Contents
Investment summary .................................................................................................. 3
The current state of play ............................................................................................. 4
Chinese sportswear market ........................................................................................ 5
Typical business model .............................................................................................. 7
Industry outlook .......................................................................................................... 8
1H09 review.......................................................................................................... 9
Retail & distribution network................................................................................ 10
Trade fair orders.................................................................................................. 11
Advertising & promotion...................................................................................... 12
Inventory levels ................................................................................................... 12
What will cash be used for?...................................................................................... 14
Valuation and recommendation ................................................................................ 15
Company Briefs…..................................................................................................... 17
Anta Sports ......................................................................................................... 18
China Dongxiang................................................................................................. 22
China Hongxing Sports Ltd ................................................................................. 26
Li Ning Co Ltd ..................................................................................................... 30
Xingquan International ........................................................................................ 34