Aug. 6 (Bloomberg) -- Anta Sports Products Ltd. surged the most in more than three years in Hong Kong trading, leading other sportswear companies higher, after reporting first-half earnings that beat estimates.
Anta jumped 17 percent to close at HK$4.85, its biggest gain since November 2008. Competitor Li Ning Co. climbed 12 percent, Peak Sport Products Co. gained 8.9 percent and 361 Degrees International Ltd. gained 5.7 percent.
Anta’s reported earnings of 770 million yuan for the first six months of the year, topping the average estimate of 717 million yuan from three analysts compiled by Bloomberg. China’s sportswear industry has been hurt by excess inventory in the segment and Anta said today that it has “strictly” controlled new store openings and closed less efficient ones.
“The result was lifted by a reduction in marketing expenses and the previous estimates could be overly pessimistic,” said Forrest Chan, a Hong Kong-based analyst at CCB International.
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