Zhejiang Sports Supplies Chain Gains New Buyer

Brand sportswear distributor and sportswear retail business operator Pou Sheng International (Holdings) Limited has announced that it will invest CNY170 million to acquire a 50% stake in Zhejiang Yichuan Sports Supplies Chain, which mainly operates a sports supplies retail business in China.

Yichuan's retail stores are reportedly all located in Zhejiang province. It is currently is 50% indirectly owned by Pou Sheng.

During Yichuan's fiscal year ended September 2008, the company gained unaudited pre-tax net profit of CNY74.6 million and its after-tax net profit was allegedly CNY60 million.

Pou Sheng started operation in 1992 as an integral part of Yue Yuen Industrial (Holdings) Limited, one of the world's largest footwear manufacturers and a constituent stock of the Hang Seng Index. It began with a brand licensee business for distributing Converse products in China and later expanded into sportswear retail business.

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