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  "docSlug": "4e8802588ba6",
  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-08 00:00:00",
  "orientation": "portrait",
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  "pageNumber": 54,
  "pageCount": 92,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses public housing provident fund records to prove employment history, contradicting the prospectus disclosures.",
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  "slideHref": "/slides/019dd923-622c-750b-8b96-d2366ed75e04/54",
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  "components": [
    {
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      "kind": "callout",
      "text": "That both Zheng Jiayuan and Yao Qingdi were employees of Anta (China), a member of the ListCo, is strong evidence of their inclusion in the network of controlled subsidiaries.",
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      "kind": "paragraph",
      "text": "Harbin Sports has been one of our distributors for our ANTA products since 2005... The remaining 55% equity interest was held by Mr. Yao Qingdi, an Independent Third Party.",
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      "kind": "paragraph",
      "text": "Before establishing Kunming Anzhi in Dec 2006, both Zheng Jiayuan and Yao Qingdi were separately disclosed in the prospectus as being Independent 3rd party owners of distributors, Guangzhou Anda and Harbin Jinjian Sports Trading Co.",
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      "text": "Not disclosed was the fact that both were also former employees of Anta (China), a part of the ListCo. We find this to be a significant and unnecessary omission.",
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      "kind": "source-note",
      "text": "81 Anta prospectus, p.90; 82 Quanzhou City Housing Provident Fund records",
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      "text": "Quanzhou City Housing Provident Fund Online Records showing employment of Zheng Jiayuan and Yao Qingdi at Anta (China) Ltd.",
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