China's ANTA Sports rejects Muddy Waters allegation as 'incorrect' [Reuters]
ANTA SPORTS PRDS UNSP/ADR (ANPDY)
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Source: Reuters
China's ANTA Sports rejects Muddy Waters allegation as 'incorrect' - Reuters 2 Min Read HONG KONG (Reuters) - ANTA Sports Products Ltd ( 2020.HK ) on Tuesday rejected an allegation by U.S. shortseller Muddy Waters that the Chinese sports brand had manipulated financial information. “The company vigorously denies the allegation and considers it to be incorrect and misleading,” ANTA chairman Ding Shizhong said in a filing to the Hong Kong stock exchange. Muddy Waters accused ANTA of using “secretly controlled Tier 1 distributors to fraudulently boost its margins”. ANTA’s filing said “Each of the group’s distributors has its own management team who make independent business decisions, and has its own financial and human resources management functions independent from that of the group, with no control over one another.” Muddy Waters did not respond immediately to an emailed request for comment on ANTA’s filing. On Monday, after Muddy Waters issued a report on ANTA, shares of China’s la
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