(Yicai Global) April 21 -- Shares of Anta Sports Products dived after the Chinese sporting goods maker said that its largest shareholder has sold a more than 3 percent stake in it at a discount to gain HKD11.5 billion (USD1.5 billion).

Anta's stock price [HKG: 2020] dropped as much as 8.4 percent to HKD130.20 (USD16.80) intraday today, nearly 16 percent less than the retailer's all-time high in February.

Anta International Group Holdings has signed agreements with Merrill Lynch Asia Pacific, J.P. Morgan Securities Asia Pacific, and Morgan Stanley & Co. International to sell 88 million shares, representing 3.3 percent of shares outstanding, the Xiamen-based company said in a statement yesterday. The price was HKD131.48 apiece, which is 7.5 percent less than yesterday's closing price.

The deal should not have any significant impact on Anta's daily operations nor cause any management changes, it said, without disclosing the reason behind the share sale.

Anta International's shareholding will decline to 47.6 percent after the transfer. Moreover, it indirectly holds a 10.2 percent stake.

The sportswear firm has reported rising sales this year. Sales of Anta-branded products surged by as much as 45 percent in the first quarter from a year ago. Fila, an Italian brand whose products the Chinese firm sells in China, logged up to an 80 percent jump in sales. Other brands such as Descente, Sprandi, and Kingkow more than doubled their tallies.

Editor: Emmi Laine, Xiao Yi