Topsports drops to record low on loss of Nike's online business
23/07/2026 08:56
BUZZ-Topsports drops to record low on loss of Nike's online business ** Topsports International Holdings 6110.HK shares fall 8.3% to HK$1.33, lowest since its Oct 2019 debut; stock now down 32% in two sessions
** Nike NKE.N to terminate group's online sales of its products in mainland China from Jan 1, 2027, as it looks to rebuild trust with Chinese shoppers by controlling online distribution and selling at full price
** Co says hit will be "significant" as Nike online sales made up about 22% of its fiscal year ended in February 2026
** Citi keeps "buy", but slashes PT to HK$2.12 from HK$3.80 on FY27/FY28 sales cuts
** YTD, Topsports shares down 54%, benchmark Hang Seng Index .HSI down 1.9%
(Reporting by Donny Kwok)
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