ANTA SPORTS Acquisition: ANTA SPORTS announced the acquisition of a 29% stake in Puma for EUR1.5 billion, making it Puma's largest shareholder upon completion.

Market Reaction: Citi reports that the market has largely priced in the negatives related to the acquisition, maintaining a Buy rating on ANTA SPORTS with a target price of HKD107.

Short Selling Data: ANTA SPORTS has a short selling amount of $63.93M with a ratio of 10.045%, indicating significant market activity.

Industry Comparisons: Citi's stock picks favor ANTA SPORTS over competitors like TOPSPORTS and LI NING, all of which are rated Buy.

Sales Growth Expectations: LI NING's management anticipates low single-digit year-on-year sales growth for 2025, driven by strong badminton product sales, although they caution that high government subsidies and sales may not be sustainable.

Market Competition and Retail Pressure: Intense competition and market uncertainty are expected to keep retail discounts under pressure, with an increase in advertising and promotional expenses projected for 2026.

Short Selling Data: As of January 15, 2026, LI NING has a short selling amount of $32.75 million with a ratio of 15.269%, indicating significant market skepticism.

Broker Ratings and Target Prices: Citi Research maintains a "Buy" rating for LI NING with a target price increase from HK$20.6 to HK$22, while also providing ratings for ANTA SPORTS and TOPSPORTS.

CCBI's Top Ten Focus Stocks for 2026: CCBI has identified ten key stocks for 2026, including BABA-W, TENCENT, and INNOVENT BIO, with varying short selling ratios indicating market sentiment.

SPDBI's 2026 Outlook Report: SPDBI also released a report highlighting a stock portfolio to monitor, featuring TENCENT and BABA-W, alongside other stocks like HENGRUI PHARMA and POP MART, with significant short selling activity.

Market Trends: Both reports reflect a cautious market environment, with notable short selling ratios for several stocks, suggesting investor skepticism about their performance.

Stock Performance Overview: The reports detail stock price changes and short selling data, indicating a mix of declines and slight gains among the highlighted companies, with some stocks experiencing high short selling ratios.

Company Performance: TOPSPORTS (06110.HK) reported results for 3FQ26 that met expectations, but the outlook remains cautious due to weak demand and ongoing brand adjustments.

Earnings Forecast Adjustment: CICC has reduced its FY2026/2027 EPS forecasts for TOPSPORTS by 4% and 13%, respectively, to RMB0.2 and RMB0.23.

Target Price Revision: CICC maintained an Outperform rating for TOPSPORTS while lowering its target price by 7% to $3.88, reflecting projected PE ratios of 17x/15x for FY2026/2027.

Market Activity: The current share price indicates a forecasted PE ratio of 14x/12x for FY2026/2027, with short selling activity reported at $34.05M and a ratio of 20.931%.

Sales Performance: TOPSPORTS experienced a sales decline in 3FQ26 that aligned with management expectations and mirrored the performance from 2Q25, with weak demand persisting into December.

Nike Partnership: Despite challenges in the Chinese market, TOPSPORTS continues to collaborate closely with Nike, which is expected to provide ongoing support through better wholesale discounts and inventory buybacks.

Profit Forecast Adjustments: Macquarie has reduced its FY2026 and FY2027 net profit forecasts by 4.2% and 3.9% respectively, citing lower revenue expectations and rising expenses due to weaker demand.

Target Price Revision: The brokerage has lowered its target price for TOPSPORTS by 5% to HKD3.90 while maintaining an Outperform rating.