According to the Futu Securities APP, Daiwa released a research report stating that it is expected that Anta Sports (02020) will resume share buybacks after completing the issuance of new convertible bonds, maintaining a 'buy' rating on the stock with a target price of 108 Hong Kong dollars.

The report points out that Anta Sports previously announced plans to issue a total of 1.5 billion euros of new convertible bonds, which will be used to refinance an old convertible bond of 1 billion euros expiring in February 2025. The conversion price of the new convertible bonds will be raised to 104.02 yuan per share, while the conversion price of the old convertible bonds is around 96 yuan. The maturity date of the new convertible bonds will be extended to 2029, and an additional 0.5 billion euros in cash will be provided.

Currently, more than 90% of existing bondholders have agreed to repurchase the old convertible bonds, and this process is likely to be completed smoothly. Daiwa expects that Anta Sports will resume share buybacks shortly after completing the issuance of new convertible bonds. Daiwa points out that the management of Anta Sports is currently focusing on profitability, closely monitoring retail conditions, and implementing cautious cost controls to ensure the company's profitability meets expectations.