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Chinese sportswear startup Peak raises $232m as it aims for IPO

Company plans to upgrade distribution and investment in product R&D

Peak sponsored New Zealand, Iceland, Belgium and four other delegations at the Tokyo Olympics. (Source photos from Peak website)

HONG KONG -- Chinese athletic apparel maker Peak Sport Products has raised nearly 1.5 billion yuan ($232 million) in a strategic investment led by CR Capital Management, as the company has reportedly planned an initial public offering on a domestic stock exchange.

CR Capital, a wholly owned subsidiary of Chinese state-owned conglomerate China Resources, led the deal through its 2-billion yuan CR State-Regulated Xiamen Consumption Fund, according to a Sunday news release on Peak's official WeChat account.

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