At the end of January 2026, ANTA Sports acquired a 29.06% stake in the German sports brand PUMA in cash, becoming its single largest shareholder. From just over RMB 300 million in 2009 (to buy FILA China) to RMB 12.3 billion in 2026 (for the 29% stake in PUMA), how much has ANTA spent in total? A look back at ANTA's acquisition spree. The RMB 330 million in 2009 (FILA) has returned annual revenues of several tens of billions of RMB today and is hailed as one of the most successful investments in sports history. The RMB 12.3 billion for the PUMA stake is ANTA's second-largest single investment after Amer Sports. The scale of a single investment has increased nearly 40-fold — this is not just a rise in amount but a leap in brand stature. When acquiring Amer Sports, ANTA still had to form a consortium with Tencent and FountainVest. But for this PUMA investment, ANTA's announcement clearly stated that the funds came entirely from "internal cash reserves." This means ANTA's ability to generate cash now reaches a very formidable level. #ANTA #PUMA #Amer Sports #Arc'teryx #SALOMON