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  "docSlug": "22d57fb06f7f",
  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-09 00:00:00",
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  "notes": "The slide uses a primary document (shareholder resolution) to contradict the company's public claims regarding the disposal of Shanghai Fengxian.",
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      "text": "The purchaser turns out to have been an obvious straw (proxy) buyer. We believe that Shanghai Fengxian was disposed at a significant discount to its value (assuming the announced consideration was really paid).",
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      "text": "Interest Disposed: (1) the entire registered capital of RMB20.0 million of Shanghai Fengxian; and (2) an account receivable in the aggregate amount of approximately RMB181.4 million, being an interest free account receivable owed by Shanghai Fengxian to the Vendor as at 30 April 2008.",
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      "text": "At the time of disposal, ANTA claimed to have invested HK$81.2 million in Shanghai Fengxian. The purchaser turns out to have been an obvious straw (proxy) buyer. We believe that Shanghai Fengxian was disposed at a significant discount to its value (assuming the announced consideration was really paid).",
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      "text": "In May 2008, Anta announced that it was disposing of Shanghai Fengxian for RMB 187.4 million; however, of that RMB 181.4 million (99.5%) was for payment of a purported receivable owed by Shanghai Fengxian.",
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      "kind": "source-note",
      "text": "7 http://www.files.services/files/394/2008/0516/20080516220400_31585875_en.pdf\n8 http://www.files.services/files/394/2008/0516/20080516220400_31585875_en.pdf",
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