Anta Sports (02020) gained over 3% in afternoon trading. As of the time of writing, the stock was up 3.18% to HK$79.45, with a turnover of HK$958 million. The move follows news that Anta Sports plans to acquire a 29.06% stake in the German sportswear brand Puma for €1.5 billion (approximately RMB 12.3 billion), which would make it the largest shareholder upon completion of the transaction. JPMorgan believes the valuation is reasonable, considering Puma's brand heritage, its strengths in specialized sports like football and running, and its international market footprint across Europe and Latin America. The bank also emphasized that the acquisition will be fully funded from Anta's internal resources, noting that the company's net cash position reached RMB 31.5 billion by the first half of 2025, which is sufficient to cover the transaction while leaving ample capacity to maintain its dividend policy, thereby alleviating market concerns about financing pressure. The transaction is estimated to impact Anta's 2026 net profit by only a low single-digit percentage.