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  "docSlug": "5d07cd85d779",
  "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": "2019-07-15 00:00:00",
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  "notes": "This is a research note page focusing on exposing corporate fraud through the analysis of distributor independence.",
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      "kind": "callout",
      "text": "Colluding counterparties are the bedrock of almost all stock fraud committed by PRC issuers.",
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      "text": "The ultimate recipient of Shanghai Fengxian was not an independent party... The evidence is overwhelming that ANTA brand distributors are not actually independent... There are two problematic reactions we have seen to the evidence...",
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      "text": "5 Part 1, pp. 20, 45.",
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      "text": "Lie 3: ANTA distributors are independent, and are not Connected Persons.",
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