The Chinese billionaire is reducing his stake in the bestselling Nike Rival Step

A filing revealed today that an investment firm controlled by Chinese sportswear billionaire Ding Shui Po plans to reduce its stake in Xtep International Holdings.

Group Success Investments plans to complete the sale of 80 million existing shares for HK$12.70 on July 26. Raising HK$1.02 billion or 131 million, the Hong Kong stock filing said.

Group Success Investments shares in Xtep will drop to 46.7% from 49.7%. Ding owns 67% of the Group’s Success; it also directly holds a further 2.3% of the stock.

Xtep, a competitor to Nike, Li Ning, and Anta, was found by Ding in China in 1999 and started as an international brand manufacturer before finding success with his brand, Xtep. Despite a boom over the years thanks to consumer income growth in China. The country’s expansion slowed to just 0.4% in the second quarter amid the Covid lockdown.

Xtep’s board of directors said the divestment is not expected to have a material impact on day-to-day operations[1] or lead to changes in key management positions. In addition, Ding and two other family shareholders are “committ to the company. And have reaffirmed their intention to remain significant shareholders in the company for the foreseeable future,” he said.

Today, Ding is worth $1.8 billion on the Forbes Real Time Billionaires list.

Shares of the Hong Kong-traded company rose 8.6% over the past year. Nike fell nearly 32%, Li Ning 27%, and Anta 48% over the same period.