China’s Anta Sports announces up to $1.3 billion share buyback By Reuters

(Reuters) – Chinese sportswear maker Anta Sports on Tuesday said it will spend up to HK$10 billion ($1.28 billion) to buy back up to 10% of its shares in a bid to protect shareholders’ interests.

The share repurchase will take place in the next 18 months, the firm, which owns Wilson tennis racket maker Amer Sports, said.

The company’s current stock price is below its actual value and the implementation of the buyback plan aims to promote the interests of shareholders, Anta said in a filing to the Hong Kong exchange.

Anta shares rose as much as 1.2% to HK$72.3 during the day, and closed 0.3% higher.

($1 = 7.8008 Hong Kong dollars)