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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",
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  "presentationDate": "2019-07-08 00:00:00",
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  "notes": "The slide uses SAIC filing documents and anecdotal evidence from former managers to argue that Jinan Ruili and Zhengzhou Anfa are de facto subsidiaries of Anta.",
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      "text": "The overlap of administrators, the key contact persons’ use of anta.cn email addresses for communications with the local government, and the shareholding of known associates, insiders, and relatives of the Ding family led us to conclude that Jinan Ruili and Jinan Anchuang are controlled by Chairman Ding and the founding Anta families and are de facto subsidiaries.",
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      "text": "SAIC hard copy files for Jinan Ruili contact persons",
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      "kind": "paragraph",
      "text": "Above are the contact emails for Jinan Anchuang from its 2015 and 2017 Annual Reports. Note the 2015 report lists an ANTA email address. Below is the contact information from Jinan Ruili's SAIC hard copy file...",
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      "text": "Zhengzhou Anfa Sporting Goods Co. Ltd. \"ZZ Anfa\" is another of Anta's secretly controlled distributors. It's the third largest distributor among the 23 for which we have financials, recording RMB 613 million in sales in 2017...",
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      "text": "71 郑州安发体育用品有限公司",
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