Is Anta Being Investigated For Accounting Fraud? FILA Calls It Groundless.
It is learned that the FILA's announcement on its official website that Anta's sports (02020), a Chinese joint venture, was under investigation for accounting fraud was groundless.
As a leading sports brand in China, Anta acquired 85% stake in BELLE international in 2009, while BELLE bought FILA's trademark in China.
Anta sports was shorted by muddy water Muddy Waters Research in July. Prior to the end of May and June 2018, Anta sports met Blue Orca Capital and GMT Research Limited two agencies respectively. The short selling reports of the three companies all pointed to the excessively high profit margins and financial fraud of Anta sports.
Muddy water has mentioned in the short selling report that investors can't believe the number of Anta's FILA stores, "Anta has been reporting to its auditors and the public about the number of FILA, while claiming to have all FILA stores. Does Anta merge financial data from its FILA stores? As we think about Anta brand finance, Anta is probably just making up these figures - that is to say, Anta is likely to report fraudulent financial situations in the FILA brand.
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