Topic
Anta is China's largest sportswear firm, producing sports equipment, footwear, apparel and accessories. It has more than 12,000 stores in around 300 cities in China, selling its own-branded products in addition to acquired brands, including FILA as well as Salomon, Arc'teryx and Wilson. In recent years, its products have gained popularity in China owing to a trend among Gen Z consumers to buy things that are made in China.
A sell-off in Anta Sports erased almost HK$22 billion (US$2.8 billion) of its market value, following a stock placement plan at below-market price.
The ‘China chic’ or guochao trend has grown among young consumers in China – millennials and Generation Z – as seen in rising sales for home-grown fashion and beauty brands and falling sales for foreign brands.
Hong Kong stocks snapped up two days of losses as Anta Sports advanced on southbound fund support while Meituan weighed on the market amid lingering antitrust concerns. Traders may be keeping positions light ahead of the Fed policy statement later today.
Both Chinese brands were founded around the time a middle class began to emerge in China, and both used the Olympic Games to promote themselves to the world. Yet almost the entirety of their sales are in their home market.
Meituan will get a 5 per cent weighting, in a long-awaited move that will raise the status of technology companies in Asia’s third-largest stock market.
City's benchmark has struggled for direction all day even, weighed down by China Mobile and HKEX