ANTA SPORTS(HK:02020) Zheng Quan Ri Bao·2026-01-27 16:37Core Viewpoint - Anta Group has reached an agreement to acquire a 29.06% stake in Puma SE for €1.5 billion, positioning itself as Puma's largest single shareholder, with the transaction expected to complete by the end of 2026, pending regulatory approvals [2][3] Group 1: Acquisition Details - The acquisition will be funded entirely from Anta Group's internal cash reserves [2] - Anta Group has been in the sportswear industry for 35 years, expanding its business in key markets including Southeast Asia, the Middle East, Africa, North America, and Europe [2] - Puma is recognized for its strong brand assets and global influence, particularly in sports categories such as football, running, training, basketball, and motorsport [2] Group 2: Strategic Importance - The acquisition is seen as a significant milestone in Anta Group's strategy of "single focus, multi-brand, globalization" [3] - Anta Group aims to enhance its global competitiveness in the fashion sports sector and broaden its customer base and product lines through Puma [3][5] - The addition of Puma is expected to optimize Anta Group's brand matrix and reflect its ambition in the international market [3] Group 3: Puma's Current Performance - Puma is facing operational challenges, with a 10.4% year-on-year decline in sales to €1.9557 billion for Q3 2025, and a net loss of €62.3 million [4] - The gross margin has decreased to 45.2%, and inventory has increased by 17.3% to €2.1241 billion [4] - Puma is projected to report an EBITDA loss for the full year of 2025 [4] Group 4: Future Collaboration - Anta Group respects Puma's management culture and governance structure, planning to appoint a representative to Puma's supervisory board post-transaction [5] - The collaboration aims to maintain Puma's brand identity while exploring further partnership opportunities in the future [5] - Anta Group currently has no plans to initiate a takeover bid for Puma [5]