Amer Sports (NYSE:AS) shares tumbled 8.4% on Monday following news that Chinese regulators have opened an investigation into a fireworks show held in Tibet and sponsored by its Arc’teryx brand.
The display drew sharp criticism across Chinese social media, with users raising alarms about possible environmental harm in the fragile region.
Amer Sports, which was acquired in 2019 by a consortium led by Anta Sports, owns several high-end athletic and outdoor equipment labels, including Arc’teryx and Atomic. The deal was aimed at tapping into China’s expanding middle-class demand for premium sports gear.
Shares of Anta Sports Products (USOTC:ANPDF), the lead buyer in the consortium, slipped 2.2% in Hong Kong trading following the controversy.
Anta Sports Products stock price
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