Shoe Manufacturers 361 Degrees To Be Listed In Hong Kong Next Year

According to the Hongkong South China Morning Post on Monday, China footwear manufacturers and distributors, the 361 degree sports goods program, will make an initial public offering (IPO) in Hongkong next year, raising about $200 million, equivalent to HK $1 billion 560 million.

The report quoted sources as saying that Credit Suisse and Merrill Lynch had been appointed to take charge of the listing plan.

A spokesman for the 361 degree company told the South China Morning Post that the company had a listing plan, but the scale and timetable for raising funds had not yet been finalized.

Since the beginning of the year, two sporting goods manufacturers or retailers in Hongkong have listed on the main board, respectively, XTEP International (1368.HK) and 3813.HK (0551.HK).

XTEP international stock price has fallen 32.8% in the past month, while Baosheng international has lost 6% in the same period.

In addition, after the completion of the public sale of Hongkong, the Chinese sports and leisure apparel design and wholesaler, who was originally planning to list in July, has announced that it will not proceed with the Hongkong's market plan because it needs more time to consider the new situation.

Xi Long lung originally planned to raise HK $6.9-9.9 billion through its Hongkong IPO.