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安踏再蹚“浑水”:两年三次沽空 被指秘密操控经销商

时间:2019-07-25

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时代周刊记者:罗一凡

在连续遭遇卖空机制后,安踏体育(2020.HK)的“噩梦”并未停止。 7月7日,着名的卖空组织Muddy Waters发布了一份关于安踏体育的简短报告。该报告直言不讳地说,安踏的财务报表不值得投资者信任。

受此影响,7月8日开盘后,安踏体育股价大幅下挫,盘中一度下跌8.7%。对此,安踏迅速发出暂停通知,表明该公司的股票在同一天下午1点停止交易。在7月9日上午开幕前,安踏体育发布了恢复通知,对玉水的指控不准确,误导。该公司坚决否认并于7月9日9:00正式恢复交易。

尽管如此,泗水的卖空报告对前一天安踏体育的股价罢工产生了重大影响。暂停后,安踏体育的股价最终收于每股51.250港元,下跌7.32%。在一天之内,市值蒸发了约109亿港元。更糟糕的是,在安踏体育澄清并恢复交易后不久,7月9日,泗水的第二份简短报告紧随其后。

对于泗水的简短报告,安踏体育投资者关系部的相关负责人告诉时代周报记者,报告发布后,公司迅速研究和处理此事,相关信息受公告的约束。该公司的。

为了追求利润空间,偷偷操纵经销商?

泗水的卖空报告认为,安踏行业领先的营业利润不是因为其良好的运营,而是因为安踏使用大量秘密控制的一线交易商以欺诈手段增加其利润率。不仅如此,丽水还在第一份报告中列出了安踏体育控制的27家经销商,并表示其中至少25家是一流经销商,安踏的一流经销商总数约为46家。

The so-called manipulation of dealers means that Anta turns its subsidiaries into distributors and directly participates in management, but the operating costs of these companies are not reflected in the financial statements of listed companies. At the same time, Anta's products need only be distributed to the level of these subsidiaries, without the need to wait for the products to be sold to confirm revenue, greatly reducing the revenue recognition time.

Lishui believes that Anta is the means to control dealers, reducing expenses and accelerating revenue recognition, so that their financial data is much better than the actual situation. To prove his claim, Lishui also interviewed four former executives of Anta and the former manager of a major distributor.

An Anta executive said that for this managed Tier 1 supplier, Anta called it a third-party distributor at the time of listing and excluded them from the listed company's system. But in reality, the relationship between the company and the dealer is different from the general brand and dealer. In this regard, another Anta executive also said that Anta controls most of its first-tier dealers, which is between 70% and 80%.

Anta Sports explained that the 25 dealers mentioned in the drowning report are independent dealers. In order to carry out the promotion business more conveniently, sometimes some dealers will call Anta's “subsidiary” or “branch company”, but this is not a definite legal relationship.

ANTA Sports emphasizes that its dealers have their own management team and have financial and human resource management functions independent of ANTA Sports. They have no mutual control relationship. Although Anta will provide guidance to distributors and maintain regular communication in marketing strategy, market management, performance appraisal system, etc. dealers have the final decision and are responsible for their own profits and losses.

xxFor Anta’s clarification announcement, Lishui immediately launched a “counterattack” and issued a second short report. In the report, Lishui pointed out that Anta sold its subsidiary Shanghai Frontline Sporting Goods Co. Ltd. at a price of 187.4 million yuan in 2008. The process was carried out by manipulating dealer subsidiaries. Surabaya even bluntly said that the transaction was the chairman of ANTA Sports Board Ding Shizhong and his associates stealing shareholder assets.

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Ding Shizhong, Chairman of Anta Sports Board

In this regard, ANTA Sports issued a clarification announcement on the afternoon of July 9. Still insisting that the allegations of drowning on the company's past transactions are inaccurate and misleading. Shareholders are reminded that the allegations of short-selling institutions may be intended to deliberately undermine the confidence of the company and management and undermine the company's reputation. Therefore, Anta advises shareholders to treat the relevant allegations with caution, and ANTA Sports also reserves the right to take legal action against drowning or the person in charge of the relevant allegations.

Continuous short selling

It is worth noting that Lishui’s two consecutive short-selling reports were not the first time Anta had short-selling short-selling institutions. In June 2018, the short-selling agency GMT issued a short report, stating that since 2005, nine of the 16 Chinese sporting goods companies listed have been confirmed to be liar. Although Anta is not on the list of confirmed, it has many of the same characteristics as these "swindler" companies.

xx“时代周刊”记者了解到,报告中提到的特征相同,其中一个是指公司的超额利润率。格林威治标准时间认为,在正常情况下,安踏的利润率不会高于耐克等全球行业领导者的利润率。因此,安踏涉嫌利润欺诈。 GMT甚至表示,安踏的股价仅为10港元。应该知道安踏的股价已达到约45港元。受此影响,2018年6月15日,安踏体育股价在开盘时大幅下挫,涨幅最大,达到9.97%。但是,这个州并没有持续太久。在此之后的第二个交易日,安踏体育的股价反弹,当天涨幅接近6%,股价恢复正常。

在此之后,今年5月底,另一家卖空机构Blue Orca也质疑安踏,认为安踏的品牌FILA(Fila)的收入不透明,其股价下跌34%。和以前一样,新闻发布后,安踏体育的股价在5月30日大幅波动,盘中跌幅超过12%,是去年10月以来的最大跌幅。随后,跌幅收窄,收盘时仅收涨5.53%。随着未来两个交易日的增长2.24%和2.08%,安踏体育的股价迅速回升至正常水平。

业内人士普遍认为,安踏不断遭遇卖空与其引人瞩目的表现密不可分。今年2月,安踏公布了2018年的年度业绩。数据显示,2018年的收入为241亿元,同比增长44.4%,是历史上最好的表现,并且保持了两倍-digit连续五年增长。

4月,安踏发布了第一季度业绩。根据数据,安踏品牌零售业绩同比增长10%-20%,其他品牌同比增长65%-70%,其业绩持续上升。

在前两个短片之后,如中巴国际,中国银河国际等机构,它对安踏体育更为乐观,给予“买入”评级。

在关于泗水发布的报告后,7月9日上午,里昂发表了一份研究报告,称丽水的安踏体育报道是公平的,但真正的问题是流动性强的股票,如果公司监管和财务披露是不透明。在脆弱的市场环境中,估值超出预期的基本面,即使没有溺水的指控,股价也可能承受压力。目前,里昂维持对安踏体育的“卖出”评级,目标价为42港元。

在卖空之后,安踏体育的股价在7月9日继续下跌。但是,正如时代周报记者所公布的那样,其股价下跌幅度较前一交易日有所收窄。目前,泗水的第二份卖空报告仍在蔓延,目前尚不清楚其对安踏体育的负面影响是否会进一步扩大。

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