Zhi Tong Cai Jing·2026-01-29 06:02Group 1 - Anta Sports (02020) shares rose over 3%, currently up 3.18% at HKD 79.45, with a trading volume of HKD 958 million [1] - Anta Sports plans to acquire a 29.06% stake in the German sports brand PUMA for EUR 1.5 billion (approximately RMB 12.3 billion), which will make it the largest shareholder [1] - JPMorgan considers the acquisition price reasonable, taking into account PUMA's brand history and strengths in professional sports fields like football and running, as well as its international market presence in Europe and Latin America [1] Group 2 - The funding for the acquisition will come entirely from Anta's internal resources, with the company expected to have a net cash of RMB 31.5 billion by mid-2025, sufficient to cover the transaction and maintain its dividend policy [1] - The estimated impact of the acquisition on Anta's net profit for 2026 is projected to be a low single-digit percentage [1]