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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 screenshot of a Weibo profile to link a specific individual to a distributor, supporting the argument of hidden related-party transactions.",
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      "kind": "callout",
      "text": "“Quanzhou Binhui” is yet another example of ANTA transferring ownership of a significant distributor from a disclosed related party to a proxy, and later to an employee of the ListCo.",
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      "kind": "paragraph",
      "text": "Henan, and Hainan distributors. Note that the image of the defecating frog had no influence on our decision to name this report “Turds in the Punchbowl”.",
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      "text": "From the listing through the 2011 annual report, Quanzhou Binhui was disclosed by ANTA as a related party. However, similar to GZ Anda, ANTA stopped disclosing it as a related party in 2011 due to a change in shareholder structure.",
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      "text": "“Quanzhou Binhui” is yet another example of ANTA transferring ownership of a significant distributor from a disclosed related party to a proxy, and later to an employee of the ListCo.",
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      "kind": "paragraph",
      "text": "Given similar behavior occurred at Guangzhou Anda — shareholder structure changes resulted in ANTA proxies taking charge of significant distributors — we pulled the SAIC filings for Quanzhou Binhui:",
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      "text": "72 泉州斌辉贸易有限公司 73 Source: Prospectus P88",
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      "text": "Quanzhou Binhui Trading Co. Ltd.",
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