Topsports jumps most in nearly 11 weeks on results, China's policies

Topsports International Holdings

31/05/2022 07:13

** Shares of Chinese sportswear retailer Topsports
International  6110.HK  jump as much as 7.2% to HK$5.98, the
biggest daily pct gain since March 16
    ** Shanghai-based Topsports posted a 11.6% year-on-year
decline in net profit to 2.45 bln yuan ($367.60 mln) for the
year ended February, with revenue falling 11.5% from a year ago
period to 31.88 bln yuan  urn:newsml:reuters.com:*:nFWN2XM0BJ urn:newsml:reuters.com:*:nFWN2XM08X
    ** Jefferies says Topsports outperformed peers in a tough
retail environment with six-month revenue down 19% year-on-year
that is better than estimates; it views co as well-positioned to
cope with the "new norm" of recurring COVID-19 controls in China
    ** Aiding sentiment, brokers said China's policies to
support economy helped fuel demand for automobiles and
consumption-related segments 
    ** China's cabinet unveiled new policy measures on Tuesday
to bolster the economy and stabilise jobs, providing tax credit
rebates to more sectors and studying support policy to lower
purchase tax for some low emission vehicles  urn:newsml:reuters.com:*:nB9N2XA00W
    ** Hang Seng consumer goods and services index  .HSCGSI 
climbs 1.8%, Hang Seng Composite Index  .HSCI  rises 1.2% and 
Hang Seng Index  .HSI  adds 1%
    ** As of last close, the stock is down 29.3% this year


($1 = 6.6648 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))