JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Investment Advisors

Actionable bottom-up long/short Insights on equities

Equity Bottom-Up

Topsports International Holdings Limited produces and sells sportswear products. The Company manufactures and sells sports shoes, sports shirts, and other products. Topsports International Holdings markets its products throughout China.

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<a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike Inc Cl B (NKE US)</a>  retail partners in China have been slashing orders. </li>
<li>We estimate that in FQ2 2022, NKE was down 10-15% YoY in mainland China (90-95% Greater China sales), second down quarter in last 5 years.  </li>
<li>China retail in December appears to be further weakening from previous months.  </li>
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Topsports International

NKE China FQ2 2022 Review: Double-Digit Decline in Retail & Wholesale: Excess Inventory, Weak Demand