Sportswear retailer 361º International announced that it is hoping to raise at least US$200 million in a Hong Kong initial public offering, the South China Morning Post reported. The company intends to use the money to fund expansion, including the addition of 1,500 new outlets by the end of 2010, for a total of 7,000 stores. China’s largest sportswear retailer, 361º reported a 678% rise in net profit in 2008 to $26.2 million. Sources said low product prices and a wide national network had helped the company to capture large sales volumes in a short period of time. The company would be the fourth domestic sportswear brand to seek a Hong Kong listing, after Li Ning, Anta and Xtep International; China Hongxing Sports, another competitor, chose to list in Singapore.
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