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Report: PE-backed Topsports International to seek Hong Kong bourse nod for IPO

Chinese sportswear retailer Topsports International Holdings Ltd. aims to seek approval of the Hong Kong bourse in the week of Sept. 2 for its proposed IPO, with plans to raise approximately $1 billion, Bloomberg News reported, citing people familiar with the matter.

Subject to Hong Kong stock exchange approval, the Belle International Holdings Ltd. subsidiary aims to offer its shares for sale in September, the unnamed sources told the news outlet.

Belle was taken private in 2017 by a consortium led by private equity firms Hillhouse Capital Management Ltd. and CDH Investments in a $6.8 billion transaction.

Bank of America Corp. and Morgan Stanley are joint sponsors of the proposed offering.