Killer Whale Again Questioned FILA Sales Anta Sports Stock Price Diarrhea

Anta sports (2020.HK) was once again empty. The famous short selling agency, the killer whale, became the second largest sports and sporting goods company in China in a year after its GMT Research Limited last June.

Soren Aandahl, the founder of Blue Orca Capital, today, at the Sohn Investment Conference Investment Forum, questioned Fujian's corporate governance and FILA's earnings opaque, saying Anta shares had a drop of up to 34%.

After the news, Anta sports (2020.HK) shares plunged on Thursday afternoon and plunged 12.88% to HK $43.30 at the most. Although it was subsequently bought, it fell by 5.53% to HK $46.95 a day, which hit a record high of HK $59.40 at the end of last month.

Anta's share price also shows today that the power of Blue Orca is much stronger than that of GMT Research last year.

In June 2018, GMT released a report that 9 of 16 Chinese sporting goods manufacturers, including Anta sports, had been involved in financial fraud since 2005, and all of them came from Fujian.

The agency said that the remaining 7 companies had many similar characteristics with those already proven financial fraud. The most obvious examples included their profit margins even higher than the world's largest sporting goods group Nike Inc. (NYSE:NKE) Nike group.

After the GMT short selling report was released, Anta sports shares did not suffer a significant impact, and then rose all the way up to a record high.

In the financial statements of Anta sports, FILA Fei's sales data and share of the group's revenues have always been "secret". Only at the press conference were Anta sports management departments blurred.

Blue Orca thinks FILA's income is exaggerated by 40% by Anta, which is worth 43800 yuan in 2018.

In the report Blue Orca showed, the plateau efficiency of China's first tier and second tier cities in the same period Nike and Adidas were only 31025 yuan and 21900 yuan respectively.

The short selling agency believes that the actual flat effect of FILA is only 21184 yuan.

At the same time, the average productivity of FILA in mainland China last year was 6 million 100 thousand yuan, which was also questioned by Blue Orca. The latter believed that this data was much higher than that of FILA in Korea and Taiwan, while FILA in the Korean and Taiwan markets had an average sales of 4 million 900 thousand yuan and 2 million 700 thousand yuan.

The Blue Orca, which was just set up at the beginning of last year, won the first victory in the luggage giant Samsonite International SA (1910.HK) Samsonite international.

Blue Orca was founded by Glaucus Research co founder and former chief researcher Soren Aandahl independent portal. Blue Orca is one of the Battlegrounds in Hong Kong stock market. Since Glaucus sniping private enterprises is almost 100 percent, Blue Orca has been paid much attention since it was launched.

At the end of May 2018, the first target of Soren Aandahl's new company was Samsonite, which believed that the latter's management and accounting problems should have a discount on the same trade, and the target price of Samsonite was only HK $17.95, compared with a 48% discount on the first trading day before the report.

Subsequently, Samsonite suffered a nightmare year, when its chief executive, Ramesh Tainwala, took the blame and resigned. The group's share price not only fell below HK $17.95, but also hit a new low this year, on Thursday, the stock was at HK $15.98, a 6 year low.

For Anta sports short selling report, in addition to the core FILA financial problems, Blue Orca also questioned Anta's cash in hand held for many times, while the dividend rate dropped from 70.2% in 2017 to 44.9%.

However, at the end of February, Anta sports chairman Ding Shizhong said that the decline in dividend yield was mainly due to the acquisition reasons. If the acquisition is completed, if the future business, profit or cash flow is improved, the dividend payout ratio will exceed 30%.

In 2018, Anta sports joint FountainVest Partners Fang Yuan capital, Tencent Technology (0700.HK), Lululemon Athletica Inc. (NASDAQ:LULU) Lulu lemon founder Chip Wilson, with 40 euros / share, total price of 4 billion 600 million euros, or about 37 billion 100 million yuan, launched the acquisition of Finland sports giant Amer Sports (Wilson) amamin.

In response to the short report of Blue Orca, Anta sports declined to comment.