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  "docSlug": "4e8802588ba6",
  "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 corporate registry data to challenge the independence of Anta distributors.",
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      "text": "In an interview with a former Anta senior manager, (Mr. B.) we confirmed Kunming Anzhi is also considered a subsidiary.",
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      "text": "Li Yuxiong also has a stake in or is manager of three of Anta's other independent distributors.",
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      "text": "KM Anzhi is a major Anta tier 1 distributor... In 2017, it recorded COGS of RMB 352.3 million... In an interview with a former Anta senior manager, (Mr. B) we confirmed Kunming Anzhi is also considered a subsidiary.",
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      "text": "In the prospectus, Mr. Hong Yanqing is described as an independent third party; however, like Mr. Su Weiqing and Wu Wenhou, he is also the head of the Ding families' Anta (Fujian) Shoes Industry - Shandong Branch sales office.",
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      "text": "Footnotes 77-80 detailing prospectus, job ads, and financial losses.",
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      "text": "Executive personnel for Kunming Anzhi Sporting Goods Co.",
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