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ANTA Part V: “Controlled Major Supplier and Another Fila Lie” - Muddy Waters Research
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. We believe that ANTA shifts costs from its production entities onto …