(Yicai) March 19 -- Shares of Xtep International Holdings declined after the Chinese sportswear brand named the daughter of its founder as the new chief financial officer.

Xtep [HKG: 1368] was trading down 3.9 percent at HKD5.47 (70 US cents) as of 1.25 p.m. in Hong Kong today, after opening 2.3 percent up.

Dona Ding, 32, is the eldest daughter of Ding Shuibo, Xtep's Chairman and executive director, according to information released by the Fujian province-based firm in yesterday's new CFO appointment statement.

Dona Ding joined Xtep in 2017 and has been involved in the management of various business operations since then. Last year, she was promoted to vice president, overseeing the company's financial system.

Ding Shuibo's youngest daughter Annie Ding is in charge of the Half Sugar Series, a new line of women's sports products targeting Gen Z. She is also the director of Xtep's e-commerce product center.

Xtep is not the only Chinese sportswear brand that likes to keep it in the family when it comes to appointing the next generation of executives.

For example, Ding Sirong, the chief executive officer of Anta Sports Products' brand Kolon Sport, is the son of Anta's co-founder Ding Shijia and the nephew of Chairman Ding Shizhong. Moreover, Ding Shizhong’s son Ding Shiaoxiang is the head of Descente, another brand under Anta.

Editors: Tang Shihua, Futura Costaglione