The largest shareholder was HK $16.32 per share, a discount of 8.2% of the day before yesterday's closing price, placing 2.8% of the existing shares.

This is the first allotment of the major stockholders in 5 years, and we do not expect further rationing in the short term.

We believe that the management and operation of the company are not affected.

Alliance with NBA to launch joint brand products in China.

The company can use NBA and 30 NBA team trademarks in adult and children's basketball shoes and accessories.

In view of the popularity of basketball in China, the alliance with NBA is bound to be a positive factor for the brand value and revenue of the company.

Orders will increase and orders will grow.

In the 2 quarter of 2015, orders for orders increased year by year, and double-digit sales growth of Anta brand products decreased from the low double-digit number in the 2 quarter of 2014 to the high figure in the 3 quarter of 2014.

Order meeting in the 2 quarter of 2015

Growth maintained the first two quarters of the kinetic energy.

Maintain "collection" rating and raise target price to HK $18.46.

We raised our earnings per share in 2014-2016 years by 2.5%/3.3%/5.1% respectively.

We also raised the target price from HK $16.52 to HK $18.46, which is equivalent to 18.4 times and 16.4 times the 2015 and 2016 P / E ratios.

All positive factors and valuations were referenced to 2015 and 2016.