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  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
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  "presentationDate": "2019-07-22 00:00:00",
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      "text": "This fact reveals yet another bald-faced lie about ANTA's business, and once again reinforces that ANTA's financials cannot be relied upon.",
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      "text": "ANTA's management credits the vast majority of core brand sales growth to online sales. Management projects that the e-commerce channel, its own self-operated e-commerce, will become 20% to 30% of the company's total revenue. Without online sales, it is plausible that core brand sales would have been stagnant or even declined.",
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      "text": "Besides investing in shoe factories, Peng Qingqi's company, Fujian Ruidong, is also operating several ANTA online stores, including \"ANTA Ruidong\" and \"Jinjiang Dingdian\" on Tmall. The latter of the two, \"Jinjiang Dingdian\", is a 100%-owned subsidiary of Fujian Ruidong. Jinjiang Dingdian has one platform selling ANTA, and another selling Fila-branded sportswear.",
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      "text": "- Jie Zheng, ANTA Executive Director & Brand President",
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      "text": "Peng Qingqi, again an ANTA employee, also owns ANTA and Fila brand online stores. This fact reveals yet another bald-faced lie about ANTA's business, and once again reinforces that ANTA's financials cannot be relied upon.",
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      "text": "In December 2018, ANTA announced a new online store. The announcement provided the store's Tmall web address and a general description that plainly states the online store is operated by Fujian Ruidong. When following the link to Tmall's ANTA Ruidong Specialty Store's landing page, the online store makes a special point to present itself as an \"ANTA Group Self-Operated Specialty Store.\"",
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      "text": "Fila has also benefitted from online sales. Like its retail operations, its online stores are also supposed to be self-run. In our interviews with former ANTA senior executives, we were informed that Fila is run by a separate team independent of the ANTA brand and channel management teams. Based on ANTA's claim that Fila is an integrated, self-run operation, there is no reason for any outside parties to be running any official Fila online stores on any platforms.",
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      "text": "\"...And for the overall business planning, we have our own team, in-house team for the e-commerce. In terms of the management of all the other aspects, we also continuously to consolidate. We believe in the e-commerce, in the future, it's going to be at least about 20%, 30% of the total revenue.\"",
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      "text": "“...And for the overall business planning, we have our own team, in-house team for the e-commerce. In terms of the management of all the other aspects, we also continuously to consolidate. We believe in the e-commerce, in the future, it's going to be at least about 20%, 30% of the total revenue.” — Jie Zheng, ANTA Executive Director & Brand President",
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      "text": "10-14: Footnotes detailing earnings call transcripts and URLs.",
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