TOPSPORTS (06110) rose more than 3%. At the time of writing, the stock was up 2.91% to HK$2.83, with a turnover of HK$4.766 million. The movement follows a research report from Citigroup, which announced it was initiating a 30-day upside catalyst watch on TOPSPORTS. Citigroup noted that Nike plans to significantly reduce its wholesale shipments to the Chinese market from March to May, with an expected 20% year-on-year decline in China sales during that period. This move is anticipated to substantially reduce the supply of Nike products in the Chinese market over the coming quarters and significantly lower retail discounts on Nike goods. The bank views this as beneficial for TOPSPORTS' gross margin in fiscal year 2027. Amid tightening Nike product supply, Citigroup expects Nike will prioritize shipments to its largest retailer in China, TOPSPORTS, which could lead to an increase in TOPSPORTS' market share within Nike's China business. TOPSPORTS is scheduled to announce its fiscal 2026 results in May. The bank anticipates the company will maintain a high dividend payout ratio, with a dividend yield of around 9%, ranking among the highest in the industry.