Topsports in $1.15 Billion IPO

November 1, 2019

Cleary Gottlieb represented Topsports International Holdings Limited (Topsports) in its approximately $1.15 billion (including over-allotment option) initial public offering and listing in Hong Kong.

Merrill Lynch and Morgan Stanley acted as joint sponsors; Merrill Lynch, Morgan Stanley, Goldman Sachs, and CICC acted as joint global coordinators, joint bookrunners, and joint lead managers; and HSBC, Credit Suisse, China Securities International, ICBC International, and CMB International acted as joint bookrunners and joint lead managers.

The offering priced on October 2, 2019, and closed on October 10, 2019. The shares began trading on the Main Board of The Stock Exchange of Hong Kong Limited on October 10, 2019. The over-allotment option was exercised on November 1, 2019.

Topsports is a sportswear retailer in China, with 8,372 directly operated stores located in 268 cities across 30 provinces as of September 17, 2019. According to Frost & Sullivan, Topsports is China’s largest sportswear retailer with a 15.9% market share in 2018.