So far, we have focused on ANTA’s operating margin outperformance, presenting evidence that ANTA secretly controls its distributors and shifts costs to them. However, in this part, we focus on ANTA’s seemingly largest purported “third party” supplier, which is also a secretly controlled counterparty… more
We resume our campaign to expose ANTA’s fraud, and have several more pieces planned that will expose other inconsistencies and lies. In this piece though, we first take stock of the lies in ANTA’s responses to our pieces last week. Muddy Waters has been exposing frauds for nine years, and never on… more
Fila. Su Weiqing (苏伟卿). By the time Chairman Ding has gotten this far in this report, he will undoubtedly be quite agitated. By the end of this report, investors maintaining faith in ANTA should be too. In Part 1 of our reports on ANTA (July 8, 2019), we discussed Su Weiqing at length. We show… more
“Mens rea” is Latin for “guilty mind”, and is a foundational legal concept in many jurisdictions. Simply put, it’s the intention to commit a crime. Often, when a PRC-based company is accused of fraud, management and their supporters try to brush the accused conduct aside as innocently following loca… more
We thought long and hard about the title of this report, which is the first in a series evidencing endemic fraud at ANTA. We kept coming back to “Turds in the Punchbowl.” ANTA is a real business, and in terms of operations and marketing, there’s much to be admired. Presumably, this is why accompl… more