{
  "docId": "019dd923-622c-750b-8b96-df2e90b02e3e",
  "docSlug": "5d07cd85d779",
  "documentTitle": "ANTA Sports Products Limited (2020.HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-15 00:00:00",
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  "notes": "The slide uses a 'liars lie' narrative to frame the company's denial as a predictable pattern of behavior.",
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      "kind": "callout",
      "text": "Q: [With respect to Fila] In 2014 you went from wholesale to retail, and then when you say you went from wholesale to retail, everything is self-owned and self-operated?",
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      "kind": "callout",
      "text": "ANTA’s statement through analysts that it never claimed to own all Fila stores is an attempt to rewrite history, and it is a lie.",
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      "kind": "paragraph",
      "text": "Just weeks prior to publishing our report, we held a call with ANTA’s internal Investor Relations representative, Ms. Suki Wong... Below is the transcript of the portions of the conversation that dealt with Fila store ownership.",
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      "kind": "paragraph",
      "text": "So with ANTA we see the same pattern... We now address these lies-in-response.",
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      "kind": "paragraph",
      "text": "ANTA’s statement through analysts that it never claimed to own all Fila stores is an attempt to rewrite history, and it is a lie.",
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      "kind": "paragraph",
      "text": "We resume our campaign to expose ANTA’s fraud... That’s 11-3 by our reckoning. Nine of these wins are knockouts.",
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      "kind": "paragraph",
      "text": "Our Part 3 report made it literally indisputable that a third party, Mr. Su Weiqing, owned the Beijing Fila stores... So ANTA attempted to re-write history by falsely stating through sock puppets that it never claimed to own all Fila stores.",
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      "kind": "quote",
      "text": "Q: [With respect to Fila] In 2014 you went from wholesale to retail, and then when you say you went from wholesale to retail, everything is self-owned and self-operated? — Suki Wong (ANTA Investor Relations)",
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      "kind": "source-note",
      "text": "1 See analyst report by Qian Yao, Kevin Yin, and Derek Choi dated July 10, 2019.",
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      "text": "ANTA Part 4: “Liars Lie”",
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      "kind": "title",
      "text": "Lie 1: “We never said we own all Fila stores”",
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