Nike Terminates Top Sports' Online Sales Rights in China From January 1, 2027; Stock Plunges 24%

According to a Hong Kong exchange disclosure, Nike formally notified Top Sports, China's largest athletic retailer, on July 22 that it would terminate the company's online sales rights for Nike products starting January 1, 2027. Top Sports' share price crashed over 24% the same day, wiping nearly 10 billion Hong Kong dollars from its market value.

Nike's online platform sales account for approximately 22% of Top Sports' total revenue, according to the company's disclosure. Peer retailer Peak Sports International also received a termination notice from Nike; its Nike online business represents about 15% of revenue, and its stock fell 8.7% on the same day.