Topsports China plans IPO
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Chinese sportswear firm Topsports International is set to proceed with an IPO in Hong Kong, despite economic uncertainties and ongoing protests in the city.
The Belle International subsidiary is expected to launch its IPO this month, provided it qualifies for the listing. It is expected to be raising up to $1 billion from the exercise, which will see it among the few major firms to start trading on the exchange amidst continuing protests.
The spinoff was first proposed more than a year ago by the company’s private equity owners Hillhouse Capital and CDH who took Belle private in a US$6.8 billion deal in July 2017.
The prospectus for Topsports’ IPO says the company is China’s largest sportswear retailer in terms of retail sales value. It enjoyed a 15.9 percent market share last year.
Questions & Answers
Q.What is Topsports International's market position within China?
What is Topsports International's market position within China?
Topsports International is China's largest sportswear retailer by retail sales value. The company held a 15.9 percent market share in the sportswear sector last year, indicating a significant presence in the national market.
Q.Who initially proposed the Topsports International spinoff?
Who initially proposed the Topsports International spinoff?
The spinoff was first proposed more than a year ago by the company's private equity owners, Hillhouse Capital and CDH. They took Belle International, Topsports' parent company, private in July 2017 for US$6.8 billion.
Q.What is the expected capital raise for the IPO?
What is the expected capital raise for the IPO?
Topsports International is expected to raise up to $1 billion from its upcoming IPO. This significant capital raise is planned despite ongoing economic uncertainties and protests in Hong Kong, where the listing will occur.
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