Anta Sports Sold International Brand Distribution Business With RMB 187.4 Million

Anta Sports announced that the sale of Shanghai frontline, which distributes retail business of international brands for RMB 187.4 million, will be used as general working capital. Anta sports (02020) announced on May 19 that the total cost of selling all equity and accounts receivable of Shanghai frontline is RMB 187.4 million, which will be used as general working capital. It is the international brand management company of Shanghai. Anta pointed out that the revenue of Anta brand sports products in 2007 was far more than that of Shanghai frontline and its subsidiaries in distributing international brand sports products. In the future, the company focused on the business of sports apparel brand management, and believed that selling the retail business of distributing international brand sports products managed by Shanghai frontline and its subsidiaries was actually a favorable move for the company. In addition, Anta said that it would change the purpose of raising funds for listing, and planned to change the balance of HK $6145.5 million planned for the development of international brand retail business to the acquisition and operation of other domestic or international sports apparel products brands. The company has identified potential brand acquisition targets, but has not yet entered into any legally binding agreement.