HONG KONG, China — Topsports International Holdings Ltd, the sportswear business of Chinese footwear retailer Belle International, on Tuesday launched a Hong Kong initial public offering (IPO) of up to $1.2 billion, according to a marketing term sheet seen by Reuters.

The offering would be the latest to test investor sentiment following anti-government protests that have roiled Hong Kong for nearly four months and weighed on the stock market.

Markets more generally are also on edge amid a trade dispute between the United States and China, and slowing global growth.

The Chinese distributor and retail partner of foreign brands Nike Inc and Adidas AG is selling about 930 million shares with an indicative price band of HK$8.30 to HK$10.10 ($1.06 to $1.29) per share, the term sheet showed.

The Hong Kong IPO comes two years after a consortium led by Hillhouse Capital Group and CDH Investments took Belle private in a $6.8 billion deal completed in July 2017, as traditional retailers battled online competition.

The price range represents a valuation of $6.6 billion to $8 billion, the term sheet showed.

Topsports did not immediately respond to Reuters request for comment.

Established in 1991, Belle produces shoes under its own brands such as Belle and Staccato, and distributes other foreign labels such as Puma, Converse, Timberland and The North Face.

Topsports is the largest sportswear retailer in China in terms of retail sales value, with a 15.9 percent market share in 2018, the company said in its IPO prospectus, citing consultant Frost & Sullivan.

By Julie Zhu, Sumeet Chatterjee; editors: Kim Coghill and Christopher Cushing.