Anta's controlling shareholder will pocket $1.5 bln from a 30% share rally after consumers threatened boycotts of Western brands critical of Beijing’s Xinjiang policy. It’s smart timing by the struggling company, says ywchen1
Nike’s (NKE.N) Chinese challenger has cashed out of a nationalist shopping spree early. The controlling shareholder of Anta Sports (2020.HK), a $46 billion sportswear maker, will pocket a whopping $1.5 billion in a rare share sale. The deal comes after Chinese consumers threatened boycotts of Western brands critical of Beijing’s Xinjiang policy, which was seen as benefiting Anta and local peers. It’s smart timing by a struggling company.
, its major domestic competitor, despite having larger market share, according to Citigroup. Li Ning's sales grew twice as fast as Anta’s in the first quarter. It also has to replenish its coffers after leading a consortium to splurge $5 billion on Finnish firm Amer Sports in 2019, which continues to lose money. The new cash will come in handy, and the Dings retain control. Either way, for China Inc, it’s risky to rely too much on patriotic outrage for the bottom line.
Followon TwitterCONTEXT NEWS- Anta Sports Products said on April 20 that its controlling shareholder, Anta International Group, has planned a sale of about 3.3% stake in the company at a 7.5% discount to the previous day’s close, for HK$11.6 billion ($1.5 billion).
- The placement will reduce Anta International’s direct stake to 47.6% from 50.1%. It holds an indirect 10.2% stake through two subsidiaries.- Anta Sports said it did not expect the share sale to have any significant impact on its daily operations or any change to its key management personnel. headtopics.com
- Shares in Anta Sports closed down 7.7% on April 21.- For previous columns by the author, Reuters customers can click onBreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Read more: ReutersBreakingviews »
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