Live news: Chinese sportswear group Anta raises $1.5bn in Hong Kong placement

Chinese sportswear giant Anta Sports Products raised about HK$11.8bn (US$1.5bn) through a top-up placement in Hong Kong on Tuesday.

The Xiamen-based company, which also owns the French Salomon and Canadian Arc’teryx brands, said it would use the money to repay outstanding debts and bolster working capital.

The capital raise comes as brands compete to capture the expected recovery in consumption following Beijing’s dramatic reversal of zero-Covid in December.

Anta has taken market share from Western rivals as shoppers ditched Adidas and Nike for their stance on Xinjiang cotton. 

UBS, Citi, Morgan Stanley are the placing agents for the share sale.