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  "docSlug": "4e8802588ba6",
  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "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": "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.",
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      "text": "In the prospectus, ANTA states that both Mr. Su Weiqing and Ms. Wang Shuying were “Independent Third Parties” and that “save for being the shareholders of our current and past distributors, ... Mr. Su Weiqing [and] Ms. Wang Shuying have no relationship with our Group, our Directors or senior management, our shareholders or their respective associates”. This statement is another lie.",
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      "kind": "image",
      "text": "Wayback Machine capture of Outlook Web App login for ydmail.anta.cn",
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      "text": "The relationships between Su Weiqing and Wang Shuying on one hand, and ANTA insiders on the other pre-dated BJ Jiyuan. Mr. Su Weiqing is the head of the Ding families' ANTA (Fujian) Shoes Industry Beijing Branch sales office, a private company outside of the ListCo's structure.",
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      "text": "BJ Jiyuan is one of ANTA's largest distributors. In 2017, it recorded COGS of RMB 576.6 million, which equates to approximately 3.45% of the ListCo's sales.",
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      "text": "Messrs. A, C, and D stated that ANTA controls BJ Jiyuan. In the prospectus, ANTA states that both Mr. Su Weiqing and Ms. Wang Shuying were 'Independent Third Parties' and that 'save for being the shareholders of our current and past distributors, ... Mr. Su Weiqing [and] Ms. Wang Shuying have no relationship with our Group, our Directors or senior management, our shareholders or their respective associates'. This statement is another lie.",
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      "kind": "quote",
      "text": "“Independent Third Party” — ANTA Prospectus",
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      "kind": "source-note",
      "text": "Footnotes 36-39 detailing company name, financial performance, and prospectus definitions.",
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      "kind": "title",
      "text": "Beijing Jiyuan Shengbao International Trading Co. Ltd.",
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