Shares of Anta Sports Products Ltd, a leading Chinese sportswear company, soared by 8% on Wednesday, driven by strong third-quarter sales performance of its core Anta branded products.
In a filing with the Hong Kong Stock Exchange, Anta Sports reported that retail sales of its Anta branded products recorded a mid-single digit positive growth in the third quarter of 2024. This robust performance of its flagship brand, which is the company's biggest revenue driver, boosted investor confidence and fueled the sharp rise in the company's stock price.
However, the company's Fila branded products saw a low-single digit negative growth during the same period. Despite this, investors appeared to focus on the promising sales trajectory of Anta's namesake brand, which is seen as a positive signal for the company's overall prospects.
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