China footwear retail unit files for Hong Kong IPO to raise $1 billion

Chinese footwear retailer Belle International filed plans on Thursday to spin off its sportswear business via a Hong Kong initial public offering, a deal which two sources with knowledge of the matter said could raise $1 billion. The company aims to list the unit Topsports International Holdings Ltd, a large Chinese distributor and retail partner of foreign brands Nike Inc and Adidas, in the second half of the year, said the sources.
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