Xtep expects PRC sportswear industry will continue to flourish

01 Aug '08

2 min read

Xtep International Holdings Limited a leading fashion sportswear enterprise in the PRC, is pleased to announce that Carlyle Investment Fund, the strategic investor of the Group, has increased its shareholding in Xtep International.

Carlyle Investment Fund ("Carlyle Fund") has recently acquired 6,675,000 shares of Xtep International at an average price of HK$2.9 per share, raising its stakes to a total of 202,430,000 shares.

Since the Group's successful listing on the Main Board of the Hong Kong Stock Exchange on 3 June 2008, Carlyle has accumulated a total of 43,914,500 shares with its aggregate shareholding increasing from 7.21% to 9.2%. The total consideration amounted to approximately HK$140 million.

Regarding the share purchase, Mr. Ding Shui Po, Chairman and Chief Executive Officer of Xtep International expressed his sincere gratitude to Carlyle Fund for their continuous support.

He said, "The presence of Carlyle Fund has added strategic value to our Group, reinforcing our corporate governance practices.

Their recent act of share purchase showed their strong confidence in the Group's operations and promising prospects.

With the steady growth of the PRC's economy that boosting the purchasing power of the PRC consumer, we expect the fashion sportswear industry in the PRC will continue to flourish.

We will proactively seize opportunities to promote our Group's brand name and to strengthen our R&D capabilities as well as broadening our distribution network, in order to generate the best returns to our shareholders."

Xtep International Holdings Limited