Chinese sports apparel company PEAK Sports recently announced series of funding worth 680 million Hong Kong Dollars ($87.72 million), reported local news portal Jinjiang Economy News on Wednesday.

The money was financed through a number of placement agents, including China International Capital Corporation Limited (CICC) and BOCOM International Holdings Company Limited (BOCOM International).

The Quanzhou-based company said the sum will be used for brand promotion and overseas market operations.

The company's CEO, Xu Zhihua, said that it was the best time for PEAK to grow into a leading brand in the global basketball market and take advantage of the national?Road and Belt?initiative. The successful financing not only demonstrates confidence in PEAK's global branding strategy from financers and investors, but also provides the fund guarantee necessary to accelerate a move into the international market.

China's sports footwear and apparel industry is running smoothly, thanks to the implementation of new tax rebate regulations on exports. The new export tax rebates have proved beneficial for enterprises and have helped them increase cash flow and afford more emphasis on research and innovation to enhance their competitiveness.

With the industry experiencing a flourish of late and benefiting from supporting policies, sporting goods enterprises are confident that good prospects for future development lie ahead.