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  "docSlug": "24a337302d8e",
  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-22 00:00:00",
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  "notes": "The slide uses a diagram to illustrate corporate structure and text to argue that Henan Ruili is not an independent supplier.",
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      "kind": "callout",
      "text": "Based on Peng's employment at the consolidated Sprandi subsidiaries of the ListCo, his sale of similarly named entities to ANTA, and his role in ANTA Capital, where he led an ANTA delegation to scout our new factory locations, Henan Ruili appears to be a captive, not an independent supplier.",
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      "text": "Corporate structure diagram showing Peng Qingqi, ANTA (ListCo), Henan Ruili, Sprandi China, and Xiamen Sprandi.",
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      "text": "Peng's holding company for Henan Ruili, Fujian Ruidong is not part of the Ruidong or “Reedo” group of companies ANTA lists as subsidiaries in its 2016 bond prospectus...",
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      "kind": "paragraph",
      "text": "ANTA appears to be shifting costs from other production entities onto Henan Ruili. In the table below, the first three companies listed are Anta's ListCo owned manufacturers...",
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      "kind": "paragraph",
      "text": "Henan ANTA Sports is the trading company owned by the ListCo. We believe that Henan Ruili sells most, if not all, of its production to this trading company...",
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      "text": "Footnotes 4-8 detailing sources for the claims made in the text.",
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