Another Short Seller Weighs in on Anta
Muddy Waters is the third firm to question the accounting practices, saying that many of its independent distributors who account for 80% of Anta’s sales are actually controlled by Anta’s chairman. Anta vigorously denied that the 25 distributors were under its control. Muddy Waters joins Blue Orca and GMT Research in questioning Anta’s accounting practices in a report titled “Turds in the Punch Bowl.” Muddy Waters told the Wall Street Journal that it believes there is a real business underlying Anta’s financials, but it’s impossible to know what it is worth because of its accounting.
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