智通财经APP获悉，安踏体育(02020)涨超4%，截至发稿，涨4.44%，报88.3港元，成交额4.76亿港元。
消息面上，近期，安踏体育发布公告称，宣布计划以约15亿欧元，相当于122.8亿元人民币的对价收购PUMA的29.06%股份，若交易完成，公司将成为PUMA的第一大股东。
花旗认为，自安踏体育宣布收购PUMA后，投资者的问题主要集中在这次收购会对安踏的中国业务产生助力还是拖累。参考安踏过往收购的不同模式以及该行与中国零售商的讨论，该行预计，除了可能因重塑Puma中国业务而快速增长的品牌收入外，安踏可能对Puma中国的零售/分销业务进行合并，即使安踏仅持有PUMA 29%的股权，这将带来惊喜的上行潜力。
花旗表示，考虑到安踏在中国强大的零售专长，预计PUMA中国的分销/零售业务将迅速增长。该行认为，投资者可能低估PUMA中国业务在交易完成后对安踏带来的正面影响。
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