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Naibu first Chinese sportswear brand to eye London listing

China’s Naibu is set to be the first homegrown sportswear brand to list in London when it raises up to GBP50 million (USD78.7m) in an IPO planned for April, sources close to the company said.

Naibu Global International Co Ltd’s IPO on the Alternative Investment Market would fund its domestic expansion and also help raise its international profile, the sources said on Monday.

Naibu, whose orange-coloured product logo appears similar to the Nike swoosh, plans to use the proceeds to build factories in central and western China as it seeks to expand its sales of Naibu-branded sports shoes, clothing and accessories in lower-tier cities, a company spokesman said.