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  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2019-07-08 00:00:00",
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  "notes": "The slide uses corporate registry data to challenge the independence of a subsidiary.",
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      "text": "Given that ANTA espouses a strategy of developing self-operated retail businesses, like FILA, Descente, and Kolon, we expected to ANTA’s general managers actually heading up ANTA-owned companies, not those of its purported independent subsidiaries.",
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      "text": "According to job announcements posted by NJ Xinyuedong, the company covers the major cities in two provinces (Jiangsu and Anhui), has around 500 employees, over 60 stores, and as of November 2018, RMB 400 million in revenue.",
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      "text": "Corporate registry data for Nanjing Xin Yuedong Sporting Goods Co. Ltd.",
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