ANTA SPORTS(HK:02020) Sou Hu Cai Jing·2025-12-05 09:25Group 1 - Musinsa, South Korea's largest online fashion retailer, has announced its plan for an initial public offering (IPO) expected to take place in 2026, with a target valuation of approximately 10 trillion KRW (about 48.1 billion CNY) including debt [2] - The company was founded by Cho Man-ho in 2001, evolving from a streetwear forum into a comprehensive e-commerce platform, currently operating "Musinsa" and the women's platform "29cm," with monthly active users of 7 million and 3 million respectively [2][3] - KKR, a US investment firm, invested in Musinsa in 2021, and Citigroup and JPMorgan have been selected as joint lead underwriters for the upcoming IPO [2] Group 2 - In early 2025, Anta Group invested 50 billion KRW (approximately 2.6 million CNY) to acquire about 1.7% of Musinsa's shares [3] - Musinsa and Anta Group formed a strategic partnership in August, establishing a joint venture "MUSINSA China," where Anta holds 40% and Musinsa holds 60%, focusing on the development of the "MUSINSA STANDARD" brand and multi-brand stores in the Chinese market [3] - The first store of MUSINSA STANDARD in China is set to open on December 14 in Shanghai, featuring a casual wear brand known for its minimalist design, high quality, reasonable pricing, and trendy styles, appealing to young consumers [3] - As of 2024, Musinsa's annual transaction volume is projected to exceed 4 trillion KRW [3]