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Report: PE-backed sportswear unit Topsports launches Hong Kong IPO

Topsports International Holdings Ltd. launched an up to $1.2 billion initial public offering on the Hong Kong stock exchange, Reuters reported, citing a marketing term sheet.

The sportswear unit of Chinese footwear retailer Belle International Holdings Ltd. is offering about 930 million shares with an expected price range of HK$8.30 to HK$10.10 apiece, which represents a valuation of $6.6 billion to $8.0 billion, the report noted.

The IPO comes two years after an investor group led by private equity firms Hillhouse Capital Management Ltd. and CDH Investments acquired Belle for $6.8 billion, according to the report.

Topsports, which is the Chinese distributor and retail partner of Nike Inc. and Adidas AG, did not immediately answer a request for comment by the news outlet.