Lehman dropped BELLE rating to big city synchronous Lehman securities, BELLE (01880) rating from "overweight" to "big city synchronization", the target price also reduced from 9.55 yuan to 9.35 yuan, mainly reflects its active acquisition, at the same time, the risk is relatively increased.

Lehman's research report points out that although BELLE still believes in the rapidly expanding market of China's footwear market, BELLE will have great potential to become the largest retailer in the mainland. However, since last August, BELLE has made four acquisitions, including the purchase of Miao Li and Mei Bao (01179), and the strategy of purchase is undoubtedly very enterprising, some of which have no business opportunities.

Coupled with the expectation that the management of BELLE's shares will continue, BELLE's stock price will be more uncertain, so its target price and rating will be lowered.

Earlier, BELLE chairman Deng Yao offered 711 million shares at 7.7 yuan per share.