China sportswear brands rally on UBS report, Anta up 8 pct
HONG KONG, Sept 28
HONG KONG, Sept 28 (Reuters) - Shares of Chinese sportswear brands rallied on Friday in healthy trading volumes after brokerage UBS said in a report the companies would be among the first to recover from the current downturn in the economy.
Shares of Anta Sports Products Ltd, the biggest player in the sector by market value, rose as much as 11.6 percent to their highest intraday level in more than three months. The shares were last trading up 7.7 percent.
Rival Li Ning Co Ltd's shares rose 5.9 percent.
Analysts at UBS said an industry-wide restructuring would address issues such as overcapacity and inadequate distribution that have hampered growth as well as allow the companies to pay high dividends.
(Reporting by Vikram Subhedar; Editing by Matt Driskill)