Anta Sports Products, the leading Chinese sports apparel and footwear brand, intends to raise 3.79 billion Hong Kong dollars (€449.3m-$487.9m) in a share issue, to fund acquisitions or partnerships with other international sports brands. The Chinese group has made such tie-ups an important part of its growth strategy, which most recently led to a joint venture with Kolon Sport for the Chinese market. It also holds Chinese rights to the Fila brand and last year it sealed a partnership with Descente, the Japanese winter sports apparel brand, covering the upper end of the functional sportswear market in China. Anta intends to sell 175 million shares to major shareholders at a price of HK$ 21.67 (€2.57-$2.79), amounting to a discount of 7.98 percent on the last close prior to the announcement and a discount of about 9.52 percent to the average closing price for the last five consecutive trading days. Existing shareholders are to buy the new shares on the completion of a placement of the same number of existing shares to other buyers. The number of the placing shares represents about 6.99 percent of the total number of shares in issue at the date of the announcement, and 6.54 percent of the enlarged number of shares in issue upon completion of the subscription. The stake of the major shareholders in the company would be reduced to 61.62 percent, down from 65.93 percent. Proceeds could also be used as general working capital. Anta raised its sales by 20.0 percent to 13.35 billion yuan renminbi (€1,785.5m-$1,938.8m) last year.

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