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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": "The slide uses a Q&A format to present testimony from a former executive (Mr. A) regarding ANTA's control over distributors.",
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      "text": "We firmly believe that this apparent margin superiority is due to fraudulent manipulation of ANTA's financials through the relationships with the distributors.",
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      "text": "8 Conversation with former executive Mr. A\n9 Compared to Xtep, Li Ning, and Yue Yuen.",
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      "text": "ANTA's control over the distributors is an open secret among senior ANTA executives on the distribution side of the business. Senior ANTA managers commonly refer to the purportedly independent distributors as “subsidiaries” (“子公司” and “分公司”).",
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      "kind": "quote",
      "text": "They [Chairman Ding Shizhong and Wu Yonghua] have a controlling stake in those companies, in those distributors. ... They have invested in this company. How to say? That is, they call these companies “subsidiaries” or “branch companies”. — Mr. A (former senior ANTA executive)",
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