HK Stock Market Move | TOPSPORTS(06110) falls more than 5% again. It is reported that Nike will cancel online distributor authorization from 2027, only keeping official flagship stores.

TOPSPORTS (06110) fell more than 5% again, dropping nearly 20% this month. As of the time of writing, it is down 5% at HK$2.28 with a turnover of HK$42.976 million. In terms of news, according to industry reports, Nike plans to completely cancel the authorization of domestic online first-tier distributors from January 1, 2027. All distributors are not allowed to sell brand products online on e-commerce platforms, with consumers being limited to purchasing from Nike's official flagship store online. Major domestic distributors like TOPSPORTS, Shengdao, and Ruli have been informed of this plan, and their existing online stores and live streaming businesses will face complete reset. Several distributors have revealed that the brand has individually discussed with major first-tier channel distributors, and the adjustment plan will be completed internally simultaneously. According to Economic Reference News, the financial report of Nike's first-tier distributor TOPSPORTS for the 2025/26 fiscal year showed a total revenue of 25.74 billion yuan, with Nike and Adidas accounting for 86.7%. Among them, direct retail business contributed 87% of the revenue. TOPSPORTS did not disclose the online proportion in its direct business for that fiscal year, but based on the 2024/25 fiscal year, online sales accounted for around 30%-40%.