Anta Has Been Sniper. Fei Le Wholesalers Change Outlets?

Muddy water's attack on Anta sports (02020) has not stopped.

In the morning of July 11th, Muddy WatersResearch published third reports on Anta. In this report, muddy water believes that Anta sports counterfeit financial data on FILA, claiming Anta will turn wholesalers into direct stores, and once again mention the problems mentioned in the previous two short selling reports - Anta controls its dealers and calls them "subsidiaries".

In July 11th, Anta sports opened 0.59% at a low price, but since then it has risen more than 3%. As of press release, Anta sports rose 2.36%, to 52 Hong Kong dollars / share, the latest market value of 140 billion 700 million yuan.

In this regard, the Beijing News reporter called Anta sports, the other side said that it is temporarily inconvenient to respond, may later announce. Aiming at muddy water questioned whether the Fiji brand is a direct store problem, the other side said it was temporarily inconvenient to respond.

Who is Su Weiqing? Muddy waters again question Anta sports control dealers.

In this report, muddy water questioned Anta sports dealer agent Su Weiqing and Anta sports relations.

According to the investigation, Su Weiqing is a major shareholder, real controller and ultimate beneficiary of Anta sports in Beijing, a distributor of Beijing Ji Yuan Sheng Bao International Trade Co., Ltd. (hereinafter referred to as "Beijing Jiyuan"). In the first short selling report, muddy water pointed out that in 2017, Beijing Ji Yuan set a record of sales cost of 576 million 600 thousand yuan, which is about 3.45% of the sales volume of listed companies.

Muddy water claimed to have interviewed four former senior managers of Anta and a former manager of a major distributor, of which three said Anta controls Beijing Jiyuan. As early as before Beijing Jiyuan, Su Weiqing was the head of the Ding family Anta (Fujian) shoe industry Beijing sales branch, which is also a Private Companies outside the framework of the listed company.

According to the investigation, Su Weiqing is indeed the head of the Beijing Office of Anta (Fujian) Shoes Co., Ltd., which is responsible for the liaison of the head office. At present, it is an "abnormal household". Its establishment time is October 16, 2002.

Muddy water said, in 2003, a news report jointly held a news conference between Sohu and Anta. At the meeting, both sides launched the "Anta hundred Athens cheer group" campaign, and uploaded the photo of Su Weiqing, with the word "Anta (China) Co., Ltd. Beijing branch manager", Anta (China) is a wholly owned subsidiary of the listed company. That is to say, Su Weiqing is an employee of Anta.

This is not consistent with what Anta said in its prospectus. In the prospectus, Anta sports said, "apart from being a distributor, Mr. Su Weiqing has nothing to do with the group, directors or executives, shareholders or their respective contacts".

Muddy water called Anta store fraud, has been questioned by another short selling agency.

Muddy water said in the report that Su Weiqing controls 46 fie stores, but Anta sports claims to have all the stores, which are all direct stores. The reporter called Anta sports investor relations office, the other side indicated whether it was temporarily inconvenient for Direct stores to respond.

Muddy water suspect that Anta has made financial frauds from the total number of stores that it does not own, raising the number of fiery stores and fraudulently reporting FIE's financial data.

The location of Anta sports online fie store shows that the brand has 42 stores in Beijing and 52 stores in Hebei. However, according to the records of the State Administration of market supervision, 2018 had only one branch in Beijing and no branch in Hebei.

Muddy water through field survey found that located in Beijing Aegean Sea shopping plaza and other shopping malls Beijing tripod (Beijing) Sporting Goods Co., Ltd. and Beijing Chongwenmen New World Shopping Mall Beijing Jiyuan Ting sports sporting goods Co., Ltd. is actually a business store of fie. But the two companies did not participate in Anta sports.

In fact, this is not the first time Fay store has been questioned about the number of stores and data fraud. In May 30th, the founder and CIO Soren Aandahl of the killer whale, at the 2019Sohn Hongkong Investment Forum, questioned Anta's corporate governance and its brand's Fiji income opaque, giving Anta a 15% discount on its revenue and net profit last year.

Aandahl said that according to the net profit calculation in 2018 and 2019, Anta's P / E ratio was 22.9 times and 17.8 times respectively. This year's Anta target price is 32.93 yuan, so Anta's share price has a drop of 34%.

According to the 2018 annual report, Anta sports revenue reached 24 billion 100 million yuan, an increase of 44.5% over the same period last year, and net profit of 4 billion 100 million yuan, an increase of 32.87% over the same period last year, creating the best performance in Anta's history. Ding Shizhong, chairman and chief executive of Anta sports, said in a public announcement that the contribution of fie contributed more than 10 billion yuan in 2018, which is the biggest contribution to Anta's growth.

However, the company did not disclose the specific income and other data of Felix. It only disclosed that as of December 31, 2018, Anta had 1652 stores in the mainland, China, Hongkong, China, Macao and Singapore, which was 1086 at the end of 2017. Meanwhile, Anta sports predicts that the average growth rate of all brands will reach 15%-20% in 2020, while the average growth rate of FILA, FILAKIDS and FILA FUSION is expected to exceed 30%.

The killer whale took this point and thought that the income of Phil Lok in mainland China was not transparent. At present, Fiat basically has direct outlets in the mainland of China, accounting for 80% of the total. Aandahl based on the wholesale channel income of Phil Lok in South Korea, it is deduced that the income of Phil Lok in the mainland is about 5 billion 116 million yuan, which is 41% higher than the 8 billion 700 million yuan guideline previously issued by Anta, which means that Anta has exaggerated the income of the mainland.

Aandahl also believes that the single store income of Phil Lok in mainland China is significantly higher than its single store income in Korea and Taiwan, China. In the 2018 fiscal year, the mainland's single store revenue was about 6 million 300 thousand yuan, exceeding 134% in Taiwan and 29% in South Korea.