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

ANTA Sports Products Limited · 2020.HK

2 decks published between 2019-07-09 and 2019-07-22 — 34 pages, 34 analysed slides total. Outcome: lost.

follow up

Timeline

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

  1. 2019-07-09 follow up

    2019 07 MW_ANTA_20190709_PART_II

    14pp · research_note

    ANTA used IPO proceeds to grow Shanghai Fengxian, then stripped it to insider proxies via a straw buyer in 2008 — proof of fraudulent intent toward minority shareholders.

    N 4 V 2 C 3
    ” ⚑
  2. 2019-07-22 follow up

    2019 07 MW_ANTA_20190722_PART_V

    20pp · research_note

    ANTA's largest 'third-party' supplier and its 'self-operated' online stores are secretly controlled by an ANTA employee, so reported margins and Fila's numbers cannot be trusted.