Chinese athletic wear maker Peak Sport plans A-share stock saleBusiness | 22 Jan 2021 1:19 pm
Chinese athletic apparel producer Peak Sport Products is planning an initial public offering of A-shares as soon as next year after delisting from Hong Kong’s stock exchange in 2016, according to people familiar with the matter, Bloomberg reports.
The company was most recently valued at 9 billion yuan (US$1.4 billion), the people said, asking not to be identified as the matter is private. It’s currently working with an adviser to raise fresh capital, the people said. A Peak representative declined to comment when contacted by phone.
Peak was delisted from the Hong Kong market in a US$311 million take-private deal in November 2016. The following February, the company announced its intention to seek a domestic listing, according to a press release on Peak’s official WeChat account. The company raised 2.5 billion yuan at the time from institutional investors including Shenzhen-based DGC Private Equity, Everbright Sports Fund, China Minsheng Banking Corp. and Guosen Securities Co., among others.
Based in China’s southeastern Fujian province, Peak designs, produces and distributes sportswear and footwear under its eponymous brand. Founder Xu Jingnan started the company in 1988 and established the brand three years later, according to its investor relations website.