MORE MAINLAND BRANDS COMPLETING IPOS IN HK

Xtep International, a domestic fashion sportswear enterprise in the PRC, has completed the HK$2.23 billion (US$285 million) Hong Kong IPO and Rule 144A / Regulation S global offering.

The global offering consisted of an aggregate of 550 million offer shares priced at HK$4.05. The net proceeds from the global offering are estimated to be approximately HK$2.07 billion (US$265 million) if the over-allotment option is not exercised or approximately HK$2.39 billion (US$306 million) if the over-allotment option is fully exercised. Xtep intends to use the net proceeds for media advertising, brand promotion, expansion of its distribution network, expansion of production facilities, brand acquisitions, development of management information systems, working capital and other general corporate purposes.