In a report released on Wednesday, Deutsche Bank noted that BELLE International (1880.HK) spent 1 billion 600 million yuan on the acquisition of mainland shoe retailer Jiangsu Sunda, which believes that this will help BELLE expand its market share in the mainland, increase its turnover and profitability, and maintain BELLE's international "hold" rating with a target price of HK $12.07.

Jiangsu has 7 brands in the mainland, including "San Da", "best picture" and "good people". Among them, it is the fifth largest sales brand in the mainland, and also has a non exclusive distribution right of the British brand Clarks in some provinces of China.

Deutsche Bank said that assuming BELLE International's net profit will reach 100 million yuan next year and deduct the interest rate of 40 million yuan, it will increase profits by 3%.