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

Investment Advisors, JL Warren Capital

Junheng Li

Equity Bottom-Up

Topsports International Holdings / Equity Bottom-Up

Topsports International Holdings (6110 HK)

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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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Nike Inc Cl B (NKE US)  retail partners in China have been slashing orders. 
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.  
China retail in December appears to be further weakening from previous months.  


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