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  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2019-07-22 00:00:00",
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  "notes": "The slide uses investigative research to link a supplier (Henan Ruili) to an ANTA employee (Peng Qingqi) to suggest financial manipulation.",
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      "text": "We believe that without these controlled entities, ANTA’s financials would show materially lower margins, belying the notion that ANTA is a strong operator.",
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      "text": "In Part 1, we introduced the Peng brothers, Peng Qingyun and Peng Qingqi. However, we only detailed Peng Qingyun's involvement in Chairman Ding's secret distributor management company... In this report, we show that his brother and ANTA employee, Peng Qingqi, owns ANTA's largest purported third-party supplier, Henan Ruili Sporting Goods Co. Ltd.",
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      "text": "So far, we have focused on ANTA's operating margin outperformance, presenting evidence that ANTA secretly controls its distributors and shifts costs to them. However, in this part, we focus on ANTA's seemingly largest purported \"third party\" supplier...",
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      "text": "1 Part 1, pp. 60-65. Peng Qingyun is the Legal Representative and Executive Director of Jinjiang Yundong... 2 http://www.ycs.gov.cn/doc/2011/11/28/64650.shtml 3 ANTA Capital is privately held by the big five founders of Anta...",
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      "text": "ANTA Part 5: \"Controlled Major Supplier and Another Fila Lie\"",
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