China’s Anta Sports announces up to $1.3 billion share buyback

(Reuters) -Chinese sportswear maker Anta Sports on Tuesday said it will spend up to HK$10 billion ($1.28 billion) to buy back up to 10% of its shares in a bid to protect shareholders’ interests.

The share repurchase will take place in the next 18 months, the firm, which owns Wilson tennis racket maker Amer Sports , said.

The company’s current stock price is below its actual value and the implementation of the buyback plan aims to promote the interests of shareholders, Anta said in a filing to the Hong Kong exchange.

Anta shares rose as much as 1.2% to HK$72.3 during the day, and closed 0.3% higher.

($1 = 7.8008 Hong Kong dollars)