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  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
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  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-08 00:00:00",
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  "notes": "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 distributors.",
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      "text": "Controlling the Supervisor role is an effective way to ensure ANTA maintains control because PRC law gives the Supervisor the ability to inspect the company's finances, recommend senior managers and directors be dismissed, and propose shareholder meetings.",
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      "text": "The CP Relationship diagram showing Connected person connected to various roles including Supervisor",
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      "kind": "disclaimer",
      "text": "15 ANTA 2012 AR, p. 62. 16 ANTA 2012 AR, p. 70 17 See https://www.china-briefing.com/news/roles-and-responsibilities-of-the-china-legal-representative/",
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      "text": "ANTA's Mr. Wu Yonghua was Supervisor of GZ Anda through July 2017. Wu Yonghua is one of Chairman Ding's trusted generals...",
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      "kind": "paragraph",
      "text": "the shareholding structure of Guangzhou Anda was changed. The truth is that ANTA controls GZ Anda to this day.",
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      "text": "Mr. Wu Yonghua, aged 41, is the Executive Director and the Executive Vice President of the Company. He is primarily responsible for the Group's sales and marketing management. He joined the Group in October 2003 and has over 10 years of experience in sales and marketing in China. — ANTA 2012 Annual Report",
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      "kind": "source-note",
      "text": "Source: PUBLICATION A 2377 Guidance Note on Connected Transactions – A Practical Guide to Good Governance (English), Jan 2016",
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