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ANTA Sports Products Limited PDF

361 Pages·2007·4.57 MB·English
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Preview ANTA Sports Products Limited

IMPORTANT Ifyouareinanydoubtaboutthisprospectus,youshouldconsultyourstockbroker,bankmanager,solicitor,professionalaccountantorotherprofessional advisers. ANTA Sports Products Limited (Incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under the Global : 600,000,000 Shares (subject to Offering adjustment and the Over-allotment Option) Number of Hong Kong Offer Shares : 60,000,000 Shares (subject to adjustment) Number of International Placing Shares : 540,000,000 Shares (subject to adjustment and the Over-allotment Option) Maximum offer price : HK$5.28 per Hong Kong Offer Share plus brokerage of 1%, SFC transaction levy of 0.004% and Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars and subject to refund) Nominal value : HK$0.10 per Share Stock code : 2020 Sole Global Coordinator, Bookrunner, Sponsor and Lead Manager TheStockExchangeofHongKongLimitedandtheHongKongSecuritiesClearingCompanyLimitedtakenoresponsibilityforthecontentsofthis prospectus,makenorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimanyliabilitywhatsoeverforanylosshowsoeverarising fromorinrelianceuponthewholeoranypartofthecontentsofthisprospectus. A copy of this prospectus, having attached thereto the documents specified in the section headed ‘‘Documents Delivered to the Registrar of Companies’’inAppendixVIItothisprospectus,hasbeenregisteredbytheRegistrarofCompaniesinHongKongasrequiredbySection342Cofthe CompaniesOrdinance(Chapter32oftheLawsofHongKong).TheSecuritiesandFuturesCommissionofHongKongandtheRegistrarofCompanies inHongKongtakenoresponsibilityastothecontentsofthisprospectusoranyotherdocumentsreferredtoabove. TheOfferPriceisexpectedtobedeterminedbyagreementbetweentheGlobalCoordinator(onbehalfoftheUnderwriters)andusonorbeforeJune 30,2007orsuchlaterdateasmaybeagreedbyusandtheGlobalCoordinator,butinanyeventnotlaterthanJuly5,2007.TheOfferPricewillbe not more than HK$5.28 per Offer Share and is currently expected to be not less than HK$4.28 per Offer Share unless otherwise announced. InvestorsapplyingfortheHongKongOfferSharesmustpay,onapplication,themaximumofferpriceofHK$5.28foreachOfferSharetogetherwith abrokerageof1.0%,anSFCtransactionlevyof0.004%andaStockExchangetradingfeeof0.005%,subjecttorefundiftheOfferPriceislower thanHK$5.28. TheGlobalCoordinator(onbehalfoftheUnderwriters),withourconsent,mayreducetheindicativeofferpricerangestatedinthisprospectusand/or reduce the number of Offer Shares being offered pursuant to the Global Offering at any time prior to the morning of the last day for lodging applicationsundertheHongKongPublicOffer.Insuchacase,anoticeofthereductionoftheindicativeofferpricerangewillbepublishedinthe SouthChinaMorningPost(inEnglish)andtheHongKongEconomicTimes(inChinese)notlaterthanthemorningofthelastdayforlodging applicationsundertheHongKongPublicOffer.IfapplicationsforHongKongOfferShareshavebeensubmittedpriortothedaywhichisthelastday forlodgingapplicationsundertheHongKongPublicOffer,theneveniftheindicativeofferpriceand/orthenumberofOfferSharesissoreduced, suchapplicationscannotsubsequentlybewithdrawn. If,foranyreason,theOfferPriceisnotagreedbetweenusandtheGlobalCoordinator(onbehalfoftheUnderwriters)onorbeforeJuly5,2007,the GlobalOfferingwillnotproceedandwilllapse. TheOfferShareshavenotbeenandwillnotberegisteredundertheU.S.SecuritiesActoranystatesecuritieslawintheUnitedStatesandmaynotbe offered,sold,pledgedortransferredwithintheUnitedStates,exceptthatOfferSharesmaybeoffered,soldordeliveredtoQIBsinrelianceonan exemptionfromregistrationundertheU.S.SecuritiesActprovidedby,andinaccordancewiththerestrictionsof,Rule144Aoranotherexemption fromtheregistrationrequirementsoftheU.S.SecuritiesAct.TheOfferSharesarebeingsoldoutsidetheUnitedStatesinoffshoretransactionsin accordancewithRule903or904ofRegulationS. Priortomakinganinvestmentdecision,prospectiveinvestorsshouldconsidercarefullyalloftheinformationsetoutinthisprospectus,includingthe riskfactorssetoutinthesectionheaded‘‘RiskFactors’’inthisprospectus. PursuanttocertainprovisionscontainedintheUnderwritingAgreementsinrespectoftheOfferShares,theGlobalCoordinator,onbehalfofthe Underwriters,has the right in certain circumstances,subject to the sole opinion of the Global Coordinator,to terminate the obligations of the UnderwriterspursuanttotheUnderwritingAgreementsatanytimepriorto8:00a.m.(HongKongtime)onthedayonwhichdealingsintheShares firstcommenceonTheStockExchangeofHongKongLimited.Furtherdetailsofthetermsofsuchprovisionsaresetoutinthesectionheaded ‘‘Underwriting’’inthisprospectus.Itisimportantthatyourefertothatsectionforfurtherdetails. June 26, 2007 EXPECTED TIMETABLE(1) Application lists open(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11:45 a.m. on Friday, June 29, 2007 Latest time for lodging WHITE and YELLOW Application Forms . . . . . . . . . . . . . . . . . . . . . 12:00 noon on Friday, June 29, 2007 Latest time for giving electronic application instructions to HKSCC(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12:00 noon on Friday, June 29, 2007 Application lists close . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12:00 noon on Friday, June 29, 2007 Expected Price Determination Date(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Saturday, June 30, 2007 Announcement of the Offer Price, the level of indication of interest in the International Placing, level of applications in the Hong Kong Public Offer and basis of allotment of the Hong Kong Offer Shares under the Hong Kong Public Offer to be published in the South China Morning Post (in English) and the Hong Kong Economic Times (in Chinese) and on our Company’s website at www.anta.com and the website of the Stock Exchange at www.hkex.com.hk on . . . . . . . . . . . . . . . . . . . . . . . . . . . Monday, July 9, 2007 Results of applications and Hong Kong identity card/passport/Hong Kong business registration numbers of successful applicants under the Hong Kong Public Offer to be available through a variety of channels as described in the section headed ‘‘How to Apply for the Hong Kong Offer Shares — Publication of Results’’ including the Company’s website at www.anta.com and the website of the Stock Exchange at www.hkex.com.hk from . . . . . . . . . Monday, July 9, 2007 Dispatch of share certificates on(5) & (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monday, July 9, 2007 Dispatch of refund cheques on(6) & (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monday, July 9, 2007 Dealings in Shares on the Stock Exchange to commence on . . . . . . . . . . . . . . Tuesday, July 10, 2007 Notes: (1) AlltimesrefertoHongKonglocaltime. (2) Ifthereisa‘‘black’’rainstormwarningoratropicalcyclonewarningsignalnumber8oraboveinforceinHongKongatany timebetween9:00a.m.and12:00noononFriday,June29,2007,theapplicationlistswillnotopenorcloseonthatday.Please refer to the section headed ‘‘How to Apply for the Hong Kong Offer Shares — Effect of bad weather on the opening of the applicationlists’’inthisprospectus. IftheapplicationlistsdonotopenandcloseonFriday,June29,2007,thedatesmentionedinthissectionheaded‘‘Expected Timetable’’maybeaffected.Wewillmakeapressannouncementinsuchevent. (3) ApplicantswhoapplyfortheHongKongOfferSharesbygivingelectronicapplicationinstructionstoHKSCCshouldreferto thesectionheaded‘‘HowtoApplyfortheHongKongOfferShares—Applyingbygivingelectronicapplicationinstructionsto HKSCC’’inthisprospectus. (4) The Price Determination Date, being the date on which the Offer Price is to be determined, is expected to be on or about Saturday,June30,2007and,inanyevent,notlaterthanThursday,July5,2007.If,foranyreason,theOfferPriceisnotagreed between the Global Coordinator (on behalf of the Underwriters) and us by Thursday, July 5, 2007, the Global Offering (includingtheHongKongPublicOffer)willnotproceedandwilllapse. — i — EXPECTED TIMETABLE(1) (5) Share certificates for the Offer Shares will only become valid certificates of title at 8:00 a.m. on Tuesday, July 10, 2007 providedthat(i)theGlobalOfferinghasbecomeunconditionalinallrespectsand(ii)theUnderwritingAgreementshavenot been terminated in accordance with their terms. If the Global Offering does not become unconditional or the Underwriting Agreementsareterminatedinaccordancewiththeirterms,wewillmakeanannouncementassoonaspossible. (6) Refund cheques will be issued in respect of wholly or partially unsuccessful applications pursuant to the Hong Kong Public OfferandalsoinrespectofwhollyorpartiallysuccessfulapplicationsintheeventthatthefinalOfferPriceislessthantheprice payableperOfferShareonapplication.Partoftheapplicant’sHongKongidentitycardnumberorpassportnumber,or,ifthe application is made by joint applicants, part of the Hong Kong identity card number or passport number of the first-named applicant,providedbytheapplicant(s)maybeprintedontherefundcheque,ifany.Suchdatawouldalsobetransferredtoa thirdpartyfor refundpurpose.Banksmayrequire verificationof an applicant’sHong Kongidentitycardnumberor passport numberbeforecashingtherefundcheque.Inaccuratecompletionofanapplicant’sHongKongidentitycardnumberorpassport numbermayleadtodelayinencashmentoformayinvalidatetherefundcheque. (7) ApplicantswhohaveappliedonWHITEApplicationFormsfor 1,000,000or more HongKongOfferSharesunderthe Hong Kong Public Offer and have indicated in their Application Forms that they wish to collect any refund cheques and share certificates in person, may do so from our Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited,atShops1712–1716,17thFloor,HopewellCentre,183Queen’sRoadEast,Wanchai,HongKongbetween9:00a.m.to 1:00p.m.onMonday,July9,2007.Applicantsbeingindividualswhooptforpersonalcollectionmustnotauthorizeanyother persontomakecollectionontheir behalf.Applicantsbeingcorporationswhooptfor personalcollectionmustattendbytheir authorized representatives bearing letters of authorization from their corporation stamped with the corporation’s chop. Both individuals and representatives of corporations must produce, at the time of collection, identification and (where applicable) documentsacceptabletoComputershareHongKongInvestorServicesLimitedatthetimeofcollection.Applicantswhohave appliedonYELLOWApplicationFormsfor1,000,000or moreHongKongOfferSharesunder theHongKongPublic Offer maycollecttheirrefundcheques,ifany,inpersonbutmaynotelecttocollecttheirsharecertificateswhichwillbedeposited intoCCASSforthecreditoftheirdesignatedCCASSparticipants’stockaccountsorCCASSinvestorparticipantstockaccounts, as appropriate. The procedures for collection of refund cheques for YELLOW Application Form applicants are the same as those for WHITE Application Form applicants. Applicants who apply for Hong Kong Offer Shares by giving electronic application instructions to HKSCC should refer to the paragraph headed ‘‘Applying by giving electronic application instructions to HKSCC’’ under the section headed ‘‘How to Apply for the Hong Kong Offer Shares’’ in this prospectus for details.Uncollectedsharecertificates(ifapplicable)andrefundcheques(ifapplicable)willbedispatchedbyordinarypostatthe applicants’ownrisktotheaddressesspecifiedintherelevantApplicationForms.Furtherinformationissetoutinthesection headed‘‘HowtoApplyfortheHongKongOfferShares—Dispatch/Collectionofsharecertificatesandrefundcheques’’inthis prospectus. Particulars of the structure of the Global Offering, including the conditions thereto, are set out in the section headed ‘‘Structure and Conditions of the Global Offering’’ in this prospectus. — ii — CONTENTS IMPORTANT NOTICE TO INVESTORS ThisprospectusisissuedbyANTASportsProductsLimitedsolelyinconnectionwiththeHong Kong Public Offer and does not constitute an offer to sell or a solicitation of an offer to buy any security other than the Hong Kong Offer Shares offered by this prospectus pursuant to the Hong Kong Public Offer. This prospectus may not be used for the purpose of, and does not constitute, an offer or invitation in any other jurisdiction or in any other circumstances. No action has been taken to permit a public offering of the Offer Shares or the distribution of this prospectus in any jurisdiction other than Hong Kong. You should rely only on the information contained in this prospectus and the Application Forms to make your investment decision. We have not authorized anyone to provide you with information that is different from what is contained in this prospectus. Any information or representation not made in this prospectus must not be relied on by you as having been authorized by us, the Sponsor, the Global Coordinator, any of the Underwriters, any of their respective directors, or any other person involved in the Global Offering. Page Expected Timetable ................................................................ i Summary .......................................................................... 1 Definitions ......................................................................... 15 Risk Factors ....................................................................... 24 Waivers from Compliance with the Listing Rules ...................................... 40 Information about this Prospectus and the Global Offering ............................. 42 Directors and Parties Involved in the Global Offering ................................. 46 Corporate Information ............................................................. 49 Industry Overview ................................................................. 51 History and Corporate Structure .................................................... 58 Business ........................................................................... 67 Overview ..................................................................... 67 Our Strengths .................................................................. 68 Business Strategies ............................................................. 70 Our ANTA Business Model ...................................................... 72 ANTA Brand and Products ...................................................... 72 Production .................................................................... 74 — iii — CONTENTS Page Sales and Distribution of ANTA Products .......................................... 80 Inventory Control .............................................................. 96 Research and Development ...................................................... 97 Quality Control ................................................................ 99 Retail Business ................................................................ 100 Competition ................................................................... 102 Employees .................................................................... 103 Director and Staff Remuneration ................................................. 103 Properties and Facilities ......................................................... 104 Intellectual Property Rights ...................................................... 106 Environmental and Safety Matters ................................................ 107 Insurance ..................................................................... 109 Legal Compliance and Proceedings ............................................... 109 Government Regulations ........................................................ 110 Relationship with Controlling Shareholders ........................................... 112 Connected Transactions ............................................................. 117 Directors, Senior Management and Staff ............................................. 126 Substantial Shareholders ............................................................ 132 Share Capital ...................................................................... 134 Financial Information .............................................................. 137 Future Plans and Use of Proceeds ................................................... 175 Underwriting ...................................................................... 177 Structure and Conditions of the Global Offering ...................................... 184 Corporate Investor ................................................................. 190 How to Apply for the Hong Kong Offer Shares ....................................... 191 — iv — CONTENTS Page Appendices Appendix I: — Accountants’ Report ............................................ I-1 Appendix II: — Unaudited Pro Forma Financial Information ...................... II-1 Appendix III: — Profit Forecast ................................................. III-1 Appendix IV: — Property Valuation .............................................. IV-1 Appendix V: — Summary of the Constitution of Our Company and Cayman Islands Companies Law ........................... V-1 Appendix VI: — Statutory and General Information ............................... VI-1 Appendix VII: — Documents Delivered to the Registrar of Companies and Available for Inspection ................................... VII-1 — v — SUMMARY Thissummaryaimstogiveyouanoverviewoftheinformationcontainedinthisprospectus.Sinceit is a summary, it does not contain all the information that may be important to you. You should read the prospectus in its entirety before you decide to invest in the Offer Shares. There are risks associated with any investment. Some of the particular risks in investing in the Offer Shares are set out in the section headed ‘‘Risk Factors’’ of this prospectus. You should read that section carefully before you decide to invest in the Offer Shares. OVERVIEW We are one of the leading branded sports footwear enterprises in the PRC. We primarily design, develop, manufacture and market sportswear, including sports footwear and apparel for professionals and the general public under our ANTA brand. We also design, market and sell accessory products under the same brand. We sell our ANTA products on a wholesale basis to our distributors who are responsible for distribution to authorized ANTA retail outlets which sell our ANTA products to consumers in the PRC. We place great emphasis on brand building and promote ANTA products through advertisements in the press and television media, sponsorship of PRC sports competitions, national leagues such as the Chinese Basketball Association, and athletes, and various other promotional activities. In 2002, the Trademark Office of the State Administration for Industry and Commerce of the PRC ( ) named our ANTA trademark as applied to our sports footwear as one of ‘‘China’s Well-Known Trademarks’’ ( ). Our ANTA products are manufactured through a combination of internal and external production, which we believe is cost-effective and offers us greater flexibility to adjust our production schedules and to meet unforeseen demand. During the Track Record Period, we produced the majority of our footwear productsatourproductionfacilitiesinJinjiang,Fujian,whiletheremainderofourfootwearproductsandall of our apparel and accessory products were outsourced to contract manufacturers. We commenced our own production of a proportion of our apparel products in 2007. We believe that our ANTA products have high levels of performance and customer appeal. Each year weintroducefourdistinctseasonalproductcollectionsdesignedtomeetconsumertastesandfashiontrends. We conduct research and developmentand cooperate with external scientific and educationalinstitutions to further enhance the technological content of our ANTA products. We have obtained patents for footwear technologiesincluding,amongothers,our‘‘Magnetic-Core’’shockabsorptiontechnology.DuringtheTrack Record Period, we recorded no sales returns to us, which we believe is attributable to our commitment to product quality. Pursuant to our wholesale business model, we do not sell our ANTA products directly to consumers but rely on our distributors to distribute our products to authorized ANTA retail outlets which sell our products to consumers in the PRC. Our Directors believe that our wholesale business model is a common business model in the sportswear industry in the PRC and has enabled us to achieve growth in sales by leveraging economies of scale from our distributorship arrangements. As at December 31, 2004, 2005 and 2006 and March 31, 2007, we had 12, 28, 35 and 37 distributors, respectively. Almost half of the 35 distributors as at December 31, 2006 have had business relationships with us for more than two years. In addition, during the Track Record Period, we also sold some of our ANTA products directly to department stores and sole proprietors. However, since January 2007, all such sales have been made to our distributors. — 1 — SUMMARY We enter into distributorship agreements with each of our distributors to distribute exclusively our ANTAproductsforatermofoneyearwhichisrenewableatourdiscretion.Suchdistributorshipagreements are normally entered into at the end of the preceding year and contain substantially the same terms for the distributors except for the sales and expansion targets and payment and credit terms. These distributorship agreements include the following principal terms: . Geographic exclusivity — pursuant to our distributorship agreements, the distributors are authorized to sell exclusively our products under the ANTA brand name within a defined geographical area. . Sales and expansion targets — since January 2007, our distributorship agreements specify sales and expansion targets for the number of new authorized ANTA retail outlets the distributors are required to open during the year. All of our distributors are required to meet such individual sales and expansion targets. We negotiate and agree the annual sales and expansion targets with our distributors. No minimum purchase amount is stipulated in such distributorship agreements. . Payment and credit terms — the distributorship agreements include the payment and credit terms agreed with the distributors, determined on a case-by-case basis. . Undertakings — the distributorship agreements contain undertakings by the distributors to complywithoursalespolicies,adheretoourpricingpolicies,andrefrainfromsellingcompeting brands of sportswear, including footwear, apparel and accessories. . Sales reports and estimates — pursuant to the terms of the distributorship agreements, our distributors are required to provide monthly sales reports and quarterly sales estimates to us. WesellourANTAproductstoourdistributorsatawholesaleprice,whichrepresentsadiscounttothe suggested retail price of our ANTA products. Save for such discount and subsidies and training mentioned below, we do not offer any sales incentives to our distributors and no fees were payable by our distributors to us or by us to our distributors under the terms of the distributorship agreements. Our distributors manage local networks of authorized ANTA retail outlets, which they either directly operate themselves or appoint third party retail outlet operators to manage, subject to our approval. We do not own or operate any of these authorized ANTA retail outlets and do not enter into any contractual relationship with the third party retail outlet operators appointed by our distributors. These authorized ANTA retail outlets operate under the ANTA brand name with a uniform store layout and sell exclusively ourANTAproducts.Weprovideretailpoliciesandguidelinesaswellastrainingtoourdistributorstoassist them in the management of their ANTA retail networks. Our distributors directly operated or indirectly managed an aggregate of 4,108 authorized ANTA retail outlets as at December 31, 2006 and had increased this number to 4,217 as at March 31, 2007. — 2 — SUMMARY The following chart illustrates the structure of the ANTA sales network for our ANTA products: OurGroup Distributors Management ThirdPartyRetailOutletOperators Directoperation AuthorizedANTAretailoutlets The criteria we consider when approving the appointment of third party retail outlet operators by our distributors include whether the operator: . has experience in retailing sportswear; . has the ability to meet our sales targets; . has adequate operating capital to operate an authorized ANTA retail outlet; and . has a suitable store location and size. Retail outlet operators are not required to meet any minimum number of years of experience in retail business. Such third party retail outlet operators appointed by our distributors enter into annual contracts with our distributors. Our distributors are responsible for supervising and managing the third party retail outlet operators’retailingactivitiesaccordingtoourretailpoliciesandguidelines.Since2007,ourdistributorsare required to sign substantially the same form of agreement provided by us with the third party retail outlet operators appointed by them. Any change to the principal terms of this agreement must be approved by us. The agreement entered into between our distributors and the third party retail outlet operators provides, among others, that such agreement would automatically terminate if that distributor’s distributorship agreement with us is terminated. Our distributors and third party retail outlet operators appointed by them are subject to retail policies governing sales and expansion targets, product pricing, stock management, store layout, promotion, customer service and after-sale service standards which we provide to our distributors. Pursuant to such policies and the terms of the agreements that the third party retail outlet operators enter into with our distributors, they are prohibited from selling any products other than our ANTA products in the authorized ANTA retail outlets and are required to adhere to our guidelines in the use of ANTA brand materials, store layoutandproductdisplay.Werelyonourdistributorstoimplementandenforcesuchretailpoliciesanddo not have any direct redress against third party retail outlet operators in the event of any breach of such policies or agreement. However, it is our policy that if any of our distributors consistently fails to cause the third party retail outlet operators engaged by it to comply with our policies and guidelines, or fails to take — 3 — SUMMARY necessary steps to cause such operators to remedy any breach or terminate its contract with such operators, we may choose not to renew our distributorship agreement with that distributor. See ‘‘Risk Factors — We rely on third party distributors and the retail outlet operators appointed by them for the sales of our ANTA products and any failure by us to maintain good relationships with the distributors or failure by them to ensure that such third party retail outlet operators adhere to our retail policies may adversely affect our business.’’ Some of the authorized ANTA retail outlet operators may also own and operate other stores or retail outlets in addition to the authorized ANTA retail outlets operated by them. We plan to selectively establish and operate ANTA flagship stores in prime commercial locations in major cities in the PRC for brand building purposes, with three to four flagship stores planned to open in 2007. These ANTA flagship stores will be significantly larger than existing authorized ANTA retail outlets andareintendedtoshowcaseourlatestANTAproductranges,enhanceourbrandprofileinthelocalmarket and give us a platform to test marketing initiatives and gain direct access to consumer feedback. To leverage our strong marketing resources and our experience in the sportswear market in China, we have entered into retailagreementswithAdidas (Suzhou)andAdidas(China)to retailsportinggoodsunder the adidas and Reebok brands, respectively, in China. We have also signed a re-distributorship agreement withDongzhijie,anauthorizedsub-distributoroftheKappabrandinChina,tosellsportinggoodsunderthe Kappa brand in Shanghai. As at April 30, 2007, we operated and managed 13 retail outlets selling adidas branded products, 15 retail outlets selling Reebok branded products and 12 retail outlets selling Kappa branded products. Our turnover grew by approximately 301.3% from 2004 to 2006 which we believe is a result of our broad range of high quality products, the extensive ANTA sales network and our strong marketing and manufacturing capabilities. OUR STRENGTHS We believe that our competitive strengths have positioned us well to capitalize on the increasing spending power of consumers in the PRC. We believe that our competitive strengths include: . Well-established and market-leading brand position . Extensive network of third party distributors which manage nationwide retail outlets . Vertically integrated business model with strong manufacturing capabilities . High quality and functionality of ANTA products . Strong and effective marketing and promotional capabilities . Experienced management team BUSINESS STRATEGIES We aim to become the number one domestic sporting goods brand in China by leveraging our competitive strengths and by implementing the following strategies: . Enhance brand image and recognition . Continue to work with our distributors to expand and strengthen the ANTA sales network — 4 —

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