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 per cent market share last year.