According to a research report released by Morgan Stanley, ANTA Sports (02020) has announced its intention to utilize internal resources for a payment of approximately 1.5 billion euros to acquire about 29.06% of Puma's shares, positioning the transaction as a strategic investment and clarifying that privatization of Puma is not currently under consideration. The firm believes that, given Puma's substantial revenue scale of around 9 billion euros and its strong brand recognition, the acquisition can create a complementary effect for ANTA's existing brand portfolio and is expected to yield benefits for the company. Morgan Stanley further indicated that Puma has significant business exposure in Europe, Latin America, Africa, and India—regions where ANTA's current business presence is relatively limited—thus anticipating that this transaction will make a positive contribution to ANTA's global expansion. The valuation of the deal corresponds to a projected price-to-sales ratio of 0.8 times for 2027, which Morgan Stanley considers reasonable when taking into account Puma's brand value.