{
  "docId": "019dd923-622c-750b-8b96-cc54635b1a55",
  "docSlug": "22d57fb06f7f",
  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-09 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 6,
  "pageCount": 14,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide uses a screenshot of a LinkedIn profile as primary evidence to support claims about corporate control and proxy relationships.",
  "elementsJson": [
    "paragraph",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-cc54635b1a55/6",
  "deckHref": "/decks/019dd923-622c-750b-8b96-cc54635b1a55",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-cc54635b1a55.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-cc54635b1a55#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Per his LinkedIn profile, Wu now works for ANTA.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-9649-7aad69d166ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.525,
        "w": 0.736,
        "x": 0.132,
        "y": 0.201
      },
      "kind": "image",
      "text": "LinkedIn profile screenshot of Wu Zeqing",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d563d64e-06a9-41d8-9b72-ac82c05717f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.764,
        "x": 0.118,
        "y": 0.094
      },
      "kind": "paragraph",
      "text": "Hesheng appointed Wu Zeqing as Shanghai Fengxian’s Legal Representative in May 2008. According to his LinkedIn profile, Mr. Wu was at the time an employee of Shanghai Anchi, which was disclosed as a connected person in the prospectus.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47942918-5871-4949-b620-3b82303f059f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.055,
        "w": 0.764,
        "x": 0.118,
        "y": 0.762
      },
      "kind": "paragraph",
      "text": "Another key proxy relationship we established in Part 1 is present here. Hesheng appointed Ms. Li Dan (李丹) as Supervisor, and she remained the Supervisor after Chen Dinglong purchased Shanghai Fengxian.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59ceec99-7c05-4020-94c0-88adbb96d325",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.055,
        "w": 0.764,
        "x": 0.118,
        "y": 0.875
      },
      "kind": "source-note",
      "text": "11 See Appendix. 12 Anta 2007 prospectus, p. 89. 13 See Part I, Ms. Li is presently the Legal Representative at Jinjiang Yundong and of nine Fila branches.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c27deb7b-87d4-44f9-89c3-ab698ff1e921",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "09a1488a-185e-4672-bcf0-5fa68cf2b203",
      "evidence": "The slide uses corporate records and LinkedIn profiles to expose potential proxy relationships and undisclosed connections.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 7,
      "from": 2,
      "beatId": "1b444e2c-5182-4b60-93d8-00fb6a8a7e4a",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The villain critique and expose contradiction slides suggest the identification of the 'monster'",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    },
    {
      "to": 10,
      "from": 3,
      "beatId": "b7cfebc3-2f99-49eb-8541-f32a0757b404",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The precedent table and appendix data slides suggest the analysis and evidence gathering",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 7,
      "from": 3,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "4425c14f-077b-4860-925e-d0ada47926a5",
      "evidence": "The expose contradiction slides suggest a reveal of new information",
      "position": 0,
      "objective": "Reveal the potentially suspicious actions of ANTA",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    },
    {
      "to": 10,
      "from": 6,
      "name": "Expert Witness",
      "slug": "23-expert-witness",
      "bestFor": "Technical validation, regulatory compliance, skeptical executives",
      "matchId": "a2e22916-7d54-4038-a45b-b84ba0a2e792",
      "evidence": "The precedent table and appendix data slides suggest expert analysis",
      "position": 1,
      "objective": "Provide evidence and expertise to support the claims",
      "structure": "The Authority's Credentials -> Their Finding/Opinion -> Applied to Our Case",
      "confidence": 0.6,
      "description": "Borrow credibility from a recognized authority to validate your position"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}