction
22
The slide uses a photo and a quote from a media source to link an individual to ANTA management, supporting an investigation into corporate control.expose_contradiction
Open slide detailBeat · Expose Contradiction
23
The slide includes photographic evidence of the company's office location in Excellence City, Shenzhen, alongside a dialogue transcript.expose_contradiction
Open slide detailBeat · Expose Contradiction
24
The slide uses a transcript format to expose the relationship between ANTA and its distributors, contradicting claims of independent franchising.expose_contradiction
Open slide detailBeat · Expose Contradiction
25
The slide documents a forensic investigation into a distributor's website, highlighting a link to an internal email directory.expose_contradiction
Open slide detailBeat · Expose Contradiction
26
The slide presents a list of names and email addresses as proof of shared infrastructure.expose_contradiction
Open slide detailBeat · Expose Contradiction
27
The slide presents investigative findings regarding proxy networks, specifically highlighting connections between Anta executives and distributor personnel.expose_contradiction
Open slide detailBeat · Expose Contradiction
28
Includes a screenshot of a Wayback Machine capture of an Outlook Web App login page, likely used to imply a shared IT infrastructure or connection.expose_contradiction
Open slide detailBeat · Expose Contradiction
29
The slide uses a screenshot of a Chinese government enterprise credit website with English annotations added to explain the fields.expose_contradiction
Open slide detailBeat · Expose Contradiction
30
The slide uses a news clipping from 2003 to demonstrate that an individual claimed to be merely a 'distributor' was actually a high-level employee of a subsidiaexpose_contradiction
Open slide detailBeat · Expose Contradiction
31
The slide uses corporate registration documents to expose the relationship between the Chairman's cousin (Lin Sankuang) and the company's ownership history.expose_contradiction
Open slide detailBeat · Expose Contradiction
32
Contains detailed footnotes regarding corporate registration and ownership history.expose_contradiction
Open slide detailBeat · Expose Contradiction
33
The slide contains two source documents (a news clipping and a board resolution) followed by an analytical summary text.other
Open slide detailBeat · Expose Contradiction
34
Includes a transcript excerpt from an investigator interview and references to SAIC filings and ANTA prospectus.expose_contradiction
Open slide detailBeat · Expose Contradiction
35
The slide features a photo of the team, a descriptive paragraph about the expedition, and a direct quote from a company executive.illustrate_case
Open slide detailBeat · Expose Contradiction
36
The slide uses specific examples of distributors to argue that they are effectively subsidiaries of ANTA, contradicting official claims.expose_contradiction
Open slide detailBeat · Expose Contradiction
37
Includes a photo of a meeting, a Chinese text excerpt, and an interview transcript snippet regarding Su Weiqing and the Beijing subsidiary.expose_contradiction
Open slide detailBeat · Expose Contradiction
38
The slide uses investigative research to link specific individuals (Mr. Hong Yanqing, Mr. Lin Sankuang) to ANTA leadership, suggesting they act as proxies for texpose_contradiction
Open slide detailBeat · Expose Contradiction
39
The slide highlights a discrepancy between public corporate records and ANTA's official prospectus, suggesting undisclosed related-party relationships.expose_contradiction
Open slide detailBeat · Expose Contradiction
40
The slide uses a news clipping about a strategic partnership to contrast with the investigative finding that two supposedly distinct distributors share identicaexpose_contradiction
Open slide detailBeat · Expose Contradiction
41
The company descriptions are identical, suggesting they are the same entity or closely linked under the same management.expose_contradiction
Open slide detailBeat · Expose Contradiction
42
The slide uses screenshots from a corporate registry tool (likely Tianyancha) to highlight overlapping contact details (phone numbers and emails) between Jinan expose_contradiction
Open slide detailBeat · Expose Contradiction
43
The slide uses SAIC filing documents and anecdotal evidence from former managers to argue that Jinan Ruili and Zhengzhou Anfa are de facto subsidiaries of Anta.expose_contradiction
Open slide detailBeat · Expose Contradiction
44
The slide highlights a potential conflict of interest or undisclosed related-party transaction involving Lin Aiguo and Zhengzhou Anfa.expose_contradiction
Open slide detailBeat · Expose Contradiction
45
The slide contains annotated translations of Chinese legal documents, highlighting shareholder names (Chen Lixian, Lin Aimin), capital investment (300k/200k RMBanalyze_data
Open slide detailBeat · Expose Contradiction
46
Includes a screenshot of the National Enterprise Credit Information Publicity System for Zhengzhou Anfa Sporting Goods Co., Ltd. and a transcript of an intervieexpose_contradiction
Open slide detailBeat · Expose Contradiction
47
The slide uses a screenshot of a Weibo profile to link a specific individual to a distributor, supporting the argument of hidden related-party transactions.expose_contradiction
Open slide detailBeat · Expose Contradiction
48
The slide highlights a contradiction between the 'independent' status of a buyer and their actual role as a director of the ListCo's channel management.expose_contradiction
Open slide detailBeat · Expose Contradiction
49
The slide contains a mix of Chinese press release content and English investigative commentary regarding corporate structure and potential related-party transacother
Open slide detailBeat · Expose Contradiction
50
The slide presents a document snippet (SAIC filing) to support the claim that Quanzhou Binhui is controlled by ANTA-linked individuals (Lin Sankuang and Ding Kuexpose_contradiction
Open slide detailBeat · Expose Contradiction
51
Includes a screenshot of a Chinese news article as evidence of the connection between the company and its actual management.expose_contradiction
Open slide detailBeat · Expose Contradiction
52
This is a scanned legal document (Application for Change of Company Registration).other
Open slide detailBeat · Expose Contradiction
53
The slide uses corporate registry data to challenge the independence of Anta distributors.expose_contradiction
Open slide detailBeat · Expose Contradiction
54
The slide uses public housing provident fund records to prove employment history, contradicting the prospectus disclosures.expose_contradiction
Open slide detailBeat · Expose Contradiction
55
The slide uses a timeline-based career path diagram and a personal profile card to illustrate the company's internal promotion structure.introduce_nominees
Open slide detailBeat · Expose Contradiction
56
The slide uses corporate registry data to challenge the independence of a subsidiary.expose_contradiction
Open slide detailBeat · Expose Contradiction
57
Includes a screenshot of a university news article regarding a partnership with Nanjing Xinyuedong.other
Open slide detailBeat · Expose Contradiction
58
The slide uses a Q&A format to challenge the interviewee's claim that a distributor is a subsidiary, providing corporate data as evidence.expose_contradiction
Open slide detailBeat · Expose Contradiction
59
The slide documents corporate links between entities, specifically identifying Ding Xiaozheng as a common representative.analyze_data
Open slide detailBeat · Expose Contradiction
60
Includes a screenshot of a Chinese business registry change record and a list of entities linked to the Peng brothers.expose_contradiction
Open slide detailBeat · Expose Contradiction
61
Includes a footnote regarding Hong Yanqing's historical interest and association with Anta.establish_context
Open slide detailBeat · Expose Contradiction
62
Includes English annotations for Chinese legal documents.analyze_data
Open slide detailBeat · Expose Contradiction
63
The slide uses corporate registry data and interview transcripts to establish a familial and business connection between ANTA-related parties.expose_contradiction
Open slide detailBeat · Expose Contradiction
64
Includes business registration data and shareholder list with English translations provided in red text.analyze_data
Open slide detailBeat · Expose Contradiction
65
The slide uses a news clipping to establish a link between Anta Capital's Peng Qingqi and the GM of Henan Ruili Sports Products Co., which is later identified aexpose_contradiction
Open slide detailBeat · Expose Contradiction
66
This slide serves as an appendix providing evidence for distributor relationships.analyze_data
Open slide detailBeat · Expose Contradiction
67
The table serves as evidence of potential corporate malfeasance or undisclosed related-party transactions.expose_contradiction
Open slide detailBeat · Expose Contradiction
68
The table maps specific individuals (columns) to distributors (rows) where they hold legal, shareholder, or management roles.analyze_data
Open slide detailBeat · Expose Contradiction
69
The table lists distributors in the first two columns and individuals in the header row, with 'Y' indicating an association.appendix
Open slide detailBeat · Expose Contradiction
70
Includes specific references to prospectus pages 16, 20, 61, 112, 114, 118.appendix
Open slide detailBeat · Expose Contradiction
71
The slide uses a mix of Chinese and English to list branch details and provides narrative evidence of personal connections between branch heads and Anta distribexpose_contradiction
Open slide detailBeat · Expose Contradiction
72
The table presents a Q&A format in both Chinese and English.appendix
Open slide detailBeat · Expose Contradiction
73
The table documents a Q&A session between an investigator and Mr. A, clarifying that subsidiaries have different names by province.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
74
The slide presents a Q&A dialogue highlighting potential hidden control structures in the company's distribution network.expose_contradiction
Open slide detailBeat · Expose Contradiction
75
Transcript format used to validate corporate entity relationships.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
76
Transcript format used to clarify corporate structure and franchisee relationships.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
77
The slide presents qualitative evidence in a table format to support the thesis that ANTA exerts significant control over its business entities.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
78
The slide is a direct transcript table in both Chinese and English.summarize
Open slide detailBeat · Expose Contradiction
79
The table presents a Q&A format in both Chinese and English, detailing operational management splits and specific entity classifications.analyze_data
Open slide detailBeat · Expose Contradiction
80
The slide uses a Q&A format to establish control over distributors and key personnel.expose_contradiction
Open slide detailBeat · Expose Contradiction
81
The slide presents a dialogue between an interviewer (Q) and an expert (Mr. C) discussing potential nominee/proxy shareholding structures.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
82
The slide uses a Q&A format to expose the 'left hand-right hand' relationship between listed companies and their subsidiaries.expose_contradiction
Open slide detailBeat · Expose Contradiction
83
The slide highlights a governance structure where distributors are effectively subsidiaries, contrasting with standard industry practices.expose_contradiction
Open slide detailBeat · Expose Contradiction
84
The slide presents a bilingual (Chinese/English) transcript comparing the business models of established international brands versus the family-based, clan-drivillustrate_case
Open slide detailBeat · Expose Contradiction
85
The slide is a simple two-row table containing a dialogue between 'Mr. D' and 'Q'.other
Open slide detailBeat · Expose Contradiction
86
Bilingual text (Chinese and English) presented in a table format.summarize
Open slide detailBeat · Expose Contradiction
87
The slide uses a Q&A transcript to expose a potential governance contradiction regarding ANTA's control over its distributors.expose_contradiction
Open slide detailBeat · Expose Contradiction
88
The slide is a direct transcript of an interview or investigative dialogue.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
89
The slide presents a dialogue between an interviewer and two subjects (Mr. A and Mr. B) to clarify the relationship between Yundong and ANTA's retail operationsexpose_contradiction
Open slide detailBeat · Expose Contradiction
90
The slide presents a dialogue between an interviewer (Q) and Mr. B, focusing on corporate structure and HR/finance responsibilities.expose_contradiction
Open slide detailBeat · Expose Contradiction
91
The slide presents a dialogue between an interviewer (Q) and a source (Mr. C) to establish the existence and function of a private management entity.expose_contradiction
Open slide detail
92
The slide uses a bilingual table format to present a forensic Q&A.expose_contradiction
Open slide detail