{
  "docId": "019dd923-622c-750b-8b96-d697881296a6",
  "docSlug": "f251829318b8",
  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-10 00:00:00",
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  "pageNumber": 2,
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  "slideType": "expose_contradiction",
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  "notes": "This is a research note exposing potential fraud/misrepresentation by ANTA regarding its Fila retail operations.",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Clearly, one of these statements cannot be true – either ANTA lied when it said that Mr. Su is not its proxy, or ANTA has been lying about owning all of its Fila stores.",
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      "kind": "paragraph",
      "text": "The slide details the contradiction between ANTA's claim of full Fila store ownership and the discovery of stores owned by Su Weiqing, a suspected proxy.",
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      "kind": "paragraph",
      "text": "Our Diligence Process and Results: ANTA's online Fila store locator displays 42 locations Beijing and 56 in Hebei province. However, SAIC records show that Fila Style (100% owned by ANTA) had only one branch in Beijing in 2018.",
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      "kind": "source-note",
      "text": "1. https://www.fila.cn/shop.html 2. Xiamen Fila, Shanghai Fila, and Shanghai Qunli. 3. Ding Dong (Beijing) 鼎动(北京)体育用品有限公司 and Beijing Jiyuan Ding Dong 北京吉元鼎动体育用品有限公司",
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      "kind": "title",
      "text": "ANTA: Part 3 FilaBuster",
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