On May 9, Teb International (01368) sold the “K-Swiss” (K-Swiss) and “Palladium” (Palladium) brand businesses, or the entire share capital of KP GLOBAL, to the controlling shareholder Ding's family. The related transaction cost was US$151 million.
The Zhitong Finance App learned that Nomura released a research report saying that yesterday (9th), Tep International (01368) sold the “K-Swiss” (K-Swiss) and “Palladium” (Palladium) brand businesses, or the entire share capital of KP GLOBAL, to the controlling shareholder Ding's family. The related transaction cost was US$151 million. At the same time, TEP also issued HK$500 million convertible bonds to Hillhouse Investments (Hillhouse). As for the $65 million convertible bonds issued by KP Global, KP Global will redeem the $65 million convertible bonds issued by KP Global. Nomura described the above move by TEP as a positive surprise to the controlling shareholders and a wise choice, so it set its target price at HK$6.8, giving it a “buy” rating.