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Campaigns / Muddy Waters → ANTA Sports Products Ltd.
Muddy Waters vs. ANTA Sports Products Ltd.

ANTA Sports Products Ltd. · 2020.HK

2 decks published between 2019-07-08 and 2019-07-10 — 109 pages, 109 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2019-07-08 initial thesis

    2019 07 MW_ANTA_20190708_PART_I 1

    92pp · research_note

    ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.

    N 4 V 2 C 2
    ⌂ ” ⚑
  2. 2019-07-10 follow up

    2019 07 MW_ANTA_20190710_PART_III

    17pp · research_note

    ANTA's 'self-operated' Fila franchise is a fiction: 46 Beijing Fila stores are owned by an insider proxy, exposing fabricated Fila financials and rendering all ANTA numbers unreliable.