汇丰银行-xx体育商品-china sporting goods a new shopping experience-20170630-hsbc.pdfVIP

30 June 2017   China Sporting Goods EQUITIES TEXTILES, APPAREL LUXURY GOODS A new shopping experience China  Brick-and-mortar sportswear stores are evolving as they seek Scott Chan*, CFA Analyst, Consumer and Retail Research to differentiate themselves from online sales platforms The Hongkong and Shanghai Banking Corporation Limited scotttkchan@.hk  We expect Anta and Li Ning to deliver strong growth in 1H17e +852 3941 7005 Erwan Rambourg  Raise TPs for Anta and Li Ning on higher estimates and rolling Global Co-Head Consumer Retail Research HSBC Securities (USA) Inc. forward valuations; trim TP for Xtep as restructuring to weigh erwanrambourg@ +1 212 525 8393 on the shares in the near term. Switch preference to Anta