China's Pou Sheng to raise new IPO
Pou Sheng International (Holdings), the world's largest sportswear manufacturer, will add worth of HK$3.09 billion stocks in Hong Kong exchanges to find "limited interest" from local investors, market watchers say.
The new Initial Public Offer accounts 823.378 million shares at an indicative range of HK$2.93 to HK$3.75 each, which sales expected to begin on June 6. Pou Sheng just finished its Hong Kong's roadshow yesterday and open its retail subscription next Monday.
But Pou Sheng do not have own products and brands which limit its attraction for investors. The grown for company is basically relied on the existing distribution rights and licence agreements with brand companies and dealers.
"It is not as big as the country's top sportswear retailers such as Li-Ning (SEHK: 2331) and Anta." said Nelson Chan Kai-fung, general manager of Bright Smart Securities.
The retail and brand licensing business for Pou Sheng accounted for around 87.8 per cent of its total revenue for the year to last September, according to one statement.
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