Cleary Gottlieb Steen & Hamilton and Freshfields Bruckhaus Deringer have the lead roles on Chinese sportswear manufacturer Topsports International Holdings Ltd.'s upcoming initial public offering in Hong Kong.

Topsports, which is a subsidiary of Chinese shoe retailer Belle International Holdings Ltd., priced to raise more than $1 billion, according to media reports. According to a filing with the Hong Kong Stock Exchange, the issuer plans to use the majority of the proceeds to repay debt.

In 2017, a consortium led by Chinese private equity firms Hillhouse Capital Group and CDH Investments took then-Hong Kong-listed Belle private in a deal valued at $6.8 billion. Belle said in a securities filing at the time that it experienced unprecedented challenges from e-commerce and shopping malls.