China

Anta Group’s shares get boost after Xi Jinping showcases parka

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After Chinese President Xi Jinping made appearance clad in a parka from Anta Group on Monday, the company’s stock listed on the Hong Kong stock market jumped about 10 percent on Tuesday.

According to the South China Morning Post, President Xi was seen wearing a cobalt blue Arc’teryx parka when visiting facilities for the Winter Olympics out the outskirts of Beijing on the day to inspect preparation for the event. The brand originally belonged to Amer Sports of Finland, but was taken over in 2019 by Anta Group, an official sponsor of the 2022 Winter Olympic Games in Beijing. The Arc’teryx parka product generally costs 700 U.S. dollars to 2,000 dollars in online shops. The exact price of Xi’s parka remained unknown.

Anta has 15 percent of the Chinese sports gear market share to rank third overall after Nike (23 percent share) and Adidas (20 percent). Xi appeared wearing an Anta jacket in 2017 as well. The Chinese delegation that participated in the 2018 Winter Olympics in Pyeongchang, South Korea, also used Anta products as its uniforms. Analysts say Xi intentionally made such appearance to promote a Chinese apparel maker. In fact, Anta Group’s share jumped nearly 10 percent on Tuesday.

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Jong-Yeob JO [email protected]

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