(Bloomberg) -- Chinese sportswear maker ANTA Sports Products Ltd. said on Tuesday it will spend up to HK$10 billion ($1.28 billion) to repurchase as much as 10% of its shares.

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The share buyback will take place in the next 18 months in batches, and the company will finance the purchase through its existing cash reserves, it said in a statement filed to the Hong Kong Stock Exchange on Tuesday.

The sports clothing and accessories maker said it considers the company’s current share price to be below its actual value and the buyback aims to promote shareholder interests.

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